*What might bust the fractional reserve silver market? Jim Sinclair: they'll change the rules
*James Turk: you can lose on price, but also when they change the rules. Better to hold physical. Only speculate with money you don't need.
*James Turk: never store your gold in a bank. It will be the first place that it is confiscated.
*John Embry: I don't trust bank safe deposit boxes.
*Turk: we're moving more and more to capital controls. the major trend is that the govt. does not let you do what you want with your money...
*Grandich: silver backwardation: not a big deal. It makes no difference yet.
*Turk: money does not go into backwardation unless fiat currencies are in crisis.
*Turk: spread between PHYS and GLD is a sort of backwardation in gold, because PHYS is closer to physical.
*Jim Sinclair on ETFs: read the prospectus. that takes care of ETFs. (laughs)
*competitive currency devaluations. Any country will choose a gold standard? James Turk- IMF members are not allowed, uphill fight.
Thats it for Day 1 of GATA's Gold Rush 2011! More tomorrow!
