Epic shortage spooks doomsday preppers and bankers alike; ‘Unaffordium and unobtanium.’
It’s an honest-to-God doomsday scenario and the ultimate doomsday-prepper market is a mess.
As the coronavirus pandemic takes hold, investors and bankers are encountering severe shortages of gold bars and coins. Dealers are sold out or closed for the duration. Credit Suisse Group AG, which has minted its own bars since 1856, told clients this week not to bother asking. In London, bankers are chartering private jets and trying to finagle military cargo planes to get their bullion to New York exchanges.
It’s getting so bad that Wall Street bankers are asking Canada for help. The Royal Canadian Mint has been swamped with requests to ramp up production of gold bars that could be taken down to New York.
The price of gold futures rose about 9% to roughly $1,620 a troy ounce this week and neared a seven-year high. Only on a handful of occasions since 2000 have gold prices risen more in a single week, including immediately after Lehman Brothers filed for bankruptcy in September 2008.
“When people think they can’t get something, they want it even more,” says George Gero, 83, who’s been trading gold for more than 50 years, now at RBC Wealth Management in New York. “Look at toilet paper.”
Worth its weight in Purell
Gold has been prized for thousands of years and today goes into items ranging from jewelry to dental crowns to electronics. For decades, the value of paper money was pinned to gold; tons of it sat in Fort Knox to reassure Americans their dollars were worth something. Today they just have to trust. President Nixon unpegged the dollar from gold in 1971.
Gold is popular with survivalists and conspiracy theorists but it is also a sensible addition to investment portfolios because its price tends to be relatively stable. It is especially in-demand during economic crises as a shield against inflation. When the Federal Reserve floods the economy with cash, like it is doing now, dollars can get less valuable.
“Gold is the one money that can’t be printed,” said Roy Sebag, CEO of Goldmoney Inc., which has one of the world’s largest private stashes, worth about $2 billion.
Italy have the third biggest gold reserves according to figures. Italy have the most deaths through” Coronavirus “ so far. As far as I know, there isn’t a test available for “ Covid-19”. I don’t think there was a vaccine ever found for SARS and MERS? As far as I can make out,they are testing for coronaviruses, which can include colds, flu, etc. No surprise then that the recovery rate is so high. The stock markets were so high and overvalued, it was getting increasingly difficult to make decent money. I’m smelling a big old dirty rat here. As of yesterday the death rate per1M of the U.K. through “ Coronavirus “ was 0.0018%. Yet nearly the whole nation is under lockdown? Let’s see the figures for the flu deaths, pneumonia deaths , for this year so far. The cases and deaths recorded on worldometer are Coronavirus cases, and not necessarily, and most unlikely, Covid-19 cases. Now I know why Blair was getting very emotional and hammering home his point.
Depends on what they mean by “ most effective”. Drawing out death or making the patient more comfortable, and it has to fit in with somebody that may have underlying problems too. I think they’re all clutching at straws, as non of the treatments seem to work on a seriously ill patient. There must have been millions of hours of research done on this virus so far, with no joy. Let’s not throw any more of our money about willy nilly.
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It’s an honest-to-God doomsday scenario and the ultimate doomsday-prepper market is a mess.
As the coronavirus pandemic takes hold, investors and bankers are encountering severe shortages of gold bars and coins. Dealers are sold out or closed for the duration. Credit Suisse Group AG, which has minted its own bars since 1856, told clients this week not to bother asking. In London, bankers are chartering private jets and trying to finagle military cargo planes to get their bullion to New York exchanges.
It’s getting so bad that Wall Street bankers are asking Canada for help. The Royal Canadian Mint has been swamped with requests to ramp up production of gold bars that could be taken down to New York.
The price of gold futures rose about 9% to roughly $1,620 a troy ounce this week and neared a seven-year high. Only on a handful of occasions since 2000 have gold prices risen more in a single week, including immediately after Lehman Brothers filed for bankruptcy in September 2008.
“When people think they can’t get something, they want it even more,” says George Gero, 83, who’s been trading gold for more than 50 years, now at RBC Wealth Management in New York. “Look at toilet paper.”
Worth its weight in Purell
Gold has been prized for thousands of years and today goes into items ranging from jewelry to dental crowns to electronics. For decades, the value of paper money was pinned to gold; tons of it sat in Fort Knox to reassure Americans their dollars were worth something. Today they just have to trust. President Nixon unpegged the dollar from gold in 1971.
Gold is popular with survivalists and conspiracy theorists but it is also a sensible addition to investment portfolios because its price tends to be relatively stable. It is especially in-demand during economic crises as a shield against inflation. When the Federal Reserve floods the economy with cash, like it is doing now, dollars can get less valuable.
“Gold is the one money that can’t be printed,” said Roy Sebag, CEO of Goldmoney Inc., which has one of the world’s largest private stashes, worth about $2 billion.
Italy have the most deaths through” Coronavirus “ so far.
As far as I know, there isn’t a test available for “ Covid-19”.
I don’t think there was a vaccine ever found for SARS and MERS?
As far as I can make out,they are testing for coronaviruses, which can include colds, flu, etc.
No surprise then that the recovery rate is so high.
The stock markets were so high and overvalued, it was getting increasingly difficult to make decent money.
I’m smelling a big old dirty rat here.
As of yesterday the death rate per1M of the U.K. through “ Coronavirus “ was 0.0018%.
Yet nearly the whole nation is under lockdown?
Let’s see the figures for the flu deaths, pneumonia deaths , for this year so far.
The cases and deaths recorded on worldometer are Coronavirus cases, and not necessarily, and most unlikely, Covid-19 cases.
Now I know why Blair was getting very emotional and hammering home his point.
This series of recent tweets from it's founder Larry Sanger.
(Antoine Priore)Blocked in UK
I think they’re all clutching at straws, as non of the treatments seem to work on a seriously ill patient. There must have been millions of hours of research done on this virus so far, with no joy.
Let’s not throw any more of our money about willy nilly.
This won’t look good on his CV , but he’ll get a gong somewhere down the line.