gold, page-131785

Hi Skol,

Anyone can cherry pick dates let me explain the relevance to me.

“Gold protecting future purchasing power didn't work f or stackers between 1934 and 1971, and between 1980 and 2001.”

1934 Not Born.

1971 Busy serving apprenticeship (Fitter & Turner) low wages only possible with the support of my parents.

1980 Working underground UK and in Dubai making good money and paying off the mortgage on my fist home. Double digit mortgage rates and inflation left little money for any other investments.

UKmortgage rates in 1980 - Google Search

1981 Left the UK as a refugee from Margaret Thatcher, emigrated to Queensland Australia.

1989 Started business in Brisbane hard work building up from scratch. The business was connected at the hip to mining, so the first few years were difficult.

See the coal price graph below.

Globalprice of Coal, Australia (PCOALAUUSDM) | FRED | St. Louis Fed

However, business picked up a little and I bought my first few ounces of Gold in 1998.

2002 The coal price was around $25.00 per metric Tonne.

2004 The coal price moved up to $65.00 per metric Tonne.

2002 I made my first serious purchase of physical Gold and Silver and have been adding since.

Whether it was dumb luck on my part or great planning is a moot point but at this time the demand from China for resources was going through the roof.

I would have loved the opportunity to buy physical Gold in 1934, 1971, 1980 and 2001 but sadly for the reasons above this was not possible.

I am equally sure that if you had commenced your real estate portfolio around 1934 you would own a great deal more property.

However, as that was not possible, I cannot see the relevance.

“The NZ government along with most others, doesn't own one ounce.”

newzealand sells its gold when - Google Search

To summarize both of those. Australia sold most of their reserves in 1997. The Reserve Bank of New Zealand sold every last ounce of Its gold in 1991.

With respect I would suggest that the sales of national Gold holding from the UK (Brown’s Bottom) Canada, Australia and New Zealand will go down in the annals of history.

Just my humble opinion but back in 1991, 1997 and 1999 to 2002 with the Gold price at USA $400.00 per ounce I would say the comedians in charge in the UK Canada, Australia, and New Zealand back then all have egg on their faces.

And with the price of eggs these days that is not a good look IMHO!

GoldPrice History - Historical Gold Charts and Prices

So, my old friend please cherry pick all you want but you cannot change facts. Again, just my opinion but selling Gold for $400.00 in 1991 to 2002 was not a great move.

With the Gold price currently sitting at $3,023.00 per ounce that is an increase in price by a factor of 7.5. I am not sure how that stands against real estate in NZ, but I am more than happy to hang onto my physical Gold a little longer.

By the way Dentie I saw you posts on your house purchase and the delayed settlement as the Gold price rose. Well done.

Cheers.