Expensive Kitchen Sink Repairs

During  Advanced Business Mastery I had the pleasure to meet Peter August  from Australian Bullion Company www.austbullionco.com.au.

Peter’s knowledge of Gold and other precious metals, his wealth of experience, and his stories about the mystical and precious metals he deals in, had us all amazed.

In the early 1980s, when the price of gold was around $400 per ounce, I was called to an elderly lady’s home to assist with a blocked sink. I removed all the usual cleaning products from the blocked drain; detergent, sponges and a nest of plastic bags.

Two of the plastic bags were surprisingly heavy to lift. I needed both hands and all my strength to lift these two bags onto the kitchen bench. Inside each of the bags was a gold bar roughly the size of a house brick. I felt like I was in Aladdin’s cave! The elderly lady was standing over my shoulder. She didn’t offer any explanation…. and I didn’t ask.

I went out to the truck to get some more tools to finish the plumbing repairs and when I came back in, the bags and their precious contents were gone.

Based on the standard mass of a gold bar and the price at the time, I estimate that one of those bars would have been worth about $160,000.

Meeting Peter reminded me of this incident. After retelling it to him, he pointed out that earlier this month (September 09) gold had reached a price of  US$1000 per ounce, and then estimated that one of those bars would have been worth at least US$400,000.

Not a bad mornings work.

Peter J August, Managing Director of Australian Bullion Company:

http://www.australianbullioncompany.com.au/index.php

www.thelonedrainerandpronto.com.au


4 responses to “Expensive Kitchen Sink Repairs”

  1. Gold really is a precious metal. Thanks for sharing this with us Lone Drainer.

  2. Keep posting stuff like this i really like it

  3. Albany Decks says:

    I recently moved into a new house and got the entire house remodeled. I love my new place, We got a new sunroom, deck and a great fireplace 🙂

  4. I’m not big on comments but just wanted to say well done, you’ve impressed me as usual.