What’s amazing is that this story is totally real. Hipsters are becoming gold bugs.
“I expect gold to double. At least to double,” says [Adam] Gold, a Brooklyn filmmaker, who’s at the East Village bar Arlo and Esme, mingling at a meet up event with fellow supporters of Texas congressman Ron Paul. Paul is a big fan of gold and believes ever since the U.S. went off the gold standard in the 1970s, the government has been able to print money “out of thin air,” eroding the value of the dollar.
Adam Gold invests in the yellow metal through a broker, who holds it on the filmmaker’s behalf in vaults around the country. “I’m not yet to the point, although I may well get there, where I actually physically hold the gold in a safe in my apartment,” Gold says.
Clearly he hasn’t reached the most hardcore levels of goldbugdom if he’s comfortable letting it be held somewhere else.
Now this guy knows how to prepare for the end times…
Cris Rodriguez, on the other hand, does keep his gold nearby, at an undisclosed location. The 29-year-old NYU graduate, who works in music production, says every three months he scrapes together enough money to buy coins directly from gold dealers in Manhattan. “I don’t have a tremendous amount of money to invest but I’d rather start off as a base owning the physical gold,” Rodriguez says.
Does this scream bubble? Actually it kinda does, because remember, one of the biggest gold bull arguments is that still nobody is participating in the up move. But obviously that’s not true.
And when these guys need money for rent, records, booze, guitars, and new cameras, gold will be where they turn.
This is also telling:
Small investors buying gold are also worried about putting their money into falling markets, says Isaac Kahan, president of Bullion Trading LLC. Kahan, a gold dealer in Midtown Manhattan, says jewellers used to be his main clientele, but today, investors like Rodriguez take up the bulk of his time.