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Amid Selloff, Gold King Won't Flush His Throne
Hong Kong merchant melts down palace to capitalize on rising prices ... except for toilet
By Paul Stinson
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Posted Jul 7, 08 2:53 PM CDT
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(Newser)
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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.