Now I own some gold bullion. I traipsed to the exchange, queued, announced my intention, and the staff associate said "perfect." Then I withdrew my debit card and he said "That won't work if it's American. You'll need to get cash out from an ATM. There's one around the corner."
So I go to the credit union around the corner, withdraw money and hotfoot it back to the exchange. Another staff associate takes my money, counts it, and returns with an ounce of Canadian pure gold (note, not Acapulco Gold, although I did transact on 4/20 in Vancouver).
When I meet with my friends later, they're agog to see my purchase. An immigration lawyer enters the foyer, and we seize upon her for some free legal advice. Her eyes burn intensely into me at the mention of gold. Seems she bought at $350 an ounce. "You know there's a panic. Taxi drivers are buying gold." I assured her I already had a properly allocated portfolio, and this precious metal and tangible asset stuff was at the very top.
Oh, the conversation about mortgages and credit cards we had! Canadians are as bad as living above their means as are their neighbours; however, the conservative banks up there make their revenues by high APRs and smaller credit limits, unlike here, where it's lower APRs and dizzyingly high credit limits. Canada doesn't have interest-only mortgages: one only wonders what the already ridiculous Vancouver and Victoria housing markets would look like with as much banking deregulation as has the United States.
Also read All Your Worth on the train: hoo boy I am doing most of the things wrong, according to that book. Untethered by husband and child, I floated through the shopping district, purchasing clothes (after waiting six weeks for the opportunity), chocolates, bath stuff, AC recharger for the iPod (I know, I know, it was a gift), toiletries for personal daintiness, earrings for the event that required a high level of personal daintiness, and Kiehl's, a rare purchase for me.
So Vancouver wasn't as frugal as it could have been, but I did get a free dinner, a free lunch, discounted accommodations, and almost two days to reconnect with family and friends.
Talking about the US Economy with Canadians
April 23rd, 2007 at 10:19 am
April 23rd, 2007 at 10:37 am
This time last year I was buying a Chinese gold yen. It was a gift, though. I was trying to give back some money to my friend who had given my son way too big a high school graduation gift at a time when I knew she couldn't afford it. So I bought the yen for her baby's first birthday. She told me she would never spend it, but save it always for her daughter. Trouble is, she said that with sentiment, not with financial savvy. I'm not sure she realized it was gold. If not, she might have thought it was a weird gift, as she is here on Visa from China. Maybe she thought it was a fake yen, since it did not look like the regular coinage....I need to talk to her about this. You say the price of gold is going up? I haven't paid attention. Don't even recall how much I paid.
You didn't lose fees in ATM exchange did you?
April 23rd, 2007 at 10:44 am
I could buy locally (35-40 miles away), but the minimum purchase where I live in the U.S. was five ounces ($3500 US), and up in Vancouver BC the bullion exchange was ten blocks away from where I was staying and no minimum purchase was required. Gold is gold. I have too much a liquidity crunch, and too strong a fear of consumer debt, to go to the local mint outlet and say "five American eagles, boys. Load up the sack and I'll ride back to the ranch."
I have a credit union debit card, and used a credit union's ATM, so I'm hoping there won't be fees in the ATM exchange. I know if either the ATM or my card had been bank-owned, there would be fees galore.
April 23rd, 2007 at 02:50 pm
Our 2000 square foot, 3 bedroom, 3 bath home is worth about $450,000...amazing that anyone can afford to get into the market anymore!
Where were you doing your shopping?
April 23rd, 2007 at 03:09 pm
I shopped on Robson.
April 30th, 2007 at 03:39 pm
I like all the funky stores on 4th Avenue, too.