The Week That Was For Gold.

[Stay Beautiful]

Pretty much crashed against sterling. Oh well i think i'll pop a couple of slices of gold on toast under the grill.

Technically, big resistance at $1000.

Historically, price falls away this time of year.

Fundementlly, impossible atm to tell, market is about as transparent as, err, well, a brick gold wall?

[msi]

Agreed. A lot of people, myself included, have been burned by the gold bubble. I can live with that (caveat emptor and all that), but physical wealth isn't needed as much now that governments have proven their willingness to enslave the majority for the wealthy minority.

[dr ray]

Agreed. A lot of people, myself included, have been burned by the gold bubble. I can live with that (caveat emptor and all that), but physical wealth isn't needed as much now that governments have proven their willingness to enslave the majority for the wealthy minority.

Do you really think our problems are over? The number of people in -ve equity and unemployment are still increasing and the UK is fcuked in the long term.

The only thing that has happened really is that IR on deposits have gone up a little and banks are probably not going to be allowed to go bust so the opportunity cost of gold ownership has increased a little.

On the other hand I hear politicians talking about "windfall" wealth taxes and means tested old age care tax ( mentioned today- a one off raid on savings to pay for long term care for the elderly) which makes storing wealth as gold even more attractive

[msi]

Do you really think our problems are over? The number of people in -ve equity and unemployment are still increasing and the UK is fcuked in the long term.

I never said our problems were over or anything of the sort. I mentioned that instead of the government grasping the nettle and sorting it, they have sold their grandchildren.

The only thing that has happened really is that IR on deposits have gone up a little and banks are probably not going to be allowed to go bust so the opportunity cost of gold ownership has increased a little.

The "opportunity cost"? If you check the prices, gold has dropped more than 10% in sterling. My point again is that the UK is selling itself and propping up the banking industry more than the US. The result is institutional investors pile into sterling, causing gold to fall.

What remains is if the illusion can be held by the masses; after all they're the ones looking at wholesale cuts in public services and increases in taxation to fund all of this.

[dr ray]

I never said our problems were over or anything of the sort. I mentioned that instead of the government grasping the nettle and sorting it, they have sold their grandchildren.

The "opportunity cost"? If you check the prices, gold has dropped more than 10% in sterling. My point again is that the UK is selling itself and propping up the banking industry more than the US. The result is institutional investors pile into sterling, causing gold to fall.

What remains is if the illusion can be held by the masses; after all they're the ones looking at wholesale cuts in public services and increases in taxation to fund all of this.

People have different reasons for holding gold and the comment you make about the Government selling our children and grandchildren into slavery is mine. The UK and its population (and myself included) have been financially rewarded beyond our value on a global perspective and I don't think it will be the case for our children. Gold, land, timber, overseas investment and investing in your childrens education are ways to lock into our current relative prosperity. I'm afraid anyone who piled their STR fund into gold bars in the last few months as a speculative bet has and deserves to have been burnt especially if they paid huge premiums ( I had a flyer through post this w/e offering 1 Kg investment bars for £27K !!

And yes I do check the POG and am aware the price has been in decline for 5 months despite what the gold rampers have been claiming. The cost of holding gold include the premium, the currency risk, market loss, insurance/storage and opportunity cost. The opportunity cost is the interest you lose on the money you used to purchase it and this is currently over 4% pa now.

Many gold bugs were predicting a retreat around now but claim its consolidation before the next leg up. I've no idea but I do know that the government is after my savings.

[DiggerUK]

I had a flyer through post this w/e offering 1 Kg investment bars for £27K !!

27K, I'll take 10

There was a lot of press coverage about an american outfit starting up in UK as Ounces2Pounds. They are organised on tupperware party lines, were everybody turns up and sells their scrap gold to what I'm sure is "A very, very nice man" who they have never met before.

In the past week I have heard ads on the radio for three different buyers of scrap gold, and one for an outfit selling bullion and coins. The flyer through the post is a new one on me.

I'm in S.E. is this happening in other parts of UK.

[dr ray]

27K, I'll take 10

There was a lot of press coverage about an american outfit starting up in UK as Ounces2Pounds. They are organised on tupperware party lines, were everybody turns up and sells their scrap gold to what I'm sure is "A very, very nice man" who they have never met before.

In the past week I have heard ads on the radio for three different buyers of scrap gold, and one for an outfit selling bullion and coins. The flyer through the post is a new one on me.

I'm in S.E. is this happening in other parts of UK.

Just checked and they have cut price to £ 25,500 for 1 KG. (currently £18380) Some morons must be buying at that price.

[DiggerUK]

Just checked and they have cut price to £ 25,500 for 1 KG. (currently £18380) Some morons must be buying at that price.

Just because I drive a hard bargain doesnt give you the right to insult me.

[Number79]

27K, I'll take 10

There was a lot of press coverage about an american outfit starting up in UK as Ounces2Pounds. They are organised on tupperware party lines, were everybody turns up and sells their scrap gold to what I'm sure is "A very, very nice man" who they have never met before.

In the past week I have heard ads on the radio for three different buyers of scrap gold, and one for an outfit selling bullion and coins. The flyer through the post is a new one on me.

I'm in S.E. is this happening in other parts of UK.

if you come across any descent replicas or tungsten based copies on ebay then send me a link and an invite, I will gladly screw those tossers and be happy knowing that they think they have screwed me.

['Bart']

In the past week I have heard ads on the radio for three different buyers of scrap gold, and one for an outfit selling bullion and coins. The flyer through the post is a new one on me.

No flyers for me although there was a post recently on Sheffield Forum asking about places that bought scrap gold.

On Saturday night I was watching a digital TV channel at a mate's house (could have been "Gold" oddly enough) when an advert came on offering cash for scrap gold, showing various people throwing wads of tenners about in glee.

Shows how long I've been on this site in that once I'd gotten over the novelty of an advert for selling gold on TV, my first thought was "you fools, you foolish fools, you've exchanged your gold for easily depreciateable fiat paper" (or something like that.

Anyone else seen this ad? I don't watch much TV so I'm not sure how often it gets shown.

[DiggerUK]

if you come across any descent replicas or tungsten based copies on ebay then send me a link and an invite, I will gladly screw those tossers and be happy knowing that they think they have screwed me.

Hey Richy, I've still got my electronic tag from when you persuaded me to do the Full Monty at the WI gig.

In case any of you are wondering what I'm on about, he told me it was an Anne Summers party I was appearing at, and that I was to get a 50 gm bar for a 10 minute show.

I blush every time I hear Hot Stuff mentioned. Can't go anywhere near a curry house without cringing.

The b@st@rd still hasn't sent me my 50 gms either.

[Killer Bunny]

Gold chart from Slope of Hope

Says it all. Could well see 775.

[dr ray]

Gold chart from Slope of Hope

Says it all. Could well see 775.

Still doing better than my Woolworths shares

[headmelter]

Gold chart from Slope of Hope

Says it all. Could well see 775.

If it drops that low I'll remortgage.

[Number79]

If it drops that low I'll remortgage.

If it goes that low do you want to go halfs on a lorry hire with me to load up or can you fill one by yourself?

[twatmangle]

Gold chart from Slope of Hope

Says it all. Could well see 775.

I still don't get charts and chartists.

1. Geopolitical, military, economic and environmental factors, all working together in a fairly unpredictable way.

   vs

2. Someone draws a straight line on a chart

[Take Me Back To London!]

If it goes that low do you want to go halfs on a lorry hire with me to load up or can you fill one by yourself?

Michael Hampton AKA Dr Bubb on Commodity Watch Radio talks about gold going down to the 850/60s and maybe a bit more being very good as it would create a strong springboard for gold. Dominic Frisby's opinion on gold is it's in the 18 month consolidation period with a price floor at $900 then strong gains upwards above $1000 in the Autumn or Winter.

http://www.minesite.com/webcasts/commodity_watch_radio.html

Edited June 19, 2009 by Take Me Back To London!

[Number79]

Michael Hampton AKA Dr Bubb on Commodity Watch Radio talks about gold going down to the 850/60s and maybe a bit more being very good as it would create a strong springboard for gold. Dominic Frisby's opinion on gold is it's in the 18 month consolidation period with a price floor at $900 then strong gains upwards above $1000 in the Autumn or Winter.

http://www.minesite.com/webcasts/commodity_watch_radio.html

Thanks. Listeners, don't forget that this was recorded in early january though.

[Take Me Back To London!]

Thanks. Listeners, don't forget that this was recorded in early january though.

huh

The podcast which is of interest to gold followers was put on the site on the 8th June 2009, entitled "Is the Tide Changing?" and is now the second from top on the podcast list. I don't know if you are referring to an earlier Mike Hampton podcast, but the one I draw peoples' attention to is only a few weeks old at most as it reflects Dominic Frisby's recent short term bearishness with gold and silver, not to mention Dr Bubb starts with reflecting on the S&P 500's 666 low back in March and the recent 950 high and the market trends over the next few weeks, into July etc.

[Stay Beautiful]

I still don't get charts and chartists.

1. Geopolitical, military, economic and environmental factors, all working together in a fairly unpredictable way.

   vs

2. Someone draws a straight line on a chart

For me, i based my faith in gold and silver mostly on the couple of thousand year history of the stuff.

The latest round of questions relating to audits is making things more interesting.

The Springboard effect is something i can see happening. When $1000 is broken and held i belive a quick sustained rise to $1200. $1400 by end of 2010 would do me fine.