I had been intending to purchase some more physical gold as part of my "just in case" fund, but BOCHK was "out of stock". Being somewhat agnostic as between physical and paper precious metals, I decided that if I was buying paper instead of physical, I might as well buy platinum instead of gold because (i) a greater percentage of platinum mined is actually used (catalytic converters, jewelery etc) and (ii) platinum production is potentially at greater risk of disruption to sources of supply.
I paid HKD12,868 per oz (equivalent to USD1,655 per oz).
3 comments:
Well done.
It will take 7 years for Germany to get back their gold kept in US and France.
Even BOCHK ran out of stock for physical gold .
Where are the gold?
I have to admit that I found Germany's decision to repatriate its gold reserves amusing. That said, the threat of a Soviet invasion was the reason the gold wasn't kept in Germany in the first place and that is no longer a possibility. Given that I would expect any politically stable country to keep its gold reserves at home, the only thing that puzzles me is why it has taken them so long to make this decision - possibly the cost of shipping.
I'm not sure if there is a shortage of gold as such. Short term supply gaps are nothing new for this product. It's happened a few times before and I'm sure it will happen again.
Cheers
traineeinvestor
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