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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: patron_anejo_por_favor who wrote (29915)10/19/2000 5:46:56 PM
From: Franco Battista  Read Replies (1) of 436258
 
I bought some gold bullion from my bank recently and I forced physical delivery. These jackasses have what they call gold certificates. Basically, you buy gold and only receive a certificate which is backed by the bank's gold reserves. Only problem is that I'm sure those gold reserves have been lent out to the shorters.

I've now bought gold bullion on several occassions. Most of my purchases were in 1 ounce units from the Canadian mint. This gold was promptly delivered to me (a few days after purchase). My last buy was in larger ingots and were purchased from the reserves of the Royal Bank. This gold took several weeks before it was delivered. It was almost as if they had to chase some of the shorts half way around the world in order to recover enough to fill my order!

The point to all this is let's not play into the shorter's game. As you so eloquently said it in your post, it is very important to take physical delivery of our gold.
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