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Bankers afraid of competition from gold

CaptHenwayCaptHenway Posts: 32,121 ✭✭✭✭✭
in Precious Metals
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Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.

Comments

  • BBNBBN Posts: 3,761 ✭✭✭
    LOL wow. Competition getting too stiff for them.

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  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    I like this line in that article from a BoA spokesperson:

    So what exactly is leading to gold at the levels it's at? Your guess is as good as mine," said Banks, who runs the Bank of America (BAC.N) private bank unit.

    I think Banks only needs to look as far as the $30+ TRILL in interest rate swaps the BoA has on its books and the hundreds of billions (or trillions) in mortgages in the housing market that aren't backed by an actual title/deed to residential homes. Then top that off with a boat ride on the QE2.

    roadrunner
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  • TomBTomB Posts: 21,202 ✭✭✭✭✭
    I also think there is another telling statement-

    "We're not really recommending gold right now, just because it's at a level where there are things driving it beyond the types of things (where) that we can add a lot of value"

    They can't add value to a gold investment and, therefore, they can't derive the types of fees they desire from a physical gold investment.
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  • edmundfitzgeraldedmundfitzgerald Posts: 4,306 ✭✭


    << <i>

    They can't add value to a gold investment and, therefore, they can't derive the types of fees they desire from a physical gold investment. >>




    image
  • morgansforevermorgansforever Posts: 8,461 ✭✭✭✭✭
    <<I think Banks only needs to look as far as the $30+ TRILL in interest rate swaps the BoA has on its books and the hundreds of billions (or trillions) in mortgages in the housing market that aren't backed by an actual title/deed to residential homes. Then top that off with a boat ride on the QE2. >>

    Sounds like the "SHAT" is about to hit the fan.
    What happens when BoA announces they are belly up, and can no longer stay afloat?
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  • derrybderryb Posts: 36,795 ✭✭✭✭✭
    "Bankers afraid of competition from gold"

    We conspiracy fruitcakes who believe strongly that Wall St. and Washington have worked together to surpress the price of gold and silver have known this to be true for years.

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • jmski52jmski52 Posts: 22,825 ✭✭✭✭✭
    "You can trust us, because we're Trusted Bank".image
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • 57loaded57loaded Posts: 4,967 ✭✭✭
    the "Private banks" is what screwed the banking "system" up in the first place. Banks should be banks (whatever that really is today) and leave "investing to other firms not tethered to Banks.

    IMHO private bankers do not know J-S$it about investing or how markets truly operate if it involves anything remotely abstract from a textbook

    now i suppose i should read the article
  • wpr101wpr101 Posts: 59
    lol wut, probably the same guys who think it's great we got free healthcare, and that Obama saved the us from the economy.
  • cladkingcladking Posts: 28,647 ✭✭✭✭✭
    Cash is highly risky and they pay no interest unless you're willing to tie it
    up long enough it will be worthless when youget it back and gold is up a few
    hundred percent in eight years largely because of bank shenanigans.

    My heart is really bleeding for them.
    Tempus fugit.
  • BearBear Posts: 18,953 ✭✭✭
    Ahhh ,the good old days, when banks made sensible mortgage loans and held on to the

    until they were refinanced or paid off. The banks made a good and safe profit and the

    people buying houses could afford them. Life was much simpler then, things made sense

    the Country manufactured all sorts of nice things and people had good paying jobs that

    allowed them to buy all the nice things American Industry made. How did we go so wrong,

    so fast so far?
    There once was a place called
    Camelotimage
  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭
    How about smoe words from The Grand Poohbah of Banking himself

    Stunning

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  • cladkingcladking Posts: 28,647 ✭✭✭✭✭


    << <i>How did we go so wrong,

    so fast so far? >>




    Somebody decided greed was good and it became a matter of how much could
    be sucked out of the system by any means at all instead of how productive and
    efficient one was. It became profitable to shut down factories and ship jobs over-
    seas for the owners because it deployed their golden parachutes. One could kill
    a company and feast on the carion.

    Stockholders and customers don't care. Everyone has lots of money but there's
    nothing but junk to buy.
    Tempus fugit.
  • KonaheadKonahead Posts: 1,476 ✭✭✭


    << <i>Ahhh ,the good old days, when banks made sensible mortgage loans and held on to the

    until they were refinanced or paid off. The banks made a good and safe profit and the

    people buying houses could afford them. Life was much simpler then, things made sense

    the Country manufactured all sorts of nice things and people had good paying jobs that

    allowed them to buy all the nice things American Industry made. How did we go so wrong,

    so fast so far? >>

    .

    image
    PEACE! This is the first day of the rest of your life.

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