by Karl Denninger, Market-Ticker:
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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