muses of the moment

July 13, 2012

Gold as collateral

Filed under: Gold and Silver Investing, Precious metals — totallygroovygirlfriday @ 1:09 pm

CME is happy to take your physical gold as collateral for trading. How nice of them! But BEWARE, JP Morgan London office will “hold” it for them……DON”T YOU BELIEVE IT.

Click here.

Yuck! Icky!

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The banking system is collapsing

Filed under: Bailout Nation, Bank bailout, MF Global bankruptcy, The Banking Crisis, The Financial Crisis — totallygroovygirlfriday @ 1:47 am

Jim Sinclair is correct, ligation will finish what is left of the banking system.

Click here for banks’ estimates of how much the LIBOR scandal will cost them. And if brokers keep imploding, they will be pulled into those cases too. Class action suits tend to sue anyone that touched the money whether they are guilty or not.

Attention all financial institutions: please make sure the “goodwill” account line on the balance sheet is negative this year. No padding that number anymore. Pad the legal expenses line, you will need the cushion.

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