Super rich are buying gold by the ton Super rich are buying gold by the ton
Page 1 of 2 12 LastLast
Posts 1 to 10 of 14
  1. #1

    Richer than sasguru

    DimPrawn is always on top

    DimPrawn's Avatar
    Join Date
    Jul 2005
    Location
    Covid City
    Posts
    36,110

    Default Super rich are buying gold by the ton

    Super-rich buy gold by the ton - Telegraph

    The world's wealthiest people have responded to economic worries by buying gold by the bar - and sometimes by the ton - and by moving assets out of the financial system, bankers catering to the very rich told Reuters, the news agency.

    Fears of a double-dip downturn have boosted the appetite for physical bullion as well as for mining company shares and exchange-traded funds, UBS executive Josef Stadler told the Reuters Global Private Banking Summit.

    "They don't only buy ETFs or futures; they buy physical gold," said Stadler, who runs the Swiss bank's services for clients with assets of at least $50 million to invest.

    UBS is recommending top-tier clients hold 7-10 percent of their assets in precious metals like gold, which is on course for its tenth consecutive yearly gain and traded at around $1,314.50 an ounce on Monday, near the record level reached last week.

    "We had a clear example of a couple buying over a ton of gold ... and carrying it to another place," Stadler said. At today's prices, that shipment would be worth about $42 million.



    It was hard work watching my missus carry those gold bars up the stairs and putting them under the bed I can tell you.

    PS Doooomed!
    SARS-CoV-2 - Finally something from China that still works as designed.

  2. #2

    Godlike

    Doggy Styles is a permanent contractor


    Join Date
    Nov 2008
    Posts
    9,818

    Default

    Quote Originally Posted by DimPrawn View Post
    ...gold, which is on course for its tenth consecutive yearly gain and traded at around $1,314.50 an ounce on Monday, near the record level reached last week.
    Every time I see numbers like this, I'm reminded of how clueless the previous government was.

    What price did they get for our gold 10 years ago? About a fifth of that, wasn't it?

  3. #3

    Richer than sasguru

    DimPrawn is always on top

    DimPrawn's Avatar
    Join Date
    Jul 2005
    Location
    Covid City
    Posts
    36,110

    Default

    Quote Originally Posted by Doggy Styles View Post
    Every time I see numbers like this, I'm reminded of how clueless the previous government was.

    What price did they get for our gold 10 years ago? About a fifth of that, wasn't it?
    Yep, about a fifth, or to look at it another way, Gordon Brown destroyed £6bn of our wealth at a stroke.

    Can I say **** here?
    SARS-CoV-2 - Finally something from China that still works as designed.

  4. #4

    Super poster

    CheeseSlice 's job has never been outsourced

    CheeseSlice's Avatar
    Join Date
    Mar 2009
    Location
    Melting on your hamburger
    Posts
    2,088

    Default

    Quote Originally Posted by DimPrawn View Post
    Yep, about a fifth, or to look at it another way, Gordon Brown destroyed £6bn of our wealth at a stroke.

    Can I say **** here?
    Don't be silly, he was merely "diversifying our portfolio"
    He is an uber city trader dontcha know


  5. #5

    Godlike

    milanbenes 's job has never been outsourced


    Join Date
    Jul 2005
    Posts
    7,973

    Default

    el gordo aside,

    if the uber rich are being advised to have 7 to 10 % of their wealth in au,

    then shouldn't the rest of us be doing the same ?

    Milan.

  6. #6

    Super poster

    fullyautomatix 's job has never been outsourced

    fullyautomatix's Avatar
    Join Date
    Feb 2010
    Location
    Gaul
    Posts
    4,568

    Default

    Never known any normal person, let alone a chancellor, sell gold without a reason. Assets like Gold are the last minute resort. If a country resorts to selling its Gold it could only mean that they are in deep *tulip*. Our Gordon just decided to sell the country's stock because he felt like it.

  7. #7

    Super poster

    meridian - scorchio!

    meridian's Avatar
    Join Date
    Feb 2006
    Posts
    4,515

    Default

    Wait for Goldman Sachs banker to say the same (that the uber rich are buying gold) and that's the time to sell the lot....

  8. #8

    Richer than sasguru

    DimPrawn is always on top

    DimPrawn's Avatar
    Join Date
    Jul 2005
    Location
    Covid City
    Posts
    36,110

    Default

    Quote Originally Posted by milanbenes View Post
    el gordo aside,

    if the uber rich are being advised to have 7 to 10 % of their wealth in au,

    then shouldn't the rest of us be doing the same ?

    Milan.
    Chunky 9Ct Gold Curb Chain 22 inch/12mm: Amazon.co.uk: Jewellery

    SARS-CoV-2 - Finally something from China that still works as designed.

  9. #9

    Contractor 'til I die

    doodab 's job has never been outsourced

    doodab's Avatar
    Join Date
    Jan 2010
    Location
    A bit too close to Wandsworth
    Posts
    16,164

    Default

    Quote Originally Posted by fullyautomatix View Post
    Never known any normal person, let alone a chancellor, sell gold without a reason. Assets like Gold are the last minute resort. If a country resorts to selling its Gold it could only mean that they are in deep *tulip*. Our Gordon just decided to sell the country's stock because he felt like it.
    Well apart from the canadians who have sold nearly all of their reserves, and the swiss, who sold about 4-5 times as much as gordon did.

    The fact that central banks have all but stopped selling is probably responsible for a fair chunk of the recent appreciation.
    Last edited by doodab; 5th October 2010 at 14:41.
    While you're waiting, read the free novel we sent you. It's a Spanish story about a guy named 'Manual.'

  10. #10

    Richer than sasguru

    DimPrawn is always on top

    DimPrawn's Avatar
    Join Date
    Jul 2005
    Location
    Covid City
    Posts
    36,110

    Default

    Quote Originally Posted by doodab View Post
    Well apart from the canadians who have sold nearly all of their reserves, and the swiss, who sold about 4-5 times as much as gordon did.
    Did they manage to match Gordon's timing and sell it all in one lump at the lowest possible price, and advertise that they intended to sell it off before hand, just to lower the market price that bit more?

    SARS-CoV-2 - Finally something from China that still works as designed.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •