ziknik

In India, you buy jewelry for spot + workmanship. The workmanship is negotiable, and will obviously depend on how ornate the design.

So you are saying that blobs of gold can be bought at close to spot in India. Whereas Jewellery costs more than spot because of workmanship.

If so, I’d agree with you.

...

edit: GoM - the jewelry I am referring to is Eastern 22+ carat stuff, sold at close to spot. The Western, highly worked, low carat stuff is not significant in the overall physical market.

What makes you think eastern jewellery is sold close to spot?

EDIT: From you above link, Gold cost 12,000 Rupees per gram = £24.365 per gram. That’s about 70% more than BV

Edit again. ****** the numbers up. But the question still stands

no I don't think so, she asked me where I got the recommend from earlier. She didn't seem to recognise the name, could have been my dodgy north east accent though.

I have emailed her the link to this thread where we were discussing her earlier.

In that case, let me add;

Hi Sara!!!

No Sara is a real person! Hi Sara!!!

...

Does Sara read this forum? (Genuine question)

silver has gone into backwardation today.

 

Dec Comex silver is trading 5 cents UNDER spot physical London delivery.

Does that suggest the price will explode upwards?

...

also, have you ever tried typing in your BV account name into google, it tells you how much your holding!

You can change your nickname at any time in the BV settings.

...

Anyways, will keep going at this to see if it is useful or not. Let me know if you want me to continue sharing my info.

Yes, please keep posting you PnF chart stuff.

You could buy a house with 3x silver coins :blink: :blink:

 

And :blink:

 

Wow !

It's 3,000 ounces.

Ker,

I’m really enjoying your charts (even though I don’t like what’s being shown at the moment ).

Keep up the good work, it’s very much appreciated

EDIT: I’ve changed my mind. I like what I am seeing. I have some dry powder in BV and a fall like the one on your chart will do me nicley

If lots of people are thinking like this - could this be a partial reason for the disconnect between paper and physical - especially in the smaller coinage type stuff which is partly collectable and partly of use in the end of the world ecenario ?

Yes, that’s what I think.

Incidentally, has anyone noticed that the fee for buying silver in Zurich via GoldMoney has increased?

I remember the London fee’s increased a few weeks ago and now Zurich seems to have increased to match the London price.

 

Gordon has no more gold reserves to sell ... sold em at just about the all time low price several years ago.

Only half the reserves were sold. The Treasury holds nearly 10 million Oz according to the official data

I believe the ounce price for both coins and 1 K bars are the same at NZ mint. And 18% premium on both. Should I just be buying coins?

Most of my silver is in GM.

For my in-hand, I’m buying coins because I think they will be easier to offload on ebay at £250 each.

Also, if TSHTF, small coins will be easier to trade with.

and yet the cheapest i can get it is £10 /oz !!

Is it a coin? £10/oz is very good for a coin.

You can buy at under £6.00/oz using GoldMoney (including the fees)

EDIT: I’m very interested in picking up some more silver coins if you know where I can get them at £10/oz. Do you mind adding a link?

£5.74/oz ($9.71/oz)

I’m going to use my last dregs of dry powder in GM

I wasn't clear, I am 102% in to PM's with a weight ratio of about 10:1 silver to:gold.

Forgive my dumbness, but how can you be more than 100% in PMs? Have you borrowed money to buy PMs?

$840 is not holding. Looks like another good buying opportunity.

Listening to some podcasts this weekend, you're not the only one who thinks the last bit of the weeks trading was 'typical'

I think it was James Turk who said "the drop occurred after the physical exchange closed"

...

Steve,

I don’t understand the significance of the price dropping after the physical exchange closed.

I took the opportunity to buy some silver from GM on Friday evening. Is James Turk suggesting that my order will not be honoured because the market was closed?

My GM account says the silver is ordered, the rate is locked and the order will be completed tomorrow.

Oddly, I bought at less than spot paper price.

£5.94/oz (including the GM fees). Lowest spot was £5.96 on Friday according to http://goldprice.org/live-gold-price.html

GoldMoney is based on the Channel Islands, PMs held with them can be stored in insured VIA MAT vaults in London or Zurich.

 

The confiscation I think was compulsory purchase in the US, I don't think there has ever been confiscation in the UK and definitely not on the Channel Islands.

 

Here's a email response I had from James Turk on the subject;

Labour have form when it comes to banning gold.

http://24carat.co.uk/collectingcoinsframe.html

Restrictions for UK Residents

Between April 27th 1966 and March 31st 1971, it was illegal for any UK resident to buy gold coins, or to continue to hold more than four gold coins previously owned, with the exception of antique gold coins dated before 1838. This was introduced without warning under a provision of the Exchange Control Act of 1947 (Statutory Instrument No. 438 of 1966). We believe it was a rather pathetic and futile attempt by the then Labour government to shore up a creaking sterling exchange rate. Similar restrictions are still enforced by a few third world or third rate nations nowadays.

There are now no restrictions on UK residents owning or acquiring gold coins.

He means that the chances of taking delivery from BV are actually quite slim. Which is the whole point of holding physical rather than paper gold?

 

- BV only seem to have 12kg bars. So if you hold less than 12kg then you hold a fraction of a single bar. Difficult to take delivery.

- If the UK government ban gold trading then BV are in trouble. Whatever the assurances to the customer, if the directors face the prospect of jail time then I think I can guess which party they will support.

 

Take physical ownership. Have your gold in your hands. If you are unsure, then I would suggest that you contact BV and ask what the procedure is for taking delivery of your gold.

 

Good Luck!

Thanks. I hold my SHTF gold in my hands.

I think you are right about BV. I am speculating with my account. I don’t expect to ever see the gold. I expect to swap it for some electronic digits in my bank account (possibly when forced by the Government)

The spreads on BV have been all over the place today in the pound and dollar, euro a little more stable although didn't keep such a close eye on that. Not sure why that's happening, but my (novice) impression was that the volume of trades was quite low - I'm not aware of a tool on BV to show volume though, was purely by eye looking at the changes in bids/offers and the quantities involved, so not very scientific!

Ta, The EUR price is a lot better around €20 spread from Spot.

USD price is nearly $70 above spot.

There's a message on the BV ticker

Limited stocks & US holiday Monday. Lots more stock arrives Tuesday. Have a good weekend!

You can buy cheap paper gold for much less.

 

I promise you won't notice the difference.

I'm not sure what you mean.

Why isn’t the price falling on BV? I have been waiting to pick up a some cheap gold for over an hour.

Current Spot: £496.09

BV Price: £528.60 + BVs fees (Zurich)

Is this a normal spread?

Callmejoe – Chards are a very well respected and reputable dealer. You can buy with confidence.

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****. My Panda is 1mm too big (in diameter). It sounds like **** when I tap it. The weight is spot on. I’m really surprised I got ripped off. I got it at a coin market, there were loads of dealers there. I can’t believe the dealers sit back and let other dealers sell fake ****.

At least I know what a fake coin sounds like now.

On a slightly more positive note, I also got an Eagle from ebay. It sings like a musical instrument when I tap it. The weight and diameter are within fractions of a percent of the specification. (I got a jewellery scale and a digital calliper from ebay too).

Thanks for your help id5.