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 \ 10 comments \ @spiderman 14h econ

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

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10 sats \ 2 replies \ @Undisciplined 13h

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 \ @OT 12h

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 1h

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?

10 sats \ 2 replies \ @krispy_donkey 13h

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 12h

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 1h

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.

0 sats \ 0 replies \ @Solomonsatoshi 1h

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 1h

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

0 sats \ 0 replies \ @spiderman OP 12h

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