Gold strategy in the current economy

[Glental]

I see gold as a way to preserve your money. Getting credit involved feels like gambling 

[Jonesy74]

17 hours ago, NoHPCinTheUK said:

What do you think: 

Buy £5000 of gold using my credit card. Then I’d transfer the balance to a 0% card an repay it back in 3/4 years. 
 

would that effect my credit score? 

Watch out for balance transfer fees and potentially the category they treat gold purchases as. I don’t know, but there’s a chance they could treat that like a cash advance.

But otherwise, why not. Why not just get a 0% for X months purchase card and avoid the balance transfer fee

[headmelter]

On 07/10/2022 at 21:57, NoHPCinTheUK said:

What do you think: 

Buy £5000 of gold using my credit card. Then I’d transfer the balance to a 0% card an repay it back in 3/4 years. 
 

would that effect my credit score? 

I don't know of any reputable coin dealers that accept credit card payments... I don't play the paper game & know nothing about buying in the paper market... I'm not sure about 'allocated' accounts either but there's a few posters here that probably do.

[warpig]

On 07/10/2022 at 21:57, NoHPCinTheUK said:

What do you think: 

Buy £5000 of gold using my credit card. Then I’d transfer the balance to a 0% card an repay it back in 3/4 years. 

would that effect my credit score? 

🤣

[Pop321]

On 08/10/2022 at 12:29, Glental said:

I see gold as a way to preserve your money. Getting credit involved feels like gambling 

This +1

Gold is the ‘anti gamble’….preserves wealth but doesn’t make wealth.

And that’s from me who is someone who couldn’t be more bullish on gold and precious miners at the moment. 

 

[redgenieuk]

Hi All,

I purchased some this week from HGM..... hardly anything left... is that normal?

[LetsBuild]

12 hours ago, redgenieuk said:

Hi All,

I purchased some this week from HGM..... hardly anything left... is that normal?

Bullion by post has a banner saying high demand, delay in deliveries - the run is on.

[reddog]

On 07/10/2022 at 22:57, NoHPCinTheUK said:

What do you think: 

Buy £5000 of gold using my credit card. Then I’d transfer the balance to a 0% card an repay it back in 3/4 years. 
 

would that effect my credit score? 

It's not normal for bullion dealers to accept credit cards.  However they might do it if you also paid the credit card fees they would have to pay as a vendor.

[BufferBear Bitcoin Bull]

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Edited October 12, 2022 by Buffer Bear

[BufferBear Bitcoin Bull]

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Edited October 12, 2022 by Buffer Bear
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[17 Year Veteran]

Hmm... I finally cracked and bough a few kilos of silver (physical) today in 1kg bars (quite a neat size). Some for the bairns' Xmas stockings.

Can't bring myself to spend big on gold - you don't get such a satisfying weight for your $ (and I know that's half the point).

[17 Year Veteran]

On 9/17/2022 at 4:15 AM, warpig said:

I've had a very interesting response from my mortgage lender tonight, they've advised that if my house deposit came from the sale of gold, they won't accept it and won't provide me with a mortgage. Incidentally I can evidence where the money came from to buy the gold, but they're still not interested. They said that if my deposit came from Crypto currencies, they wouldn't accept that either.

Seems we've been vilified and branded criminals.

Well, here's my anecdote: judging by the air of shonkiness given off by the dozen or so blokes in the queue (!) to buy bullion today, and noting that all the transactions I saw were cash based transactions, I can (almost) understand their concern. No ID required to buy (if a cash transaction).

Again, just a small anecdote from another country.

[Crashley Banjo]

2 hours ago, 17 Year Veteran said:

Well, here's my anecdote: judging by the air of shonkiness given off by the dozen or so blokes in the queue (!) to buy bullion today, and noting that all the transactions I saw were cash based transactions, I can (almost) understand their concern. No ID required to buy (if a cash transaction).

Again, just a small anecdote from another country.

Which country ? 
the poster above later confirmed the banks would accept them as they were Britannias / legal currency. I’m 

[17 Year Veteran]

34 minutes ago, Crashley Banjo said:

Which country ? 
the poster above later confirmed the banks would accept them as they were Britannias / legal currency. I’m 

Australia.

[bodgittandscarper]

Gold has fallen over the last day or so right back down to around the £1470s

[Pop321]

On 14/10/2022 at 09:23, bodgittandscarper said:

Gold has fallen over the last day or so right back down to around the £1470s

Gold will continue to flounder and struggle with huge appetite to keep the price suppressed. If gold becomes the way forward many fiat (and that includes the US dollar) become under threat….like every other fiat reserve currency before it. So there are market makers who will work very hard to keep this down for as long as they can. 

My view is gold is not a get rich quick issue but preserve wealth in a static measure….it’s like buying all the food/clothes you need for the rest of your life at todays prices but a more convenient way of storing that money.

Then all around us the liquid fiat values will flow telling us gold is high or low….but really gold isn’t moving it’s the currencies we measure it in.

Obviously fashions and sentiment alter but fundamentally over decades that is the principal. That sovereign still buys what it did 100 years ago but that pound/dollar now buys only a fraction.

So be prepared to look stupid holding gold….watch Bloomberg with people whooping and wailing as they get a prediction right one morning. Then the next day they are wrong and quiet. Just noise in the background.

Its not so much I like gold it’s I like actual commodities and the things we need. But rather than spread myself around aluminium, Iron ore, farmland, copper, orange juice, pork bellies etc etc I happy happy gold and silver can roughly do the job. And when allowing for inflation look relatively good value.

[17 Year Veteran]

Exciting - my silver stash is up 2% since I made the purchase. 
 

I think a kilo of silver could be my go to present for family events - weddings, christenings etc. The bars mark excellent paperweights too. And come in a fancy velvet bag. The 1kg coins from the Perth mint are impressive too. 

[redgenieuk]

Hi All,

anyone know if any gold coin sellers that have low-premium stock in. Normally use HGM but they don’t have anything under 4% really, all the 1.2% etc is OOS.

suggestions appreciated.

[Data Dave]

9 minutes ago, redgenieuk said:

Hi All,

anyone know if any gold coin sellers that have low-premium stock in. Normally use HGM but they don’t have anything under 4% really, all the 1.2% etc is OOS.

suggestions appreciated.

Struggling myself...

[nero120]

https://www.telegraph.co.uk/business/2022/11/07/whoops-central-banks-may-soon-need-gigantic-bail-out/

Quote

DNB is exploring a revaluation of its large gold reserves as a “solvency backstop”. If the Dutch are having to do this, we can be sure that weaker central banks in the ECB network are in worse shape. It is likely that gold reserves will have to be mobilised in several states to boost equity capital. The barbarous relic may get its revenge on fiat paper.  

Coming to a central bank near you. This is how the gold price finally breaks free. I would imagine, like always, this will be a coordinated action by western central banks and will occur on a Sunday night sometime soon.

At that point, no one will be able to buy physical gold anymore, the silver price will likely follow the gold price higher due to resulting market action.

[warpig]

The chatter is the new CBDCs will be backed by commodities in general... they seem to suggest it's more than just gold. Nevertheless... there's nothing as permanent as gold. If you buried a gold coin in the middle of a city and left it for 10,000 years, the only thing that hints there was once a civilisation there, will be the gold coin and it will look exactly the same as the day it was buried.

Edited November 7, 2022 by warpig

[nero120]

On 07/11/2022 at 17:42, warpig said:

The chatter is the new CBDCs will be backed by commodities in general... they seem to suggest it's more than just gold. Nevertheless... there's nothing as permanent as gold. If you buried a gold coin in the middle of a city and left it for 10,000 years, the only thing that hints there was once a civilisation there, will be the gold coin and it will look exactly the same as the day it was buried.

CBDCs will fail even faster than paper currencies IMO. These are all just gold substitutes that eventually find their true value (0), but with CBDCs there is more incentive to debase, even less protection against theft/loss of purchasing power, with all the additional downsides of loss of privacy, political persecution at the press of a button, etc.

You can't legislate people to do something that is against their best interests, they simply won't do it! Like, for example, if governments legislated the price of gold to be 0 to stop people using it as an alternative store of wealth to their CBDC, it would do nothing to affect gold's ability to store wealth. All it would do is create a black market where the price of gold was subject to true price discovery and undermine confidence in their CBDC (what little existed in the first place).

CBDCs are a desperate, last ditch attempt of the current global, technocratic elite to retain their power and privilege.

[markyh]

16 hours ago, nero120 said:

CBDCs will fail even faster than paper currencies IMO. These are all just gold substitutes that eventually find their true value (0), but with CBDCs there is more incentive to debase, even less protection against theft/loss of purchasing power, with all the additional downsides of loss of privacy, political persecution at the press of a button, etc.

You can't legislate people to do something that is against their best interests, they simply won't do it! Like, for example, if governments legislated the price of gold to be 0 to stop people using it as an alternative store of wealth to their CBDC, it would do nothing to affect gold's ability to store wealth. All it would do is create a black market where the price of gold was subject to true price discovery and undermine confidence in their CBDC (what little existed in the first place).

CBDCs are a desperate, last ditch attempt of the current global, technocratic elite to retain their power and privilege.

Gold forced to Zero by government decree, but it isn't, has a black market price set by the people globally. You have just described Bitcoin, lol. 

[warpig]

16 hours ago, nero120 said:

CBDCs will fail even faster than paper currencies IMO. These are all just gold substitutes that eventually find their true value (0), but with CBDCs there is more incentive to debase, even less protection against theft/loss of purchasing power, with all the additional downsides of loss of privacy, political persecution at the press of a button, etc.

You can't legislate people to do something that is against their best interests, they simply won't do it! Like, for example, if governments legislated the price of gold to be 0 to stop people using it as an alternative store of wealth to their CBDC, it would do nothing to affect gold's ability to store wealth. All it would do is create a black market where the price of gold was subject to true price discovery and undermine confidence in their CBDC (what little existed in the first place).

CBDCs are a desperate, last ditch attempt of the current global, technocratic elite to retain their power and privilege.

Yep, I agree. Gold will shine...

[nero120]

17 hours ago, markyh said:

Gold forced to Zero by government decree, but it isn't, has a black market price set by the people globally. You have just described Bitcoin, lol. 

Yeah, words and things, marvellous, well done!