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Thursday, May 13, 2010

Wine Auction Indicates Smart Money Moves

Richard Russell in his latest report talked of diamonds being auctioned for 4 times their expected price by Sotheby's. It is an indication of the smart money or certainly the mega rich getting out of anything paper into tangible assets. The cliche stores of wealth that have stood the test of time are precious gems, gold and silver, art and lets not also forget wine.

A recent wine auction at Christie's saw a case of La Fite 96 with an estimated value of 6000 pounds fetch 33 000 pounds. While a smaller sum than Richard Russell's diamond, the fact that it took over 5 times its estimated worth not only confirms Russell's assertion but perhaps exceeds it. Cheers!!!


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