Lunchtime queues and $6000 bars: Australia’s new gold rush \ stacker news ~econ

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Lunchtime queues and $6000 bars: Australia’s new gold rush thenightly.com.au/australia/lunchtime-queues-and-6000-bars-australias-new-gold-rush-hits-martin-place-c-20211492

201 sats \ 11 comments \ @spiderman 10 Oct econ

I thought Australia is pretty liberal that trusts the government to do best

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10 sats \ 2 replies \ @krispy_donkey 10 Oct

Said queue here: https://www.reddit.com/r/AusFinance/comments/1o1vaqs/queue_for_gold_on_martin_place/

I work nearby and the line was even longer yesterday lunch time

0 sats \ 1 reply \ @spiderman OP 10 Oct

I am not the first one to care about race, but why does it seem like (from the faces I can spot), Asians are over-represented in the queue compared to the typical Australian population.

0 sats \ 0 replies \ @Solomonsatoshi 10 Oct

Because Asian cultures have long valued and understood sound money and used gold to preserve their private wealth.

Most westerners having enjoyed the exceptional privilege of global imperialism and hegemony for he last 500 years do not understand the importance of private wealth and the unreliable nature of state imposed fiat money.

10 sats \ 3 replies \ @Undisciplined 10 Oct

I don't know if Australians tend to be into gold, but the Perth Mint is pretty famous.

@User21000000, are you all a bunch of gold bugs down there?

42 sats \ 0 replies \ @User21000000 11 Oct

Most Australians are living week to week and would have next to no investment I would think

42 sats \ 0 replies \ @OT 10 Oct

https://www.perthmint.com/visit/attractions/one-tonne-gold-coin/

The Perth Mint has a 1 ton gold coin currently worth over $100 million.

0 sats \ 0 replies \ @Solomonsatoshi 11 Oct

I suspect that like here in New Zealand the government regulated Aussie gold markets charge a large margin and so buying and selling gold is strongly obstructed.

I may be wrong though as there is a strong community of gold miners from small to large in Aus so maybe it is possible to trade gold close to the spot price there?

0 sats \ 0 replies \ @Solomonsatoshi 10 Oct

What is the margin charged at Aussie gold markets? Here in NZ it is about 4% each way which is virtual usury...and is designed to obstruct free market competition with the state imposed fiat monopoly.

Asia generally has very strong and low margin gold markets often operated by Chinese ethics...this provides Asian citizens with a useful hedge against fiat shitcoin debasement and helps keep the Asian central banks a little more honest that those in the 'western liberal democracies'.

Bought two physical gold bars yesterday, with BTC, via Asian market, and paid less than 1% margin.

Fuck the banks.

0 sats \ 0 replies \ @Solomonsatoshi 10 Oct

Gold price may go down now there appears to be ceasefire in the Jewish genocide of Palestinians.

0 sats \ 0 replies \ @spiderman OP 10 Oct

Read the post in detail, the funniest thing is, as per the article

Reserve Bank has also booked a $3.6 billion gold windfall over the last 12 months