RE: RE: RE: RE: Geologix....Here is the translation...geologix is mentioned at the end The solution firmly secureTHURSDAY, 06/06/2013Tocqueville Bullion Reserve. Trading and storage of physical gold provides protection against the risk of system failure.A more than 8000 billion, debt of U.S. companies (financial sector excluded) reached a dizzying level. It has almost doubled since 2000 and more than tripled since 1990. Easy when rates are low and high earnings. The average interest rate on the credit of low quality (CCC) is around 7% (less than 2007), whereas historically the default rate of loans corresponding ranges between 57% and 83% over 5 years. The ratio of federal debt to GDP in constant increase since 2008, more than 100%. It was less than 60% 10 years ago. And tripled since 1975 while the service of that debt - in relation to GDP - remains the same (1.5%).Came to Geneva to take part in the conference of Swiss Mining Institute, Simon Mikhailovich, co-founder of Capital Eidesis Tocqueville and Bullion Reserve, is pessimistic.Banks "too big to fail" are larger than they were in 2008, which can only mean that the risk diminishes. Print currencies without limit is not a long term solution and such an accumulation of debt can not be positive. The mispricing of assets necessarily lead to a misallocation of capital. The association between interdependent systems, weaknesses in financial engineering and runaway debt can only lead to one conclusion: the systemic risk is more important than ever.When demand does not stimulate supply, the expectations are that they are superseded. Any renewed confidence to drop the price values refuge. The current consensus - central banks take the situation well in hand, the European Systemic Risk is mastered, the Fed will leave the monetary easing, inflation remains low, the price of gold will collapse - could n be that false truth. The expropriation of the Cypriot accounts - new policy instrument - is a sign of the times that we should not underestimate. As is the demand for physical gold.The engine of the great bull market in gold in the last ten years is the paper gold. To get an idea, just look at some numbers. The volume traded futures and paper gold is incommensurate with that of physical gold.In 2011, the daily volume on the London Bullion Market Association (LBMA) was $ 241 billion. Note, the LBMA's Bullion Accounts are metals accounts. The customer buys a quantity of precious metal credited to his account. Without any physical quantity that it is acquired or reserved (Agefi April 23, 2012). The record daily volume on the Chicago Mercantile Exchange (CME) futures market and options in 2012 was $ 84 billion. 5 billion in 2005, assets managed by FTE gold rose to over $ 140 billion in 2012. While the volume of daily traded physical gold amounts to only 2 billion and total annual demand of physical gold (coins and bars) is only $ 67 billion (3 billion U.S.).If the paper or was driving the increase, it was also one of the sharp fall in recent weeks. But the price of paper gold - derivatives and FTE - may differ from that of its underlying. Because it is subject to interference by financial authorities - margins ban selling, trading limits - and complexity limits the output, exacerbating the potential losses in the event of disturbance in the macroeconomic environment or market.Only tangible assets provide effective protection of investors. And physical gold, unique independent currency sovereign dictates, is the ideal safe haven asset in an extraordinarily vulnerable financial system, says Simon Mikhailovich. What he owes to three characteristics: its global recognition, its liquidity and its autonomy vis-à-vis financial institutions.But there are several ways to acquire and preserve precious metals. The conventional deposition (called segregated) provides the investor the full ownership of a portion of physical precious metal (ingot or coin). Unequivocally and whatever physical holder.The group filing the client allocates a portion of the physical inventory held by a bank. The ingots acquired are not physically stored on behalf of the customer unequivocally but are kept in a pool. This means that the investor can not be protected in bankruptcy, because there is no guarantee that the bank is well covered the entire stock of physical metal (or that stock is recoverable). Finally, the metal is a credit account with a bank account of the customer. A simple bank debt without any physical quantity that it is acquired or reserved.Aware of market failures, Simon Mikhailovich, co-founder of Eidesis Capital has partnered with Tocqueville Asset Management, a management company specializing in investing in precious metals, including 3 of 11 billion under management are invested in strategies on gold, to create Tocqueville Bullion Reserve.Tocqueville Bullion Reserve (TBR) offers its customers stored in warehouses outside the banking system deposits, located in Southeast Asia, the United States or Switzerland. The system bypasses the multiple intermediaries involved in the management of FTE (banks, trusts, brokers, exchanges etc.).. Transactions are directly from TBR managing warehouses and issue receipts to customers. More reliance on financial institutions, more divergence in price or liquidity but total flexibility (24 hours notice) from which to choose storage locations depending on the stability of their jurisdiction or control of diversification. Liquidity, open access, appropriate insurance, ongoing audits of inventory, a simple and safe to ensure full ownership of the assets in precious metals method. In short, the characteristics of a financial instrument associated with the practices of commercial property.*Swiss Mining Institute in Geneva*For its third edition, the Swiss Mining Institute met in Geneva yesterday - after a particularly successful day in Zurich - some regulars and several newcomers. The indefatigable Manual Bally had once again gathered high-level participants including Simon Mikhailovich Eidesis of Capital (see below cons), Egon von Greyerz, founder of Matterhorn Asset Management and its division GoldSwitzerland Alain Corbani CEO Commodities in Asset Management and Fund Manager Global Gold & Precious and Lluís Fontboté, former president of the Society of Economic Geologists.Balmoral Resources, large gold explorer in Canada, returned to present these findings. Also attended a beautiful sample of exploration and mining companies with Minfocus Exploration, a Canadian company specializing in the exploration for platinum and palladium, two metals at the heart of every debate since the unrest which, in Africa South scarce supply of platinum and a challenge to the production of gasoline catalysts. Among others, there were Altona Mining, listed in Frankfurt and Australia, which operates copper in Finland and develops a major Roseby project in north-west Queensland (Australia) and Globex listed in Frankfurt and Toronto develops and operates deposits of precious metals, rare metals and industrial metals in North America. Also present Kaminak Gold Mines Klondex, Midway Gold and San Gold which multiply the gold discoveries in the United States and Canada while Geologix Explorations focuses on Mexique.n>