That’s right, I remember reading that.
It was last year, I believe.
It was a private pension for some kind of guild or union workers. They saw the writing on the wall, and re-invested some of their pension into gold.
That they were REQUIRED to lose money on that deal and MISSED the rise of at least $400 an oz, in dollar terms, is a travesty. Never mind futures earnings.
It was theft, plain and simple. Financial suicide.
Isn’t it interesting that whenever private companies are offered 401K or other plans, they never seem to have a metals component to their selection? I’ve been searching for one since 1998 (just before the dot-bust) and never seen one that had any such option. Stocks, bonds, even REITS, those are fine, but metals are just too ‘risky.’