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vand

£GBP heading to oblivion

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So I just paid for delivery on my silver and I got a GBPEUR rate of 1.1 on Paypal. Our national stock is onsale.

Make no mistake, GBP is heading straight to forex hell. Anyone with their wealth in GBP denominated assets is already 15% poor this year.. they just haven't realized.

Edited by vand

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I think the latest drop was down to the recent Chinese inclusion into the IMF SDR basket of currencies rather than Brexit as it was the pound that lost the biggest share to accommodate it along with the Euro.  The dollar gave up nothing so dollar strength over the pound was to be expected.  Deutche Bank news might hit the Euro tommorrow as there are tales of their ATMs going dark which I am not sure if this is true or not.

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When I sell my bars abroad I am getting people to pay me via www.transferwise.com directly to my bankaccount. That way I get a better exchange rate and I can also calculate the cost of the bar in their currency knowing what I should expect. I am able to pass on a little of the cost of weak pound to these currencies. How long I can do this is another matter!

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Gold and silver slammed today in dollar terms. But I look at gold prices in sterling and prices are much the same.

But the pound has weakened a bit against the dollar today. What gives? But gold has fallen to £995 from £1027.

UK dealers not passing on the price drop?

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It has been said the dollar will be the last thing standing in the coming years but I would be surprised if this is the case given the level of debt... What's that? Interest rate rise in November Janet? Righto... 

The £, well the government and BoE have already demonstrated they are willing to let it burn to keep things going. Printy printy, spendy spendy is the new mission statement - 'austerity' and 'the long term economic plan' and all that BS has gone out of the window and the £ follows. 

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4 hours ago, savoyard said:

If/when hard Brexit really happens, I predict the £ will go 0.75 to the Euro or possibly lower.

I think you have that wrong, to do that would mean an increase in value;)

It is currently 0.90 GBP to the Euro

Do you mean £1 = 0.75€ (0.75 Euro to the Pound)? currently 1.11

If it goes that low, I would buy as much as I could.

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12 hours ago, sovereignsteve said:

I think you have that wrong, to do that would mean an increase in value;)

It is currently 0.90 GBP to the Euro

Do you mean £1 = 0.75€ (0.75 Euro to the Pound)? currently 1.11

If it goes that low, I would buy as much as I could.

Sorry, I meant the opposite. £1= €3/4. A total disaster for everybody, including the €zone.

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https://en.wikipedia.org/wiki/Special_drawing_rights

This shows the historical weighted distribution of the SDR basket amongst the formerly 4 currencies and now 5 with the CNY1m interbank forward rate SDR currency now included. Those who saw that know why we have a long way to go yet. In 1999 the Euro was included and then chaos ensued so I'm expecting the same again. If I was a to take a gamble, I'd buy and hold Swiss Francs to a 1:1 par and sell back into Pounds for profit. EDF at €9.98 ouch that is looking very shaky

Edited by shemyaza

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Friends heading off shortly on a European cruise paying on board expenses in US dollars ( Celebrity Eclipse from Southampton ).
That will cost a few quid more and excursions likely to be on foot rather than a tour guide I reckon.

Once upon a time I used to ski in Switzerland - that will be for the uber-rich these days but at least the slopes should be much quieter.

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Utter rubbish the media saying the Pound is at it's lowest in 130yrs, March 5th 1985 was not 130yrs ago, £1=$1.06 (05.03.85) the media lies just continue. Yuppies and the Boom occurred soon after the date above and saw a large growth spurt in the economy. A competitive pound also reduces capital flight outwards and boosts entrepreneurship within the economy as Imports are easier to compete against. .

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6 hours ago, shemyaza said:

Utter rubbish the media saying the Pound is at it's lowest in 130yrs, March 5th 1985 was not 130yrs ago,

1985 might seem like 130 years ago to Generation Snowflake, but true, the media never let the facts get in the way of a good story.

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Its all Brexits fault according to the BBC, just watching their business news programme for entertainment purposes only and there is no other reason given for the £ decline than the usual excuse. No mention of the CNY1m, no mention of forex reserves around the world being moved around to accommodate, no mention of Mark Carney lowering interest rates here and printing, or of the governments plans to borrow and splurge. Is there any wonder the masses of the country are so ignorant and hysterical. At least in the past the BBC were honest about their role, having a propaganda department and such. Today they are held up as an impartial beacon educating and informing us all...

The £ is down 18% since Brexit, but Brexit has little, if anything to do with it, considering the fact that it has not even happened yet. But lets not spoil the fairy tales.

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