GREY:GPLDF - Post by User
Comment by
Jasper16on May 23, 2011 9:27pm
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Post# 18615779
RE: RE: RE: Ag to $450/oz and Au to $12,000/oz –
RE: RE: RE: Ag to $450/oz and Au to $12,000/oz –The term is direct registration or safe keeping and not all firms do it in an IRA. Schwab will for 100$ per security and a yearly fee. The downside is you can't trade online and have to call and use a broker to trade and # of shares. In an IRA the broker will keep the certificates but you can call the transfer agent and will be on file as owning the shares.
Fidelity makes it a pain in the ace and will do nothing but lie to you to get you not to do it. (They suck ACE)
The upside to this though is not shorting as I said earlier naked shorting makes this irrelevant. The difference is if your broker is a fraud think all of them and goes BK like Madoff. Your funds are seperate and not part of the brokerage assets which street name (think online trading is). Per the law all debt are settled against any assets even if you own them (instreet name) The SPIA insurance is supposed to cover your losses if this happens but Madoff broke the fund. So when they tell you your insured your not.....Like everything it's a lie.
its a good thing to do direct registation just understand the upside and associated pain it can be though. If brokers go BK you will be the smartest SOB in the world.