If you want further signs of the economic apocalypse, consider this story from a friend of mine.
He was speaking to a friend who is in a Geneva-based hedge fund. About six months this financier decided to get a lot more conservative with his personal portfolio. So he moved into about 50 per cent cash, 50 per cent gold. That’s not so wild, particularly in Switzerland, where even hedge fund folks have always had a conservative tinge. Here’s the rub. When this guy said he moved into gold, he meant the actual gold, not a certificate of a holding in a bank. He plonks down however many thousands of Swiss francs and takes a whole gold ingot home.
If things get so bad that he needs to head for the hills, I hope he has a car with very good suspension to transport his gold bars.