Tuesday, Mar 10, 2009
Off topic, but one for the gold bugs.
Telegraph: IPhone users can now jump on the gold bandwagon
The software will allow iPhone users to trade in gold and silver, or transfer the money to other people or companies, according to GoldMoney, a Jersey-based company that will provide the service.
GoldMoney said the mobile payment application means any individual or merchant could open up an account and then receive a payment in gold or silver bullion within minutes."
Posted by flintster1994 @ 03:14 PM (806 views) Add Comment
15 Comments
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1. sold 2 rent 1 said...
Gold/gold stocks are putting in a correction that should bottom in early April.
This will be an amazing time to buy.
2. mountain goat said...
GoldMoney holds your gold for you. For those who don't like the counter party risk and want to hold gold themselves, a new problem is arising. Counterfeit gold coins are hitting the market and this problem will probably get worse as the mania develops. You can pick up most counterfeits by weight. Here is a list of the correct weights of common bullion coins.
3. greytornado said...
Looking to be a good time to buy gold now if that is where you want to put some money. Think about storage. It's easy to go the bank vault route - but what if the Govt decided to confiscate gold again? There would be a bank vault lock down before the Govt announced what they intended to do............................................you would not be able to get hold of your property...............As stated - there are stories of lots of forged coins around, coming from China. Best to deal with a reputable Bullion/Coin dealer, at least to start with. If you get interested in acquiring gold coins, buy yourself a loupe and a weighing device. There are some reputable coin dealers on ebay selling stuff at sky high prices and also some rogues.
Unless you have knowledge of the subject, be careful !!! Also - the Royal Mint, (not to be confused with coin selling outfits like the London Mint), are currently way over the top on prices, but they might not be in a couple of weeks - who knows?
4. rocket robbie said...
Greytornado
I brought my coins from ATS Bullion London, are they a a respected dealer??
5. little professor said...
Not like you to post this kind of thing, flint
6. greytornado said...
Rocket Robbie @4 - I personally know some one in the trade, (not myself) who deals with ATS Bullion - they are regarded as above board and totally reliable.
7. rocket robbie said...
Greytornado
nice one cheers for that
8. flintster1994 said...
Lp
"Not like you to post this kind of thing, flint"
I'm glad to not be too predictable.
I think golds one to watch, as an ever increasingly frustrated public, in their despair, look for one last shot at making it big.
It has to be easier and far less complicated than BTL! Doesn't it?
9. bellwether said...
Gold looks like it is in the midst of a severe correction as per S2R1, if the current equity rally has legs I expect it will be closer to $750 than $900 by the end of the month. What I found interesting was how weak gold was while stocks were getting hammered the past fortnight. No-one seemed interested in it during that period which I found weird
10. mountain goat said...
The paper musical chairs game is becoming frantic. The great depression is moving into the great quantitative printing. How many £ billions did the BoE print this week out of thin air? Not much time left to get some real money. I bought some pre 1920 scrap silver coins today. After that date they didnt bother making coins from sterling silver anymore (0.925 silver). I suppose that was QE 1920's style.
11. little professor said...
While I recognize the value of gold as a hedge against inflation, the current gold mania has all the hallmarks of a speculative bubble. People telling us that gold can only go up, that we have to buy now before we are too late, that you can't get safer than
bricks and mortarshiny yellow metal...12. mountain goat said...
LP by "people" I take it you mean my opinion above. BW expressed his opinion, I expressed mine and now you expressed yours; the purpose of these comments after all. There probably will be a bubble, but it will be fear driven rather than speculative. But rather than exchange opinions, the fact is that to approach the 1980 peak of $850, gold has to reach $2000 in inflation adjusted terms. That is before the current wave of QE designed to debase currencies in the hope of warding off deflation. So if we have a bubble at the moment at todays price of $900, that is a pretty pathetic bubble wouldnt you say?
13. little professor said...
mg - no, I wasn't referring directly to you, more the gold mania that is sweeping the mainstream media - again, a classic sign of a bubble, as non-standard investors pile in to the latest fad.
14. mountain goat said...
LP point taken, I too was surprised how many articles there are on gold in the mainstream newspapers such as the Telegraph which I happened to look at today. Perhaps it is a reflection of the disbelief at what is happening. Months ago Alan Greenspan said he was shocked at the trouble banks had got themselves into. If he is shocked imagine people who don't spend their career in finance. Personally I think it is slowly dawning that this is not a recession, not even a depression, but a crisis of debt that is developing into a currency crisis. Such events only happen every few hundred years. Anyway that is the reason I like precious metals, but we must all make our own decisions on these things.
15. quiet guy said...
@little professor
I agree that articles about buying gold in the mainstream media are disturbing (speaking as somebody who owns a little) but the economic fundamentals are so appalling that it's not easy to find a really good argument against precious metals right now. Determining when to exit is another problem to look forward to ...
Personally speaking, I prefer to have some insurance against a currency collapse but I did some basic Q&A about what would happen to me in the event of a 50% or 75% dop in gold prices as well.