| | | Since you mentioned it, I went back and looked at all of them again...
And, got the same answer as last time I looked. Won't bother mentioning the names of the others, only note in passing that "the people behind them" are still key in deciding whether or not a fiduciary can be trusted.
I'd not opt to place my money in metals with the self interested Blackrock as my first choice of fiduciary ?
Sprott, however... ? I'm comfortable with Sprott as fiduciary of the holdings in the:
Sprott Physical Bullion Trusts
And, I'm comfortable with the Royal Canadian Mint as the source in origin... it also being important that the reserves held in trust for you... actually are what they're supposed to be.
A key element in that consideration, if you do intend to use PHYS (gold) or PSLV (silver) as alternatives to holding the physical metals, is the obvious focus Sprott brings to understanding the financial safety requirements from a customer's perspective... which you see also in the Sprott Trusts making direct registration something they're willing to simplify, even advocate...
So, you own gold in case the wheels come off ? But if your ownership is left "in street name"... that means it is left as owned by and in the hands of the banks... so it REMAINS theirs for as long as it is not in your physical possession. What happens then, when and if the wheels do come off ? Then, they will thank you for putting that gold in their account... and here's some now entirely worthless cash to compensate you for the trouble... which you can then try to remove from an ATM with $100 per day limits ?
So, if you are late to the game in recognizing the value of physical that you control outside of the banks reach... If you are late to the game in recognizing the changes in the rules that mean you cannot trust just any and every fiduciary to deal honestly with you ? Your cash in the bank... is their cash and not yours... until they agree to give it back to you ? And, under current law, they don't have to give it back to you at all... even if the reason is that they just don't feel like it ?
I agree that the Sprott Trusts are a viable alternative that allow you to buy a near comparable to physical, even now, when many brokers and dealers are having issues with obtaining supply.
My use of USLV as a trading vehicle... is the opposite of what I'm saying here ? Yes. USLV is not any way different than SLV (other than the greater leverage)... as still probably just evaporating if "the wheels come off" the banking system. If the guys who sponsor the trading vehicle opt to end the ETF... as a number of them have in the last week or two... I'll probably get cash back... and certainly no silver...
But, I'm not counting on USLV to be more than a trading vehicle ?
Timing ? Get out of USLV before the wheels come off, and into PSLV before the opportunity ends ?
Not a fool proof plan... but I've seen worse... |
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