London, June 4th, 2020
The interesting thing about my first purchase of gold was that my wife and I were talking about how our private pensions’ values had dropped quite precipitously as a result of the stock market crash following the dot com bubble. Mind you, our pensions were supposed to be invested in a “safe” and diversified fashion.
So for some reason, we came up with the idea of buying some krugerrand gold coins as an alternative to stocks and our pensions. Back then I did not know much about gold so I did not think about gold sovereigns. As you can see from the invoice that I still have I paid £225.45 per coin or for one troy ounce of pure gold almost exactly 18 years to the day.
At the time I still worked in the City of London and I remember going out during my lunch break and taking a short walk to John Haynes Jewellers in St Michael’s Alley. Besides being a jeweller Mr Haynes also dealt in gold bullion coins. The surprising thing about handling my first krugerrand was its weight and the feeling that I was holding something of value. Unless you hold a krugerrand or any other gold coin it is difficult to describe the feeling. My colleagues back in the office were also surprised at how heavy the gold coins were.
Prior to buying my first gold coins, I had started looking at the Austrian School of Economics and the concept of Laissez-Faire Economics so having invested in the money of the free market led me to immerse myself in the study of gold, sound money and the history of our monetary system. So not only has gold safeguarded the value of my savings but it has also pushed me to learn more about our fragile monetary fiat currency system.