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Goldline "Scandal"

  • #21
  • Jun 7, 2010 4:15am Jun 7, 2010 4:15am
Quoting XTrade
Notice the minimum contract for Gold and how it is settled?

You are Obligated to Cough up the rest of the cash for this contract if you take it to delivery, leverage disappears, time for the cash!
It is easy to roll over the contacts into the next contact period. No need to take delivery or pay out the contract at all.
  • #22
  • Jun 7, 2010 4:55am Jun 7, 2010 4:55am
Quoting forextruther
Anyone put any validity in Congressman Weiner's report on Goldline?
no, pretty crap.
  • #23
  • Jun 7, 2010 9:43am Jun 7, 2010 9:43am
If you are not looking into delivery then I am not opposed to your system.

I will still maintain, there is a saying amongst bullion lovers "if you don't hold it, you don't own it."

Quoting forexrexfx
It is easy to roll over the contacts into the next contact period. No need to take delivery or pay out the contract at all.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #24
  • Jun 7, 2010 10:44am Jun 7, 2010 10:44am
Quoting XTrade
If you are not looking into delivery then I am not opposed to your system.

I will still maintain, there is a saying amongst bullion lovers "if you don't hold it, you don't own it."
There was a saying that a mans home is his castle. then the sub-prime crisis hit and the man found out that his castle was, and always had been, owned by the bank.
  • #25
  • Jun 7, 2010 11:10am Jun 7, 2010 11:10am
Quoting Jay Walker
Have you heard of safety deposit boxes?
Yes I have. But that adds to the costs of holding your gold.
  • #26
  • Jun 7, 2010 9:31pm Jun 7, 2010 9:31pm
Quoting forexrexfx
Yes I have. But that adds to the costs of holding your gold.
Yes it does.

It's a decision. Both have pros and cons I suppose. We'll just have to agree to disagree. You like gold futures and I don't. Cheers!
Not all sins are created equal
  • #27
  • Edited 10:31pm Jun 7, 2010 10:27pm | Edited 10:31pm
Exactly when my point. When I am trading I am doing just that. "Trading"
When I buy, receive and store my Gold bullion it is MINE - all mine.

A Futures contract is a paper statement to the claim of said gold.
It is not tangible, just the "right" to possess a tangible asset on a specific settlement date in the future if it is taken to delivery.

Also, paying commissions and brokerage fees add to the cost of holding long contracts for the long term. This will apply whether it is your account or your contracts are thru a broker.

Many banks also offer free boxes to people with certain accounts.
Regardless the cost per year is minimal. A couple of nice beers and a snack.

To each is own.

edit: if and when the cards come falling down, would you prefer a paper contract or a tangible, liquid commodity in hand?


Quoting forexrexfx
There was a saying that a mans home is his castle. then the sub-prime crisis hit and the man found out that his castle was, and always had been, owned by the bank.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #28
  • Jun 8, 2010 12:50am Jun 8, 2010 12:50am
If you are looking for reputable physical dealers with a decent spread, check out Tulving (for higher volume purchases) and California Numismatics:

http://www.tulving.com/

http://www.golddealer.com/

Both of them would be a better choice than any of the dealers advertising to the sheeple.
  • #29
  • Jun 8, 2010 1:00am Jun 8, 2010 1:00am
to add for great service and a top notch selection

Apmex as mentioned before.

Placed order Sunday night - confirmed today, let you know when it arrives in good order as always.

(no affiliation)

Tulving is good too but the minimum purchase is steep.

Never heard of the second one.



Quoting Chip4Pips
If you are looking for reputable physical dealers with a decent spread, check out Tulving (for higher volume purchases) and California Numismatics:

http://www.tulving.com/

http://www.golddealer.com/

Both of them would be a better choice than any of the dealers advertising to the sheeple.
XAU-XAG/USD_Gold n Silver Trader's Thread = Technicals, Fundamentals & News
  • #30
  • Jun 9, 2010 12:56pm Jun 9, 2010 12:56pm
Quoting Jay Walker
http://www.youtube.com/watch?v=2GJNRdIoStk

Folks, to give you some perspective. Ever bought anything from a Pawnbroker? Are you aware of their insane markups?

What if I told you that I could buy an ounce of gold from a pawnbroker at a cheaper markup?

Keep that in mind before doing like the sheople, bend over to some Glenn "Douchebag" Beck endorsed shitty broker and let it do you without even being kissed first.
Thanks for posting this video. Great stuff!
  • #31
  • Jun 9, 2010 1:24pm Jun 9, 2010 1:24pm
It's silly to think about holding physical gold. If you really want to profit from gold, you should use a gold index ETF. Most track gold quite well and it's highly liquid. In the future, all money will be electronic - besides, you think you're not going to take a hit when you go to convert the gold to cash?

Get a reputable broker and get into a gold ETF and it's a done deal.
  • #32
  • Jun 9, 2010 1:46pm Jun 9, 2010 1:46pm
Quoting ITradeDaily
It's silly to think about holding physical gold. If you really want to profit from gold, you should use a gold index ETF. Most track gold quite well and it's highly liquid. In the future, all money will be electronic - besides, you think you're not going to take a hit when you go to convert the gold to cash?

Get a reputable broker and get into a gold ETF and it's a done deal.
People own physical gold as an insurance policy against fiat currency mismanagement by the powers that be. Like all insurance, there is both a cost and it is something that one hopes to never need; however, one is really happy to have in the event of an emergency.

If you hold gold in the form of an ETF, you are still holding paper, which may or may not be backed by gold. Instead, you in effect are a creditor of the company issuing the ETF. How do you think that will go in the event of a hyperinflationary event where you actually need physical or the currency regime is reorganized?
  • #33
  • Jun 12, 2010 12:30pm Jun 12, 2010 12:30pm
"It's silly to think about holding physical gold."

you may be simply missing or dismissing the point of holding physical gold.. or don't think there is any compelling reason to hold gold.
That's cool, to each his own... If each person thought the same as the next there would be no markets to trade at all..

  • #34
  • Last Post: Aug 12, 2010 10:44pm Aug 12, 2010 10:44pm
Quoting tommyd
Maybe DickHead Weiner would like it better if the federal gov. (reading idiots like him) should be in charge of setting prices for everything..
That THEY (the all mighty all knowing congress) should dictate how much something should cost and how much everyone should make.
Yeah, he sure is a jerk... making sure granny doesn't get ripped off. I hate it when politicos are only looking out for themselves...

Quote
Weiner is a political hack and his motivation in this is purely POLITICAL.

If anyone is going to read HuffPo I would hope they read other sources as well to get a alternate view point on issues.
Just curious... what do you think Glenn Beck's motivation is in all this? Charity right? Just helping out his poor viewers? LOL You're funny.

So what exactly is the "alternative" view on the issue. Because from where I sit, people who are purchasing gold as a hedge against inflation or civil unrest or whatever are not going to do very well with the bullsh*t that goldline (with the aid of Glenn Beck) is selling them. 20 Franc Gold Roosters!?!? Down 42% instantly...some hedge...

Anyone who wants to be educated on the Glenn Beck Goldline scam can read about it on this handy info-graphic (you may need to click to see this massive graphic but it's well worth the look...):
http://www.ritholtz.com/blog/wp-cont...GlennBeck4.jpg

Also...For those arguing for futures -- at the end of the day, it's all the same. The futures contract takes into account not only the cost of carry but the storage costs of holding gold, hence you get an upward sloping forward curve. It costs more to buy it in November than it does in September, etc. Why? Because if you buy the futures you earn interest on your idle cash & don't pay for the storage, so they charge you more (there is no free lunch).

Good Luck trading.
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