Tuesday, October 07, 2008

Iceland's banks are going bust and I have a friend over there just now. She emailed me to say that she is starting to stock up on food in case something more dire happens. The country does not have enough foreign currency to buy food so supermarkets are bare. It is looking particularly bad. I wish her all the best for the future.

Anyway, I have found an interesting gold and silver dealer on the net. They are called Gold Money. What makes them so appealing is that you can buy gold and silver by the gram and they store it in your name in either London or Zürich. Also, they are insured by Lloyd's of London, which means they are very safe. You can actually take possession of your gold or silver if you ask but they only deal in 400 oz gold bars or 1000 oz silver bars (those are London Bullion Merchant standard bars). There is also a slight management fee (1% for silver per year) but this is negligible than having to pay to have them stored yourself. One last thing is that you can buy the gold or silver for nearly spot price which takes away the premium that you can end up paying for smaller bars or coin.

Yeah, I know, I am insane but I am seriously considering diversifying into this. I doubt that I will ever have enough to have the bars delivered but it gives you the satisfaction of knowing that your savings will never be completely worthless.

posted by Chris  #3:55 PM | 0 comments |