Jacksonville, FL based EverBank – a bank with approximately $8 billion in assets and 1800 employees according to the company website – recently sent this notice to customers (courtesy of Warren Bevan):
"Non-FDIC Insured Metals Select Changes" -If you have a "Non FDIC Insured Metals Select" account with these people, you can pretty much say goodbye to any chances of ever seeing your metal. This is a clear sign that the (already tight) availability of physical metal at the manipulated Comex futures paper price is in danger of vanishing altogether. Think about it. What is the scenario in which they avoid catastrophic losses while at the same time sending you the US dollar value of the metal? When the official or Comex price has fully decoupled from the physical price. Expect to see more such notices from banks offering Metals "Investments".
Section 6.3.7. General Terms: We have added language clarifying our right to close your account. We may close your Metals Select Account at anytime upon reasonable notice to you. If we believe that it is necessary to close your account immediately in order to limit losses by you or us [GG: We really don’t give a s**t about you; it’s us that we care about], we may close your account prior to providing notice to you.Notice from us to one of you is notice to all of you [GG: the nerve of these people!]. If we close your account, we reserve the right to convert your Precious Metals to U.S. dollars and tender the balance to you by mail [GG: I am willing to bet my entire Gold stash that when you receive these "converted" dollars, they will be nowhere near the market price of physical. What did you think that whole "limit losses" thing meant?] .
More Here..
I explained this to a friend that has paper-Gold. She will now get physical gold instead.
ReplyDeleteWho in their right mind would not have physical gold, paper is paper, like money, will be worthless, they will devalue the dollar this year by 50%, PM's are hard to find now, they are becoming more scarce as the rich are buying like crazy
ReplyDeleteCouple in the fact that HUNDREDS OF TONS OF "GOLD" BULLION have turned out to be Tungsten, and its all the more reason why physical Gold is an absolute must-buy for the long term.
ReplyDeletePhysical Gold is harder than you think to get your hands on which is why it takes some metals companies 6-8 to "deliver" your Gold, because they don't even have it when you order it. Just wait until the average sheeple decide they gotta participate in the latest fad and have some Gold.
There's a huge distortion in supply/demand factor of Gold which is being perpetuated by Paper stocks, investment bank short positions in metals, and forged Gold Bullion which is really Tungsten.
Something tells me that a majority of the world's real, authentic gold bullion is in Lord Rothschild's vault.
It is the ultimate oxymoron
ReplyDeletePapergold
That's all I have to say about that
Wow, I feel SO Lucky! Two or three years ago, I got into an Everbank account and was able to transfer what was left of my 401K into Gold American Eagles.
ReplyDeleteLast year, having been keeping up with this blog and others, I decided to heck with it, I'd just pay the taxes and take what was left of the gold out. (I was getting nervous that as the price rose, there was a pretty good chance they wouldn't let me take physical possession.) It took a couple of months of going back and forth with some pretty confused (but pleasant) folks at Everbank and eventually, I did finally take possession, close the account and pay basically 1/3 of the amount in taxes and penalties.
They said they weren't used to people actually taking possession of the gold -- yeah, I'll bet! So glad I did!
5:39
ReplyDeleteWay to go buddy. You did the smart thing. Wait till that happens with Paper Gold when investors start demanding payment in physical gold. Can't wait to see the look on their face - LOLOL XD.
Though I'm heavily into Silver and not Gold, the same principle applies to other PMs.
seems we might be getting closer to the final tipping point, where many sheeple figure out the sham that has been played on them, and collectively head for the exits at the same time....
ReplyDeleteNothing is absolutely going to happen, I know times are difficult. No sugar coating things, I believe things will probably just get a little worse. But within time things work themselves out. Hysteria and buying all kinds of gold that will tank later is not the answer. Come on, let’s say everything goes kaput, gold will not have anymore bartering value. It will probably be total anarchy, and even people held up in there so called impenetrable house will be crushed, then your gold coins will not help you. Everything is going to be ok, and we will still be here next year arguing that that another depression is just around the corner. And the guy who owns this web page will still be selling seeds and buying Ferraris. Calm down!!! We’re ok.
ReplyDeleteEveryone needs to retool jobs of the future are here, robotics, healthcare and other tech jobs. Just remember things that use to take 10 people to make now may only need one person. We just need to innovate and start other tech industrial jobs. I just need to be positive and not believe everything is as dire as everyone in here believes.
Invest in Lead, the 5.56 or 7.62 verity, it will be worth more than gold very soon
ReplyDelete626
ReplyDeleteyou saying Gold won't have any bartering value is nonsense. any real material will have worth. people will still need a store of value to trade for services and goods. yeah, perception may not be reality but that is a two-way street. how do you know things are as "ok" or "getting better" as the media portrays? denial and sticking your head in the sand won't make our problems magically disappear. that's like a child hiding under the covers when he is scared or in danger, it's not really protecting him.
6:26 - Nothing is absolutely going to happen? Wow - brilliant! Things will get a little worse? - Priceless LOL! Funny stuff. You should do stand up. Please don't buy PMs and keep your money in the stock market and ponzi economy.
ReplyDeleteYeah baby you tell em
ReplyDelete6:26 I got a bridge for sale. It has a little wear (200 yrs) but this bridge (london) is very well known. I'm only asking $1,000,000,000,000
ReplyDelete626 is a moron, gold has been real money for over 5000 years, Us dollar has been money for 230 years, which do you trust?
ReplyDeleteAnd remember kids, 7.62 x 54 is actually the same as .308 Winchester.
ReplyDeleteSo good, even the Russians had to clone it.
Anonymous said...
ReplyDeleteAnd remember kids, 7.62 x 54 is actually the same as .308 Winchester.
So good, even the Russians had to clone it.
-----------------------
How do you figure they are the same? The bullet diameter is different...and the case, also.
Gold price has been falling ever since the EA called for buy NOW. if you want to waste your money listening to a self proclaimed EA who post articles on daily wired, you are most welcome to do so.
ReplyDelete9:09 give it up already you sound like you're 4
ReplyDelete909 with the discovery of much of the gold being fake filled with tungsten and the manipulation going on right now and the fake paper gold, the price on gold is very low now, it will skyrocket as the dollar falls, I bet you were a D student in school.
ReplyDelete9:19 you probably are an F student at school...there is not paper gold anymore, that is why we call it Fiat money.
ReplyDeleteboohahahahahaaa 915 and 919 are EA
ReplyDeleteNot quite, when I post, do you see my name?
ReplyDeleteWe not only see it, we praise thy name!! LOL!
ReplyDeleteDamn, I love this blog. What a great vacation from the idiotic MSM news. I love to hop back and forth from here to USAtoday.com. The constant propaganda and filler news over there vs the truth here. Makes you appreciate this place.
Good to see people are up on their rifleing
ReplyDeleteI love this site and all the intelligent posters. However, I can NOT understand why anyone would ever buy paper gold. Isn't it similar to buying a paper car? The paper says you own it, but you can't touch it or drive it. I have always bought physical metal, and I feel so pressure free having done that. To all of you, PLEASE get out of the paper gold nonsense.
ReplyDeleteI agree with several of the above posters. I also have amassed a quantity of 5.56 ammo, and top rated weapons that fire it. Believe me, I am not a "siege mentality" weirdo, but an armed American is a happier and more secure American. Try it, you'll like it!
ReplyDeleteBecause of my age, I'll have to agree with 6:26. There have been dips and growth since I was born and fear mongers way back. I remember the early 80's when older friends bought gold, silver. Most of them are dead now. The job situation I'll agree with 6:26, we also need to get with high speed nationwide rail; light rail in cities and electric cars and green energy. We have peaked in oil production/refining. The easy to get oil is gone. Peak oil websites and national Geo. has this info. This is why there's been no new refineries since the 70's; the oil ceo's knew this then. There is no more time to waste on these projects.
ReplyDeleteLaura
ReplyDeleteBaby girl, wake up.
Laura
ReplyDeleteBaby girl, please wake up
My PM's live with me. I can visit them anytime. The 100oz bars of silver are great for people who like to press flowers in books, 100 ounces of dead weight.
ReplyDeleteOn the subject of anarchy, I have read enough lately to know that most people have no idea what "anarchy" means.
1 a : absence of government b : a state of lawlessness or political disorder due to the absence of governmental authority c : a utopian society of individuals who enjoy complete freedom without government
2 a : absence or denial of any authority or established order b : absence of order :
What does one mean when they say "there will be anarchy in the streets"? Is it not the State and Federal governments we are really disgusted with? Anarchy sounds like something we are all looking forward to, a lifestyle without government coming along and f'ing up everything in it's path.
Paper Gold has no industrial use at all other than firing the furnace to smelt real Gold. Real Gold is an industrial metal with many uses and not just a financial instrument, anyone outside the world of finance understands that. So the posters who see Gold as just a financial instrument are themselves confused when defineing it's value. Physical Gold will always be in demand and will always be a tradeable or sellable commodity. Period.
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