G’day Gold enthusiasts….
I could not pass up the opportunity in commenting on the E-Gold closed topic.
They are now long gone, but a Company that I worked with in 1980 was “Darlingtons in Sydney” they ran a Gold and silver savings passbook. The idea was that you bought say AUD$200 of gold as an example… less than an ounce.
Your passbook was stamped etc with the credit, then the crunches… Darlingtons fees deducted, Storage fees for the gold you thought you owned/existed, insurance and the risk on the exchange rate… with the spread between the buy and sell rate was the second last straw.
The finale was, there was more gold in the passbooks than the company held in stored… considering you paid storage, insurance etc on gold that didn’t exist… a con to put it mildly. I worked there for maybe 6 months with Paul Clitheroe when we both decided to get ther hell out of there.
Be very careful in dealing in Gold/Silver unless it’s from a group with credibility and you take delivery.
An occaisional post …BillfromOZ
Bill O’Mara
Thanks for the warning mate!
Regards,
Prop16I know that one cannot afford not to have some emergency assets accesible in times of disaster.
Disaster ?
Well, here are several likely or unlikely scenarios : the Indonesians may invade Australia, the Muslims may stage a take-over in this country, the Queenslanders may invade NSW, a drought may cause food shortages,
problems elsewhere in the world may cause certain shortages here, an atomic disaster or a natural disaster like a tidal wave may cause a stampede to get out of the area, etc etc. [
]Having some precious metal in the form of coins will enable one to buy a gun, a plane or a boat ticket, food, petrol, emergency accommodation etc. etc.
On the other hand who has got the money to create such a disaster reserve fund ?
If you nevertheless want to create such a reserve then realise that having assets in a passbook is no guarantee that they will be accessible in times of panic. (even apart from the prospects of fraud by the socalled trustees).
Rather than having a gold passbook a better alternative would be to regularly buy some silver and gold coins. Forgetting for the moment the risk of one being robbed, one will at least have guaranteed access to one’s emergency funds.
Pisces
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