07 September 2012

Go Slow on Silver

Screwtape Files guys have a good post on silver cautioning that silver may be primed for a correction.

I've been following the story of Israel Switt and the 10 x 1933 Saint-Gaudens double eagle coins he "acquired". ABC is reporting his family lost an appeal in the Eastern District Court of Pennsylvania. They will be appealing to the 3rd Circuit. For $80million I would be too.

Finally, the Reserve Bank of India continues on with their "socio-cultural revolution" against gold: "Because interest rates are very low, people are investing in gold. But the poor should never invest in gold for whenever they have purchased gold, it either lands up in the temple or in the hands of the moneylender or, at the most, it may be given away during a daughter's marriage."

Maybe they should have a chat to their mates in Vietnam, who have given up on verballing and just taken over the gold market, with the State Bank of Vietnam saying "it had taken over gold bar production in late May, making Saigon Jewellery Company (SJC) the national brand. Since then, all production of gold bars in the country has been exclusively handled by the government."

1 comment:

Anonymous said...

re. India & Vietnam, I can't believe that this would ever pass in India. A civilization 1000s of years old, who has valued gold for 1000s of years. In this regard, I believe that India is the Hercules of the world when it comes to gold, and the indian people (nb. I'm not indian) won't be bullied by their government, nor ANY other government in the world. In this respect, lets all support indians.