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Gold strategy in the current economy

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4 hours ago, chronyx said:

Gold dropping nicely again on news of Italian and Chinese financial issues.  

It dropped with news of volcano eruptions the other week too.

Crazy

 

Only way is down these days 🤔

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47 minutes ago, Slimline said:

Only way is down these days 🤔

Ain't that the truth.  It's bizarre

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3 hours ago, jiltedjen said:

Hopefully gold is about to have an epic run higher. could finally be time 

I know it's priced in USD but I noticed it didn't drop below £900 even after multiple drops...maybe that's 'our' support level

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12 years on - still holding on tight. :D

EDIT: BREXIT, Southern EU debt crisis, China Trade War - no good reasons to sell anything.

Edited by Silverfinger

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Gold demand up 42% as countries abandon US dollar in expectation of geopolitical shift

Quote

 

Demand for gold was up 42 percent year on year in the first quarter of 2018 among central banks, the World Gold Council (WGC) statistics say. Russia and Turkey are the largest net buyers.

Central banks added a net total of 193.3 tons of bullion in the half of 2018, an 8 percent increase from the 178.6 tons bought in the same period last year. This marks the strongest six months for central bank gold buying since 2015, the WGC notes.

 

...

Quote

 

“Russia has stepped up buying gold in its reserves in the face of new US sanctions and a possible disconnection from the dollar system,” added the analyst.

According to Muratov, a similar strategy is now being observed in many countries in Europe and Asia. China, Turkey, Venezuela, Iran, Qatar and Indonesia, are aimed at de-dollarization of economies and foreign trade. All these countries are significantly increasing their gold reserves, the expert says.

As the WGC notes in its report, gold buying is not only about hedging currency risks. “In an environment of heightened geopolitical tensions, gold is an attractive asset because it is not anyone else's liability and does not carry any counterparty risk,” the report says.

“Gold is already a familiar asset class for central banks, but the changing nature of the gold market – with ever-growing consumption coming from developing economies – means that gold is increasingly aligned with emerging market economic patterns. Central banks may increasingly recognize that the rules of the game are changing.”

 

 

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I'm quite impressed with the length of this admittedly minor run upwards.

Anyone else tempted to buy more gold or silver, physical or ETF?

Typically I was skint when it was £900/oz :rolleyes:

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On 30/10/2018 at 20:49, chronyx said:

I'm quite impressed with the length of this admittedly minor run upwards.

Anyone else tempted to buy more gold or silver, physical or ETF?

Typically I was skint when it was £900/oz :rolleyes:

Can some one explain how to set up an account and buy ETF

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1 hour ago, No One said:

Can some one explain how to set up an account and buy ETF

All I can say is that I use Hargreaves Lansdown and own some ETFS Metal Securities Ltd (PHSP) and some iShares V plc (SPGP).

Up to you whether to use an ISA or normal stock and shares account

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On 30/10/2018 at 20:49, chronyx said:

I'm quite impressed with the length of this admittedly minor run upwards.

Anyone else tempted to buy more gold or silver, physical or ETF?

Typically I was skint when it was £900/oz :rolleyes:

I purchased some krugerrand when they were £260

my mate Gordon told me 

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26 minutes ago, prozac said:

I purchased some krugerrand when they were £260

my mate Gordon told me 

I'll give you £320 each, tidy 20% profit for you there :lol:

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2 minutes ago, chronyx said:

I'll give you £320 each, tidy 20% profit for you there :lol:

I have hidden them with my Heinz baked beans 

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35 minutes ago, prozac said:

I have hidden them with my Heinz baked beans 

I'll even let you keep the beans.  How's that for generous?

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Russia’s gold reserves smash Soviet-era record as part of Moscow's de-dollarization drive

The Central Bank of Russia bought over 92 tons of gold in the three months to the end of September breaking the Soviet peak of 2000 tons in gold reserves seen in 1941, according to a new report by the World Gold Council (WGC).

Russia reportedly purchased more gold than any other country in the world, followed by Turkey, Kazakhstan, and India, which bought 18.5 tons, 13.4 tons and 13.7 tons respectively.

That marks the highest quarterly net purchase since 1993, when the WGC started tracking the country’s data. Russia’s gold stockpile now accounts for 17 percent of the country's overall foreign exchange reserves.

https://www.rt.com/business/442934-russia-central-bank-record-gold/

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On 5th November 2018, ex JP Morgan employee in court admits to a large number of  manipulative precious metals trades between 2009 and 2015.

Hopefully  it is the start of JP Morgan getting taken to the cleaners for gold and silver manipulation.

Remember, remember the 5th of November.

https://www.silverseek.com/commentary/crack-dike-17474

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Genuine question, who defines manipulation vs buying/selling or supply/demand?

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There's also an assumption that the price of gold is manipulated down, traders just want to turn a profit, they play both sides of the coin.

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Utterly insane behaviour from a country known for it's "Financial services" 

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