Re: spot market/metals

Ah, ok, so I am used to calling the guy I buy gold settings from, buying something, and he sends it to me, and then he bills me. Then we do something to it, and sell it to somone else.
Of course I check the spot metal price.
So this is set on essentially a promisory note to deliver gold to an investor on demand, that may or may not ever be fullfilled?
Am I understanding this correctly?
Kind of like B. of A. and the Lehaman brother hedge fund, "Where is my money?" Answer, Lehman, "sorry, we don't have any."
So people have been selling EFT's with nothing behind them, just like the crummy paper sold in the sub prime.
There are signifigant issues with owning actual physical gold, I know because most of them have bit my rear. (Stealing being a big issue, robbery, another one, shakedowns by public agencies being another one.) Selling actual gold is a whole other reality, no matter what you do, the customer always feels cheated. Hanging on to your actual gold isn't easy, I know.
I didn't think the eft's were worth it, after checking it out. Other systems for owning gold without actualy possession also look sketchy.
Julie
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