Article I sent on Sept 27th
Dear Friends,
With the incredible movements in the financial markets over the past 2 weeks, and with your financial safety in mind, I feel that it is important that I share with you our views on the banks and on fiduciary deposits.
With the incredible movements in the financial markets over the past 2 weeks, and with your financial safety in mind, I feel that it is important that I share with you our views on the banks and on fiduciary deposits.
We are extremely concerned with the current risk our clients are taking when they have deposits with global banks. There exists a substantial risk that new bankruptcies take place. As you have seen, in the past 2 weeks we have witnessed the disappearance of Fannie Mae, Freddie Mac, AIG, Merrill Lynch, Lehman and last night Washington Mutual. This will not stop there and European banks are not immune. We have stopped placing fiduciary deposits with UBS for the past 6 months, Dexia for the past week and now Fortis since Thursday night. We feel that these institutions may be unable to raise sufficient liquidity to continue to run their operations and could go bankrupt. The Credit Default Swaps on these banks are extremely high, indicating that the chances that UBS, Dexia or Fortis default, are very high. Fortis, in particular, looks extremely vulnerable.
Given the overall uncertainty of the financial system, we have encouraged our clients to take their money out of fiduciary deposits and to place the funds in high quality AAA government bonds. Indeed, if you hold bonds or stocks in an account of a bank that goes bankrupt, these assets are ring fenced, while your deposits and your cash goes into the general pool of assets that get distributed in the bankruptcy proceedings.
We have also told all of our clients who hold gold certificates to convert those in physical gold. Again, in case of bankruptcy, physical gold is a lot easier to get to than securities.
I realize that this picture is rather dark, but at this stage we are extremely concerned about wealth preservation and taking all measures to ensure that our clients are safe.
I strongly recommend that you limit your exposure to the institutions I mentioned and that you reduce your fiduciaries and buy high quality AAA government bonds.I remain at your disposal to discuss this further.
All the best, Gilles
25 comments:
This is my first time pay a visit at here and i am genuinely pleassant to read all at one place.
My web site > website-seo-paris.websitedesigners.fr
I am really enjoying the theme/design of your weblog. Do
you ever run into any web browser compatibility problems?
A small number of my blog visitors have complained
about my blog not operating correctly in Explorer but looks great in Firefox.
Do you have any recommendations to help fix this problem?
Here is my page ... http://dilandaump3.webs.com
Νicе blog here! Also уour site a lot uρ faѕt!
What web host are yοu the usаge of?
Cаn I get your affіliate hуρerlinκ in уour host?
I wish my webѕіtе lοaded uρ аs faѕt as yours lοl
My page - hotmail.com
I think this is one of the most vital information for
me. And i'm glad reading your article. But wanna remark on few general things, The website style is great, the articles is really great : D. Good job, cheers
Also see my site > adoption agency in texas
Nice replies in return of this issue with real arguments and explaining all about
that.
Feel free to visit my blog - Addams Family Reunion
I all the time used to read piece of writing in news papers but now as I am a user of internet thus from now I am using net for posts, thanks to
web.
Also visit my blog post :: windows live hotmail
Hello, Neat post. There's an issue along with your website in web explorer, would test this? IE nonetheless is the marketplace leader and a big component to other people will miss your fantastic writing because of this problem.
my web page: wwwis.win.tue.nl
Hello there! This is my 1st comment here so I just wanted to give a quick shout out and
tell you I truly enjoy reading your blog posts.
Can you suggest any other blogs/websites/forums that go over the same topics?
Thank you so much!
Also see my web page > yopster.net
I visited multiple sites but the audio quality for audio songs existing
at this web site is truly fabulous.
Feel free to visit my web page abtronic
First off I want to say awesome blog! I had a quick question in which I'd like to ask if you do not mind. I was curious to know how you center yourself and clear your thoughts prior to writing. I have had a difficult time clearing my thoughts in getting my ideas out. I truly do take pleasure in writing but it just seems like the first 10 to 15 minutes are lost just trying to figure out how to begin. Any recommendations or hints? Many thanks!
Also visit my weblog :: action replay max
I know this if off topic but I'm looking into starting my own weblog and was wondering what all is needed to get setup? I'm assuming having a blog like yours
would cost a pretty penny? I'm not very web smart so I'm not 100% sure. Any tips or advice would be greatly appreciated. Cheers
my site > hotmail Uk sign up
If you would like to increase your experience simply keep visiting this website and be updated with the hottest information
posted here.
My blog :: address directory lexington ky
What's up it's me, I am also visiting this web page regularly,
this web site is genuinely fastidious and the people are really sharing nice thoughts.
My web site: hotmail iniciar sesión De correo
Thank you for the auspicious writeup. It in fact was a amusement account it.
Look advanced to more added agreeable from you! However, how could we communicate?
Here is my website : www.mnprblog.com
Ahaa, its good conversation regarding this article at this place at this web site, I have read all
that, so now me also commenting at this place.
Visit my blog :: above ground swimming pools for sale
Fantastic items from you, man. I have keep in mind your stuff prior to and you
are simply extremely fantastic. I really like what you
have obtained right here, really like what you are saying
and the best way wherein you are saying it. You're making it enjoyable and you continue to care for to keep it wise. I cant wait to learn much more from you. That is actually a wonderful site.
Also visit my web page - prcheckingtool.com
I feel that is one of the such a lot significant information for me.
And i'm satisfied reading your article. However should statement on some basic things, The site taste is perfect, the articles is in point of fact nice : D. Good task, cheers
My site: adp my account
My programmer is trying to persuade me to move to .net from PHP.
I have always disliked the idea because of the expenses.
But he's tryiong none the less. I've been using Movable-type on various websites for
about a year and am worried about switching to another platform.
I have heard fantastic things about blogengine.net.
Is there a way I can import all my wordpress posts into it?
Any kind of help would be greatly appreciated!
My webpage - ac moore jobs
Today, I went to the beach with my kids. I found a sea shell and gave
it to my 4 year old daughter and said "You can hear the ocean if you put this to your ear." She put the shell to her ear and screamed.
There was a hermit crab inside and it pinched her ear.
She never wants to go back! LoL I know this is entirely off topic
but I had to tell someone!
Feel free to surf to my web site nelly-rey.com
Also see my web page :: tomiesinc.com
Incredible points. Solid arguments. Keep up the great work.
My blog - acrobat reader free download windows xp
May I just say what a comfort to find somebody thаt genuinely knows what they are ԁiscussing
on the web. You actuаlly realize how to bring an issue to light and make it imροrtant.
A lot moгe people need tο cheсk thiѕ
οut and understand thiѕ side οf thе story.
І was surpгised you're not more popular since you most certainly possess the gift.
Also visit my blog post - crear facebook
Nice рost. I lеаrn ѕomething neω and challenging on siteѕ I stumbleupon on a dаilу
basis. Ιt's always interesting to read through articles from other authors and practice a little something from other sites.
Look into my site :: diamondlinks review
Ні, I thіnk youг blog mіght be
haѵing browsеr compatibility issuеs.
Whеn ӏ look at yоur blоg in Opеra, it lоokѕ
fіne but ωhen opening in Internet Explorer,
it has somе overlapρing. I just wanteԁ to
gіve you a quick heads up! Othеr then that, wondеrful blοg!
Heгe іs mу weblog - facebook cuenta gratis
This design is incredible! You definitely know
how to keep a reader entertained. Between your wit and your
videos, I was almost moved to start my own blog (well, almost.
..HaHa!) Excellent job. I really loved what you had to say,
and more than that, how you presented it. Too cool!
My blog post ... hotmail email account
If yоu want to іmpгoѵe your familiarіty јust
keep vіsіting this ѕіte and
be uρdatеd with the hоttеst news posteԁ herе.
Feel free to visit my web-ѕite - abrir cuenta facebook
Post a Comment