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Thread: Physical Gold

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    Default Physical Gold

    Anyone buying physical gold (coins, bars, Elizabeth Duke chunky chains) as an insurance to paper money becoming worthless?

    If so, can I just turn up with a van load of cash and drive away with gold bars?

  2. #2

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    Nope. It's too hard to guarantee purity (or whatever it's properly called) once it's in your grubby little paws.

    Assuming you're thinking gold will become the defacto currency once the revolution/end of days arrives?

    A better currency might be tins of baked beans or pure water...
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    Quote Originally Posted by DimPrawn View Post
    Anyone buying physical gold (coins, bars, Elizabeth Duke chunky chains) as an insurance to paper money becoming worthless?

    If so, can I just turn up with a van load of cash and drive away with gold bars?

    Interesting to reflect that a couple of months ago this statement would have been rejected as conspiracy-scare-mongering-terrorist - take your pick - whereas today its a very sensible question.

    Go for bars by the way - they are far more convertable and therefore a higher asset than coins.

    And well may you have concerns about Fiat currencies - interesting snippet from Forbes 'The Mother of all bank runs '

    ...btw DP sorry If I appear to be 'out-dooming' you - but this article is a cracker !!!


    When investors don't trust even venerable institutions like Morgan Stanley and Goldman Sachs, you know that the financial crisis is as severe as ever.


    When a nuclear option of a monster $700 billion rescue plan is not even able to rally stock markets, you know this is a global crisis of confidence in the financial system.

    The next step of this panic could be the mother of all bank runs, i.e. a run on the trillion dollar-plus of the cross-border short-term interbank liabilities of the U.S. banking and financial system, as foreign banks start to worry about the safety of their liquid exposures to U.S. financial institutions.

    A silent cross-border bank run has already started, as foreign banks are worried about the solvency of U.S. banks and are starting to reduce their exposure. And if this run accelerates--as it may now--a total meltdown of the U.S. financial system could occur.

    The U.S. and foreign policy authorities seem to be clueless about what needs to be done next. Maybe they should today start with a coordinated 100 basis points reduction in policy rates in all the major economies in the world to show that they are starting to seriously recognize and address this rapidly worsening financial crisis.
    Last edited by AlfredJPruffock; 6th October 2008 at 10:44.

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    Get some krugerrands

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    Quote Originally Posted by Moscow Mule View Post
    A better currency might be tins of baked beans or pure water...
    +1
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    Quote Originally Posted by Moscow Mule View Post
    Nope. It's too hard to guarantee purity (or whatever it's properly called) once it's in your grubby little paws.
    But bullion is hallmarked to show weight and purity.

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    You have to wonder what the impact of this will be in the countrys who have relatively recently converted to the Free Market - eg China, Poland, Russia - must now view the collapse of the Free Market - and I wonder waht the view from Cuba and North Korea ?

    To quote Greenspan from Feb - we are now experiencing a new disturbing, economic reality.

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    Quote Originally Posted by wobbegong View Post
    But bullion is hallmarked to show weight and purity.
    But it's only guaranteed whilst it's in a bonded warehouse.

    Once you have it in you hands, and you want to sell it you have to pay for it to be assayed.
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    Quote Originally Posted by Moscow Mule View Post
    But it's only guaranteed whilst it's in a bonded warehouse.

    Once you have it in you hands, and you want to sell it you have to pay for it to be assayed.
    Thanks MM, I didn't know that.

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