Wealthy Investors Hoarding Bullion

Demand for gold continues to increase as the rich start to accumulate the metal itself.

Nevertheless, the problem with gold as a store of value is twofold. First, for Americans, the US required citizens to turn in gold (presumably coins and bars) in 1933, and they were given paper money at a not-great exchange rate. And after the ban on shorting of financial stocks, don’t underestimate the willingness of the powers that be to make derivatives based on gold unattractive.

And in a real meltdown, stores of value are limited. If society is reduced to barter, food, medicine, ammo, and cigarettes get a lot more in exchange than gold.

From the Financial Times:

Investors in gold are demanding “unprecedented” amounts of bullion bars and coins and moving them into their own vaults as fears about the health of the global financial system deepen.

Industry executives and bankers at the London Bullion Market Association annual meeting said the extent of the move into physical gold was unseen and driven by the very rich.

“There is an enormous pick-up in investment demand. I have never seen a market like this in my 33-year career,” said Jeremy Charles, chairman of the LBMA. “The gold refineries cannot produce enough bars.”

The move comes as fears grow among investors over the losses at investment vehicles previously considered almost risk-free, such as money funds.

Philip Clewes-Garner, associate director of precious metals at HSBC, added that investors were not flying into gold simply because they saw it as a haven amid Wall Street’s woes. “It is a flight into gold because it is a physical asset,” he said.

“Vault staff are also doing overtime,” another banker at the LBMA meeting said, adding that investors in some countries were paying premiums of up to $25 an ounce above the London spot price to secure scarce gold bars.

Spot gold prices in London on Tuesday traded at about $900 an ounce, more than 25 per cent above the level before Lehman Brothers’ collapse. Although some traders said the rush into physical gold could boost prices, others cautioned that prices were depressing jewellery demand, capping any price gain. Industry executives said gold refineries and government mints were working at full throttle to keep up with investor demand, but acknowledged they were suffering from shortages, particularly on coins.

Johan Botha, a spokesman for the Rand Refinery in South Africa, which manufactures the Krugerrand, the world’s most popular gold coin, said the plant was now running at full capacity seven days a week. “Even so, now and then we have shortages,” he said.

The Austrian mint, which manufactures the Vienna Philharmonic, a popular gold coin in Europe, said it had extended work to the weekends to accommodate soaring demand.

Last week, the US mint suspended the sale of its American Buffalo coin after it ran out of stocks.

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  1. Anonymous

    It’s not only gold coins and bars that are affected.

    Yesterday I tried to buy bullion silver coins at my bank in germany.

    They couldnt get me any at market value so I tried other banks around the area and all are out of bullion silver coins.
    The first new coins are expected to arrive at the markets around christmas.

    The only way to get silver coins right now seems to be via commercial coin traders at a hefty premium.

    I could have got bullion gold coins though.

  2. CarlosGuerra

    I am reminded of what an old, former CIA bush pilot once advised: “There are two things everyone understands, whether you’re in the middle of Manhattan or in the sticks in Borneo: Flash a revolver or a gold coin and your language problems are solved.”

  3. Anonymous


    In the great depression it was outlawed because it mattered. This time no one will care it’s just another asset. If people want to buy gold dear and sell it cheap ( as people who brought in 2007 and sold in 2008 did) good luck to them.

  4. alex

    does this sound really creepy to anyone else?

    What an uncomfortable thought…maybe all those lunatics on youtube that show off their stockpiles of ammo, food,body armor, and precious metals have a good idea.

  5. Yves Smith

    I know, here I am a proper “People who don’t hunt shouldn’t own guns” type (I am willing to make an exception for hunters, real gamesmen, unlike Cheney, are careful with their weapons), but now I’m thinkin’ those NRA types might be onto something. But it is perverse that it is easier to own a gun in America, than, say, mace or a Taser. Not wild about Tasers, but lower odds of someone winding up dead.

  6. Anonymous

    Wow, Yves, That last comment was a complete load of ignorance.

    Now I have to question if you are that ignorant about everything you write.

  7. Yves Smith

    Have you ever owned a gun? Do you know anyone who owns a gun? Do you know anyone who had died of gunshot wounds? Who committed suicide using a gun? How many hunters do you know, pray tell?

    I would bet money I have more datapoints than you do on ALL of the above questions. I grew up and lived in quite a few small towns where hunting was a big deal and I have hunters in the family. Doesn’t mean I am a fan of it, but unlike suburban gun owners I also know, they know how much damage they do and exhibit considerable caution. Don’t accuse people of ignorance when you have no idea of their fact set.

    And that comment was meant as a joke, in response to the remark above it, but you were too thick or out to prove your superiority to get that too.

  8. Anonymous

    4:24, it is easy to buy a gun if you know the ropes, and legal too. Mace is illegal in New York and Michigan for sure, and some other states, and I have heard form a couple of women I know that police took it from them.

    Tasers are also illegal for consumer use in some states and some cities, and some states are in the process of outlawing or restricting them.

  9. EvilHenryPaulson

    yves smith,
    You must not have read the latest IMF report linking NRA membership to financial acuity as demonstrated by a monte carlo simulation using a dataset culled from the Associated Press’ archives by invocation of Black Scholes

    Relax mate, you do that voodoo you do and people find value in it. Have some respect for yourself and quell the trolls at the same time by ignoring trains of thought where there are no winners.

  10. christofay

    One year in college I shared a house with a bunch of guys. One of them had always thought of the big sleep. He led one another guy who loved across the street to show him how to use his rifle. A couple of nights later he went across the street, rural Virginia no one locked doors, borrowed the gun and blew his head off. He just didn’t want to live; it wasn’t a suicide to punish the living.

    It certainly made life difficult for his friends that he left behind.

  11. christofay

    Taleb in his black swan books mentions monte carlo-ing. I still don’t know what that is.

  12. Anonymous


    Same story here, grew up around them and completely understand the power of them.

    There are way too many of them out there, especially in this country, for people to play ignorant.

    The left loves to demonize guns, just like the right loves to demonize birth-control. Neither want to accept the broad reality and educate.

  13. Yves Smith


    Thanks. Am quick trigger tonight (no pun intended) because the site was inaccessible for about four hours, and dealing with Google (I am on Blogger) is about as easy as getting a person at the CIA. But they apparently figured it out on their own.


    You are right, the big and not discussed problem with guns is suicide. I saw the stats somewhere, and particularly among middle aged and elderly men, the suicide rate by gun is a huge, virtually no deaths by murder or accident, all suicide. I don’t remember as clearly in the younger age groups, but I am pretty sure even for them that suicide is much higher than murder, and I think exceeds murder + accident.

    Monte carlo simulation (forgive me for not making a link):


  14. Sampson

    Easier to buy a gun than mace or a taser?

    Uhm. In every state I've lived in I could purchase a taser or can of mace, no questions asked, no paperwork, no nothing. They are as restricted as buying a toothbrush or a can of tuna.

    Firearms, on the other hand, purchased retail require background checks, federal forms, etc., etc., etc…

    > Have you ever owned a gun? Do you know anyone who owns a gun? Do you know anyone who had died of gunshot wounds? Who committed suicide using a gun? How many hunters do you know, pray tell?

    Yes. Yes. Yes. No. About 3.

    The harm that others do with firearms, or the fact that some people happen to hunt with their firearms, is irrelevant to my firearm ownership. You don't restrict or ban automobiles for the common man because some people commit suicide by connecting a hose from the cabin to their tailpipe, nor because some people happen to use their automobiles for the purposes of on-track racing.

  15. Anonymous

    You can buy at a gun show, no questions asked, no paperwork. You can also buy over the Internet, pay a fee, local dealer does paperwork, discount exceeds fee, you just go and pick it up.


    Some states are tough on mace and tasers. New York for sure. And tasers are getting bad press, I think you will see more restrictions.

  16. Jojo

    Yves, you are cruising for a bruin’, messing with gun lovers and gold bugs in the same post! :)

    Anyway, I was curious about your statement that gun suicides might be the leading method so did some quick checking. Found a couple of interesting links below. Looks like you are correct.

    I’ve never been a fan of guns myself but am thinking perhaps it might be time to pick one or two up with a store of ammo for future “events”.

    American Assoc. of Suicidology

    Data tables

    But really, blowing your head off is really kind of messy, don’t you think?

    It’s much cleaner to get the barbiturate drug pentobarbital, commonly sold as Nembutal. It stops you from breathing, very quickly. It is often used to put animals to sleep permanently. I understand it is readily available in Mexico and I am sure over the net (if it gets through customs).

  17. Yves Smith

    Our culture is fascinated by murder, look at TV shows and mystery novels, but independent of the gun issue, way more suicides than murders.

    Suicide by gun is very messy and very very rude to whoever has the vast misfortune to find the body. Nembutal takes planning, however (it featured prominently in Philip K. Dick’s Valis),

  18. Anonymous

    “People who don’t hunt shouldn’t own guns”.

    What about situations where you are dead if you can’t defend yourself?

    It was for this reason the right to bear arms was put in the Constitution. Self defense.

    In The Virginia Tech massacre, for instance, 33 people were killed and 23 injured over a 2 1/2 hour period because the gun ban left people defenseless. The gunman Cho took over a minute at times to reload in between shootings. Guns in the hands of citizens gives them the ability to protect themselves and save lives of others in situations like these.

  19. Yves Smith

    I will admit that any generalization is dangerous. However, are you seriously suggesting every college student carry a gun on his person for a statistically unlikely event? Seriously, run the odds of a Virginia Tech versus total college population. They’d have to carry them ALL THE TIME for them to be of any use in a situation like that. How many times do college kids get into, for instance, stupid bar fights, and suicides as mentioned above? I would say the odds are high that having everyone carry guns all the time, which is basically what you are advocating, would lead to far more aggregate deaths versus lives saved in an event like that. Just think of all the road rage. I’m sure you’d see deaths, or at least tires being shot out, if everyone packed a pistol.

    2/3 of the people killed by guns (ex suicides) are killed by people they know, either a stupid accident or a fight, often an argument between lovers/spouses. The collateral damage exceeds any safety gains. Again, the safety risks (Virginia Tech, defense against breaking and entry where the robber is armed and prepared to do violence) are blown out of proportion in the popular imagination UNLESS you live in a high crime area.

    If you are really worried about safety, there are excellent courses taught by a trainer of ex-Special forces types who regularly trains FBI, police, bodyguards on how to diable opponents, including ones with guns. His techniques are brutal and can be learned in a weekend. That is a better personal safety investment than carrying a gun. I can give you details if you care to e-mail me.

    However, I am sympathetic to the argument that guns are in theory a counterbalance against overweening government authority, I would have regarded that as tinfoil-hattish ten years ago, but we live in a very different world. But flip side is in Katrina the police, as I recall, confiscated arms. so not sure on a practical level it really is all it is cracked up to be.

    People who do not use guns regularly are also generally not very good shots, another not trivial issue. Shotguns solve that problem, but they are not terribly portable.

    The hunters I know adhere to the NRA gun safety rules, not because they are NRA junkies, but because the rules make sense. One is to keep the gun unloaded until you intend to use it and to store them safely, which means under lock and key with the ammo stored separately if there are children in the house. A loaded gun is a huge safety risk.

  20. Anonymous

    It is interesting that a blog about gold bullion accumulation became a vehicle for discussion of guns. Certainly suggests that people are preparing to violently resist any government attempt to seize privately owned gold. Why not head this off by passing a constitutional amendment guaranteeing the right to own gold (and silver) and to barter for it and barter with it. Paradoxically by allowing citizens to find refugee from fiat money, democratic governments will have a real standard by which to judge the quality of the fiat money. You would think that governments would be interested in knowing what people thought about the currency. Of course they always can have recourse to other methods.

  21. stevie b

    er…um…to get back to gold, if there’s all this apparently insatiable demand, wheres the selling coming from and why is the price not now going up more?

  22. hIGHcastle

    @Anonymous 6:26:

    Anyone who has studied history extensively will understand the intent of the founding fathers for having that provision in the bill of rights.

    From Wikipedia:
    “Codification of the right to keep and bear arms into the Bill of Rights was influenced by a fear that the federal government would disarm the people in order to impose rule through a standing army or select militia,[2] since history had shown the way tyrants eliminated resistance to suppression of political opponents was to simply take away the people’s arms and make it an offense to keep them.”

  23. DailyVus

    don’t mean to interrupt this fascinating conversation, but it just occurred to me; what aren’t bankers up in arms to get rid of Paulson.

    The answer came quickly: that’s what happens when you have a dictator -no criticism from those most directly affected.

  24. Anonymous

    Yves, Your time has passed. Why not just close down. Your word means nothing. You just stir up trouble. Oh yea, that’s how you keep this bunch of dummies coming back. LOL

  25. Anonymous

    I hate guns, but I strongly suspect that the thought that the homeowner might have one in the night table drawer has given pause to many an evil intruder, and possibly many a government agent. We are on balance freer and safer in our homes because of them. That said, if there were a way truly to ban them, I would support it.

  26. Anonymous

    there are a lot of idiots on here

    i will only say this to those that dont own guns: Only YOU can protect yourself and family.

    Police dont protect or prevent crimes, they solve SOME of them after they have occurred.

    wake up, you are only HOPING that by luck you are never threatened. That is downright stupid way to approach life.

  27. Anonymous

    I think more people die in car accidents every week, including drunk drivers, than guns kill by a very wide margin.

  28. Richmond Rambler


    Couldn't agree with you more & the point about Katrina is well-taken. I grew up in Texas (uncle was a Texas ranger) and know guns and freezers stuffed with gamey meat. ;) You're damned right about most of these suburban gun-owners not knowing the first thing about gun safety. I'd recommend krav maga to most people before I'd recommend owning a gun for non-hunting purposes. Also a big version or two of man's best friend — and a sign on the back fence that says "beware of the owner."

  29. Anonymous

    Conveniently, no shorts banned here:

    “In the August 5 Bank Participation in Futures Markets Report issued by the Commodities Futures Trading Commission (CFTC), just 3 U.S. banks had gone from being $448 million net long COMEX gold futures on July 1 to an insanely large $6.8 billion worth net short August 5. They went from being net long COMEX contracts covering 538,100 ounces to net short COMEX contracts representing 8,222,800 ounces in one month.
    “In the August 5 Bank Participation in Futures Markets Report issued by the Commodities Futures Trading Commission (CFTC), just 3 U.S. banks had gone from being $448 million net long COMEX gold futures on July 1 to an insanely large $6.8 billion worth net short August 5. They went from being net long COMEX contracts covering 538,100 ounces to net short COMEX contracts representing 8,222,800 ounces in one month.”


    Also, to understand how a gold standard would really operate see:

  30. Zeke

    1. Agree on the comments about the scarcity of physical gold. Kitco, one of the biggest online sellers is out of almost all gold and silver coins.

    2. America is not today what it was in 1933 when FDR, by executive decree, banned gold.

    I always find if funny that leftist, who have a deep fear and hatred of Bush and are convinced that he is turning the USA into a fascist dictatorship LOVE FDR.

    FDR **actually did** things that Bush could only dream of. His 1933confiscation of privately held gold was early in the first (of his four!!) terms. He went on to take over control of business on a scale never seen before or since, lock up people based on their ethnic heritage, impose a draft, rallied against “moneyed interests” (nice use of crypto-anti-semitism, there) and was generally a bully of the first order.

    None the less even his gold roundup was less than successful. My grandmother, an entirely proper Polish lady of means, simply ignored his silly rule, and put a large quantity of gold coins in her various shoe boxes and old purses. She used to delight me in giving them to me and her other six grandkids when we were teens. Good training! Thanks grandma.

    3. So Obama (or McCain on the off chance he wins) won’t have at his disposal the tools FDR had He certainly can’t start ordering ordinary American’s around like we belong to him.

    Many Ameircans would probably take delight in ignoring such orders.

    What is he going to do then?

    Open every Safety Deposit box in America under the watchful eye of the Federal Banking Police? (that will do wonders for banking’s image, eh?)

    Institute door-to-door searches for gold? Given the above discussion about the massive ownership of guns that would seem to be an extremely hazardous job, one that I am sure few local police cheifs, who are elected by and large, would have any interest in complying with.

    Does FedGov have enough BAT-men to search 200 million houses?

    Nope. Not going to happen.

    I’m always surprised when thoughtful people miss the basics of how our society has evolved and too closely follow precidents from 80 years ago.

  31. Anonymous

    I still strongly believe that Paulson and bernanke will soon have open shirts at these meetings and we will see gold chains hanging upon the necks of those that are engineering this proposed theft of taxpayer revenue. Furthermore, I think soon, we will also see this group wearing berets and wearing sidearms, not bazookas but perhaps pearl handled pistols. It also may wise to have a nose check to see if any in this group have white powder or crystal chunks around their pointed and sculpted proboscis.

  32. River

    I have read that when gold was confiscated during the great depression, gold coins with numismatic value (collectibles) were not confiscated.

    Of course, this time around things could be different.

    The first country to introduce a truly gold backed currency will probably ring the death knell for dollar hegemony. A gold backed currency would stop a lot of the printing of fiat currencies at will and a lot of the high ratio gearing at financial institutions. Gold would help damp the Ponzi Schemes…That is precisely why governments, world banks and the financial elite will fight a gold backed currency tooth and nail.

  33. Kady


    You are so many of shades of awesome, I sometimes dare not say your name… I wish I could find a female mentor like you… (sigh)

    But are you saying that we should start hoarding ciggies? Rad. (P.S. I traveled to the USSR when I was a junior in HS, back in the 80s, and I remember bartering w/ cigs back then. Little did I know that I would someday even fathom the idea here in the US.)

  34. Anonymous

    Even if gold isn’t the best thing to barter in a total collapse, it’s a long term store of value. Rich folks understand this. People who’ve been through collapses understand this.

    Yes Uncle Sam can confiscate your gold, that’s why you should buy it anonymously at coin shops, or on ebay, or craigslist.

    That we’re even having this conversation is a measure of the terrible state of our country. If we had never created the wealth destroying Federal Reserve (the dollar has lost 97% of its value since it was created), we wouldn’t be in this situation.

  35. Anonymous

    “Kady said: Yves … I wish I could find a female mentor like you… (sigh)”

    Wait, Yves is a woman?

  36. DailyVus

    “Moss, you fail to mention that Warren Buffet…”

    To anonymous, you just drank the cool aid.

    Warren Buffett did not make an investment in Goldman Sachs. See Kevin Depew’s September 24th article on Minyanville’s site for a detailed account of the true nature of Buffett’s financial deal with GS:


    This signal of optimism for the stock market in produced by advertising this as an ‘investment’ on the part of Buffett and Paulson/Goldman Sachs comes at no cost to Mr. Buffett. So, for no cost at all the sainted Warren Buffet gets to align himself with the US Dictator of Finance Henry Paulson and shore up prospects for his investments in the stock market as well.

  37. Steve Selengut

    Securities Investors’ Bill Of Rights (SIBORAP): Part One of Four

    We the securities investors of the United States, in order to form more transparent financial markets, establish effective regulations, defend against destructive speculation and manipulation, promote financial well-being, preserve working capital, and protect retirement income, do establish this Securities Investors Bill of Rights and Protections (SIBORAP).

    These rights are intended to replace, amend and/or abolish all laws and regulations currently in conflict with SIBORAP, and are to be implemented by all parties to financial transactions.

    Any institutional efforts to create and/or market securities and/or derivative products that do not comply with the spirit of SIBORAP will result in fines to corporate officers and directors, congressional oversight committee members, regulatory agency directors, and their financial or legal counsel.

    All derivative investment products of any kind, any investment programs or specific recommendations promoted in any medium by non-professionals and professionals alike, SEC registered or not, must comply with SIBORAP. Any non-plain-vanilla security, or derivative product containing college-level mathematical complexity, must comply with SIBORAP.

    If the average investor cannot understand the purpose of the security, view its content, and form valid expectations about its market value and/or income generation performance in varying market environments— that security should not be purchased by that person, and must not be sold to him.

    It is important that the regulatory bodies responsible for implementing SIBORAP include non Wall Street representatives in their advisory committees. Any and all financial products, contracts, options, and programs approved by regulators will be given a layman’s language risk assessment.

    All producers of derivative products must provide regulators with clear written documentation of the specific risks involved, in layman’s terms. Regulators will label derivatives as to risk “tier level”, and identify the entities, persons, and programs prohibited from purchasing them.

    The primary purpose of SIBORAP is to protect investors from the actions of others by lessening the global impact of specific types of transactions. A secondary objective is to protect the majority of investors from themselves.

    SIBORAP includes these ten specific sections: (1) Product Transparency, (2) Regulation and Education, (3) Protection from Speculators (4) Control of Hedge Funds, (5) Brokerage Account Statements, (6) Retirement Account Investments, (7) Executive Compensation, (8) Corporate Financial Statements, (9) Taxation of Investment and Retirement Income, and (10) Transactional Greed and Fear Controls.

    Section One: Product Transparency.

    All individual investors, regardless of size, tax status, or educational achievement have the right to see precisely what securities are inside any investment product they purchase, and not only in terms of the top ten positions and asset allocation. All securities within the portfolio must be visible electronically, and updated daily. The top ten holdings would typically represent less than 30% of the portfolio.

    Investment Companies shall create no products that contain more than one level of content identification, or whose make-up would artificially or inappropriately impact the market valuation of the securities it contains. A product containing individual negotiable securities of any kind, either equity or income based, may not become a part of any other product or publicly traded security.

    This rule would outlaw all multi-level derivatives such as funds-of-funds, index funds that purchase more than 100 shares of the stocks they track, CDOs, and other multi-level gambling devices so popular within the derivative markets.

    It will also allow shareholders and regulators to see if any illegal or undisclosed activities or processes are being used in-between standard reporting periods. (Note that funds, corporations, and brokerage firms would no longer be required to send quarterly or annual reports to anyone, so long as the documents are available on line.)

    Full disclosure, always in laymen’s terms, is required for all gain-enhancing/risk-increasing activities such as leverage, options, and futures transactions.

    Section Two: Regulation and Education.

    Since the investor community has grown to include nearly all employed persons, and because such persons may have a limited understanding of investing, they have the right to expect government regulators to protect their interests.

    Incidentally, and because approximately 99.9% of “middle class” members are investors, the tax rules associated with SIBORAP Section Nine will be effective retroactive to the 2007 tax year— for middle class families and small business taxpayers only. The resultant tax credit will be applied to withholding taxes.

    A well-regulated securities industry is needed to assure that the risks associated with securities are clearly identified and labeled. Investors have the right to clear, non-legalese, explanations of risk, particularly when their selections involve other than stocks and bonds.

    Specific risk assessment for individual securities and derivatives (securities whose value depends upon the value of other securities) is more important than disclosure of company operations and affiliations. If Registered Investment Advisors (RIAs) have no weapons of mass financial destruction (WMFDs) to sell, no mass financial destruction will recur.

    Section Two (Regulation and Education) is continued in Part Two of the SIBORAP report. Part Two also includes Sections Three (Protection from Speculators) and Four (Control of Hedge Funds).

    Steve Selengut
    Professional Investment Management from 1979
    Author of: “The Brainwashing of the American Investor: The Book that Wall Street Does Not Want YOU to Read”, and “A Millionaire’s Secret Investment Strategy”

  38. Steve Selengut

    Global Investors’ Bill Of Rights May Prevent Economic Déjà Vu

    The purpose of IBOR is to protect financial markets and to create self-sufficient investors who produce economic growth instead of government deficits. IBOR standards create transparent financial markets, regulate speculation, and protect retirement portfolios. Here’s a sampling:

    Section One: Product Transparency. All investors have a right to see precisely what securities are inside any investment product by accessing real time information that includes names and cost-based allocation percentages.

    Section Two: Regulation and Education.

    Section Three: Protection from Speculators. Investors have a right to protection from risks added to portfolios without their control, knowledge, or permission.
    Naked shorting, index fund ownership of large share positions, and all naked option transactions would be prohibited.

    Section Four: Controls of Hedge Funds.

    Section Five: Brokerage Account Statements. Investors have a right to account statements that: 1) help manage asset allocation targets, 2) report realized gains and losses, 3) track cost basis and net deposits, and 4) emphasize the long-term, cyclical nature of the investment process.

    Section Six: Retirement Account Investments.

    Section Seven: Executive Compensation. Every shareholder of a publicly traded entity has a right to share in the growth and profits of the business in the same manner as highly paid employees.

    Section Eight: Corporate Financial Statements.

    Section Nine: Taxation Considerations. Investors have a right to formulate their investment and retirement plans without having to worry about changing tax code requirements. IBOR compliant retirement plans would be exempt from taxation.

    Section Ten: Financial Industry Restructuring.

    Section Eleven: Global Reform Investor Protection and Education Board. A 15 to 25 member multi-national GRIPE board will be established with representatives of regulatory agencies, investor associations, academia, the media, and just one person each from Banking, Brokerage, Insurance, and Investment Banking.

    Section Twelve: Transactional Fear and Greed Controls.

    General Note: The above is a summary of the October 2008 SIBORAP report, published by Steve Selengut, in collaboration with Claus Silfverberg, Managing Director, World Federation of Investors Corporations — for the whole thing, google the title.

    Steve Selengut
    Professional Investment Management from 1979
    Author of: “The Brainwashing of the American Investor: The Book that Wall Street Does Not Want YOU to Read”, and “A Millionaire’s Secret Investment Strategy”

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