Selling silver & gold to businesses

[sixgun]

1 minute ago, 5huggy said:

1} who regulates the ABX???

https://abx.com/about/regulation/

1 minute ago, 5huggy said:

2} Who says they can be trusted???

Well the Indonesian government seems to think they are alright. The Deutsche Borse seems to think so. The Jakata commodities exchange does.....

3 minutes ago, 5huggy said:

3}Audited by "WHOM"???

Bureau Veritas (Inspectorate).

You want to hold your own gold/silver - i also will be holding my own but i also want to take the opportunity to make money in the Kinesis currency system. Asset backed digital currencies are the way i see things developing.

[sixgun]

2 minutes ago, Bimetallic said:

You mean Kinesis? I'm not sure I follow. Who's making a coin? The only coins Kinesis makes/mines are electronic. The gold and silver is presumably already in bullion form when it's deposited into their system. It doesn't need to be altered further, and would no more lose value than any bullion would lose value.

You've got it - i wasn't sure if he was talking about Kinesis or not so i didn't reply. The bullion is as bars in the vaulting system and the 'coins' are blockchain digits.

[Groundup]

7 minutes ago, 5huggy said:

1} who regulates the ABX???

2} Who says they can be trusted???

3}Audited by "WHOM"???

I would just like to point out, mine is audited by ME (I trust me) 

A favourite "MANTRA" of mine is " IF YOU DONT HOLD IT! - - - - YOU DON'T OWN IT"

It's true I also follow that mantra that's why I'm on this forum. Most on here also follow it. 

I'm also of the mind to let my PM's make more PM's and so on (kinesis)

Also I tend to have a future outlook so if a system occurs that improves the way things are currently done...In terms of security, electronic intrusion detection systems would be in place, backups to guard against data loss and the use of blockchain technology to maintain an immutable ledger to record all on-chain transactions...... The physical bullion are kept in military grade, international standard secure vaults and locations around the world with third party audits to make sure internal processes aren't compromised. And insurance to bail out in case something goes wrong.

[HawkHybrid]

21 minutes ago, Bimetallic said:

Businesses will have near zero interest in buying gold or silver from you. There's nothing in it for them, no benefit, only risk.

Hardly anyone cares about precious metals in general, but businesses are laser focused on things that add to or take away from their bottom lines. Buying PM would only introduce more risk into their businesses, and might cause authorities to suspect them of money laundering. (They certainly can't pay salaries in metal without risking an AML investigation.)

 

I agree with this.

 

pm's are for saving. businesses can already save

part of their earnings in assets and stock(both

of which can be carefully chosen by them so that

they fully understand the risk involved).

 

HH

[5huggy]

16 minutes ago, sixgun said:

Indonesian government

 

17 minutes ago, sixgun said:

Well the Indonesian government seems to think they are alright. The Deutsche Borse seems to think so. The Jakata commodities exchange does.....

Well for me thats enough - ifn you wish to follow these bodies information - "enjoy"

As far as I am concerned -  here let me get you account started  or added to

 please add sum of 111110000001111110000111111100010100101101010101010 to the aforementioned account!

BTW, it does, IMHO, pay to be abreast of  world current affairs - if you trust the above bodies 

By way of addendum - - after 28 years in the I.T industry - I wouldn't "TRUST" one iota -- -a digital /electronic impulse/magnetic representation over the "PHYSICAL"

But that is my opinion  - and I am entitled to be "WRONG"! 

[sixgun]

Just now, 5huggy said:

 

Well for me thats enough - ifn you wish to follow these bodies information - "enjoy"

As far as I am concerned -  here let me get you account started  or added to

 please add sum of 111110000001111110000111111100010100101101010101010 to the aforementioned account!

BTW, it does, IMHO, pay to be abreast of  world current affairs - if you trust the above bodies 

By way of addendum - - after 28 years in the I.T industry - I wouldn't "TRUST" one iota -- -a digital /electronic impulse/magnetic representation over the "PHYSICAL"

But that is my opinion  - and I am entitled to be "WRONG"! 

Out of the last 20 times you received/spent fiat how many times was this coins and notes over electronic?

Personally i would say it is 80-90% electronic - i expect most people are like that.

[sixgun]

The point is i have fiat in the bank - all banks are criminal in my opinion but what can i really do. People want fiat - i cannot go to Tesco with gold and silver so i have to hold fiat for day to day needs. We have all seen members selling their gold for emergencies - the boiler blew up, the car went wrong - they don't want to sell their gold and i have seen where i expect they have not been able to sell for what they paid. i find it sad. They wanted to save, they want to make a bit and they ended up losing out. So we hold £1000's in cash - all the time it is losing value. Sh1tty fiat - but what can you do. A gold/silver backed digital currency could be a solution - you can hold nearly all this fiat as gold/silver. You can buy your groceries at Tesco with gold/silver which is converted on the fly through your debit card and the cashier has no idea. You can get your car fixed and the new boiler the same way. You convert only the gold/silver you need. You don't have to sell your beloved coins. i have never sold any gold/silver except vaulted bars on the ABX. It would break my heart - i would quite possibly literally weep. i will always have my physical coins and bars. Kinesis will never replace them - it will complement them.

[5huggy]

2 minutes ago, sixgun said:

Out of the last 20 times you received/spent fiat how many times was this coins and notes over electronic?

Personally i would say it is 80-90% electronic - i expect most people are like that.

Dont dispute that,

we "THE SHEEPLE" are being led towards, what the SYSTEM wish to achieve -

being all the while given the explanation that - -

"Its quicker, more efficient", and the best one, SAFER! -

There's been NO ISSUE in Cyprus, Greece - where "THE SYSTEM SHUT" - (now who controlled that move!??")

I was "HONOURED" to be asked to write a piece for the book "WAR on CASH" by Tim Price  - - I would like to  read more buddy!

This was seriously vetted by the "mile" before being put out - - BUT WHAT DO I KNOW!!!

“A must read” to REALLY understand what a calamitous situation we are living in – growing worse by the day and intensifying exponentially. The majority seem to live in an extremely “complacent” manner even if they are aware of most of the bits and pieces. IT’S A WAKE UP CALL – and NOT TO BE IGNORED! Failing to prepare is PREPARING TO FAIL!”
5huggy

 

[5huggy]

2 minutes ago, sixgun said:

A gold/silver backed digital currency could be a solution -

ELECTRONIC BRETTON WOODS!!

[tallyhojim]

How much does it cost to convert your KVT's (or whatever they're called) back into hard gold or silver? If someone is in the UK, with Kenesis having a London location, is that where said Kenesis customer can go to exchange their Kenesis bits into physical PM's and if so, what's the VAT implications?

[sixgun]

4 minutes ago, tallyhojim said:

How much does it cost to convert your KVT's (or whatever they're called) back into hard gold or silver? If someone is in the UK, with Kenesis having a London location, is that where said Kenesis customer can go to exchange their Kenesis bits into physical PM's and if so, what's the VAT implications?

Personally i would not redeem the KAU - KAG coins - i would simply buy gold with my card, spending my KAU/KAG. That would cost me 0.45%. Personally i would have minted those coins - say i spent 100 KAU and having put them into circulation i would get 5% of the transaction fees generated by the average 100 KAU coins (forever).

There is no VAT on the metal so if you take possession in UK there would be VAT. When i have minted the gold was $8 an ounce over spot gold and 50 cents above spot silver.

i don't know the redemption fee of hand but as i say i doubt i would actually bother redeeming the coins for metal.

[tallyhojim]

So it's basically set up so as to not make it attractive for people to exchange Kenesis for physical? 😕

[Groundup]

27 minutes ago, tallyhojim said:

So it's basically set up so as to not make it attractive for people to exchange Kenesis for physical? 😕

You can take delivery if that's what you really want to do. Minimum weight applies. Plus cost of transportation..... But why! when you can spend on the kinesis card and buy physical.

[5huggy]

1 hour ago, Groundup said:

You can take delivery if that's what you really want to do. Minimum weight applies. Plus cost of transportation..... But why! when you can spend on the kinesis card and buy physical.

So instead of "fiat" to KAU to AU - why not go straight to Au/Ag  ? ? ?

 

[tallyhojim]

I think I'll just settle for buying physicals direct. Better in my hands than in someone else's. If someone makes a mint out of this Kenesis stuff then fair play to them. I'll stick with the old "Don't hold it, don't own it" view.

[Groundup]

29 minutes ago, 5huggy said:

So instead of "fiat" to KAU to AU - why not go straight to Au/Ag  ? ? ?

 

1.Diversification

2. KAU is Au in digital form, fully allocated in my name

3. Earning a yield on having PM's in the system.(Gold and silver earning more gold and silver)

[tallyhojim]

Allocated as in it's got your name on a computer that you have a certain amount of physical in some vault somewhere but don't actually have it in your physical possession?

[Groundup]

4 minutes ago, tallyhojim said:

Allocated as in it's got your name on a computer that you have a certain amount of physical in some vault somewhere but don't actually have it in your physical possession?

We have established that the PM's are vaulted. Are you saying these vaults are not to be trusted.

[tallyhojim]

Can governments confiscate those vaulted PM's? The answer to that is - yes they very easily can as they have the monopoly concerning men with guns. When physical wealth is centralised it makes it incredibly easy for the powers that be to take it.

Even all that lovely shiney gold and silver vaulted in UK locations - if our illustrious Government really wanted it, they could take it in a heart beat. In fact, it wouldn't surprise me if the Government already has thought out plans in place designed to do exactly that it the situation was serious enough.

[TheSilverSurfer]

4 hours ago, Bimetallic said:

Businesses will have near zero interest in buying gold or silver from you. There's nothing in it for them, no benefit, only risk.

Hardly anyone cares about precious metals in general, but businesses are laser focused on things that add to or take away from their bottom lines. Buying PM would only introduce more risk into their businesses, and might cause authorities to suspect them of money laundering. (They certainly can't pay salaries in metal without risking an AML investigation.)

No way there are a few advantages. One being Buying physical gold makes their financial data more private. 

[Groundup]

13 minutes ago, tallyhojim said:

Allocated as in it's got your name on a computer that you have a certain amount of physical in some vault somewhere but don't actually have it in your physical possession?

Have you checked out ABX reputation!

As alluded to previously Kinesis for me is to compliment my strategy of PM's allocation along with other means... for example.. no debt.. live within means. Save% of Income.. Ect ect.

[Groundup]

9 minutes ago, tallyhojim said:

Can governments confiscate those vaulted PM's? The answer to that is - yes they very easily can as they have the monopoly concerning men with guns. When physical wealth is centralised it makes it incredibly easy for the powers that be to take it.

Even all that lovely shiney gold and silver vaulted in UK locations - if our illustrious Government really wanted it, they could take it in a heart beat. In fact, it wouldn't surprise me if the Government already has thought out plans in place designed to do exactly that it the situation was serious enough.

Which governments are you referring too.

[tallyhojim]

1 minute ago, Groundup said:

Have you checked out ABX reputation!

As alluded to previously Kinesis for me is to compliment my strategy of PM's allocation along with other means... for example.. no debt.. live within means. Save% of Income.. Ect ect.

Reputations mean nothing when you are dealing with centralised wealth. As I've already stated, no amount of "reputation" is going to physically stop the States men with guns from taking what they want. A reputation is only as good as the moral principles of those who follow it. And the State does not have principles.

[tallyhojim]

2 minutes ago, Groundup said:

Which governments are you referring too.

Now you're just being pedantic. You're not a practitioner of Saul Alinsky by any chance?

[Groundup]

9 minutes ago, tallyhojim said:

Now you're just being pedantic. You're not a practitioner of Saul Alinsky by any chance?

No seriously which governments are you referring to. For example if the ABX Vaults in London were as you say going to get confiscated.

One.. it's fully insured by the best industry standard insurance

Two. It can be moved to another ABX vault location.