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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 379.87+0.4%Nov 11 4:00 PM EST
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To: TobagoJack who wrote (13192)1/5/2007 12:09:50 AM
From: Seeker of Truth  Read Replies (2) of 217699
 
13193 is in my humble opinion one of the greatest posts ever on this board. It captures the gut feelings of the man seeking safety in the midst of disaster. It explains vividly why only precious metals will do.
Reading that, I headed for a bank that sells Maple Leaf one oz. gold pieces. First they wanted me to convert to USD, a loss of at least one percent. Next they had an 8% gap between bid and ask. Then I would have had to sell stocks I own which have quadrupled in value so there would be another 17% loss there because of capital gains taxes. Finally when the great(?) moment of everybody panicking arrives I must sell the gold to get any advantage. There might be another 25% loss to the government there.
So where to hide it, if I buy the magic stuff? The garden is out; there are always repair people digging for water, gas electricity lines, also a gardener that my wife hires. Sooner or later one of those would uncover the Au. There remains the house. I found a hiding place so superb that I hesitate to describe it publicly. But I figured out that there was only room enough to store enough gold for my family to live about one year and two months.
Conclusion: Gold is truly great in HongKong. Real estate will have to do for people living in a place of high taxation.
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