Jump to content
House Price Crash Forum
Sign in to follow this  
MrFlibble

Hatton Garden Metals Special

Recommended Posts

Guessing there is a glut of people offloading their barbaric relics over at HGM since they have a Special on at the moment, 2% above fix on Krugerrands and Maples.

They probably need to shift some stock to free up capital for new buys given Gold is at £942 an Oz.

Only so much stock you can hold at this price, a float of 100 coins is almost £100 grand. Then there's the 100g bars at £30k each, etc, etc.

Edited by MrFlibble

Share this post


Link to post
Share on other sites

I think that given what people just witnessed in silver there are few buyers at this level. HGM are going to have to do better than that if they want to clear their inventory. I didnt think there would be that many sellers of physical tbh but I dont expect there are many buyers at these levels.

Share this post


Link to post
Share on other sites

The fact they buy at spot would normally indicate it's a sellers market (which is the case in a bull market), as they have to offer top wack to prize it from people's hands to sell on. So the drop to 2% above spot for buyers initially looks rather odd, as it's technically saying it's also a buyers market (which is typical of a bear market).

However , I would say this simply indicates that HGM are trying to corner the bullion dealing market with great rates. After all, if everyone goes to them for a great deal, whether buyer or seller, they'll make their money on volume rather than margin.

So I wouldn't infer too much about the gold market itself from it, as it seems more like sound business practice, after all, they're relatively new to the game and are probably keen to establish themselves and gold is also climbing, so there is no shortage of buyers out there either.

Edited by General Congreve

Share this post


Link to post
Share on other sites

so there is no shortage of buyers out there either.

I dunno I get contrarian indicators all the time! Weighton for example had 30oz of silver @ £26 per oz and it vanished off their site after 20 minutes after I went to make a cup of tea.

While their sovs seem to not sell as their stock remains pretty consistent. Tbh I'm holding my own PM position and seeing what happens as really its a SHTF fund more than anything else.

Share this post


Link to post
Share on other sites

I dunno I get contrarian indicators all the time! Weighton for example had 30oz of silver @ £26 per oz and it vanished off their site after 20 minutes after I went to make a cup of tea.

While their sovs seem to not sell as their stock remains pretty consistent. Tbh I'm holding my own PM position and seeing what happens as really its a SHTF fund more than anything else.

Maybe those in the know, like you and me, have offloaded their sterling and done their gold buying and are just sitting tight for when TSTHTF! ;)

But silver's still hot because that's all the johnny-come-latelys can afford now with their devalued sterling :lol:

Edited by General Congreve

Share this post


Link to post
Share on other sites

Maybe those in the know, like you and me, have offloaded their sterling and done their gold buying and are just sitting tight for when TSTHTF! ;)

But silver's still hot because that's all the johnny-come-latelys can afford now with their devalued sterling :lol:

+1

We might not see the buying in the UK of PMs that occurred in the late 1970's. On mainland Europe there is more of an inclination to have or to buy PMs. The East, IMO, is where the action will be centred this time around. However, I can see there being a Weimar Republic panic at some point, with people wanting to off-load their sterling for assets ASAP.

At HGM I see that full sovereigns are at a very competitive 3% above spot, £229.66. The other fractional coins, half sovs, half, quarter and one tenth krugerrands and maples are 8%.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.