Blog: Spirit of Money, Financial Fluidity
by munificent

Spinning Gold into Dollars

Ask for a prospectus, but it is an interesting hybrid-a CD driven by gold spot markets (how do they calculate the average the spot markets?) These are always products that the bank makes money on, the question is: Will You?

Date:   10/19/2005 9:40:43 AM   ( 16 y ) ... viewed 1287 times

Spinning Gold Into Dollars

Everbank, an online bank that issues FDIC-insured certificates of deposit that are denominated in foreign currencies, has come up with a unique way to "invest" in gold, while giving a guarantee that you won't lose a dollar of your principal. It's called the MarketSafe Gold Bullion certificate of deposit. It gives you 100% safety of principal, and FDIC insurance, along with a "market upside payment" that is equal to 100% of the percentage change in the average spot price of gold over the five-year term of the CD! -- Terry Savage, TheStreet.com
~9th~- Be sure to ask for a prospectus
A few observations, without knowing any details,

1. Gold is at a high right now...Is it likely that it will sustain this or keep rising (historically the answer is no, but it could be that our money troubles will finally bite us in the ass..and gold will be the new (ancient) trade payment source.
2.If tradition holds and gold is at a peak and will be settling down-then what do you get- your money back?
3.If you have to use that money within 5 years, how does the thing unwind- what kind of penalties/loss will you incurr-

In my experience these hybrid commodity based products (especially with a 5 year maturity) do not pan out..At Morgan Stanley we had a commodity based "fund" that was a 5year commitment, backed with zero coupon bonds that had an identical maturity-that provided the guarantee- but there was no interest made if the commodity fund did not perform- but you did get your money back without interest.


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Comments (15 of 48):
Thanks for your in… kermi… 15 y
I wonder about wom… 9thbo… 15 y
everybody knows... drofin… 15 y
Taiwan/China Next? Rikki-… 15 y
I am sorry to hear… 9thbo… 16 y
Re: I have a retir… #4933… 16 y
Nope, I don't make… 9thbo… 16 y
commercial pitch mark777 16 y
oh well... drofinnah 16 y
Yes this may well … kermi… 16 y
First hand experie… 9thbo… 16 y
Depends on age/ris… 9thbo… 16 y
10% of portfolio i… #1923… 16 y
Hi K-! Hope all i… 9thbo… 16 y
WOW who would thin… kermi… 16 y
All Comments (48)

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