Photo credits

The Embalse de Riano in northern Spain. The picture was taken by .... me!

Tuesday, October 16

Losses. Ouch!

My company, through which I work as a freelance engineer and of which my wife adn I are directors, made a painful loss today.

Last year, when gold prices were rocketing, we agreed to invest nearly 50% of the company's money saved up for future corporation tax bills etc in gold bullion.  We bought some gold Sovereigns.  Very nice.  It seemed like a safe bet at the time.  Of course the very next day the gold bubble burst, and we have been holding on trying to recoup losses ever since.

But since we have also dipped into the company savings to cover (in the short term) my wife's university fees, there isn't enough there for the corporation tax bill coming up in January.  Plus the gold price which has been steadliy rising for the last 6 months gave a hint of a peak in the last few days.

So we decided to cut our losses, and sold the gold.

It means that during the last 15 months I worked for two and half days just so that some gold merchants could make a profit.  Ouch!

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