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<p>[QUOTE=&quot;GoldFinger1969, post: 2071883, member: 73489&quot;]Thanks, I did find those and read them.</p><p><br /></p><p>Quite frankly, it doesn&#039;t make sense.&nbsp; Tulving&#039;s explanation for the bankruptcy is -- to be perfectly blunt -- 100% crappola.&nbsp; Interest rates are rock-bottom so there&#039;s no need to collateralize at any high rate of interest.&nbsp; And you would only do that to EXPAND one&#039;s business, not to meet daily operating expenses.</p><p><br /></p><p>I&#039;ve never run a business like his, but I do understand financial accounting.&nbsp; If the guy&#039;s business was profitable in the past, then with no change in OPEX or revenues/costs, he should be OK if business trends are consistent with the past.&nbsp; We know there was no sudden drop-off in business from what we&#039;ve read on the Internet. </p><p><br /></p><p>Gold and silver volatility did have some hiccups, but nothing compared to 2008-09.</p><p><br /></p><p>So while I am speculating, it seems that something was done -- either orders cancelled when gold/silver moved lower or a position in the futures market -- that was not there in the past.</p><p><br /></p><p>The fees and interest paid to A-Mark are EXTREMELY HIGH relative to revenues and profits.&nbsp; Straight hedging in the futures market would not have cost as much (i.e., collars) if the firm thought they needed to go in that direction.&nbsp; I have spoken to many other dealers (admittedly smaller) and none find the need to hedge.[/QUOTE]</p><p><br /></p>

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