Northwestern Mutual Makes First Gold Buy in 152 Years
By Andrew Frye
June 1 (Bloomberg) -- Northwestern Mutual Life Insurance Co., the third-largest U.S. life insurer by 2008 sales, has bought gold for the first time the company’s 152-year history to hedge against further asset declines.
“Gold just seems to make sense; it’s a store of value,” Chief Executive Officer Edward Zore said in an interview following his comments at a conference hosted by Standard & Poor’s in Brooklyn. “In the Depression, gold did very, very well.”
Northwestern Mutual has accumulated about $400 million in gold, and Zore said the price could double or even rise fivefold if the economy continues to weaken. Gold gained 10 percent last month, the most since November. The commodity has more than tripled since 2000, rising for eight straight years. Gold futures for August delivery slipped $4.80 to $975.50 at 4:03 p.m. in New York.
“The downside risk is limited, but the upside is large,” Zore said. “We have stocks in our portfolio that lost 95 percent.” Gold “is not going down to $90.”
Policyholder-owned Northwestern Mutual, based in Milwaukee, ranks third by 2008 life insurance premiums according to data from the National Association of Insurance Commissioners. The data excludes annuities.
http://www.bloomberg.com/apps/news?pid=email_en&sid=ajf0L9wT...
This is huge.
What happens when lots of other businesses start doing the same?
This company is no fly-by-night operation.
Many will listen and take note.
$2000.00 gold is coming.
At least.
"We have allowed our nation to be over-taxed, over-regulated, and overrun by bureaucrats. The founders would be ashamed of us for what we are putting up with."
-Ron Paul
Down With FED, Back Our Money w/ Gold
It's obvious, they are resorting to what has been said by Ron Paul and other Libertarians...back your money with Gold; the only currency that never loses value in bad or good times.
If only we could do that to our money.
Wow, I think this
may be the match to set a brush fire for gold. Hmmm.
Prepare & Share the Message of Freedom through Positive-Peaceful-Activism.
Iran bought 75 billion in
Iran bought 75 billion in gold in late last year and 400 mil is the tipping point?
Hehe
YES!
;0)
Iran is nothing . look at
Iran is nothing . look at China
"When governments fear the people there is liberty. When the people fear the government there is tyranny."
-Thomas Jefferson
I am more concerned about the return of my money than the return on my money. --Mark Twain
“A prudent man foreseeth the evil, and hideth himself: but the simple pass on, and are punished.” (Prov. 22:3; 27:12 KJV)
Hey McCain-----┌П┐(◣_◢)┌П┐
what you need to understand
what you need to understand is governments buy from the imf and other large entities.. the more gold like this going to private co's and people takes that gold from the governments who basically swap gold or say it was leased and not sold..
"When governments fear the people there is liberty. When the people fear the government there is tyranny."
-Thomas Jefferson
I am more concerned about the return of my money than the return on my money. --Mark Twain
“A prudent man foreseeth the evil, and hideth himself: but the simple pass on, and are punished.” (Prov. 22:3; 27:12 KJV)
Hey McCain-----┌П┐(◣_◢)┌П┐
If an American
company needs to buy gold to hang on then watch others do the same.
Prepare & Share the Message of Freedom through Positive-Peaceful-Activism.
400 million... lots of
400 million... lots of ounced there.
"When governments fear the people there is liberty. When the people fear the government there is tyranny."
-Thomas Jefferson
I am more concerned about the return of my money than the return on my money. --Mark Twain
“A prudent man foreseeth the evil, and hideth himself: but the simple pass on, and are punished.” (Prov. 22:3; 27:12 KJV)
Hey McCain-----┌П┐(◣_◢)┌П┐
makes
makes you wonder what took them so long to figure it out. hope this catches on.
that is a well run company..
that is a well run company.. thanks for the post.
"When governments fear the people there is liberty. When the people fear the government there is tyranny."
-Thomas Jefferson
I am more concerned about the return of my money than the return on my money. --Mark Twain
“A prudent man foreseeth the evil, and hideth himself: but the simple pass on, and are punished.” (Prov. 22:3; 27:12 KJV)
Hey McCain-----┌П┐(◣_◢)┌П┐