Hong Kong recalls gold from London to store in secure vaults (suspect, dollar)
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b-b-b-b-b-ut gold means nothing in the "new economy". Those Chinese folks must just be anarchist Tea Party folks with bomb shelters, hoarding their guns and their gold.
If it's not in your hands, it's suspect. Given the GATA whistleblower and recent inclusion of this story in the mainstream media, it's looking like gold (and silver to a larger extent) is going to explode.
The Chinese are looking forward and obviously see a bleak future for fiat economies.
They actually invented fiat money and learned the pitfalls. Been there, done that.
I agree. I think that everyone should have at least 5% of their net wealth in gold coins in hand.
I have done this over 25 years and have progessively added gold Eagles, Maple Leafs, and Krugerands to make this so.
Let's see............................. debt increasing as far as the eye can see, with current interest rates at 0%. Just where do you think the value of the US dollar will go when the debt rises and interest rates rise? It is a no-brainer. That being said, a 5% allocation is small, yet a smart move for the worst case scenario. For all those with assets greater than $1,000,000, I would also advocate a small allocation of your investment in rural real estate.
Perhaps, but an honest question, as I really dont know the answer.....
If gold hits $7K USD per troy oz, is it safe to assume that $7K USD wont buy much of anything else, relatively speaking?
YC.......
This is sort of true. BUT, assets like real estate may still fall in value. It may take only a 10 ounce bar of gold to buy an entry level 3BR/2BA house in the not too distant future.
You won't get much more food or energy with your gold, however.
It isn't really about the gold but much more about boosting Hong Kong's status as a major financial center than anything else.
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