Temperament,
Your mathematics skill is as power as mine
We same same.
Your broker must panic if you do contra!!! Buy and sell qtys don't tally big headache!
But hey! Life has treated us well.
It all balance up.
Got winners; got losers. Got multi-baggers; got shares kosong.
Que sera sera...
(09-04-2012, 10:33 PM)corydorus Wrote: [ -> ]If you check with some old people (above 70s), they may still keep Physical Gold at home. In national crisis such as Famine and War which olden days encounter, Physical Gold is a necessity to survive.
It's really quite a good idea barring burglary. It happened only "recently" in the Vietnamese's wars with US and later a short war with China. At that time, only Vietnamese of Chinese decent were allowed to leave Vietnam if they have GOLD in their hands. Now people keep it in the banks. In an emergency, wonder whether people still can withdraw?
i remember when i went to work in Vietnam in the 1990s, the people there were all crazy about hoarding gold. Nobody wanted the dongs. Every morning you can see bagful of dongs delivered to shop keepers. This i was told but i could see also. So is there a moral to my story?
Temperament,
A very gentle poke - where is your physical gold located? It's same same as my silver passbook lah
I echo your story. In the late 70s, all of sudden I got a new "distance" Ah Kong relative temporarily staying with my aunt in Hougang. You know how Chinese are - same surname same village in China, all of sudden, everyone is a relative!
Turn out he is a rich Teochew rice landowner in Vietnam. He is first class refugee - travel by plane to Singapore with part of his wealth in gold bars with him. I guess the land in Vietnam had to be "donated" to the communist.
He later bought a bungalow and settled in Hougang with his first wife. He got a son (by first wife) studying in London and that's the first time I saw a Chinese with Afro hairstyle! Other branches of his family settled elsewhere. Some in HK, some in US.
I now realise the rich Chinese families in South East Asia have to factor in political risks - not just financial risks. I see they send their children to various cities in the world: 1 in New York, 1 in London, 1 in Singapore, 1 in Hong Kong, etc.
Not just diversifying the family's fortune, but to ensure the family name lives on in case of regime change, wars, and riots.
Similar to what the Rothschilds did in Europe.
P.S. I think Indonesia is still trying to extradite some Indonesian economic refugees living in Singapore back for trial...
Hoarding Gold in 1990s . Those Vietnamese gold bugs are laughing in their bed now.
As long as the West continues to engage in money printing, physical assets like gold should continue its upward trend, based on demand and supply - too much money chasing after too little asset. Moreover, when the American prints money and gold prices go up, the Americans balance sheet actually improves, since they are the largest holder of gold in the world.
Think about this:
Gold is measured in Troy ounces and 1 Troy ounce equals 1.0971428571 ounces, and 1 metric tonne approx 32,150 Troy ounces
According to Wilkipedia, US holds 8133 tonnes of gold
At current market price of USD 1651 per Troy ounce, US's gold holdings equals USD 1651 x 8133 x 32150 = USD 431,697,793,450 or USD 431.7 bil.
If gold price were to doubled, so would the value of their gold holdings.........
(10-04-2012, 11:49 AM)Jared Seah Wrote: [ -> ]Temperament,
A very gentle poke - where is your physical gold located? It's same same as my silver passbook lah
I echo your story. In the late 70s, all of sudden I got a new "distance" Ah Kong relative temporarily staying with my aunt in Hougang. You know how Chinese are - same surname same village in China, all of sudden, everyone is a relative!
Turn out he is a rich Teochew rice landowner in Vietnam. He is first class refugee - travel by plane to Singapore with part of his wealth in gold bars with him. I guess the land in Vietnam had to be "donated" to the communist.
He later bought a bungalow and settled in Hougang with his first wife. He got a son (by first wife) studying in London and that's the first time I saw a Chinese with Afro hairstyle! Other branches of his family settled elsewhere. Some in HK, some in US.
I now realise the rich Chinese families in South East Asia have to factor in political risks - not just financial risks. I see they send their children to various cities in the world: 1 in New York, 1 in London, 1 in Singapore, 1 in Hong Kong, etc.
Not just diversifying the family's fortune, but to ensure the family name lives on in case of regime change, wars, and riots.
Similar to what the Rothschilds did in Europe.
P.S. I think Indonesia is still trying to extradite some Indonesian economic refugees living in Singapore back for trial...
Quote:-
"A very gentle poke - where is your physical gold located? It's same same as my silver passbook lah
"
Unquote:-
Not the same. i posted earlier only receipts of UOB trading are around and i have converted into mini gold bars in the 1980s when i closed my account. Of course now in the bank's safety box. Just wonder can withdraw in time of emergency.
Recently, when the price of gold was around US $1500+/oz , i was tempted to go and buy in HK. 2 to 3 kilo(no GST) and store in bank's safety deposit box there. Alas, think only never do - no use lah. But maybe a better place is Australia's Mint in Perth.
And of course you are right about the Chinese in SEA. Why then are they called the "Jews of the East" by other asians?
Temperament,
I meant safety deposit boxes also located in the banks
Just joking. Should be safe one. But then... After MF Global, I now treat myself as an "unofficial" stakeholder of my banks and brokers even if I don't own any of their shares.
http://www.zerohedge.com/contributed/tru...-mf-global
Like that also can?
(10-04-2012, 03:52 PM)Jared Seah Wrote: [ -> ]Temperament,
I meant safety deposit boxes also located in the banks
Just joking. Should be safe one. But then... After MF Global, I now treat myself as an "unofficial" stakeholder of my banks and brokers even if I don't own any of their shares.
http://www.zerohedge.com/contributed/tru...-mf-global
Like that also can?
"That, in essence, is what's happening to investors whose bars of silver and gold were held through accounts with MF Global."
Unquote:-
Ah.... i see what you are implying. But my mini gold bars is not help through account of any institution. i only rent the bank's safety deposit box. So if the bank is under liquidation can the trustee claim the private contents of customers, in the bank's safety boxes? i think the very most i lose my rental fees only. Don't scare me leh!
