Gold is beginning to become less efficient as a global safe haven asset.
On November 22, a man in Normandy, France discovered 100 kilograms of gold worth US$3.7 million in a house inherited from its previous owners.
Nicolas Fierfort, auctioneer at the Evereux mansion de ventes, stated that over 5,000 gold pieces were hidden under furnitures, which were legally obtained and acquired in the 1950s and 1960s.
“There were 5,000 gold pieces, two 12-kilo gold bars and 37 ingots each weighing one kilo,” said Fierfort. “It was extremely well hidden – under furniture, under piles of linen, in the bathroom. Basically, it was stashed everywhere.”
The auctioneer noted that the stash of gold hidden in the inherited house was purposely left for the new owner to obtain. Gold bars and ingots were carefully placed within objects like whisky bottle boxes and chairs, for the new owner to discover and monetize.
However, the new homeowner was immediately questioned and brought in by the tax regulators and authorities in France, who demanded the man to pay 45% in inheritance