BigFatKen
Member
Who buys tons of gold? You can fit $1,000,000 of gold in a safety deposit box.....
Thank you. There must be some FAKE STORIES about Buffett and the Hunt brothers. At least Buffett made money according to this version. Mr. Trump story in his book.
"Who buys tons of gold?
https://en.wikipedia.org/wiki/List_of_Russian_people_by_net_worth
2017 Russian billionaires list
World Rank Name Citizenship Net worth (USD) Source of wealth
46 Leonid Mikhelson Russia 18.4 billion gas, chemicals
51 Alexey Mordashov Russia 17.5 billion steel, investments
57 Vladimir Lisin Russia 16.1 billion steel, transport
59 Gennady Timchenko Russia
Finland 16.0 billion oil, gas
66 Alisher Usmanov Russia 15.2 billion steel, telecom, investments
74 Vagit Alekperov Russia 14.5 billion oil
75 Mikhail Fridman Russia
Israel 14.4 billion oil, banking, telecom
There are Russian men who got Billions after the USSR breakup. They commonly acquire $5 million in paper USD. Then they buy some gold. To turn one billion dollars USD, into a hard asset, you need to buy 40 tons of gold @ $1250 oz. (I used a 16 oz. pound, might be only 12)
For more hard assets, these men then buy land.
For some time but certainly after real estate fall of 2009, Russians have been on a New York city buying binge. It is another hard asset. So is American farm and timber land. It does not matter to Billionaires a lot how much they pay here in America, they know that it's not Venezuela where they might get Nationalized and have nothing.