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Gold Gotta have it!

#1 User is offline   House of Lords 

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Posted 17 August 2007 - 01:17 PM

OK, I've now firmly moved to the I need some gold camp. They have officially opted to try and hyperinflate their way out of this.

I thought every 3rd post on here was how to buy / what to buy but on searching I couldn't see anthing that useful.

Anyone able to say what's best (coins, lumps, brick-type things etc :P) - has to be physical gold though, not interested in funny-money paper investments.

Also, what about storage? Tempted to hide it around the house but the other half isn't particularly keen on it.

Proably going to pop about 20k in.

Thanks

#2 User is offline   Minos 

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Posted 17 August 2007 - 01:20 PM

View PostHouse of Lords, on Aug 17 2007, 02:17 PM, said:

OK, I've now firmly moved to the I need some gold camp. They have officially opted to try and hyperinflate their way out of this.

I thought every 3rd post on here was how to buy / what to buy but on searching I couldn't see anthing that useful.

Anyone able to say what's best (coins, lumps, brick-type things etc :P) - has to be physical gold though, not interested in funny-money paper investments.

Also, what about storage? Tempted to hide it around the house but the other half isn't particularly keen on it.

Proably going to pop about 20k in.

Thanks

There a recession sweeping across Devon. Best keep the cash in hand in case you need it.
Elections are an advance auction on the sale of stolen goods.
All previous attempts to base money solely on intangibles such as credit or government edict or fiat have ended in inflationary panic and disaster. -- Winston Churchill

The democracy will cease to exist when you take away from those who are willing to work and give to those who would not.
–Thomas Jefferson

#3 User is offline   huw 

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Posted 17 August 2007 - 01:54 PM

View PostHouse of Lords, on Aug 17 2007, 02:17 PM, said:

OK, I've now firmly moved to the I need some gold camp. They have officially opted to try and hyperinflate their way out of this.

I thought every 3rd post on here was how to buy / what to buy but on searching I couldn't see anthing that useful.

Anyone able to say what's best (coins, lumps, brick-type things etc :P) - has to be physical gold though, not interested in funny-money paper investments.

Also, what about storage? Tempted to hide it around the house but the other half isn't particularly keen on it.

Proably going to pop about 20k in.

Thanks

With 20k you have potential CGT issues so you might want to consider British bullion coins that are legal tender (eg Britannias). Or if you're simply looking for the most gold for your money, look at krugerrands.

You could get a couple of 1000g bars, currently just shy of 11k on goldline at the moment I make to be £343 per ounce. Krugs are currently £345 per ounce. For such a low premium over bars, I'd personally take the coins as I think they'd be easier to sell.

Bear in mind that gold dealers are legally obliged to report large purchases to the authorities.
"If the economic relationships between nations are not, by one means or another, brought fairly close to balance, then there is no set of financial arrangements that can rescue the world from the impoverishing results of chaos" -- Geoffrey Crowther

#4 User is offline   Lord Lister 

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Posted 17 August 2007 - 01:55 PM

View PostHouse of Lords, on Aug 17 2007, 02:17 PM, said:

OK, I've now firmly moved to the I need some gold camp. They have officially opted to try and hyperinflate their way out of this.

I thought every 3rd post on here was how to buy / what to buy but on searching I couldn't see anthing that useful.

Anyone able to say what's best (coins, lumps, brick-type things etc :P) - has to be physical gold though, not interested in funny-money paper investments.

Also, what about storage? Tempted to hide it around the house but the other half isn't particularly keen on it.

Proably going to pop about 20k in.

Thanks


I use ATS Bullion personally, find they are very good, quick and their premium is only 5% on Krugers.

Read this I found on Kitco, good reason to buy. Link
Demand = the desire and ability to pay, if you can't afford it, you have no demand, and when houses start falling in price, people will no longer have the desire.

"I know that most men, including those at ease with problems of the greatest complexity, can seldom accept even the simplest and most obvious truth if it be such as would oblige them to admit the falsity of conclusions which they have delighted in explaining to colleagues, which they have proudly taught to others, and which they have woven, thread by thread, into the fabric of their lives."

--Leo Tolstoy

#5 User is offline   Willy Weasel 

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Posted 17 August 2007 - 01:57 PM

Isn't the price of gold falling as we speak?
Now Willy has been hurt. And all because he didn't ask his mummy to go with him to the ice cream van. When you want to go the ice cream van, always take mummy with you.

#6 User is offline   Goldfinger 

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Posted 17 August 2007 - 01:58 PM

Check out the gold thread, lots of info there. I would suggest Sovereigns or Britannias for CGT reasons, for lower premiums Krugerrands. If you don't want to store at places you have access to, use services of BullionVault or Goldmoney.
"...finding a buyer at a high enough price is like ``grasping an eel...'' -- William Hill link
"Looking at house prices now ... - they are priced in yesterdays credit market and not today's ..." -- Munimula

Gold AND property, currencies, commodities charts
CTT ContraBoost™ can help you to overcome DDDS.

#7 User is offline   Goldfinger 

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Posted 17 August 2007 - 01:58 PM

View PostTuffers, on Aug 17 2007, 02:57 PM, said:

Isn't the price of gold falling as we speak?

The price of gold usually falls, or it rises. It changes quite often directions.
"...finding a buyer at a high enough price is like ``grasping an eel...'' -- William Hill link
"Looking at house prices now ... - they are priced in yesterdays credit market and not today's ..." -- Munimula

Gold AND property, currencies, commodities charts
CTT ContraBoost™ can help you to overcome DDDS.

#8 User is offline   Tiger Woods? 

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Posted 17 August 2007 - 02:00 PM

My recollection is that single purchases under £5000 need not be reported. Annual purchases over £10000 from the same dealer have to be reported.

You could consider bullionvault.com or the Perth mint scheme as alternative ways of holding assigned gold.

#9 User is offline   Kingmaker 

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Posted 17 August 2007 - 02:01 PM

Gold seems to be priced in dollars.

Do we have to take fx considerations between gbp and usd into consideration, or is it priced to gbp independently?

This post has been edited by Kingmaker: 17 August 2007 - 02:01 PM

#10 User is offline   Tiger Woods? 

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Posted 17 August 2007 - 02:08 PM

View PostKingmaker, on Aug 17 2007, 03:01 PM, said:

Gold seems to be priced in dollars.

Do we have to take fx considerations between gbp and usd into consideration, or is it priced to gbp independently?


Any serious deviation in the gbp to us price would lead to immediate arbitrage opportunities. If the GBP dropped relative to the dollar whilst gold held at a constant value, would mean an increase in the value of your gold wrt to the GBP, and conversely.

#11 User is offline   Goldfinger 

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Posted 17 August 2007 - 02:11 PM

View PostD'oh, on Aug 17 2007, 03:08 PM, said:

Any serious deviation in the gbp to us price would lead to immediate arbitrage opportunities. If the GBP dropped relative to the dollar whilst gold held at a constant value, would mean an increase in the value of your gold wrt to the GBP, and conversely.

Law of one price - if you know PoG in USD and PoG in GBP, you know the USDGBP exchange rate.

But, yes, the USD sort of dominates gold, they're the largest holders and the empire presently in charge. So they need to make sure USD looks good against gold. If they fail... -> doo-doo.
"...finding a buyer at a high enough price is like ``grasping an eel...'' -- William Hill link
"Looking at house prices now ... - they are priced in yesterdays credit market and not today's ..." -- Munimula

Gold AND property, currencies, commodities charts
CTT ContraBoost™ can help you to overcome DDDS.

#12 User is offline   Boarder 

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Posted 17 August 2007 - 02:13 PM

View PostTuffers, on Aug 17 2007, 02:57 PM, said:

Isn't the price of gold falling as we speak?


In order to fund outflows, good assets that are easily turned into cash (i.e. gold) are being sold.

This is depressing the market. I will be buying gold on Monday.

I think they're going to try to keep lying about inflation!
A designer knows he has achieved perfection not when there is nothing left to add, but when there is nothing left to take away.
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Posted 17 August 2007 - 02:17 PM

View PostLord Lister, on Aug 17 2007, 02:55 PM, said:

I use ATS Bullion personally, find they are very good, quick and their premium is only 5% on Krugers.
Link

:o

So your 20k becomes 19k at a stroke. Are the costs the same when you sell?

This post has been edited by muttley: 17 August 2007 - 02:18 PM

#14 User is offline   House of Lords 

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Posted 17 August 2007 - 03:04 PM

Thanks for all the advice. I shall ponder it all over the weekend and might join the gold-bugs :ph34r:

#15 User is offline   huw 

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Posted 17 August 2007 - 03:29 PM

View Postmuttley, on Aug 17 2007, 03:17 PM, said:

So your 20k becomes 19k at a stroke.

This applies to any commodity that is physically delivered. I wonder what the premium on flour is, compared to the price of wheat? Surely much more than 5%. Yet nobody feels they have lost £££ by buying flour. If your neighbour runs short and borrows some in order to bake a loaf, she will reimburse you at (minimum) the processed+packaged price, not the commodity price, because she recognises that the flour contains added value.

Quote

Are the costs the same when you sell?

If you go to a dealer then clearly they will operate a spread. They're providing a service, after all.

(typo)

This post has been edited by huw: 17 August 2007 - 03:32 PM

"If the economic relationships between nations are not, by one means or another, brought fairly close to balance, then there is no set of financial arrangements that can rescue the world from the impoverishing results of chaos" -- Geoffrey Crowther
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