ASSET OF LAST RESORT

[formercia]

http://www.mineweb.co.za/mineweb/view/mineweb/en/page34?oid=75294&sn=Detail

ASSET OF LAST RESORT
Swiss gold bullion in huge demand as trust in banks dives

Swiss gold refiners are having great difficulty in keeping up with demand for gold bullion leading to long delivery times as investors wary of other stores of wealth.
Author: Arnd Wiegmann and Lisa Jucca
Posted: Wednesday , 17 Dec 2008

MENDRISIO/ZURICH, Switzerland (Reuters) -

Sealed off by grey concrete walls and barbed wire, the workmen in protective glasses and steel-toed boots at this smelter cannot work fast enough to meet demand from the nervous rich for gold.

--snip--

This refinery near Lake Lugano in the Alps is running day and night as people worried about recession rush to switch their assets into something that may hold its value.

"I have been in the gold business for 30 years and I have never experienced anything like this," said Bernhard Schnellmann, director for precious metal services at the refiner Argor-Heraeus, one of the world's three largest.

--snip--

December 31. Mark that day in your calendar. Gold contracts will need to be settled and there isn't enough Gold to go around. It's going to be a very interesting day.

Invest in Popcorn.

[formercia]

1. Kick for the Afternoon crowd.

[AwakeAtLast]

2. 5th K & R

And a :scared:

[formercia]

13. Thanks for the special kick.

The 'Last Resort' part is what worries me too.

[ihavenobias]

3. As always, thanks for an interesting post.

Oh, and now you have double digit recs!

[formercia]

5. It's always good to know

when the music is going to stop.


Don't be left without a chair. ;)

[deaniac21]

4. Wake me up when it's over.

[formercia]

6. Ok, Rip.

What ever happened to the Dutch in Manhattan?

[deaniac21]

14. You can still get a guy to pay half...

[formercia]

15. Or is it Honi M'agel?

http://en.wikipedia.org/wiki/Rip_Van_Winkle


"Rip Van Winkle" is a short story by the American author Washington Irving published in 1819, as well as the name of the story's fictional protagonist. Written while Irving was living in Birmingham, England, it was part of a collection entitled The Sketch Book of Geoffrey Crayon.

--snip--


The story is also similar to the ancient Jewish story about Honi M'agel who falls asleep after asking a man why he is planting a carob tree which traditionally takes 70 years to mature, making it virtually impossible to ever benefit from the tree's fruit. After this exchange, he falls asleep on the ground and is miraculously covered by a rock and remains out of sight for 70 years. When he awakens, he finds a fully mature tree and that he has a grandson. When nobody believes that he is Honi, he prays to God and God takes him from this world. Note also that the family name of Honi is also a term of geometry ('M'agel' is Hebrew for 'circle maker'), as well as the family name of Rip ('Winkel' is German for 'angle').

--snip--

[Trailrider1951]

7. Yes, I'm glad I put some of my retirement money

into Gold American Eagles with a precious metals IRA. It was $420 an ounce then (buy low). Some of my friends thought that I was NUTZ to take money out of the stock market (sell high). They don't think I'm NUTZ anymore.





www.goldstartrust.com

www.apmex.com

And, no, I do not work for those companies. The information is provided for those who are interested in my choices.

[formercia]

10. People used to think I was nutz too.

Every Summer I would go up to the Western Mountains of Maine and pan for Gold. I've been saving concentrates for the last 25 Years.

I get the last laugh.

[formercia]

8. Gold Rises for Ninth Day in London as Dollar Extends Decline

http://www.bloomberg.com/apps/news?pid=20601012&sid=a6K6_SHAY4uE&refer=commodities
Gold Rises for Ninth Day in London as Dollar Extends Decline


By Nicholas Larkin

Dec. 18 (Bloomberg) -- Gold rose for a ninth day in London, its longest winning streak in two years, as the dollar’s slide boosted the metal’s appeal as an alternative investment and physical bullion purchases increased.

The precious metal gained 15 percent in the past eight days, as the dollar lost 12 percent against the euro in the same period. Gold, heading for a second weekly gain, typically moves in the opposite direction to the U.S. currency. German business confidence dropped to a record low this month as the credit crisis pushes Europe’s largest economy deeper into a recession.

“The main factor is the euro-dollar,” Manqoba Madinane, a commodity analyst at Standard Bank Group Ltd. in Johannesburg, said by phone today. “We’re also seeing increased buying from investment funds.”

--snip--

[ThomWV]

9. What man buys gold in a time of deflation?

[formercia]

11. It's a bit late to get into the game now.

For folks that don't own any precious metal, it's irrelevant.

Sellers are charging a substantial premium over the spot (paper) price.

[EstimatedProphet]

12. I wish I had more

I've had a lot more gold in the past, but had to let it go because of emergencies. I do still have a lot of silver, and it's on the rise too.

[formercia]

16. Silver is still a pretty good buy.

Eagles are hard to find without paying a stiff premium.

Refining charges on Silver are low, so scrap might have some tax advantages.

[EstimatedProphet]

18. I buy historic coins, mostly silver dollars

They have the collectible value, which has gone up tremendously from the rise in silver prices.

[Renew Deal]

17. I dount there's enough gold to fill all orders.

People buy gold but rarely have possession of the bars. I bet gold is oversold.