Gold Monitoring Thread £ GBP only

[Guest]

Mini crash possibly down to Japanese technical issues but even though I have a fair amount of gold it's clear on a 10 year time horizon that the next few months are buying months.

My focus will be on Sovs and pre33 that have high numismatic value and get dragged down with the gold price.

Aim for better years near to spot.

[Guest]

One of the things that is rarely mentioned is inflation and gold coins are a particular value right now.

Yes Sovs were £30 then hung around £70 and only recently rocketed.

But houses that were £5000 when Sovs were £30 are now £1m.

The £179 of a Sov at our current buying power might even be more affordable than the £30 Sov was then.

[HighlandTiger]

One of the things that is rarely mentioned is inflation and gold coins are a particular value right now.

Yes Sovs were £30 then hung around £70 and only recently rocketed.

But houses that were £5000 when Sovs were £30 are now £1m.

The £179 of a Sov at our current buying power might even be more affordable than the £30 Sov was then.

 

You might be interested in this 

 

http://moneyweek.com/gold-price-and-uk-house-prices-04909/

[Guest]

You might be interested in this

http://moneyweek.com/gold-price-and-uk-house-prices-04909/

It is an interesting article which kind of bears out what I feel to be the case just from looking and living.

House prices on now expensive but there are other extraordinary factors relating to supply and demand at play.

At current prices gold is affordable more so than historically. What seems to be very clear though is that gold does not work as a store of value in times of unease in the way that it once was thought to.

This may still be true based on a long enough perspective since gold has been around for a very long time has been a store of value during that time.

My personal view is that in this age of summated dealing systems and Internet-based perfect information, the rules have changed significantly.

In the 1970s we only had three television channels and 25 million people each night watched those channels.

In the same way as the Internet, YouTube, satellite, cable, and irregular shift patterns stop us from operating as a herd, the same thing seems to apply to precious metals and perhaps they are not so important or central in this new age..

[simon13]

Overheard a discussion in my bar between a Scot, a Belgium and a Dutch guy about the EU, Euro, Greece etc. The conversation turned to gold as security and an investment. Both the dutch guy and Belgium guy held gold. stating to the Scot only to hold physical. the Dutch guy drove an Aston Martin.

If you live in the Eurozone, gold doesn't look so bad right now. Pull up a chart of Gold in Euros.

[HawkHybrid]

It is an interesting article which kind of bears out what I feel to be the case just from looking and living.

House prices on now expensive but there are other extraordinary factors relating to supply and demand at play.

At current prices gold is affordable more so than historically. What seems to be very clear though is that gold does not work as a store of value in times of unease in the way that it once was thought to.

This may still be true based on a long enough perspective since gold has been around for a very long time has been a store of value during that time.

My personal view is that in this age of summated dealing systems and Internet-based perfect information, the rules have changed significantly.

In the 1970s we only had three television channels and 25 million people each night watched those channels.

In the same way as the Internet, YouTube, satellite, cable, and irregular shift patterns stop us from operating as a herd, the same thing seems to apply to precious metals and perhaps they are not so important or central in this new age..

 

the rules have changed. rules are still changing all the time.

until people can replace gold with something that's cheaper,

it's still a store of value.

 

HH

[craig12]

bbp report it as a flash crash on their news section

[Paul]

bbp report it as a flash crash on their news section

 from BBP below 

 

"The gold price fell to £690 per ounce and silver £9.35 per ounce during Asian trading as the price crashed in a matter of seconds to levels not seen since 2009. The gold price has since recovered to £714 per ounce.

 

Just before China opened for trading all four of the precious metals tumbled when “someone” sold 2.7bn in gold contacts.

 

The price fall triggered a large number of automatic sale orders which would have wiped out the entire bid stack. This latest price smash could have been a well-orchestrated trade initiated by a high frequency trade or the BIS gold and FX trading desk.  The only other explanation could be a Chinese commodity deal unwinding.

Ironically moments before the price fall the Peoples Bank of China announced they have increased their gold holdings by 57%."

 

 

Also here is zero hedges take on things 

 

http://www.zerohedge.com/news/2015-07-19/gold-precious-metals-flash-crash-following-27-billion-notional-dump

[morezone]

My eye keeps being drawn to the Mexican 50 peso at Baird's, teetering just above £900. These were about £1050 not so long ago. I think if it dropped into the 800's I'd be seriously tempted as it would feel like paying not much more than an oz coin for a big 42g lump of gold.

 

Sub £900. Go go go go.

I'm maxed out now.  Would love one but the car is going in for a DPF on Wednesday.  If they can fix it without replacement then it'll be buy buy buy.

[KDave]

I am so tempted to dip into the cash reserves and commit to more gold. I like to hold a decent shield of cash but does gold dropping below £700 an ounce count as one of those 'emergency' situations that requires a couple of grand to be taken out? 

[HighlandTiger]

Overheard a discussion in my bar between a Scot, a Belgium and a Dutch guy about the EU, Euro, Greece etc. 

 

Sounds like a joke is in there somewhere.

 

How was gold thread invented?

 

Two Scotsmen fighting over a sovereign.

 

Boom boom.   

[morezone]

Looks like there's no bottom. I wonder if it can reach £650 by weeks end.

[garthy]

I'm thinking the same thing MZ, all resistance for the time being has gone, seems this is going lower, yes £650 is on the cards.

[HelpingHands]

If they are talking about interest rate rises around December we may have a good five months to buy whilst living within that info lie.

[Lindeman]

Whether it goes below £700 I don't know - but I just bought an ounce for 749 delivered; which is going to drop my average compared to the majority of the stack at £800+. If it gets to £650 I will still be happy - and maybe grab another ounce and live quietly....

[SilverPirate]

Still being a Sovereign novice,Do you think the Victoria half shield jubilee head is a good buy from Atkinsons,or should i wait till they have a lucky dip half back in stock?  

[HelpingHands]

I can't remember when I last saw their mixed year halves in stock. I could have kept missing them maybe.

[SilverPirate]

I can't remember when I last saw their mixed year halves in stock. I could have kept missing them maybe.

Son has some Euro's he wants to off load, 

Euro's or half Sovereign?

[Scuzzle]

I see on Goldline now the Lunar Horses and Lunar Sheep prices have flipped, the horses now have a hefty premium on them and the sheep have become the low premium option.

[Stu]

I see on Goldline now the Lunar Horses and Lunar Sheep prices have flipped, the horses now have a hefty premium on them and the sheep have become the low premium option.

Both are still good buys I think!

[Scuzzle]

Yup, means I can buy some sheep now to even up to the horses I've bought at the best price now.

[SecretStacks]

Thanks for pointing that out Scuzzle, I wouldn't have noticed. I have a Lunar horse and I was put off the higher premium on the sheep. Not sure if I can buy now though as I need spending money for my summer holidays!

[Scuzzle]

The way the prices are heading you never know might be well under £700 in a few months time, you might be glad you were forced into holding off.

[craig12]

harry dent springs to mind

[HighlandTiger]

should see under £700 today