Virtual gold. Hmmmmm, I don't know, Jay, esp. at 2x or more leverage.
Soc Gen, the Barings guy in HK, the wheat trader in Minneapolis with no wheat, all the unknown fraud and scam Ponzi Wall St. artists we don't even know about yet but who will be undoubtedly and positively coming out of the woodwork sooner or later like zombies out of a 80s Michael Jackson video all spell fraud and trouble.
There are many con men out there waiting to fleece the unwary.
Just finished wine and snacks with pal who cannot get out of muni funds thanks to auction failure. Big, big losses because broker told him he'd be safe as could be. The funds are frozen now unless he is willing to take a 40% haircut. He asked a probing question: How exactly do you know the gold is in the vault, the Swissies and Yen in the accounts? I did not have an answer. He said "good luck with your internet gold and internet forex." You know, he might be onto something.
I'm getting nervous holding virtual Yen, Swiss Fr. and gold. I desperately want notes and bullion, but have not found a way to have a trustee hold them for me in my tax deferred vehicles which are 75% of portfolio without cashing them in at humongous income tax and penalty. Might take the tax hit and penalty anyway, for safety's sake.
Caution, comrade, caution, these are the cruel times, not a time to make the slightest misstep. |
