Kyle Bass on why he had Uni of Texas take physical delivery of $1 billion in gold.
http://www.youtube.com/watch?v=lgNVNTvlpFY
http://www.youtube.com/watch?v=lgNVNTvlpFY
Gold Price - Where is it heading?
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Trembling Hand
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His figures are a bit rubbery but why let facts get in the way of a good story..... I mean hell -it is gold.
His figures are a bit rubbery but why let facts get in the way of a good story..... I mean hell -it is gold.
Can you elaborate on your claim? Or provide more accurate figures?
As it stands, Kyle Bass runs a multi million (billion?) dollar hedge fund. Hence I hope you don't take offence but his word carries a little more weight than yours.
His figures are a bit rubbery but why let facts get in the way of a good story..... I mean hell -it is gold.
Split hairs why don't you..... jeeezzzzzz, his point stands and he is correct IF YOU ARE A FIDUCIARY there is only one decision that is responsible given the situation.
Trembling Hand
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How do you know that I don't as well? For all you know I could turn over 500 mil per month. But it still doesn't change the fact that gold bulls NEVER question BS figures like in that vid.
Trembling Hand
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Oh thats right facts only count if its one sided. You guys set new standards every day.
Nah... the mighty small spec knows better than a guy who falls into the reportable category! Jeeeeezzzzzz what don't you get about his main winning argument ---> "because I said so!"
WINNING!!!
Charlie, Charlie? Where are you? Charlie?
Again, no offence but it's pretty obvious that you don't. People don't get into those positions by picking petty arguments. In any case, I said that his word carries more weight than yours; not that I believe him and not you or vice versa. I am well capable of making up my own mind.
You have been given the opportunity to prove him incorrect.
Also please refrain from labelling people as this or that unless they have clearly identified themselves as such.
Yeah.... OK, hmmmm let me see, he was basically saying that the commitment to deliver metal far exceeds the ability to deliver metal on the Comex. Pretty typical of ANY futures market, no? Therefore as a fiduciary the responsible thing to do is to secure the desired asset for your client.
Now you are splitting hairs on the numbers and somehow claiming that makes him, what, a liar? Wrong? errrrr help me out here, I'm struggling a little with exactly what your issue is with that!
Trembling Hand
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Nah... the mighty small spec knows better than a guy who falls into the reportable category! Jeeeeezzzzzz what don't you get about his main winning argument ---> "because I said so!"
WINNING!!!
Charlie, Charlie? Where are you? Charlie?
Mr Z your all knowing attitude is just outstanding. You don't know me from a bar of soap yet all valid points from everyone else thats a contraindication to your own Beliefs are crapped on.
its people like yourself that lead to so much mis-information about trading and the world in general.
Whats the name of your cult? I'll make sure I fall into someone elses spell when I go looking for an all knowing god.
Trembling Hand
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Ar actually my turn over is just shy of 400 mil so far this month.............
:so can I have a stamp now. One like Mr Z has got please
"I Know everything"
I said his figures are rubbery by at least a factor of 1/2. But as always you want to stump on any one who disagrees with you.
No really that sounds like you.
I just did a quick check @ 1450 ish we have 60 billion in OI and currently 3.2 billion in deliverable metal in Comex warehouses. How about you explain how that alters his point?
What a load! You quote specifics if you are going to trot out crap like that. I sorry I forgot you don't do specific anything do you!
Give it a rest you wally! You have to be one of the most one eye posters here! Talk about cult, LOL.
Ar actually my turn over is just shy of 400 mil so far this month.............
so can I have a stamp now. One like Mr Z has got please
"I Know everything"
Good for you. Well if you get enough people to agree with what you're saying then yes why not...good luck with that.
Hmmm, your exact words were and I quote directly
"His figures are a bit rubbery but why let facts get in the way of a good story..... I mean hell -it is gold. "
No numbers, no clarification, nothing......
Even if his numbers were off by 1/2, his assertion, in my eyes still stands. If I have a contract for $1 billion, and there is only 5.4 billion of good in the warehouse and ~ 40 billion in open contracts ... I'll want my stuff too.
Moreover he clarified his position as that being of a fiduciary and his client wanting to hold onto their investment for a long time...
Ar actually my turn over is just shy of 400 mil so far this month.............
so can I have a stamp now. One like Mr Z has got please
"I Know everything"
I said his figures are rubbery by at least a factor of 1/2. But as always you want to stump on any one who disagrees with you.
No, you said
Too which I said you are splitting hairs and his point still stands!!!!! You call bull**** while looking straight past what the guy was saying, he could be out by 1/2 but that changes nothing in the context of what he was saying! +++++ When he took delivery, which was quite a while ago from memory, those numbers may well have been spot on!!!! REGARDLESS, given his responsibility to the institution he is correct, it is the only prudent decision to make.
Why the angst? No one is dissing futures, he was just saying that given the situation they where bound to take the most secure option.
Trembling Hand
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He has taken the Open Interest of the Calls AND added the PUTS. LOL hope his maths is better with his clients money.
The other thing we all know is that most of the options have an exact but opposite position in the futures. Most of the volume is arbs. Some estimates are as high as 60%. Therefore to know the real position of the open interest you must remove all counter positions.
Clearly none of that matters.
The other thing we all know is that most of the options have an exact but opposite position in the futures. Most of the volume is arbs. Some estimates are as high as 60%. Therefore to know the real position of the open interest you must remove all counter positions.
Clearly none of that matters.
Trembling Hand
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Oh and to add those open interest figures are not for this month. They go out for the whole year ahead. They cannot be all called in come 1 weeks time.
Yeah well he does that, kinda calls all other claims into question don't it?
BTW you can prolly turn 400m notional value on around 1% of that quite easily if you day trade, prolly half that even. Lunch money in the trading world.
BSD's don't generally bother with us little folk down here in forum land, you know better things to do and all that.
I’m a bit of a Turnover is vanity, Profit is Sanity, Cash flow is reality sort of guy so not really sure I should be anywhere near this thread at the moment , however there’s’ been a bit popping up about gold on some of my usual reads – this one I thought an interesting perspective.
http://aswathdamodaran.blogspot.com.au/2013/04/the-golden-rule-thoughts-on-gold-as.html
http://aswathdamodaran.blogspot.com.au/2013/04/the-golden-rule-thoughts-on-gold-as.html
Trembling Hand
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Or maybe spending too much time posting on here trying to explain some truths is a pointless exercise - thus the lack of detail. We all know what is on youtube and in the media cannot be questioned.
No doubt my above post will be passed over about the OI.
He has taken the Open Interest of the Calls AND added the PUTS. LOL hope his maths is better with his clients money.
The other thing we all know is that most of the options have an exact but opposite position in the futures. Most of the volume is arbs. Some estimates are as high as 60%. Therefore to know the real position of the open interest you must remove all counter positions.
Clearly none of that matters.
Even if we take your numbers, his point still stands! If you want to have the product at the end of the day and your contract is any where between a third to a fifth of all reserve, the only prudent thing to do is to take delivery.
You don't want to be these guys...
http://kingworldnews.com/kingworldn..._Just_Refused_To_Give_My_Friend_His_Gold.html
http://www.examiner.com/article/largest-dutch-bank-defaults-on-physical-gold-deliveries-to-customers
Not everyone wants to trade.....
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