Mario Innecco's gold story
Mario began his career in private banking in Geneva, Switzerland and then worked in the City of London for twenty years. For the last five years he has been informing and educating a worldwide audience on YouTube and other platforms about our monetary system, the financial markets and precious metals. His YouTube channel, maneco64, is the “home of alternative economics and contrarian views”.
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“My first purchase of gold was prompted by a conversation with my wife. We were discussing how our private pensions’ values had dropped quite precipitously as a result of the stock market crash following the dotcom bubble. Our pensions were supposedly invested in a “safe” and diversified fashion.
We came up with the idea of buying some Krugerrand gold coins as an alternative to stocks. Back then I did not know much about gold, so I did not think about gold sovereigns. I paid £225.45 per coin (one troy ounce of pure gold) almost exactly 18 years ago.
At the time I still worked in the City of London and I remember going out during my lunch break and taking a short walk to John Haynes, a jeweller in St Michael’s Alley. Besides being a jeweller, Mr Haynes also dealt in gold bullion coins. The surprising thing about handling my first Krugerrand was its weight and the feeling that I was holding something of value. Unless you hold a Krugerrand or any other gold coin it is difficult to describe the emotion. When I took the coins back to the office my colleagues were amazed at how heavy they were. It was a very special feeling, owning my first gold.
Prior to buying my first gold coins I had started looking at the Austrian School of Economics and the concept of laissez faire economics. Being now invested in gold, the money of the free market, led me to immerse myself in the study of gold, sound money and the history of our monetary system. So not only has gold safeguarded the value of my savings but it has also pushed me to learn more about our fragile monetary system”.
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