DeeLoaf

I bought some gold. I have never bought gold for myself before. I did not buy some shitty jewelery, no, I bought a 1 oz RCM gold wafer.

:D

The price was CAD$797.50 at The Coin & Currency Exchange in mississauga which is a slight premium over the futures market spot price. Given that the spot price is in USD ($653), today the direct converstion price (todays CAD forex rate was 0.8449) would have been about $772. However, given that I bought a single (troy) ounce in CAD, from a dealer that was keeping it in stock, I guess I can understand paying a 3.3% premium. It was a much better price than either TD or RBC banks would sell it for (they have extra fees and shit, idiots), and the same as bordergold.com's price for the same thing (their current gold retail prices here: http://www.bordergold.com/index.php?option=content&task=view&id=29).

So .... why buy gold? I had some cash lying around and was afraid it'd depreciate against itself too fast. Or that I would spend the money on something I didnt need. I have to face it, theres no toy that I _need_ to buy right now. I'd like a big LCD TV, and a torch welding setup, and a big pouding stereo, and an air compressor, and ... and ... annnndddd ... But I dont need any of that stuff. So instead of letting the cash sit around devaluing, I figured I'd buy somethign that is likely to increase in value, and very, very unlikely to decrease. I guess its a little bit of speculation on my part, and a bit of inflation hedging. I guess I could have opened an ING savings account, but golly that wouldnt be any fun. I never thought I'd spend $800 on a little chunk of metal hahaha but here I am. ;)