Who's Buying Gold

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SamLinder's picture
SamLinder
Status: Diamond Member (Offline)
Joined: Jul 10 2008
Posts: 1499
Who's Buying Gold

Merrill Lynch says rich turning to gold bars for safety

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/4177766...

DurangoKid's picture
DurangoKid
Status: Silver Member (Offline)
Joined: Oct 25 2008
Posts: 174
Re: Who's Buying Gold

Gold was a refuge for preserving wealth at the start of the bank instigated credit crash called the Great Depression of the '30's.  According to some accounts people in the know bought numismatic gold before the crash.  Some like Joe Kennedy got out just in the nick of time.

Some little stash of metal might be a good idea for a rough patch on the way to the crossover point.  The labor for cash economy may hit some real lows before the agricultural sector adapts to human labor versus oil powered work.  An ounce of siver per day could mean getting enough calories until things sort themselves out.  People who worry about keeping the servants paid and the yacht outfitted don't get my sympathy.

Brainless's picture
Brainless
Status: Silver Member (Offline)
Joined: Dec 9 2008
Posts: 150
Re: Who's Buying Gold

I'm not rich but i buy gold, i need the safety it provides as much as the rich.Smile

I buy mainly gold in the form of small blocks and jewelry made of 96.5% pure gold.

Only the physical kind as i don't trust to be able to use it when it is stored in some far away vault managed by companies incorporated in the Britsh Virgin Island or some other offshore location. (Some of the online gold seller, it's in the small letters)

Storing it is a little difficult but being creative it does not have to be that much problem to secure it.

I buy in Thailand as i have family there. I am trying other people (family/friends for now) to do that but sending and making sure it arrives is still in the works. (In Thailand it not go so fast as the pace is a lot slower).

Silver might also be a good way to secure your money, but the volume is much more than gold and securing it needs much larger storage. On the other hand it is easier to be made into coins of workable values.  

 

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