A Telling Gold Anecdote From Hong Kong

Email Print
FacebookTwitterShare

From a friend:

I’ve been taking this opportunity to stock up on some yellow metal. Went to Hang Seng bullion counter yesterday. The line was out the door. It took an hour wait to see a teller. When I asked if people were buying in the dip or selling in panic, she told me that they haven’t had once ounce of gold sold back to them all day. She told me they have sold more gold in 24 hrs than they normally do in 3 months. Yes, there was a lot of extra security. The guy in front of me bought over $1 million USD in gold. He paid in cash and walked out of the door with the bullion in a Nike bag. Amazing.

UPDATE from Scott Weisman

Lew, notice how a $1M cash transaction didn’t even draw any scrutiny (at least, it doesn’t sound like it) in a sane country.

Here, the man would be arrested and jailed just for having his own money in cash. Oh, and the cash would be stolen.

7:14 am on April 18, 2013