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Two Golden Ironies

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Gold Irony No 1:

Western governments seem to think that (price) inflation

of 2% per year is a good thing, hence the 2% inflation target of

e.g. the BoE.

Gold (supply) inflation is around 2% per year (though it varies of course).

Gold Irony No 2:

If we switch back to a gold standard, private gold possession will

likely be outlawed (again).

People hoping to get rich holding gold in times of trouble will probably face compulsory purchase by the authorities, at way below the market price that will pertain at that time.

Pent

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Buying gold isn't necessarily about getting rich.

It's about holding onto whatever stored value that you have in uncertain monetary times.

The government could become totalitarian and evil in an economic crisis.

And confiscate gold as you say; like america during the great depression.

Look at it this way; *if* the government were to decide that they wanted to confiscate

peoples' gold there is a possibility you could lose everything.

But then if you had your wealth tied up in a savings account denominated in

fiat currency, and quite probably shares or a property you would probably

have already lost it all anyway. That's my view.

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Guest Bart of Darkness
People hoping to get rich holding gold in times of trouble will probably face compulsory purchase by the authorities, at way below the market price that will pertain at that time.

This is why some peole on here buy in person, with cash. No paper trail and no one knows you have the gold.

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This is why some peole on here buy in person, with cash. No paper trail and no one knows you have the gold.

What is the best way to do this?

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This is why some peole on here buy in person, with cash. No paper trail and no one knows you have the gold.

Since gold would be illegal for individuals to hold, having a stack of gold coins in the attic will be useless. Who will buy them ? What will they be useful for ?

Pent

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Guest Bart of Darkness

Since gold would be illegal for individuals to hold, having a stack of gold coins in the attic will be useless. Who will buy them ? What will they be useful for ?

Pent

Good point. At some point though gold would cease to be illegal, although I think in the USA, that didn't occur until the 1970s. Quite a while to wait.

Since you would already be criminalised by holding gold, maybe it wouldn't be too much of a stretch to deal gold on some sort of black market. Or maybe leave the country if things were really that bad.

I think I need to watch a cheery DVD, I've gone too far into "doom monger" mode. :)

algor, apparently Goldline and ATS will sell gold coins (and bars presumably) over the counter. If you pay in person, with cash and buy less than £5000 worth, you will not be asked for identification (you might be asked for a name/address but you could fib). This info is based on my recollection of other posts here and if anyone can correct any errors I've made, feel free.

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Good point. At some point though gold would cease to be illegal, although I think in the USA, that didn't occur until the 1970s. Quite a while to wait.

Since you would already be criminalised by holding gold, maybe it wouldn't be too much of a stretch to deal gold on some sort of black market. Or maybe leave the country if things were really that bad.

I think I need to watch a cheery DVD, I've gone too far into "doom monger" mode. :)

algor, apparently Goldline and ATS will sell gold coins (and bars presumably) over the counter. If you pay in person, with cash and buy less than £5000 worth, you will not be asked for identification (you might be asked for a name/address but you could fib). This info is based on my recollection of other posts here and if anyone can correct any errors I've made, feel free.

Cheers

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Good point. At some point though gold would cease to be illegal, although I think in the USA, that didn't occur until the 1970s. Quite a while to wait.

Since you would already be criminalised by holding gold, maybe it wouldn't be too much of a stretch to deal gold on some sort of black market. Or maybe leave the country if things were really that bad.

I think I need to watch a cheery DVD, I've gone too far into "doom monger" mode. :)

algor, apparently Goldline and ATS will sell gold coins (and bars presumably) over the counter. If you pay in person, with cash and buy less than £5000 worth, you will not be asked for identification (you might be asked for a name/address but you could fib). This info is based on my recollection of other posts here and if anyone can correct any errors I've made, feel free.

I've bought gold over the counter at goldline and the bloke was just so rude, unhelpful and uninterested that he pissed me off. I was there on a 'reckie' - I intend to buy a lot of physical fairly soon - but he couldn't have cared less.

So to wind him up I gave him a false name and address hoping he'd be pissed off when he came to check it against my ID and he never bothered!

You can buy up to 9k in cash per day. You can pay cash several days in a row and take delivery of or collect all the physical in one go. They report all transactions to C&E. But if you get my bloke, you will not exactly be facing vigilance.

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Good point. At some point though gold would cease to be illegal, although I think in the USA, that didn't occur until the 1970s. Quite a while to wait.

Since you would already be criminalised by holding gold, maybe it wouldn't be too much of a stretch to deal gold on some sort of black market. Or maybe leave the country if things were really that bad.

I think I need to watch a cheery DVD, I've gone too far into "doom monger" mode. :)

algor, apparently Goldline and ATS will sell gold coins (and bars presumably) over the counter. If you pay in person, with cash and buy less than £5000 worth, you will not be asked for identification (you might be asked for a name/address but you could fib). This info is based on my recollection of other posts here and if anyone can correct any errors I've made, feel free.

I checked this out extensively. Best spreads for sovereigns from Baird +44 208 555 5217. They are in Stratford, London. They are a real wholesale outfit and actually have a workshop for gold (I've seen it). Looks like any machine shop from the west midlands (really!!!), except there are large matchbox-sized bars of gold lying around on the benches instead of brake calipers.

Dont be fooled by the shitty location (Stratford is an incredible dump). They have great security and are great for you to buy from. Depending on quantiity you buy, you can get sovs for as low as 3.3% over gold spot price.

They will also store your physical for you for as little as £250 a year....not too bad.

J.

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Do Bairds report their sales ??

Also, why wouldn't they move out to new premises somewhere more fitting for a Gold dealer ...... the shit-hole that Stratford is, can't be giving them much business and would probably be hurting their trade ???

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Since gold would be illegal for individuals to hold, having a stack of gold coins in the attic will be useless. Who will buy them ? What will they be useful for ?

Pent

so are class a drugs!!!!....and the mark up on them is enormous....I don't know how much opium poppies fetch on the market in afghanistan but I very much doubt it's at fair-trade prices.....and the end product is highly sought after by a plethora of hopeless junkies who will happily beg/steal/borrow to get their fix.

it's merely a case of knowing your market,and having a few well placed contacts to relieve you of your gold you don't officially have at a reasonable price.

shonky art dealers and such have been at it for years.

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so are class a drugs!!!!....and the mark up on them is enormous....I don't know how much opium poppies fetch on the market in afghanistan but I very much doubt it's at fair-trade prices.....and the end product is highly sought after by a plethora of hopeless junkies who will happily beg/steal/borrow to get their fix.

How about investing in a portfolio of Illegal Drugs what with some people calling this the commodities superbull. we should be seeing some heafty appreciation. ;)

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Guest Bart of Darkness

How about investing in a portfolio of Illegal Drugs what with some people calling this the commodities superbull. we should be seeing some heafty appreciation. ;)

This would probably be the safest investement you could make. :)

Do Bairds report their sales ??

If you buy buy cheque or CC they must surely keep records, I believe that they are only legally reqired to report sales to the government if a customer buys over £5000 worth in a single year (can anyone confirm this?).

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How about investing in a portfolio of Illegal Drugs what with some people calling this the commodities superbull. we should be seeing some heafty appreciation. ;)

Gram of gold £10.

Gram of marijuana £5

Gram of cocaine £50-60.

Gram of heroine £50-60.

Illegal drugs all tax free.

You see how much these guys have been earning.

Ironically, the only thing that will stop criminals from making so much from drugs is to legalize them. But that's a discussion for another site.

Interestingly, prices on the street in the UK haven't really changed in 20 years. So, adjusted for inflation, they are down. Consumption (and therefore profits) are UP. Ironically, the only thing that will get consumption down and under any sort of control is to legalize them. But that's a discussion for another site...

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algor, apparently Goldline and ATS will sell gold coins (and bars presumably) over the counter. If you pay in person, with cash and buy less than £5000 worth, you will not be asked for identification (you might be asked for a name/address but you could fib). This info is based on my recollection of other posts here and if anyone can correct any errors I've made, feel free.

I dropped into one of these places a few days ago to pick up a couple of 24 karat coins (I prefer them to 22 karat Sovereigns and Krugerrands).

None.

They said they were having real trouble getting them. In my opinion there is a disconnect between the paper price and real supply. Building on this opinion, I would not characterise this phenomenon as "distribution".

I will be trying the other place in a couple of weeks.

Edited by longjohn

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Interesting post longjohn, let us know how you get on.

I was able to buy the six 1oz Maple Leafs that I went in for. They were a wholesaler though, so I suspect their business model requires them to maintain a wider choice. Wider choice, that is, than, say, a retail coin dealer - who might profess a shortage of 24 karat coins in order to encourage a customer to instead choose items from slower-moving 22 karat or non-bullion coin stock. This really is pure speculation though.

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This would probably be the safest investement you could make. :)

If you buy buy cheque or CC they must surely keep records, I believe that they are only legally reqired to report sales to the government if a customer buys over £5000 worth in a single year (can anyone confirm this?).

ATS don't take credit cards, not sure about Baird.

Here's the legal bit from ATS:

http://www.atsbullion.com/pages.php?pageid=2

If you are purchasing over £5000 worth of gold in one transaction, or your purchases exceed £10000 in the course of a year, then you have to supply us with proof of ID to comply with HM Customs and Excise legislation. We must retain on file a copy of your passport and a copy of a utilities bill showing your home address. We do not pass on any of this information, but it can be inspected by Customs should they wish to do so.

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  • 302 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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