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Old 12-30-2011, 12:41 PM   #21
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Originally Posted by ancona View Post:
as we have vowed to not use any credit that cannot be paid 100% at the end of the month.
+100 Ancona, us too.

My next move is to figure ways to operate without credit cards altogether. I have heard there are ways to reserve hotel rooms, buy online etc without ccards, but have not yet looked into it that much yet.
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Old 12-30-2011, 01:05 PM   #22
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In a ridiculous twist of fate, I don't have credit myself at all. I cut up the cards after paying them off sometime in the '70s - and now they won't give me any! Me, a millionaire (liquid$, there's more in land etc)! They tell me a blank credit record is worse than a bad one.

Fine with me. I use debit cards for when I need to use a card at all, almost everyone around here takes checks anyplace other than fast food. I have open accounts with the major vendors I work with for my shop.

But note - you don't get the buyer protections on those as well. What I do is keep a separate checking account for the card I use online and for mailorder.

I *have* had the cards hacked. The online-mailorder separate one is a response to that. Before, I'd had the one attached to my payroll account hacked, and some joker in NYC was using it to buy $100/day of prepaid long distance calling, then probably selling those on the street. What made that ridiculous is that at the time I was the guy developing voice over internet (VoIP) and had ZERO need for a long distance bill.
(that's how I got rich, BTW)

At first, the bank didn't want to do squat. But I'm a big fish in a small pond, so I said, well, if my money's not safe here, lets cut me a cashier's check I can take across the street - right now - suddenly things got straightened right out. It's a good thing that bad guy didn't know there were tens of thousands in that account!

So, the trick is to use a separate account for the debit plastic, limit how much cash you have in it, and prevent the bank from putting overdraft protection on it that can sap some other account - and build up fees along the way. That one is harder, they kept adding stuff like that on an opt-out basis, till I went down and berated some VP types. At this point, I run 3 checking accounts for just this reason. Paypal is notorious for wrong doing around your money, so they got their own, and I get money out of the PP side and into the bank very rigorously - don't keep squat in the "cloud".

You can talk most small-town banks out of charging a bounce fee if it was because of fraud, so just by doing this, it's free to have this setup. Most give free checking too, and even pay a little interest. (yes, it's very little!)

To make this manageable, I use my bank's online stuff to move money around at will, and have two of the 4 accounts "safed" - no debit card transfers allowed, no card, no pin, just a bank account. Those are the ones that have all the money in them...easy enough to move around on the web when I want to.

And of course, avoid all large banks and the types that sell CDS and generally get fancy for the reasons we know. My bank only does banking, local real estate and small businesses.
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Old 01-17-2012, 04:48 AM   #23
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Update on the building I was looking at.

Even though it was a steal of a deal, I passed on it. After it was empty, I looked at it again. Everything was perfect. EXCEPT the doorway was too narrow for my truck!!! Two inches clearance on each side is not enough. Sooner or later I would damage the door. So, back to square one.

And today I spent part of that money on a forklift. Cost $1000 plus $100 delivery. Scrap value is $900. Similar forklifts in comparable condition are currently selling for $2500 around here IF YOU CAN FIND ONE. No silver for me next week. I get to watch the silver boat rise without me in it.
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Old 01-17-2012, 12:28 PM   #24
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Let's try to keep the thread on topic fellas.
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Old 01-18-2012, 10:45 PM   #25
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Originally Posted by dereksatkinson View Post:
Let's try to keep the thread on topic fellas.
I bought some silver at $29...thread is now on topic...
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Old 01-20-2012, 02:15 PM   #26
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Silver at 31.78.. That's over 10% since it went into backwardation.
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Old 01-20-2012, 04:51 PM   #27
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Originally Posted by dereksatkinson View Post:
Silver at 31.78.. That's over 10% since it went into backwardation.
Hopefully Sprott buys his 10 million oz solely from the COMEX and takes delivery as soon as possible. That would take about 1/3 of the COMEX inventory, probably even more, because the inventory numbers are obviously cooked
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Old 01-20-2012, 05:31 PM   #28
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I received three beautiful ASE's in little plastic cqassettes, which I bought with money I won on a two dollar scratch off. They got here with the PM UPS guy. All together with shipping, it came to one hundred and one dollars.

SWEET!!!
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Old 01-20-2012, 05:55 PM   #29
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You really wonder what is true here. Because a guy like Sprott - who already has a crapload of physical, would seem highly motivated to do just that - and would have been for years, because if *any* of this tinfoil hat conspiracy theory pron junk is true - a big failed delivery from Comex would cause the paper to go implode - but the stuff he holds already to skyrocket.

Why would he not have done this already? Riddle me that. Is he in cahoots? Superior restraint? Why? It just doesn't add up for me. If would only make him super wealthy, and his phyzz funds that much more popular and profitable.

Sorry fellas - someone's got to be not just wrong, but idiotically wrong here.
If I stepped on someone's religion, I apologize in advance, but this can't all be true at the same time on the planet I inhabit. There must be another explanation.
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Old 01-20-2012, 07:02 PM   #30
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Originally Posted by DCFusor View Post:
You really wonder what is true here. Because a guy like Sprott - who already has a crapload of physical, would seem highly motivated to do just that - and would have been for years, because if *any* of this tinfoil hat conspiracy theory pron junk is true - a big failed delivery from Comex would cause the paper to go implode - but the stuff he holds already to skyrocket.

Why would he not have done this already? Riddle me that. Is he in cahoots? Superior restraint? Why? It just doesn't add up for me. If would only make him super wealthy, and his phyzz funds that much more popular and profitable.

Sorry fellas - someone's got to be not just wrong, but idiotically wrong here.
If I stepped on someone's religion, I apologize in advance, but this can't all be true at the same time on the planet I inhabit. There must be another explanation.
I've never taken delivery on a COMEX contract, but there could be some kind of "delivery limits" per participant. This would absolutely not surprise me.
There are also some cash settlement rules that might prevent a trader from taking delivery, giving the bullion bank some kind of "way out" for a huge premium (I've not taken a look at the details).
A deliberate crash of an exchange could be considered market manipulation by the regulators (I know it sounds funny). The fact is: The laws and statutes are designed to protect the exchange, not the investor. Thanks to the lobbyists.
The more speculative arguments are:
Sprott seems to be very well connected on Wall Street. He fooled retail investors twice last year when he sold large amounts of his fund right before the two big corrections in may and september. His timing was next to perfect. Publicly he pushed silver hard, though. He claimed having sold his shares in the fund in exchange for mining shares which wasn't completely true.
Maybe Sprott also wants to play the game for the long haul instead of going supernova right now. He knows the fundamentals of Silver and sees this as a long term cash cow.
Finally: Even if Sprott takes delivery solely from the COMEX, he wouldn't bust the exchange if the inventory numbers have anything to do with reality. It's obvious imho that the official numbers are false. The question is: HOW false? I don't think their vaults are all empty, the question is: Who owns the metal (hypothecation etc)? Is there some kind of double accounting? The effect of taking delivery soley from the COMEX therefore would probably just mean that the bullion banks actually had to repurchase large amounts of physical silver, therefore tightening the market significantly and sending futures again into deep backwardation.
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Old 01-20-2012, 07:42 PM   #31
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Number one......I wish I had enough dough to take delivery of a Crimex contract.......number two, I am buying from small retailers who have to make a living, and do so through premiums. It's kind of like dealing with a bookie, they take a vig whether you win or lose. But, I'm OK with it, because I am considered a deer fly on an elephants ass.
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Old 02-29-2012, 03:35 PM   #32
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Gold down $100... buying an ounce... sheesh..
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Old 02-29-2012, 03:46 PM   #33
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Just for once the price of pm's went down when the bernanke spoke...probably to rub Ron Paulson nose in it!BTD...
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Old 02-29-2012, 03:52 PM   #34
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Originally Posted by cshawcuk View Post:
Just for once the price of pm's went down when the bernanke spoke...
This definitely wasn't the 1st time we've had a cascade after bernanke took the microphone. Look at september.
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