u/Responsible-Milk-259

As the title suggests, is it possible to get a joint account (wife and I)?

I’m currently a Premier international client but the account is only in my name. Our main brokerage account is only in my wife’s name. We are using an offshore USD account as an intermediary, yet the fees for receiving dollars into this account are adding up. Would rather just get the money directly where it needs to go.

Can I add her name to my account, or will she need a separate one herself?

Thanks in advance.

Basically, as the title says. Is it common for brokers to lie to lenders to help get a deal over the line, even if the borrower is being honest?

I ask for a specific reason. My wife found a broker, I met him too, he seemed nice and said all the right things. He got her a pre-approval, although after the budget and her finding a property, he suggested she switch lenders and apply elsewhere. She agreed. Well, when he lodged her application, he put her marital status down as ‘single’. The guy has met me, he knows I’m her husband, he knows she’s married, he didn’t ask before submitting, he just informed her that’s what he did after the fact.

Would it have mattered? No, except for the fact that my wife doesn’t spend a cent of her income. This is much easier to explain if she’s married and has a husband paying the bills. It looks downright shady if she’s supposedly single. This made a very simple deal drag on for 2 weeks with no approval in sight, I lost my patience and called a friend at a Big 4 who offered to help. Within 5 hours of me calling him, my wife had unconditional approval and loan docs in her hand. Yep, just 5 hours! The loan amount wasn’t small ($2.1m) but the deal was simple; all PAYG income and 20% deposit paid in cash, so there wasn’t really much to deliberate over.

I’m actually still in shock. Lying on our behalf without our consent is a gross breach of trust. Not only that, but his lie held up what would have been an otherwise simple deal as it raised red flags; I guess he didn’t think it through fully.

Anyway, rant over, but I am still curious; does it happen often in the industry?

So serious question: Why is this group not all getting long oil?

The mania that drove silver to $120 per oz could so easily do the same to crude. Now sure, silver is a much smaller market, yet it’s also far more demand elastic as jewellery demand falls off pretty fast.

The oil market, right now, is in a massive deficit and reserves are being drawn down at an unprecedented rate. There is obviously a limit to how long this can continue. Furthermore, the buyers of oil are ‘real money’ buyers; they need the commodity and they won’t disappear as prices rise due to the demand in elasticity of oil. Cushing tanks are at the bottom, there are sellers who will physically deliver, of course, but supply is tight.

Geopolitically, despite Trump’s optimism, it seems u likely Iran will relinquish control of the Strait of Hormuz by diplomatic means. It will either stay heavily restricted for months (or indefinitely), or else a hot war is back on as the military forcibly opens it. Neither is bearish for oil.

Anyway, just posing a question. Some speculative buying could easily panic real money and the only shorts that can enter are those who can deliver; the speculative variety will be taken out real quick on the way to $200.