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Paul

Gold Monitoring Thread £ only

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I speak to a lot of cash for gold dealers who will always give you more for British coins than foreign coins. Mainly because they know they can shift them quicker than the foreign stuff. I have a couple of local dealers who will give me 1% under spot for Sovs. But for other gold coins it can be as low as 5% under spot. Scrap gold is even less and I've seen them offer only 80% of spot for rings and chains

Edited by Highland Tiger

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please remember folks we are basing exit strategies for 20-30 years down the line in a lot of cases here.

 

Just wind the clock back to 1985 (30 years ago) and if a stacker THEN was in the same position as we are now, looking to exit his position in retirement in 2015

 

  • There was no internet then
  • No bullionvault/goldmoney
  • No bailouts
  • No multi trillion pound derivatives exposure
  • Financial markets were still mostly all regulated
  • No euro currency kicking about 
  • A much smaller buyers market

 

We have seen what has happened and lunacy that has occurred even just since the crash of 2008 and the madness of decisions made and more to follow no doubt.

 

Stack yourself in folks it will be a bumpy ride for sure in the 20-30 years until you need to exit your position

 

  • At that time we may be all speaking Russian/Chinese 
  • We may be in the euro ourselves
  • We maybe fiat paper trillionaires ourselves by then with the print print print race to the bottom mentality
  • We may have been stripped of the rights to hold PMs
  • We may be in Marxists socialist work camps to earn our carbon credits to get our right breath fresh air and earn fresh drinking water, like Peter Brabeck, chairman and former CEO of Nestle said In his view, citizens don’t have an automatic right to more than the water they require for mere “survival”, unless they can afford to pay for it.
  • We might be giving people six fingered high-fives as a results of a nuclear fall out in any major financial hub like NYC or London or Frankfurt

 

...................Who knows ??

 

Adapt as the year pass , reassess your PM position annually

 

Even if you just bury your haul of Krugerrands in a sparse desolate moorland, buy a good GPS and hide the co-ordinates 

 

I'm pretty sure you'll be able to afford from the proceeds some party poppers & pomagne mock-champas to celebrate & toast how you stand in 30 year time from now - roll on 2045. (To think, my post count might be over x1000 by then, I might speak sense by then and I might have bought myself a new tinfoil hat ! ) :) :)  :)

Edited by Paul

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Now well below $1200. Shame the £ had lost a bit against the $.

That NFP report from the US caused a bloodbath. The US$ smashed everything in its path. Now everyones thinking June rate hike in US and that does nit help Gold or the £.

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Now well below $1200. Shame the £ had lost a bit against the $.

That NFP report from the US caused a bloodbath. The US$ smashed everything in its path. Now everyones thinking June rate hike in US and that does nit help Gold or the £.

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Anyone buying this weekend? I am buying with a US $ account, as $1165 / oz may be as good as we see this year. Who knows?!

 

I'm tempted. I've been spending a small amount per month on PMs but was thinking if it dropped below $1200 again I'd buy a few months worth at once.

 

The thought of ordering a Mexican 50 peso is rather appealing at the moment.

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HH so what is it you are saying,

You are waiting for the price to fall?

Interest rates are going to increase so you will put your money somewhere else?

To me and I remember pre 2008 I was buying small amounts of gold when the crash comes you won't be able to get hold of gold at 4% or5% above spot.

Silvergun Superman if you are saving for late in life then buying ones a month makes sense. If you want to flip you may have to bide your time more and take a chance waiting for big dips.

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The gold fix ends today which means nothing what-so-ever.

 

The only change I can see, is that instead of doing the fix by telephone, it is now going to be done online, (ie. through the telephone :) ), oh and the name will change from the London Gold Fix, to the LBMA (London Bullion Market Association) Gold Price.

 

What changes are coming? 
Thursday 19 March will see the last London Gold Fix, ending as the Silver Fix ended in August last year. Like silver, gold's market-wide price will still be determined by tâtonnement, with participant dealers now aggregating their order books through an electronic platform from Friday 20 March – the first LBMA Gold Price.
 
Named after (and owned by) the London Bullion Market Association (of which BullionVault is a member, along with bullion banks, wholesale dealers, and vault operators) this event will still be held twice a day at 10.30 and 3pm London time. It continues the Fixing process of price discovery, and will continue to involve the whole market, as smaller orders (such as those from BullionVault users) are aggregated with orders to buy and sell from across the market.
 
Instead of a telephone call and isolated record-keeping by each member, the banks will report their net interest via an electronic platform, provided and managed by specialists ICE Benchmark Administration. Launched last August, the LBMA Silver Price also continues the previous fixing process, but is administered by trading exchange the CME Group working with data and news providers Thomson Reuters. It has been well-received by users, such as BullionVault, to date. It has already broadened participation in the 'fixing' auction from 3 banks under the old system to 6 companies today – former members HSBC and Scotia Mocatta, as well J.P.Morgan, UBS, Toronto Dominion Bank, and Japanese trading house Mitsui & Co. Precious Metals Inc.
 
Friday's participants for the first LBMA Gold Price haven't yet been announced. But as with silver, there's nothing but trading appetite – and in-house compliance ready to meet regulatory requirements – between Chinese or other Asian dealers joining the US, Canadian, Swiss and UK banks likely to step up. After all, two Chinese banks – the giant ICBC and also the China Construction Banking Corp. – are already Ordinary Members of the LBMA. Their registered addresses are in Beijing.
 
In sum? The price of gold is a key indicator of confidence in other assets, currencies, the economy and government policy. Gold is also a huge market, turning over perhaps £75 billion per day.
 
Falling into place a century ago much as one Victorian said Britain won its empire – "in a fit of absent-mindedness" – the twice-daily Gold Fix has for a century offered a unique moment of deep liquidity, with demand and supply from traders across the world brought together to find the single price which does the most business.
 
Replacing this with new electronic systems and record-keeping is quite an achievement inside the just 12 months. It also brings the Fix in line with the latest and most stringent 'benchmark' requirements, and should also help repair outside perceptions of London's role in the market, damaged by association with other, unrelated financial benchmarks and by the one known case of abuse at Barclays in 2012.
 

But it won't in fact change the underlying process of price discovery. Nor should it. The fixing finds the market-wide price for physical gold at that moment. If it's higher than you'd like, or lower, then I think I can guess whether you're a buyer or a seller. You can always deal principal-to-principal in a one-off deal at a one-off price with one dealer instead. Or get price exposure, rather than gold itself, with an ETF. Or take your leveraged chances with futures and options.

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The gold fix ends today which means nothing what-so-ever.

It will mean the new fix will be transparent and will depend on an averaging of buy and sell orders via computer, rather than some banks getting together and fixing the price to suit their own orders. It will still be governed by market forces, it always was, but we should see less volatility close to fix time, without the sudden shifts that happened just before and then returning to what it was. It was no coincidence that the day's high or low was often seen at the fix.

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You may want to read this article for long term strategies.

 

http://www.goldmoney.com/research/analysis/the-new-london-gold-fix-and-china

I read it all fascinating, so do you think silver will tag along for the ride when china decides to capitalize on its gold asset? or should we be off loading silver and re-investing back into gold?

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I read it all fascinating, so do you think silver will tag along for the ride when china decides to capitalize on its gold asset? or should we be off loading silver and re-investing back into gold?

 

Silver always seems to out perform gold in a bull run, the tricky part is knowing when to sell, I have no worries about sitting on gold till I retire, silver on the other hand is all about timing, personally at the moment I'm putting more into silver.

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