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pmaupoil

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Posts posted by pmaupoil

  2. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    Where is the August correction this year? I cannot recognise any pattern, is 2011 the beginning of a new phase?

    I was planning to load my truck this month... :-(

    I am less and less optimistic for a major correction, a nice 10/15% would give it a good kick for the autumn.

  3. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    5 investing bubbles

    http://money.cnn.com/galleries/2010/fortun....fortune/6.html

     

    Why it's hot

    Gold was rising even before the recession. But panic over world markets and the health of European and U.S. economies propelled it into the stratosphere. Prices have risen 150% in the past five years, repeatedly setting new records. Meanwhile, small investors have stormed in. Some fear that stimulus spending could lead to massive inflation; they believe a tangible material like gold will hold its value better than other assets.

     

    Why it's worrisome

    Inflation isn't rising. It's falling and likely to be restrained for some time by a tepid economy.

     

    Verdict: a major bubble

    Gold has already started slipping. It declined 6% in July to a recent $1,160 an ounce. Some economists are warning that continued weakness could lead to deflation. If that happens, expect gold to crater.

     

    :lol::lol::lol:

  12. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    Eerie quiet, considering all time records breaking. Not only no rockets, but hardly anyone even posting. Maybe too many people hoping for "the pullback"?

     

    TBH we haven't seen massive fluctuations, we have had steady and small rises in the past few weeks. I remember last year we had days where gold could go up or down by +/-100$!

  14. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    I am looking for some better coin boxes to protect my gold coins. I currently have these plastic tubes that can hold 10 coins but I have lots of naps folded in paper. What do you use guys use and where can I purchase them?

    thanks.

     

    Thanks for your input.

     

  20. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    Does anyone know the legislation of the GM currency accounts? I have read that they are working with Barclays and RBS in Jersey but under which scheme is the money insured if they go bust!?

     

    For those who are interested here is what GM had to say about it:

    ###########

    GoldMoney's accounts are all based in Jersey, ChannelIslands. As such, they are not subject to any guarantees that the government of Britain offers banks and individual account holders in the U.K. GoldMoney has opened a bank account at several different banks and we will move funds in between the banks if we are concerned about the solvency of a single bank. We hold abank account at RBS, Barclays bank and Lloyds TSB Bank. Also, our segregated funds feature is not intended to be used as a long-term savings alternative. Rather, it is designed to allow customers to more easily control the timing of their purchases, to hold the proceeds of a sell order on account if they plan on using those funds towards a purchase in the future, rather than wiring those funds back to their bank account immediately. The customer may also convert their currency balances into gold or silver immediately by making a purchase if they are duly concerned about the long-term viability of any of the banks where we hold our funds. Therefore, we recommend that you do not hold liquid cash in your Holding for any length of time and keep your savings in a precious metal which will alleviate any risk in regard to bank insolvencies.

    ###########

  23. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    I have a significant amount of my gold with BV and I start being worried about the difference with the coins price. I had a conversation with them today and they appear not to be aware of the higher prices in coins... :huh:

    This is the chat:

     

    ###############

    Myself:

    Hi, there seems to be a bigger and bigger distorsion between physical gold and the Comex spot price?

    Have you got any plans to align your prices according to physical instead of this irrelevant paper gold in a near future? Kind regards

    BV customer support:

    Can you give me an idea of what kind of differences you're seeing, and which price you consider the 'reference' price?

    Myself:

    ok give me a sec to get an example

    Myself:

    If I go to a bullion dealer to sell some 1ounce coins, I am currently selling them at over £490. At bullion, it is just over £460.

    Myself:

    edit: I meant at BullionVault.

    BV customer support:

    Really? You've actually sold coins at £490?

    Myself:

    I did not but that's how it is at the moment.

    BV customer support:

    This week?

    Myself:

    right now.

    Myself:

    gold went up a bit this am.

    BV customer support:

    Are you sure that's not just the price to buy? Normally the spreads on coins can easily be over 10%.

    Myself:

    not buy price is > 560

    Myself:

    and it is like that for every dealers at the moment. The difference is that much.

    Myself:

    I would have thought you were aware of that.

    BV customer support:

    This is news to me. I must admit, I'm a little skeptical - can you point me to your source?

    Myself:

    coininvestdirect or phone atsbullion. There have great reputation in London.

    BV customer support:

    Just taking a look at coininvestdirect now...

    Myself:

    The demand in physical gold is very high in the past month and very little stocks so premiums are higher. Very few people sell so the sell price is higher than spot price.

    BV customer support:

    Hmm...I can see their buy price is at £490 - I can't (so far) see a price to sell to them at...

    Myself:

    it is the next column... brutto price.

    Myself:

    buy price means they buy it at that price.

    BV customer support:

    That's very, very strange.

    Myself:

    Ok. Does anyone could know about this because I am worried you don't know about that. This is nearly in the main news.

    BV customer support:

    I'm asking 'round the office - it's a suprise to us all frankly. Are they desperate for stock? Is their website out of date? Has anyone actually phoned them and 'fixed' a price?

    Myself:

    Do you then have an example to prove the contrary?

    BV customer support:

    Just that it doesn't make any sense. I know for a fact that they have access to the same physical gold markets we do, and we are just paying the spot rate. Why would they be buying at 7% over the odds? It's very, very odd.

    Myself:

    because people would not sell otherwise but it is reflected in their premium when they sell. There is a shortage of coins and people would not sell at spot price. The coins market would be in standstill otherwise.

    BV customer support:

    Could be, could be. But the normal move for most traders would be to just widen their prices. Bring their bid up to a fraction below spot, and push their offer high.

    BV customer support:

    It's not impossible, but I'd be amazed if they're seriously so short of stock that they're bidding way over spot.

    Myself:

    ok anyway this is happening for the last month or so and I think it is a concern for your business as your customers would see the price difference and start going into coins, I have already done so for a small part. Could you escalate that issue.

    BV customer support:

    Absolutely. We'll look into this more deeply and see what we can figure out. It's a real mystery at the moment...

    BV customer support:

    In the meantime, if those prices are real, I'd probably sell. If it's genuine and it's just to do with fabrication delays, then it won't last.

    ########################

  24. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    What buying opportunity?

     

    On BV in Euros it's just sitting there with a wide spread 629 & 607

     

    Yeah, pretty annoying. I have been waiting for a couple of hours now trying to buy a big chunk. BV starts being a bit silly. I may move some gold to GM.

     

    EDIT: just asked them and they nearly sold all their gold in that vault

  25. GOLD

    in Gold, FX, Stocks / Diaries & Blogs

    Posted

    I wish I had more money to buy gld with, but I am now 102% in. Each month I am financially crippling myself to buy as much as possible. Is everyone else 100% in?

     

    I am 100% im PM: 80%gold and 20%silver but from now on I will only add my monthly savings in silver.

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