Is there a lesser of evils with paper gold?

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switters's picture
switters
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Joined: Jul 19 2008
Posts: 744
Is there a lesser of evils with paper gold?

I think I may have finally convinced my father that he needs to invest at least a portion of his life savings in gold as a hedge against future inflation.  I convinced him to get his money out of the market while the Dow was still 12,000+, but he's almost 100% in dollar-denominated assets now (heavily weighted in T-bills and US bonds). 

However, he's not the sort that's going to drive around to coin shops and try to find physical.  Even if he was that type, he doesn't have time to do it (or he won't make time).  Finally, I think he's ready to move a considerable sum into gold and I'm not even sure he's have an easy time locating what he needs in the US.  Online dealers seem to be tapped out.  

Obviously physical bullion is the only reliable way to own gold and silver, but when it comes to paper purchases, I'd imagine some are safer than others?

What about James Turk's "Gold Money"?  He claims it is not a "paper gold product" but instead actual physical gold that Gold Money stores for the purchaser.  He also says: Contrary to the fractional reserve nature of "paper metal" programs, the quantity of customer metals recorded in GoldMoney's database is always equal to the quantity of metals in the vaults. GoldMoney guarantees it.  (http://www.goldmoney.com/en/why-goldmoney.php)

Who knows how good their guarantee would be if things got ugly.  Wondering what you all think of this option in the case of someone who can't/won't purchase physical?

 

 

Lemonyellowschwin's picture
Lemonyellowschwin
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Re: Is there a lesser of evils with paper gold?

Gold stocks . . . GDX.

radiance's picture
radiance
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Posts: 112
Re: Is there a lesser of evils with paper gold?

The only real gold is the gold you can protect in your hand. All other types are simply a promise. One can buy all the gold they want from any dealer. One just has to pay the premium over paper. Available gold has not disappeared but price discovery is now more local. But in the day of the phone and Internet one can put out a bid to many dealers and see who bites. But expect to pay a lot than the manipulated price of paper promise. Apparently there is a way to demand gold at the end of a futures contract but it is not for the faint of heart and the dollar amounts are high. 

 

At this URL you can find out how to demand delivery from COMEX.   

http://www.jsmineset.com/
capesurvivor's picture
capesurvivor
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Posts: 963
Re: Is there a lesser of evils with paper gold?

There is a financial adviser online (forget name) who states that he is taking delivery of one COMEX gold contract monthly. 

I think it is 5000 troy oz.

 

SG

radiance's picture
radiance
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Re: Is there a lesser of evils with paper gold?
Posted: Nov 13 2008     By: Jim Sinclair      Post Edited: November 13, 2008 at 2:51 pm

Filed under: General Editorial

Dear International Friends of Gold,

If you are tired of being had by paper gold DOING WHAT IT DID TO YOU THIS US MORNING, the following is the only course of action to end the games being played at your expense. Gold you take delivery of can be insured and shipped anywhere on the globe by Brinks and other recognized express services.

Delivery Process for Gold or Silver:

Delivery - Prudential holds the receipt in PFG’s account for customer
1. Client buys the futures contract.
2. Client will take delivery between First Notice Day and the Last 
Trading Day.
3. On delivery day account is debited cost plus a $50.00 delivery fee.
4. Receipt is booked to customers account
5. Monthly storage charge passed on to customer’s account(about $50.00).

Physical Delivery - Customer wants bars in their procession
1. Client buys the futures contract.
2. Client will take delivery between First Notice Day and the Last 
Trading Day.
3. On delivery day account is debited cost plus a $50.00 delivery fee.
4. We will provide the customer with name and phone number of the 
individual at the depository to contact.
5. Customer makes arrangements for the physical delivery

CIGA JB Slear, who is in the commodity business, offers his services to assist anyone seeking physical delivery of metals. He will guide you through the entire process, including arrangements for delivery.

To be totally clear, I expect JB not to discuss any type of speculation with you but ONLY help you acquire 100 ounce gold bars. Once 21,000 bars have been taken the paper gold’s reign over the price of gold is over.

CIGA JB Slear can be reached at the following:

Fort Wealth Trading Co. LLC
www.FortWealth.com
866-443-0868 ext 104

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