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Gold and its Uses?
Heard an interesting story the other day and I would appreciate the forum's opinion and any information you all may have.
Land owner told me he was paid for a 25 year lease on some beautiful beach property by a foreigner in gold. And this got me to thinking (yes, it did hurt) that I don't really know what the usages and abuses for gold are here in Indonesia.
For example: years ago in India, if you were brave/foolhardy enough, you could make a nice little business by importing (smuggling in your pocket) gold coins into India - where the locals loved the shiny metal and required it for many of their rituals (marriage) and customs. The problem there was that the government controlled access and supply, or tried to, to keep the price way above the world levels. Which was the business plan of the smugglers
What is the situation in Indonesia? Are private persons allowed to own and keep gold or is it restricted? What is the advantage of paying in gold - other than washy, washy, washy
Thanks for any input you may have.
Markit
By the large amount of gold shops and many more customers, I can't see it being restricted. Also the buying price and selling price is not that far apart as you would find in the west. I see the locals buying it when they have cash and selling when they need it, or even trading up when they have more money available.
With the gold price now at record levels most buyers have made a good investment. After all gold seems to be the hardest currancy of all. Everybody with big money drop investments and cash in favor of gold in difficult times. It seems to always be the safe bet. Gold beats cash any day in my book. [unless of course you take the weight into account... and the greedy gits who will want to sleal it.]
Markit, how much do you want and what are you prepared to pay for it?
10 kilos @ 5% less than the world price, please.
For my first order.
Ok, and can you please clean it first - you know, just knock off the dirt after you've dug it up.
Well Mark, i tip that the price will far exceed $US 1300 this week, so you will be up for quite a few dollars, you might have to throw that mansion of yours in as well.Originally Posted by Markit
For my first order.
Ok, and can you please clean it first - you know, just knock off the dirt after you've dug it up.
Thinking about it, at this price, i must be due for a pay rise!
Well Markit, a prediction that gold will reach US$ 1500 an oz before Christmas. This is amazing the way it is going now.
I actually find that pretty scary
Gold has no uses (outside a bit in electronics, jewelry and dentistry).
It acts more as a financial barometer showing the depth of fear in the investment markets.
Hence my fear for them - get your money into something else than stocks, I guess?
Only problem is you can't eat gold.
Keeps me in a job, mate!
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