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Message: From Bill Cara: "phony derivatives-based precious metals exchange traded funds"
February 13, 2009 by Bill Cara
[5:25am ET] I believe that Humungous Bank and Broker (HB&B) is purposefully and systematically destroying the stock-broking, insurance-broking and mortgage-broking industries and that nothing good will come of this process. Because the principle of independent research, objective analysis and free choice is being increasingly denied us, the public is becoming a bank chattel. At some point, there will be a massive rebellion. I believe this event will occur on President Obama's watch.
At the end of the day, the President and HB&B will see they have gone down the wrong road. That will become obvious when depositors cause runs on the banks, withdrawing their paper money to exchange it in the streets for gold and silver.
The bankers' scam of precious metals futures that fail to deliver anything but fiat money and their phony derivatives-based precious metals exchange traded funds (ETFs) like GLD and SLV will crash at some point as investors increasingly put their faith in physical money, not in the credit system or the US Dollar.
I implore President Obama to reject the advice he is getting from bankers, and to listen to the anti-bank lobby before the people take matters, like money, into their own hands.
http://en.wikipedia.org/wiki/Bank_run
http://en.wikipedia.org/wiki/Rebellion
http://en.wikipedia.org/wiki/Exchang...
http://www.investopedia.com/terms/f/...
Comments
GLD ETF not backed by physical gold?
Submitted by davefairtex (86 comments) on Fri, 02/13/2009 - 07:19 #11591
Bill, I was under the impression that GLD owned huge amounts of physical gold. I have (uh) quite of bit of GLD because this was my understanding that it was real gold, rather than a bunch of futures contracts, backing my shares. Can you help clarify this for me?
re: GLD ETF not backed by physical gold?
davefairtex, and others, I no longer place any trust in so-called derivatives-based commodity contracts. They have become meaningless financial futures, ie, a lottery the banks control. No longer can a buyer use these markets to force delivery, and hence that is not a market. It is a sham.
Anyway, yes, I haven't slept well the past couple nights because I am getting disturbing letters from legitimate brokers – vice-president level -- who are being terminated for no good reason other than their bank employer is taking over their business, fearful that the customer is starting to complain too much.
For every action, there will be an equivalent and opposing reaction.
Obama had better wake up.
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