The Phaserl


Here We Go Again…

by Karl Denninger, Market-Ticker:

Apparently Bullion Direct, a relatively-popular place to buy and sell gold and silver, has gone under.

That’s ok, people go bankrupt all the time.

But it appears this time there was a bit of a problem with people’s transactions in-process, and perhaps with alleged metal being stored.

Folks, you need to get something through your heads, which I’ve tried to explain before: Nobody works for free.  If you think you can run a company off a 1% commission or some such, well, you can’t.  What this means is that it’s pretty common for various other forms of money-making to take place in a business where it appears that a tiny premium (if any) is being charged, and the easiest way to do it is for the dealer to be an actual speculator and either buy ahead or sell behind.

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4 comments to Here We Go Again…

  • John

    Holy Smokes….this denninger dude says GOLD and SILVER ARE NOT MONEY! Just wow, another slick and greasy charlatan doing the bidding for the Banking Cabal.

    I’d love to know what he thinks money is? Do people actually follow this guy and his quackery?

  • Dante

    His definition of money is obviously convoluted. And therein lies the problem with many. It IS money in the TRUEST sense of the word, and ALWAYS WILL BE.

    Now, in so far as Bullion Direct, let us not forget all the hoopla when it was first reported a few weeks ago that there were “significant transactional delays”. Right off the starting line, some made unsubstantiated claims that this was an indication of a shortage. Maybe we can learn something from this case before we over-speculate.

  • John

    I just did a little research on this guy and it appears he has a blog and is not a big believer in free speech either -HA! Judging from some old comments on other sites, you must lick this guys boots to continue to comment on his blog. Not kidding.

    Also looked at some old utube vids and he usually appears just like the picture SGT posted. He likes to appear in coat and tie with all the pretty monitors and charts behind him I suppose to make himself look intelligent. The guy is just working too hard to look smart so we shouldn’t be surprised he doesn’t understand money or know it when he sees it. I bet he’s a bit-coiner. He certaintly doesn’t understand the dollar is a debt instrument.

  • Fred Hayek

    Denninger has a very odd position in regard to precious metals. He accepts virtually everything that goldbugs think about the U.S. gov’t and our big banks but then stops short at the very end and won’t accept that the bullion banks and U.S. gov’t work to knock down the price of gold and silver.

    He’s a sharp guy but he has a blind spot in regard to PM’s. That’s fine.

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