adrian77
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Post by adrian77 on Aug 8, 2019 17:08:33 GMT
never said there was - still a curious one - lucky for him and lucky for FS that the market moved in his favour. Just checked the market - silver has done well over the last year and is at a 12 month high - lucky for FS it is not at a 12 month low! I trade in gold on the international markets and if my used margin was 75% of current value I would have had a margin call a long time ago - however pleased for the FS lenders and yes I think this was a pretty crazy loan considering the LTV - believe me it is very easy to lose money with precious metals!
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thedog
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Post by thedog on Aug 8, 2019 17:51:39 GMT
I'd say the biggest risk on this loan was the currency mismatch - GBP loan secured on USD denominated collateral (collateral value may be quoted in GBP but the market trades in USD) so if GBP rallied strongly (if Brexit were soft / cancelled) LTV could have started to look unhealthy.
(you're trading gold?? bitcoin next mate...... Personally I stick to a bit of cable or €/$  )
Interestingly I see Bullion by Post are offering to sell Britannia's with a 5% discount (still well inside their B/O spread). I'm probably putting 2 and 2 together to get 22 but they couldn't have recently agreed to acquire 4088 extra stock could they??
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arby
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Post by arby on Aug 8, 2019 18:09:10 GMT
I'd say the biggest risk on this loan was the currency mismatch - GBP loan secured on USD denominated collateral (collateral value may be quoted in GBP but the market trades in USD) so if GBP rallied strongly (if Brexit were soft / cancelled) LTV could have started to look unhealthy.
(you're trading gold?? bitcoin next mate...... Personally I stick to a bit of cable or €/$ )
Interestingly I see Bullion by Post are offering to sell Britannia's with a 5% discount (still well inside their B/O spread). I'm probably putting 2 and 2 together to get 22 but they couldn't have recently agreed to acquire 4088 extra stock could they??
You may be joking, but going into p2p with a similar mentality to how I set my bitcoin expectations has saved me a lot of stress and heartache with the occasional losses!
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thedog
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Post by thedog on Aug 8, 2019 21:09:33 GMT
I wouldn't touch cryptos with a barge-pole but on the other hand I did, like you, touch racing cars and having read the report on MT I suspect any crypto position would have a better outcome than those will.......
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syalith
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Post by syalith on Aug 9, 2019 13:19:58 GMT
Coins already sold with capital and interest paid back in full. Great result!
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arby
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Post by arby on Aug 9, 2019 13:26:08 GMT
Coins already sold with capital and interest paid back in full. Great result! Great. I might buy a Kia race car or a Porsche with my proceeds. As I already 'own' 20% of them I must surely be able to get a cut-price deal on the reamining 80%?
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r1200gs
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Post by r1200gs on Aug 9, 2019 15:48:17 GMT
Coins already sold with capital and interest paid back in full. Great result! Pity it's a very small loan and an exception to what seems to be the rule. I'll celebrate £40,000 recovered when millions are not being lost. Nope. FS are not giving me that Friday feeling. 
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