Photo: Wikimedia Commons
Richard Russell’s latest commentary gives us a look at were rich people are stashing there money. Apparently, you should follow the lead of the wealthy and stash your money where they are if you want your assets to be protected.
Unfortunately, not everyone can afford this things.
Here’s Richard Russell via King World News:
What are the very rich doing? Here’s what. A Cezanne painting, ‘The Card Player,’ was sold in 2011, when the royal family of Qatar bought the painting in a private sale for $250 million (the highest price ever paid for a painting).
(Another) group is attempting to form a diamond ETF. They will buy gem quality certified diamonds up to six 6 carats in size. Russell Comment: Gem quality diamonds are scarcer than gold, but if the fund is established, it should push up the price of gem-quality diamonds, which are growing more expensive by the month.
Notes: Monaco real estate is the most expensive on earth. According to Citi Private Bank, the average cost of real estate in Monaco is $5,408 per square foot.
Read more at KingWorldNews.com.