I have an old engagement ring you can have.
You might need some dive gear to find it in the ocean, off the headland I threw it into.

Felt good pegging it out to sea, way better than taking it back to the jewlers for a refund.

lotofwind said...
I have an old engagement ring you can have.
You might need some dive gear to find it in the ocean, off the headland I threw it into.

Felt good pegging it out to sea, way better than taking it back to the jewlers for a refund.

Was your wife-to-be still wearing it at the time?

Sn > Au

And at USD 23.99 an Oz, it's come along way off it's heights of $50 from 2 years ago.

Look at starting out with getting 1966 50 cent coins, 3 coins contain 1oz Sn. Can pick them up for less that $10.

Try feebay or the kookaburra.

GalahOnTheBay said...
Why buy gold, when you can, errr, dig it up?

Where's that WTF! button we've been asking for?

ASX stock code: GOLD. Trades just like a regular stock and is shares in physical gold (stored in UK from memory). Pretty much follows the gold price.

But I guess if you're getting into gold because you think worldwide turmoil is about to kickoff in a big way, you're probably looking for stuff you can actually hold...

I've got plenty of paper gold, platinum, silver, oil, etc... I want physical gold PAMP bars or any known coins.

Inflation hedge, no end of world concerns... I'd be buying guns otherwise.

I tried to by gold last week; at ABC bullion there were queues into the street... so I went home called around... everywhere had run out... went back to ABC on Wednesday but they were still out, so I got a couple silver paperweight bars.

GalahOnTheBay said...
I'm always amused to hear why people believe gold is the "gold standard" of wealth protection in troubled times.

You know you can't eat gold right?

Yeah, I used to argue the same with a CT I worked with.... So, why are people going to give you a loaf of bread for that silver coin?

GalahOnTheBay said...
I'm always amused to hear why people believe gold is the "gold standard" of wealth protection in troubled times.

You know you can't eat gold right?

You can't eat the digits off your statement either.

I'm interested to hear your take on wealth preservation hedges.

I have ~5% in physical gold, ~15% super (cash, bonds), %10 Corporate bonds (best performer for me), 10% EFTs (coffee , oil, P Metals), 60% cash... after wide spread QE and Cypress I'm not sure the cash strategy is wise.

Don't label me a prepper, I'm far from it... if I purchased food I believe it would spoil before I got a chance to consume it.

If like to diversify in to property but that's just plain ridiculous in Australia... Ireland is starting to look reasonable.

So what's you inflation hedge strategy, please tell us?

FlySurfer said...
So what's you inflation hedge strategy, please tell us?

I don't have one, and from your breakdown you have a pile more assets than I do.

Some people are flat out living day to day let alone having the luxury of security. And no I don't have a car on lease / loan either...

FlySurfer said...
I have ~5% in physical gold, ~15% super (cash, bonds), %10 Corporate bonds (best performer for me), 10% EFTs (coffee , oil, P Metals), 60% cash... after wide spread QE and Cypress I'm not sure the cash strategy is wise.

Isn't cash historically the worst performing hedge against inflation?

Yeah assumptions on my behalf...

FlySurfer said...
So Galah, why you find people buying gold amusing? It was a lot easier to get hold of food during the great depression and every war that has ever been, than it was to get hold of gold. That's the basic reason why governments have it has their final backup plan.

If things go south, and by that I mean cash becoming basically worthless, I'm amused when people say "gold will save me" when they haven't got the foggiest idea how to survive without the luxury of their gold credit cards, leased car, rented big screen tv in their mortgaged home. (PS not saying this is you, but it certainly is very true for almost all city folks)

Depressions and wars in the past have shown us that it is possible (I didn't say easy!) to survive on resourcefulness, useful skills and support from others.

If you don't need cash or cash equivalents to live, then you are truly rich (sounds biblical, but it isn't). I'd rather take what I have and turn it in to stuff I can use as is first, then get going on building my hedge.

These are more along my line of thinking (in no particular order):

www.forbes.com/sites/investor/2012/06/28/the-great-depression-ii-five-ways-to-survive/
theeconomiccollapseblog.com/archives/20-things-you-will-need-to-survive-when-the-economy-collapses-and-the-next-great-depression-begins
listverse.com/2008/11/13/top-10-tips-to-prepare-for-a-depression/

FlySurfer said...

So Galah, why you find people buying gold amusing? It was a lot easier to get hold of food during the great depression and every war that has ever been, than it was to get hold of gold. That's the basic reason why governments have it has their final backup plan.
I was reminded of this just last night while watching Hotel Rwanada.

So, what would people want gold for during these times anyway? It would be a clever way of hiding your assets during that time without it being obvious, but you really have no use for it unless you can trade it for something else.

I had a friend that converted his family's assets into gold, but that was only to escape Iran with something that was easily convertible.

In those times of war or great depressions, if food is scarce, no one is going to give you food for it, because food is a requirement not a luxury.

FormulaNova said...
So, what would people want gold for during these times anyway? It would be a clever way of hiding your assets during that time without it being obvious, but you really have no use for it unless you can trade it for something else.

I had a friend that converted his family's assets into gold, but that was only to escape Iran with something that was easily convertible.

In those times of war or great depressions, if food is scarce, no one is going to give you food for it, because food is a requirement not a luxury.

If your on a desert island with no way of getting off, on the brink of starvation nobody would swap food for gold, in any other circumstance they would.

It's really hard to take gold out of countries... but yes gold is only useful in electronics, space suits and a couple other application... so it's just an easily convertible asset that's been used by humans since the dawn of civilization.

Mobydisc said...
I checked out buying gold on eBay. It's a bit over $100 for a one gram piece. I would not mind buying some physical gold though I'm not sure if that is a decent price. There is a one kilogram bar for about $50k.

No it's a really bad price, last week 1g was selling for $57 which was already way above spot.
This week it's
www.abcbullion.com.au/store/gold/pamp-gold?item_id=1716&utm_source=critsend&utm_medium=email&utm_campaign=abcbulli_on_sv4-397

Buy back is $44.

1kg is $44300.
1kg would be really hard to swap/exchange... look at low premium 1oz coins.

When I went to try and buy some gold last week there was this Russian or Ukrainian trying to buy 1.5Kg... needless to say like most he went home empty handed.

biggrin said...
Visit silver stackers on the web and you will find plenty of things for sale and generally helpful advice on precious metals in Australia et al...

See bullion bourse in Perth for good online bargains.

BullionBourse every page red text:
Please expect delays due to extreme market conditions. Orders may take 2-4 weeks to dispatch.
Please note our payment terms. During this volatile market it is important that you email or phone confirmation of your payment to us after placing your order.

And they're more expensive than ABC.

GalahOnTheBay said...

FlySurfer said...
When I went to try and buy some gold last week there was this Russian or Ukrainian trying to buy 1.5Kg... needless to say like most he went home empty handed.

Lol - I bet he wanted to pay cash too...

Don't these people know those transactions go straight to the tax department?

Funny enough he did, but the ABC lady said they have a $5k limit for both cash and card.