Do banks still understand the meaning of collateral?

RSL

Seems everyone is more than happy with fractional banking where the bank takes your money, multiplies it by some unknow factor of around 50 and gambles it buying up more debt then getting a massive bail out from the tax payer. How much of Lloyds do we now own?

Give it a few more years and perhaps the banks will show a few more cracks and more scandals wll be found out where the smart people will have to try and claim more money back for miss-selling and general fraud in the banking system.

It all helps the price of bullion go up, so I'll not lose sleep over this, or your opinions which you all have a right to make.

I'm still quite confident pushing a computer button or starting up a printing press does not create any more gold than what you started with.

Thanks for the derogatory "troll" comments. I hope it made your life feel a little better for you.

antrobus

RSL wrote: »

Seems everyone is more than happy with fractional banking .....

And so the true agenda emerges.

Just another fractional-reserve-precious-metal-freak.

opinions4u

I was very disappointed when I went to HMV and discovered that they don't sell gramophones.

No wonder they're on their last legs.

MoneySaverLog

antrobus wrote: »

And so the true agenda emerges.

Just another fractional-reserve-precious-metal-freak.

I expected as such

Thrugelmir

RSL wrote: »

I am looking to buy a property at auction which, if successful, will require a payment of 10% plus some other fees when the hammer drops.

Why not offer the gold bars to the auctioneer?

RSL

Nice savings list at the bottom of your posts. Can you identify which one of them made you over 7% tax free over the past 6 months?

RSL

Thrugelmir wrote: »

Why not offer the gold bars to the auctioneer?

Money Laundering rules disallow certain methods of payment. Gold britannia coins are deemed cash due to the legal tender status as £100 coins so are not allowed to be used. It has to be a bank draft or cheque with this company. If the property fails to sell at auction then you are free to approach the seller and make any deal you want between two parties.

worried_jim

RSL wrote: »

I
I placed the gold bars on the table and offered them as collateral.

£15k of gold on the table as security.

Sit down for this one...

Lloyds bank declined the overdraft!

No wonder the economy is so screwed up by these Banksters and their actions.

Did you have an eye patch, a parrott and a wooden leg as well?

[Deleted User]

£15000 will buy you a lot of Gold bars...

RSL

It would buy you almost 13 at todays prices on bullionbypost site.