Mish's Global Economic Trend Analysis Message Board

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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: ballsschweaty who wrote (67877)	8/21/2007 12:36:28 PM
From: benwood	Read Replies (2) of 116555

You could be right of course. This is the exact problem GS and rest of the derivative world is grappling with -- are these other entities even in existence, did (or will they) ever settle up? etc. Nothing like buying insurance from an unknown, non-existent, invisible bankrupt hedge fund. History is littered with frauds. Seriously, for years I've been hearing goldbugs saying that the US Treasury gold wasn't actually there any more. How can you go from a fraud like that to a new promise that the gold is there, with absolute confidence? That said... I have a small position in GLD. I can't be totally sure the gold will be there when the time comes, nor that I'll ever get my money out of my bank nor my broker either. My MMF might not really be safe. So I make plays on a bunch of numbers and hope they don't all come up 00.

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