Gold Monitoring Thread £ GBP only

[Bratnia]

13 minutes ago, HerefordBullyun said:

Whether they hold or own 8000 tonnes, I will still wager they dont... there's been no physical proof of this since the gold standard was erased. It's like the fed hasn't been audited for years....

You know the saying if you believe your government then your an idiot...

Each bar was assayed and sealed, the seals are periodically checked. Replacing those bars with gold plated tungsten/whatever bars would entirely undermine the entire US and global financial system, and would require the seals to be broken and the bars physically exported. Each head of treasury would be inclined to at least independently check random samples or otherwise be at risk of being the one left holding the bomb as it exploded. I most certainly would, not that I'd ever be in such a position. As such I opine that the gold is there, but accept others may disagree and if so, the next Treasury head might blow the whistle that end the world as we know it.

What about the UK, the second largest holder in the world (5000 tonnes). Much of which it doesn't own, is the safe keeping custodian, do you believe those bars are fake/non-existent?

Another factor is that even at the recent high gold price levels that still 'only' amounts to half a trillion dollar value which in the scale of 35 trillion debt is relatively trivial/insignificant. Yes a lot, but in the scale of things not worth the 'fraud'.

Edited May 7 by Bratnia

[Bratnia]

16 minutes ago, HerefordBullyun said:

Whether they hold or own 8000 tonnes, I will still wager they dont... theres been no physical proof of this since the gold standard was erased. It's like the fed hasn't been audited for years....

The Fed are only lent the gold, from the Treasury who own it. Non redeemable gold notes at $42.222/ounce for economic management purposes. The Fed are also the custodians, and I'd expect that the Treasury would have practices in place to reassure any of its concerns in that respect.

[9x883]

£1852📈👀

[bobski]

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[bobski]

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[bobski]

Russia calls meeting with UK ambassador after Lord Cameron says Ukraine 'has right' to strike inside Russia with UK weapons.

[bobski]

£1,856.21

[bobski]

£1,857.25

[SidS]

7 hours ago, HerefordBullyun said:

Depending on how the money printing keeps going. But this part of the MMT theory. To me its crazy and delusional 

There's nothing scarier than an ideology. Ideologies, theories and -isms always look great on paper, scientific, logical and all, but they never take into account that humans are highly irrational beings that are motivated most of all by self preservation.

Edited May 8 by SidS

[SidS]

6 hours ago, Bratnia said:

The US strives to keep the dollar aligned to gold as that better stabalises international trade.

By alignment are you suggesting pegged? If so, I'm not sure that's been the case since 1971.

[Gruff]

6 hours ago, Bratnia said:

Each bar was assayed and sealed, the seals are periodically checked. Replacing those bars with gold plated tungsten/whatever bars would entirely undermine the entire US and global financial system, and would require the seals to be broken and the bars physically exported. Each head of treasury would be inclined to at least independently check random samples or otherwise be at risk of being the one left holding the bomb as it exploded. I most certainly would, not that I'd ever be in such a position. As such I opine that the gold is there, but accept others may disagree and if so, the next Treasury head might blow the whistle that end the world as we know it.

What about the UK, the second largest holder in the world (5000 tonnes). Much of which it doesn't own, is the safe keeping custodian, do you believe those bars are fake/non-existent?

Another factor is that even at the recent high gold price levels that still 'only' amounts to half a trillion dollar value which in the scale of 35 trillion debt is relatively trivial/insignificant. Yes a lot, but in the scale of things not worth the 'fraud'.

If so, then why when Germany asked to repatriate it's gold, was it told it would take up to 7 years to get it back from the US and when the first shipment arrived the serial numbers didn't match anything on Germany's manifest sheet of serial numbered bars? 
I'm genuinely interested to know, I like @HerefordBullyun don't believe for a minute that the US has the gold it says it has, be that for themselves or others. It's been sold off or leant out to to other countries so many times, that's it's in effect gone.

It's why the UK goes to the high courts to stop smaller countries repatriating their gold. They don't have it, or only have a portion of it and when the bluff is called and all countries ask for it back, then the king with no clothes will be revealed.

[ant1882]

£1858

[Gruff]

[flyingveepixie]

1 hour ago, bobski said:

Russia calls meeting with UK ambassador after Lord Cameron says Ukraine 'has right' to strike inside Russia with UK weapons.

Fack me.  I remember Cameron standing up in Parliament saying the bombing of Libya was "right and proper" and look how that turned out.  That guy is dangerous on a par with Blair, and should be nowhere near the reins of power

Edited May 8 by flyingveepixie

[Gruff]

2 minutes ago, flyingveepixie said:

Fack me.  I remember Cameron standing up in Parliament saying the bombing of Libya was "right and proper" and look how that turned out.  That guy is dangerous on a par with Blair, and should be nowhere near the reins of power

They are useful to the Elites and when their use is done, they'll be cast aside onto into the cesspit of the world that remains, if we don't all start pushing back. That is growing but alas not nearly fast enough.

[stackspot]

10 hours ago, Thelonerangershorse said:

At the risk of appearing (more than usual) stupid, How can everyone be in debt? If someone, (be that a person or a country) has a debt then they must have borrowed the money from somewhere and spent it somewhere else, so 2 of the 3 parties involved have a pile of cash. I completly fail to understand how everyone can have a net debt??

Simply put as @Gruff said

Everyone owes the Central Banks (Fed etc) money

Central Banks are privately owned

Thats where the money/stranglehold goes

To a very small percentage of the population 

That's who calls the shots

[Bratnia]

1 hour ago, SidS said:

By alignment are you suggesting pegged? If so, I'm not sure that's been the case since 1971.

Broadly flat, periodic revisions (steps) has been golds pattern for centuries. 1970's - 1979 was a step, 1980/1990's broadly flat(ish), 2000's step, 2010-recent flat(ish). Which aligns with having to revise the 'peg' price (channel). The tendency from that motion is that for some periods, a low to a high, will see gold having vastly outpaced inflation, whilst over other periods, high to low, have considerably lagged inflation. When you have to assets that broadly pace inflation, one consistently (reasonably) aligned, the other in a very volatile manner, you broadly achieve better rewards if you hold 50/50 of both and periodically rebalance back to 50/50 weightings.

[SidS]

15 minutes ago, flyingveepixie said:

Fack me.  I remember Cameron standing up in Parliament saying the bombing of Libya was "right and proper" and look how that turned out.  That guy is dangerous on a par with Blair, and should be nowhere near the reins of power

Cameron is very much in the elite club, the guy's a blue blood, a bast**d descendent but related to royalty nonetheless.

[FriedrichVonHayek]

https://finance.yahoo.com/news/mark-precious-metals-reports-fiscal-200500821.html

It looks like dumb money(retail) is selling whilst smart money (central banks) are buying.

[bobski]

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[Bratnia]

36 minutes ago, Gruff said:

If so, then why when Germany asked to repatriate it's gold, was it told it would take up to 7 years to get it back from the US and when the first shipment arrived the serial numbers didn't match anything on Germany's manifest sheet of serial numbered bars? 
I'm genuinely interested to know, I like @HerefordBullyun don't believe for a minute that the US has the gold it says it has, be that for themselves or others. It's been sold off or leant out to to other countries so many times, that's it's in effect gone.

It's why the UK goes to the high courts to stop smaller countries repatriating their gold. They don't have it, or only have a portion of it and when the bluff is called and all countries ask for it back, then the king with no clothes will be revealed.

When generally there's 123 times more paper-gold than physical gold if everyone suddenly wanted 'their gold' back, then a large number are going to be disappointed. The financial system collapses/wars etc. The holder of the gold has a large factor in saying who might get their gold, who might be disappointed. So rather than drive towards that WW3 event the US retains the 8000 tonnes of gold in-hand itself. As does the UK the second largest - holding 5000 tonnes. Who actually owns that/how it might be shared out against claims in the event of all gold being being demanded to be repatriated is a nuclear WW3 pathway that other central banks accept is best avoided. The exception might be if the debt clock https://www.usdebtclock.org/ were agreed to be stopped and all figures within that scaled down (divided) by a 123 (i.e. paper-gold ratio) factor, your £1,230,000 house becomes worth £10,000, your £123,000/year wage is reduced to £1000. The £12,300/year tax you were paying is reduced to £100/year etc. Or somewhat along those lines, a return to a gold standard, where international trades are again settled via the transfer of gold, and where each claimant to their gold gets 1/123 (0.8%) of 'their gold' returned to them. Even if that was peacefully agreed wars will soon break out as some nations spend all of their gold (run with a international trade deficit for a number of years and are left with no other option other than invading another for their gold).

So in one context yes they don't have (all of) it (but that is debatable/subjective as they could say they do, just serve themselves first, everyone else/most lost theirs), or in the situation of a nuclear scorched earth. In more usual calm /civilised times it might be considered more proper to say they 'hold' that gold rather than stating a 'own' claim. So yes Fort Knox/others combined more likely do hold 8000 tonnes in total, as does the Band of England hold 5000 tonnes (or thereabouts).

[Bratnia]

2 hours ago, bobski said:

Russia calls meeting with UK ambassador after Lord Cameron says Ukraine 'has right' to strike inside Russia with UK weapons.

Russia is using Iranian/N Korean/China weapons in its war with Ukraine, only reasonable that Ukraine might in turn use other countries weapons in that war. A war where one side only was allowed to attack the others territory isn't a war - is just the way that Putin would prefer things to work.

[Gruff]

4 minutes ago, Bratnia said:

When generally there's 123 times more paper-gold than physical gold if everyone suddenly wanted 'their gold' back, then a large number are going to be disappointed. The financial system collapses/wars etc. The holder of the gold has a large factor in saying who might get their gold, who might be disappointed. So rather than drive towards that WW3 event the US retains the 8000 tonnes of gold in-hand itself. As does the UK the second largest - holding 5000 tonnes. Who actually owns that/how it might be shared out against claims in the event of all gold being being demanded to be repatriated is a nuclear WW3 pathway that other central banks accept is best avoided. The exception might be if the debt clock https://www.usdebtclock.org/ were agreed to be stopped and all figures within that scaled down (divided) by a 123 (i.e. paper-gold ratio) factor, your £1,230,000 house becomes worth £10,000, your £123,000/year wage is reduced to £1000. The £12,300/year tax you were paying is reduced to £100/year etc. Or somewhat along those lines, a return to a gold standard, where international trades are again settled via the transfer of gold, and where each claimant to their gold gets 1/123 (0.8%) of 'their gold' returned to them. Even if that was peacefully agreed wars will soon break out as some nations spend all of their gold (run with a international trade deficit for a number of years and are left with no other option other than invading another for their gold).

So in one context yes they don't have (all of) it (but that is debatable/subjective as they could say they do, just serve themselves first, everyone else/most lost theirs), or in the situation of a nuclear scorched earth. In more usual calm /civilised times it might be considered more proper to say they 'hold' that gold rather than stating a 'own' claim. So yes Fort Knox/others combined more likely do hold 8000 tonnes in total, as does the Band of England hold 5000 tonnes (or thereabouts).

As much as I want to believe you on that, Fort Knox hasn't been independently verified for decades. I can't see the BoE holding 5000 tonnes either for all other countries as well as the UK.

On the other point, I can't see that they would divide by 123, yes that's the over-subscription that we know about so, lets divide it all, but why not increase the value by 123 times? Oh yes, because that would disproportionately help peasants like us be wealthier.  

[Petra]

Another day ….. up then down.. as per usual, but by how much🤔 probably not by too much either way🤷🏼‍♂️

[ZRPMs]

My Brother came round again last night and has been ramming his belief that Gold will be £3,000 an ounce in 12 months and silver is going to be £30 to £40. He seems to be looking at the precious metals as some sort of get rich quick scheme. I did tell him that I thought the reason for Gold was more as a preservation of wealth. I know things are going to hell in a hand cart but what's the general consensus out there. What do you think the price will be for an ounce of gold in 12 months measured in GBP?