Helo Pezz, Today's Report:
I established the necessary facility to trade and hold silver-backed certificate at a Bank of China subsidiary retail bank here in Hong Kong.
To start, I purchased a wallop of the stuff, at least in equivalent physical terms. Transaction price was 11.06/oz.
I was also introduced to their option-linked gold certificate of deposit, that would yield north of 10% per annum in one event or result in a load of paper gold certificate in another outcome. Neat stuff.
It got me thinking, as I can generate quite a bit of extra income should I agree to turn my physical gold in.
Then I remembered, by way of dusty history books in musty archives, what had happened to silver and gold certificates throughout China's 4703 years of calendared history.
Besides, I can generate that sort of return on own and more if doing own options.
So, the gold-linked deposit is off-limits, and the silver certificates are meant to be an intermediate term hold, not the same as my private central bank physical reserve.
Another interesting point ... the bank metal dealer was enthusiastic for 15/oz silver. I see that number within imagination.
I think, at a defining moment, Mr. Ben BurnAndKaput will find out in a hurry about where surplus savings and excess surplus can go.
Chugs, J |
