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Amid Selloff, Gold King Won't Flush His Throne

Posted Jul 7, 08 2:53 PM CDT in Business,  World 

(Newser) – With gold prices hovering around $1,000 an ounce, one Hong Kong jeweler is melting down the shining palace he spent a decade building, unloading chandeliers and armored knights—everything but his 24-karat toilet, the Wall Street Journal reports. "I don't care if gold hits $10,000 an ounce," Lam Sai-wing says of the Lenin-inspired commode. "I'm not melting it down."

At its peak, Lam's "Swisshorn Gold Palace," as he referred to his 7,000-square-foot collection, included a king-size bed and the 12 animals of the Chinese zodiac, and became a hit with tourist groups from mainland China. Lam's company has made about $64 million unloading 3 tons of gold thus far, and could sell more if prices rise further.

Source Wall Street Journal

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This picture taken in Hong Kong 24 February 2005 shows a solid gold and gem-encrusted toilet valued at 38,000,000 million Hong Kong dollars (4.8 million USD).   (Mike Clarke/AFP/Getty Images)
"I don't care if gold hits $10,000 an ounce," Hong Kong jewelry merchant Lam Sai-wing says of his gold toilet. "I'm not melting it down."   (AFP/Getty Images)
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commodities  • Hong Kong  • gold  • jewelry  • toilet  • bathroom


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