If you don't hold it, you don't own it

[GBStacking]

Interesting article from the BBC today after 500,000 silver Eagles were discovered missing from customers storage.

https://www.bbc.co.uk/news/business-66094057

Definitely adds weight to the "if you don't hold it, you don't own it" school of thought.

 

[flyingveepixie]

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Edited July 5, 2023 by flyingveepixie

[Nik]

It's the BBC, what's the motive behind the story?

1. Push toward record keeping for when Mr Global wants our stash?

2. 

[paulmerton]

3 minutes ago, Nik said:

It's the BBC, what's the motive behind the story?

1. Push toward record keeping for when Mr Global wants our stash?

2. 

That's just bizarre thinking. Never mind the countless other news outlets around the world that have covered the exact same story in pretty much exactly the same way.

[GBStacking]

17 minutes ago, Nik said:

It's the BBC, what's the motive behind the story?

1. Push toward record keeping for when Mr Global wants our stash?

2. 

I'm really not into conspiracy theories, the BBC has many faults, but in reality, the world is just a lot more boring than people think it is. Literally all the people that were affected had to do was initially take delivery of their silver rather than vaulting it (would have been apparent much earlier on there were issues if they weren't delivering anything at all). Once in there hands it could go wherever they chose, no records beyond the initial purchase, which is the same for vaulting or direct delivery, even secondary market is tracible unless you do face to face, cash only.

What you have here is a con artist that was defrauding people of their investment.

It does show some of the risks of the paper and gold silver market as well, although, whilst there is undoubtedly fraud in this market too, it does serve a purpose to allow investment\trading without having to ship hundreds of tons of metal around the world on a constant basis. Imagine trying to trade daily fluctuations in spot but you couldn't sell what you purchased until the boat from China turned up 2 months later.

[Nik]

38 minutes ago, paulmerton said:

That's just bizarre thinking. Never mind the countless other news outlets around the world that have covered the exact same story in pretty much exactly the same way.

All with the same headline. I'd prefer to be wrong but it won't stop me preparing and exploring contingencies.  I'm not a fan of paper representing any wealth.

[SidS]

'The regulator said that over 500,000 American Silver Eagle coins and more than 9,000 gold coins were missing from customers' accounts.

In their place, investigators said that they found "'IOU' slips in empty boxes marked to indicate a customer's account, yet containing no assets."'

Sounds like most High Street banks with their fractional reserve lending to be honest. You deposit your money in, they loan and lend it out and use it for other banking purposes. There's a fraction available for you to take on demand say £300 per day. Any more you need the appointment and the cavity search before they'll hand it over. In a large part, I suspect this is because it's 'on loan' and they only have enough to cover £300 per customer and additional for a few larger withdrawals.

[Scuzzle]

1 hour ago, paulmerton said:

That's just bizarre thinking. Never mind the countless other news outlets around the world that have covered the exact same story in pretty much exactly the same way.

Countless news outlets that are all under the same overarching ownership by any chance?

[Scuzzle]

1 hour ago, GBStacking said:

Interesting article from the BBC today after 500,000 silver Eagles were discovered missing from customers storage.

https://www.bbc.co.uk/news/business-66094057

Definitely adds weight to the "if you don't hold it, you don't own it" school of thought.

 

Sounds a bit like Fort Knox and gold to me.

[paulmerton]

1 hour ago, Scuzzle said:

Countless news outlets that are all under the same overarching ownership by any chance?

Too much kool-aid in this thread, I'm out 🤣

[HonestMoneyGoldSilver]

OK here's a totally independent guy:

 

 

[Nik]

50 minutes ago, HonestMoneyGoldSilver said:

OK here's a totally independent guy:

 

 

The independent "Grapevine Press".

[Nik]

I wouldn't be surprised if it (hypothetically) turns out that the dude had a tip off that the confiscation mafia were on their way and moved the silver to a safe location.  Media wouldn't report that though.

Another link to the affair: Federal Court Orders Two Delaware Companies to Pay Nearly $146 Million for Misappropriation and Fraud Related to a Precious Metals Scheme | CFTC

Reminds me of this one that James Delingpole is touting: Monetary Metals offers investors a yield on gold, paid in gold (monetary-metals.com)

Searching "Robert Higgins" "Argent Asset Group" pulls up news stories but no testimonials from victims and no images of the man himself.  There appears to be no history except for the media.

His "sell" site in 2015 (wayback machine link) First State Depository, LLC (archive.org)

His site now: First State Depository Company, LLC Receivership (fsdreceivership.com)

Edited July 5, 2023 by Nik
Add links.

[HonestMoneyGoldSilver]

1 hour ago, Nik said:

The independent "Grapevine Press".

Sal's a good guy and he's not a hype-machine. He has predicted both of the recent drops to $23 and $22, although he only trades physical not paper AFAIK

[Nik]

1 minute ago, HonestMoneyGoldSilver said:

Sal's a good guy and he's not a hype-machine. He has predicted both of the recent drops to $23 and $22, although he only trades physical not paper AFAIK

I wasn't knocking him, I watch his video's myself.  It was more toward passing on stories from the media.

[Bigmarc]

4 hours ago, HonestMoneyGoldSilver said:

OK here's a totally independent guy:

 

 

What's his name?

[HonestMoneyGoldSilver]

@Bigmarc - everyone calls him 'Sal'

Not sure if that's his real name or a moniker from his channel but his friends (people he meets IRL) call him Sal so maybe, IDK

[Bigmarc]

5 hours ago, paulmerton said:

Too much kool-aid in this thread, I'm out 🤣