Panic of 1857 & Gold

Spread the love

QUESTION: Didn’t you also buy gold bars from the SS Central America ship that was discovered? The gold bugs hate you and say you are bearish gold but you buy a lot of it.

All the best

JE

ANSWER: Oh yes. I tend to collect important relics from major economic events. The sinking of that ship set off a financial panic in NYC because the banks were counting on that gold shipment. I did buy bars. There were some 30,000 pounds (13,600 kg) of gold and about 15 tons were recovered.

They are a piece of history. I would not melt them down.