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4 Comments

  1. SurvivalBlog has >good investment advice, to prevent being involved in Big scams or Small scams.
    From the News: Nikkei Asia Review June 29, 2020. =

    “June 29, 2020 … More than a dozen Chinese financial institutions, mainly trust companies, loaned 20 billion yuan ($2.8 billion) over the past five years to Wuhan Kingold Jewelry Inc. with pure gold as collateral and insurance policies to cover any losses.

    Kingold is the largest privately owned gold processor in central China’s Hubei province. ~~>Its shares are listed on the Nasdaq stock exchange in New York.83 tons of gold bars used as collateral turned out to be nothing but gilded copper. That has left lenders holding the bag for the remaining 16 billion yuan of loans outstanding against the bogus bars. The loans were covered by 30 billion yuan of property insurance policies issued by state insurer PICC Property and Casualty Co. Ltd. (PICC P&C) and other smaller insurers.

    The fake gold came to light in February when Dongguan Trust Co. Ltd. set out to liquidate Kingold collateral to cover defaulted debts. In late 2019 Kingold failed to repay investors in several trust products. Dongguan Trust said it discovered that the gleaming gold bars were actually gilded copper alloy.

    The news sent shock waves through Kingold’s creditors. China Minsheng Trust Co. Ltd., one of Kingold’s largest creditors, obtained a court order to test collateral before Kingold’s debts came due. On May 22, the test result returned saying the bars sealed in Minsheng Trust’s coffers are also copper alloy.” …
    *********************************************

    SurvivalBlog on a regularly provides good safe investment advice (given with common sense disclaimers).
    *****
    GGHD (Me) =
    The common sense approach to investing enters our culture through the Bible.
    Proverbs 21: 20 … Authorized (King James) Version (AKJV)
    There is treasure to be desired and oil in the dwelling of the wise;
    but a foolish man spendeth it up.

    In the USA, this proverb is understood as the saying: “A fool and his money are soon parted.”

    Stay with SurvivalBlog for basic investment advice. … No one can predict the future with accuracy except God. Stay with the basics. … +There’s a lot of phony baloney China Joe types giving bad investment advice, and desirous of grabbing everyone else’s guns.
    The new campaign slogan should be: “A fool and his guns are soon parted with a foolish vote.”

    1. Spotted this news report about Kingold also… Wonder if the problem is far more reaching than what has been uncovered here. It will probably send a shockwave through the marketplace of metals buyers and holders, although it really should come as no surprise. So much is stolen and recreated as counterfeit. Why not gold too?

      From your post: “Stay with the basics.” This is wise indeed!

  3. JWR said:
    I noticed that the number of reported coronavirus cases in Montana is now even lower than in Wyoming. Generally, the entire American Redoubt region has proven to be one of the safest places to live in the U.S., in the midst of the pandemic.
    https://www.kpax.com/news/missoula-county/real-estate-agents-say-people-moving-to-montana-to-avoid-covid-19

    Comment:

    Because Montana is a non disclosure state, the actual out of state purchases are unknown. Therefore we cannot know if Canadians are also purchasing, however because the border with Canada has been closed this spring, the increase sited probably does not include many buyers from Canada. In my area, there is a significant Canadian presents. They also favor counties just south of here as well, including Flathead county. Last year, real estate was in a slump, and many Canadian’s have their vacation homes up for sale. Canadians are likely net selling, not buying. I believe that the majority of the increase in sales are from out of state.
    Also, it appears that the trend buying reflects a change as some buyers are looking for low hanging fruit, affordable second homes in what were communities established by Canadians, not just retirement homes with acreage. My guess is that the low hanging fruit left over from last year will sell at a faster rate than in previous years. This would reflect a change in buying habits as buyers make hasty choices. perhaps buying before selling their out of state homes.

    I ain’t no market analyst, but I do have reason to suspect that this change is occurring. Only time will prove it out. Prices from last year will soon disappear as new listings hit the MLS. Early birds are getting the worms.

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