'It's actually an easy decision if you are a fiduciary.'
Especially if you take the duties of a fiduciary for other people's assets seriously.
What about the fiduciary responsibilities of central banks? Hard to say, right?
We'll get right on that-- in about seven years. Jawohl! And no need for an audit. We believe.
And as for private citizens, when and if the time comes when there is a 'run on the bullion banks', I would not be surprised to see forced cash settlements, and 'bail ins' with even allocated receipts being taken.
Does this seem unlikely, improbable?
MF Global.
