just in in-tray
Thanks for email
Most of my reserves (just over my share as per your calc below) are secure in larger denominations in various vaults and safes (problem with footloose traveller lifestyle, I realized that need to keep a certain minimum in each location as does not do much good if 10000 miles away )
Best part of life is that there is always a seller when there is buyer. So as hedge funds dump, there are some individuals buying large volumes of gold. I suspect that the swiss banks are making a nice fee on the vault storage maybe we should have bought some old nuclear bomb shelters. My private banker, who sits in small group in zurick - the uber private bankers- handles abt 7 bill (now 5 bill) for wealthy families all over world. I asked what percentage of investors in gold , he said abt 33, and of his net assets under mgmt how much was gold, a suprising 20 percent. So some are that near 100 percent that you strive to convince yourself.
Has been amazing to watch destruction of wealth worldwide . But as I mentioned to someone ,it is all relative. If we all loose 20 percent , still have same relative economic purchasing power to rest of world , just need to wait foir everything else to correct in price.
I fall in same camp as you , my single largest hit to my portfolio , has been the diversification of my currency exposure ( I just could not stay concentrated in usd , but it would have been the best thing) But this can quickly reverse (so I hope).
Anyways as I sit in the provence countryside , there is little discussion or thought of these far away events. Locals are going about their business as usual , picking the grapes to make rose that they sell at anywhere from 3-10 euro per litre.
Yes everyone here has made a small fortune selling their land to sun starved northerners, who in turn have mortgaged their first residence on the boom at home whether it be london, copenhagen, or hk. But to the locals , well it was luck that brought the money to begin with and I believe that most have simply stuffed it under the bed (I am sure there is still large sums of gold and francs hidden , long forotten)
will read the books.
And think to increase my exposure to gold beyond current (10 percent physical , 5 percent gdx ).
And for the small denomination gold, it makes wonderful presents as one tries to convince their loved ones and friends to unload equities , usd etc and buy some of these wonderfully heavy, seductive coins. !
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