On Monday, June 2, 2003, at 08:15 AM, Danny Van den Berghe wrote:
... Honestly , I have looked at the 1mdc site and I don't see where the interest they
are paying will be coming from, so that raises a red flag to me.
As the gold is simply sitting in their account, they will either be paying the
interest rates out of their own pocket or out of the common pool of gold they are
holding.
Neither seems a good idea to me...
They're paying it out of their own pocket. At current deposit levels it probably isn't costing them more than a grand or two a year, probably just a blip even compared to their hosting expense. Now if they get a few metric tonnes on deposit that could become a problem. But, no problem, just start charging all those happy customers some fees! Nobody ever said it was going to be free forever, it's just an upfront marketing expense. Some have asked, "marketing -- for what?" Those people need to exercise their imagination a bit. (Not you Danny, you are pretty adept at that already.)
-- Patrick
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