if you don't hold it - you don't own it

[mikedev10]

AUDIT AFTER GOLD DEALER'S SUICIDE SUGGESTS CUSTOMERS LOST MILLIONS

Some $60 million worth of gold, silver and platinum sold to thousands of individuals and then supposedly stored in Rocky Mountain vaults may never have existed, an investigation suggested yesterday...

[BadJuju]

Re: if you don't hold it - you don't own it

Mine is being delivered from APMEX this week. :p

[rabot10]

Re: if you don't hold it - you don't own it

AUDIT AFTER GOLD DEALER'S SUICIDE SUGGESTS CUSTOMERS LOST MILLIONS

Some $60 million worth of gold, silver and platinum sold to thousands of individuals and then supposedly stored in Rocky Mountain vaults may never have existed, an investigation suggested yesterday...

Published: October 5, 1983

Good to get the time period right. Not saying it couldn't happen again.

[strittmatter]

Re: if you don't hold it - you don't own it

Published: October 5, 1983

Good to get the time period right. Not saying it couldn't happen again.

you beat me to it rick

[mikedev10]

Re: if you don't hold it - you don't own it

ha, didn't notice that. just something that popped up on the kitco forums that caught my eye today. good lesson nonetheless!

[Spartacus]

Re: if you don't hold it - you don't own it

While that is an old item, similar IS happening now -

Eric wrote a short note a while ago after news stories of some old folks getting scammed while trying to protect themselves by buying Gold.

I think the note's protected now - at least Google can't see it.

AUDIT AFTER GOLD DEALER'S SUICIDE SUGGESTS CUSTOMERS LOST MILLIONS

Some $60 million worth of gold, silver and platinum sold to thousands of individuals and then supposedly stored in Rocky Mountain vaults may never have existed, an investigation suggested yesterday...

[Rajiv]

Re: if you don't hold it - you don't own it

I think the lesson is there not just for gold -- If you have followed any of Patrick Byrne's issues with Market Makers about so called "Naked Short Selling," the same could be said for holding shares in a publicly traded corporation or any asset where you do not have ascertained ownership.

[Spartacus]

Re: if you don't hold it - you don't own it

Hey Rajiv, where do YOU start trusting?

The stocks listed on your online account (obviously no)

The bank balances reported in your mailed statements (could be intercepted and replaced by scammers ... color laser printers, pay off a mailman or 2 ... suck your bank account dry, keeping you in the dark for months)

The bank balances reported in your online account that you have to log into with a password? The high net worth UBS clients who just got recently screwed (the check is in the mail ... hahahhahha ... it really IS, but what will you do with that hot potato?) realized they can't trust THAT either ....

I think the lesson is there not just for gold -- If you have followed any of Patrick Byrne's issues with Market Makers about so called "Naked Short Selling," the same could be said for holding shares in a publicly traded corporation or any asset where you do not have ascertained ownership.

[Rajiv]

Re: if you don't hold it - you don't own it

Hey Rajiv, where do YOU start trusting?

Not "Where" but rather "When"

1. When "Regulators" start doing their job e.g SEC
2. When "Auditors" start doing their job e.g Enron, Satyam
3. When Brokers and Market Makers start going to jail and are banned from ever being involved in the market again -- e.g. Madoff and his relatives and employees

I think you can expand on the list quite a bit!

[BadJuju]

Re: if you don't hold it - you don't own it

Received my gold and silver today! :cool: