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Message:: [QUOTE="Juan Blanco, post: 1585193, member: 41665"]I don't know that. I'm practically certain this isn't an "investment" the Church made: these objects were bequeathed long ago, not purchased by the portfolio managers. Assume the cost-basis was zero. As for negative-carry, I don't know that exists here either. The MFA may be assuming all costs associated with the Old South Silver, in exchange for display privileges (for all we know.) The OSC portfolio in paper almost certainly entails very real management costs, however. Can we look at that? I carefully read through the Church members' discussion of the proposed sale of "Heritage Assets" and fully agree with both a) the stated need to raise funds and b) the philosophical/religious/ethical basis for selling something. What's missing, however, is ANY cogent rationale for the alternative to dumping Silver: namely, selling their Paper. Without any scrutiny of their paper assets' valuation, they reveal themselves to be brainwashed by/ enmeshed in the Paper Lie, like almost ALL Americans. Selling the Church Silver is a big topic in many old parishes. So why does no one question that false belief that 'stocks will return 8%' for infintity, etc. ?  Every portfolio decision ought to question that untenable faith. It's spooky, sad and comical all at once. Now I'm not going to anonymously attack anyone in my business or town, but I do see that a major proponent for the sale is a new member of the congregation who shares the same rare name of someone who also works 1 block away from the Church (AND?) is: 1) employed by a major mutual fund company that offer NO PM investments2) has managed a now $1.5 bln equity mutual fund +10 years3) invests/speculates almost exclusively in aggressive small cap stocks4) has produced the following 3-star returns: 5Yr MF return of +3% ....versus GLD, UP +115%4Yr MF return of +95% ....versus SLV, UP +219%3Yr MF return of +14% ....versus SLV, UP +79%2Yr MF return of -13% .....versus SLV, UP +25%1Yr MF return of - 7% .....versus SLV, UP + 4% Totally different investor, right? So I wonder who currently manages the Paper Assets, and what his "return" was against Silver valuation in these periods. I sure DO hope it's not the same guy arguing to dump Silver and warning about a "death spiral" in the Endowment ... that he helps manage, both on behalf of his new Church and/or in any paid money-manager relationship? Unfortunately, I HAVE heard of double-dealing by financial industry churchmen before... I just wish people looked more closely at their financial advisors' self-interest, from time to time.Anti-Gold bias is really insidious and can harm portfolio return. Paper-Bug hotshots can sure be persuasive, too![/QUOTE]

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