Wednesday, July 09, 2008

The Gold Toilet Stays [Brokedown Palace]

As Cryptogon says, the rise in gold prices is reaching a "palpable insanity factor"
Hong Kong entrepreneur Lam Sai-wing [...] has spent the past decade constructing a palace of gold, decked out in six tons of the precious metal. In recent years, the palace has become an attraction mainland Chinese tour groups couldn’t miss, and a boon for Mr. Lam’s retail jewelry business, Hong Kong-listed Hang Fung Gold Technology. Since gold prices hit four-digit territory earlier this year, Mr. Lam has been taking apart his hall of gold as quickly as he once raced to construct it. He is melting down golden chandeliers, armchairs and armored knights and selling gold by the ton to fuel growth plans that include hundreds of new retail outlets in mainland China. But even with the selloff, one thing is certain: The toilet stays. “I don’t care if gold hits $10,000 an ounce,” Mr. Lam says. “I’m not melting it down.”

[Via Wall Street Journal]

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