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Gold strategy in the current economy

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3 hours ago, warrior88 said:

I have used free six month storage at https://www.bullionbypost.co.uk/

Just holding some to hedge against global recession/pound tanking.

The whole point of owning PHYSICAL GOLD is to remove any third counter party RISK.!!....why would anyone leave anything they value /covert in the hands of someone else is beyond me....I bet you do not even know the name of any member of staff at BBP the level of TRUST and lack of due diligence is truly EYEWATERING.!!

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2 hours ago, headmelter said:

I'm considering Goldmoney.... Any pitfalls or concerns ?

YES ....third counter¬† party RISK....when you need your PHYSICAL GOLD will it be there ......was it even ever there ....if you want to send me your money I will gladly hold and store your GOLD for free.ūüėä

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1 hour ago, stud said:

The whole point of owning PHYSICAL GOLD is to remove any third counter party RISK.!!....why would anyone leave anything they value /covert in the hands of someone else is beyond me....I bet you do not even know the name of any member of staff at BBP the level of TRUST and lack of due diligence is truly EYEWATERING.!!

I dont disagree with you but I do know a little bit, I also obtained recent Grant Thornton assurance report for review of their vault.

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6 hours ago, stud said:

YES ....third counter¬† party RISK....when you need your PHYSICAL GOLD will it be there ......was it even ever there ....if you want to send me your money I will gladly hold and store your GOLD for free.ūüėä

I've been buying physical since 2004 so I'm aware of the 3rd party risk... I'm looking at a short term 'speculation' on Ag for a quick swap to Au when the GSR ratio contracts... which, at some point, it most definitely will...

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"still nothing in MSM"

Oh yes there is. It made a mention in stories on the front and the back page of the 'mass circulation' Financial Times on the 8th August.

I suspect their reasoning for not reporting the high sterling price is not wanting to address the weakness of the pound. As the  price is still way behind its all time $US high it hasn't registered as an internationally  significant event..._

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So where is the best places to sell.  I’m currently looking at bullionbypost and their buying prices are pretty bad - for example you buy a 250g bar @ 10,403 and they buy back at £9,752.   Wtf?

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27 minutes ago, dirtyduck said:

So where is the best places to sell.  I’m currently looking at bullionbypost and their buying prices are pretty bad - for example you buy a 250g bar @ 10,403 and they buy back at £9,752.   Wtf?

Try your local jewelers, if you're in London head for Hatton Garden or google bullion dealers and see how much they charge. The standard commission spread seems to be 2%.

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1 hour ago, DiggerUK said:

"still nothing in MSM"

Oh yes there is. It made a mention in stories on the front and the back page of the 'mass circulation' Financial Times on the 8th August.

I suspect their reasoning for not reporting the high sterling price is not wanting to address the weakness of the pound. As the  price is still way behind its all time $US high it hasn't registered as an internationally  significant event..._

It is a nationally significant event and reference to its historical all time price high in any normally functioning press would be assured.

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57 minutes ago, Fishfinger said:

Try your local jewelers, if you're in London head for Hatton Garden or google bullion dealers and see how much they charge. The standard commission spread seems to be 2%.

I guess real stuff probably costs a bit more to store and handle than does paper?? ..... or electronic even 'paper'????

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3 hours ago, Roman Roady said:

Now £1264/oz and still nothing in MSM!

Nothing to see here. Carry on as normal.

Gold is at all time highs in 50+ currencies around the world. This is far from normal.

Edited by Errol

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So here is an interesting question.

 

At what price would you sell gold?

 

Doesn't have to be an exact currency, could be a ratio, for example, some the gold bug YouTube channels quote 1:1 gold to dow ratio.  i.e. if the Dow was 10,000 and an ounce gold was $10,000.

 

 

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11 hours ago, reddog said:

So here is an interesting question.

 

At what price would you sell gold?

 

Doesn't have to be an exact currency, could be a ratio, for example, some the gold bug YouTube channels quote 1:1 gold to dow ratio.  i.e. if the Dow was 10,000 and an ounce gold was $10,000.

 

 

As I put in an earlier post if it went to¬†¬£3k now I would retire straight away and then start selling to fund my debauched lifestyle¬†ūüėČ..¬†

 

 

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12 hours ago, reddog said:

At what price would you sell gold?

Initially at something close to $10,000. But there are so many variables and it could go far, far higher (I'm partially in the FreeGold camp, and think anywhere between $25,000-$50,000 could be the eventual price). In any event, the issue will be what you sell it for or indeed if you sell it at all - given the role that gold is likely to play in the new system (as the ultimate store of wealth).

Edited by Errol

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2 hours ago, Errol said:

Initially at something close to $10,000. But there are so many variables and it could go far, far higher (I'm partially in the FreeGold camp, and think anywhere between $25,000-$50,000 could be the eventual price). In any event, the issue will be what you sell it for or indeed if you sell it at all - given the role that gold is likely to play in the new system (as the ultimate store of wealth).

Indeed, was thinking you can't put an exact dollar value on it, because we don't know where the value will be.

 

Just worth thinking about because, although this is a gold bug thread, I think most people would agree there was a good time to get out in the early 80s.

 

In any case, I think we are just starting to move, it will be a good few years yet before you would be thinking about selling.

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Thoughts about were the price of gold will reach is pure speculation, and of no real use.

Digger Mansions is in retirement mode and there are big ticket bucket items to finance. We finance the majority of our travelling on zirp credit card leverage, making sure we clear in time. We make up the fiat shortfall by selling gold.

What is the purpose of retirement savings in gold, if they aren't spent on retirement projects?

As the price of gold is climbing higher we are experiencing selling by  'averaging out' and putting it in Premium Bonds until needed to settle accounts. As our average costs to purchase, insure and store are under £650 an ounce we're happy to sell..._

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  • 259 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%



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