routemaster

ALK send this guy your evidence he reckons all the us export is PRoMISES and PRETTY PAPER!!!

 

CNBC - Dollar Will be Utterly Destroyed, Global Currency, New World Order

 

I like that guy, Damon Vickers.

I think you will enjoy this one, fitkid.

From:

Gold Bars Selling Like Hotcakes At Harrods - http://www.businessinsider.com/henry-blodg...VOqlwYAAAB09X0G

Has anyone from GEI popped into Al Fayed's corner shop basement and seen what business is like?

“The response has been astounding,” said Chris Hall, head of Harrods Gold Bullion. “Bars are definitely more popular than coins. The 100-gram is the most popular.”...

The indians obviously don't think the fundamentals aren't justified and they are not known for being a frivolous nation.

Also it has been reported that Sri Lanka is buying.

Gold price hits record after 'Sri Lanka purchase'

(AFP)

 

LONDON — The price of gold hit a record high above 1,100 dollars an ounce in trading here on Friday following a report that Sri Lanka had joined India in purchasing the precious metal in favour of the US currency.

 

"The Central Bank of Sri Lanka has announced that it is buying gold to diversify its reserves," industry body the World Gold Council (WGC) said in a statement issued before gold struck a record high of 1,101.42 dollars.

http://www.google.com/hostednews/afp/artic...zkKP-6RwQyIHiTg

Speaking of the price of gold, it's still not up to much in GBP. Only around £660, which we saw in February, and again a few weeks back.

A warning shot across the bows, giving pound note hoarders time to finally load up at pre-blast-off prices.

Gold now flirting with the $1100 'barrier'! 1091.2 !

$1,100 also coincides nicely with 7,500 yuan.

Some light relief: I found this very funny

 

 

From:

Thanks, tl8177 for the comedy relief. Much appreciated.

I think that China would be buying on any drop back, they have been saying that they will. Also they have been encouraging their people to save in gold and silver, they would lose face if they allowed the price to drop.

 

RMC made a interesting observation earlier in this thread. That the chinese line in the sand for buying was 7,000 Yuan. Does seem to be a very round number to me. How much longer can the cartel keep providing the chinese with cheap gold?

+1

PS - Thank you for posting the graph in its full glory.

The single biggest factor in why it wont crash imo

 

the Chinese are in this game big time and they are in it to win it

 

As we are always reminded there is only so much available and with over 1 billion

 

now in the queue ............

I agree. Just look how gold has been defended and trended upwards over the last year in the Chinese Yuan.

8,000 yuan gold he we come. In old money that's $1172.

The Chinese have put a floor under the gold price currently, they will not allow the price to go down too far.

The floor is at 7,000 Chinese Yuan, where it bounced off on the 28th. US Dollar and Euro denominated gold are now playing second and third fiddles.

Excellent. This is exactly what I've been waiting for. Will the slide be mirrored in Sterling? A nice drop to low 900s or even 800s would be great.

 

If the fools want to give me bullion for a lower number of fiat units I can only thank them.

Yes, it would be nice to see gold in the five hundred pound range once more and another chance to visit the bargain basement again.

However, gold has been remarkably resilient recently with more buyers than sellers and I do wonder with the might of Chinese now out in the open we might never see three digit dollar gold again.

Im not being big headed about it, as the credit belongs to cgnao, goldfinger, financial planner, and others who I believed were right. Even Im shocked at how it all turned out. The only feature which is yet to happen is the massive inflation, but that is on the cards. http://www.bloomberg.com/apps/news?pid=206...id=aIGhSsRwtkoE

The half-hour Jim Rogers/Kikby Daley interview attached to the Bloomberg article you highlighted is interesting.

http://www.bloomberg.com/apps/news?pid=206...id=aIGhSsRwtkoE

Jim is expecting a pull back in gold and silver, however he is still very bullish on the PMs as we go hyper.

As I keep saying when these companies on TV are trying to sell gold to you thats when we may have entered bubble territory.

I agree.

I have noticed that the Royal Mint has upped its production run for the 2010 sovereign from 75,000 to 250,000.

http://www.royalmint.com/store/BritishGold/UKB10RN.aspx

Is goldline.co.uk reliable? They are offering some good prices on their sovereigns at the moment. Previously were much more expensive than CID.

CID may ba a few quid cheaper, but if you want to buy sovereigns and britannias, for example, goldline has a much better choice. Also you are buying from a long established U.K. dealer, which is the country's biggest refiner of PM's, you can store gold with them, as well as being able buy and sell in person, which you can not do with CID.

IMO the advantages of having an established buying/trading relationship with Baird & Co and supporting a U.K. company outweighs CID's slightly lower prices.

Also I would highly recommended you have a listen to the Commodity Watch Radio podcast, which Tony Baird is interviewed by Dominic Frisby. It will give you an indication of Tony Baird's knowledge of the gold and silver market and his high standards of integrity.

http://www.minesite.com/webcasts/commodity_watch_radio.html

The podcast is entitled - A Healthy Dose Of Reality? Tony Baird Of Baird And Co - 19th November 2008

Which is also currently number 24 on the list in pod bean window on the above web page.

You should take your disagreement up with the ISO. I will agree with you when I see silver removed from the list of currencies.

 

Until then – Silver IS currency

http://www.iso.org/iso/currency_codes_list-1

 

 

 

I have nothing to hand that I can provide as evidence to prove you wrong on this point expect to say – "I don’t believe HMRC would be stupid enough to leave such a big loophole".

 

 

If I ever leave or enter any country with silver (or gold), I will ensure that I am below the £/€/$ threshold for taking cash abroad.

 

Did you hear about the two Japanese men who were traveling with US Bonds? They faced seizure of over $40bn of bonds for failing to declare. Bonds don’t exactly fit the definition of ‘cash’ you provided earlier. If a US Bond can be deemed to be a ‘note’ – a silver bar (or lump) can be deemed to be a ‘coin’.

The ISO are not policing the boarders, what counts is the HMRC's edict, as I have provided.

As regards to the Japs and their US bonds, a US bond is a dollar dominated IOU note with a face value that is honourable by the US government. An unminted, faceless piece of gold or silver is a commodity and no one has to honour it as payment.

So if you take your gold out of the EU and lets say it's a 1kg bar of gold, with no face value, so would the customs chose to value it at spot price or buy price, sell price for an ingot?

Now, he comes an interesting scenario you have to declare and/or get stopped and questioned about your 1kg bar of gold, and for argument's sake let's say they value it at spot price, so this would mean you would be above the 10,000 euro threshold. However, I am traveling through at the same time with 80 X one troy ounce gold britannias, which would be approximately 2.5kg of gold, however brittanias are legal tender, honourable to the value of £100 each, so my 80 brits come under the limit at £8,000. I could do even better with sovereigns as I could travel with 8000 X £1 sovereigns having a net weight of 58kgs in gold!

It is only a gift if the buyer is not yourself, sending someone money to buy something for you is not a gift.

I am looking into this a bit further.

The scenario is that a buyer purchases from an online coin dealer and has it is sent to an EU address to which it can be received. Now, the buyer could already be there or travels to collect it and brings it back to the UK themselves.

However, if someone else (ie. a friend) brings it to the UK for you and that person receives no financial benefit (profit or costs of travel etc.) and did not purchase the product then is that not O.K.??? I used the procedure relating to gifts as no cash changes hands, between the buyer and friend.

From the link that you provided 'You are in business when, for example: you earn an income by carrying on a trade, vocation or profession'

 

When you come to sell the PM's you need to apply some thought, this is why I keep on saying in many other threads 'Work out how you are going to sell you PM's before you buy them'. If you sell your PM's (especially silver as it is classed as a commodity and in certain forms cash) with a value is greater than £68K and you are advertising it for sale on eBay or at an auction to gain the best result, then HMRC can take the view that you are 'in the investment business and acting as a sole trader'. At that point you will become subject to VAT law as well.

 

More often than not as an individual trying something like this once will be fine and you will not be caught but many try it more than once and do get caught.

I must say, id5 you make a very valid point about an exit strategy from silver, which does require consideration.

Silver has a number of down sides and as such I prefer to have a "Gold Cash ISA" of sovereigns and britannias which completely avoids any worry about VAT and CGT*.

*The current Capital Gains Tax allowance for 2009-10 is £10,100, above that one incurs a flat rate of 18% taxation.

Even if your activities have some or all the characteristics of a business, they may not be considered a business for VAT purposes if they are essentially a recreation or hobby, or an isolated transaction. So if you only make occasional VAT taxable supplies, or your supplies are minimal, it may be that you don't need to register for VAT. The one-off or infrequent sale of your personal belongings at a car boot sale or auction, for example, would fall into this category - but buying goods for resale on a regular basis is definitely a business activity.

I would personally not be comfortable about selling silver in multiple sales, over a period of time on ebay and would prefer to sell it back to the dealers which I had bought from, to avoid as much as possible any incursion into the realms of business activity.

Silver IS currency

Silver coins with a face value is cash, but a lump of silver is as much as a currency as a Mercedes Benz car.

I agree silver and gold are the monetary metals and are the superior grandfather currencys, however no matter how much you try and wish it, the HMRC do not class it as such. Silver is not cash if its not a bank note or coin.

Silver IS currency.

http://www.iso.org/iso/currency_codes_list-1

As far as the HMRC are concerned as cash, silver as an entity is not cash ie. a 1kg ingot.

Both ziknik and RMC are right where an individual is concerned in the EU but if you move more than €15K in a calendar year you become subject to Money Laundering laws, more than £67K in total value and you become subject to VAT law. If you pay for the goods in the UK by using a UK bank account or from the foreign account of a UK resident and have the goods couriered to you by anyone then you are subject to Distance Selling laws. Trip over any of these and the individual can suddenly become a sole trader and you end up under a whole bunch of other laws.

 

Just keep below the personal transaction €15K limit in the EU or just tell them before hand what you are going to do and go through Customs armed with the declaration, exemption, etc.

The money laundering regulations come into action at point of transaction ie. at a bank or in this case with Coin Invest Direct. Once you go over the year's limit CID suspended your account until you provide them with extra ID. There is no requirement to repeat this again at the UK/EU boarder.

As for someone bringing something from the EU for you, that is just fine as long a you are not paying them or their "out of pocket" expensenes, then it remains as a gift.

The VAT limit of £68,000, as of 1st May, 2009, is applicable to businesses and not private individual's personal transaction(s).

Who can register for VAT

You can register for VAT if you're in business and you are one of these:

 

an individual

a partnership

a company

a club

an association

a charity

any other organisation or group of people acting together under a particular name, such as an educational or health institution, exhibition, conference, etc

For VAT purposes, the individual or organisation that is in business is known as a 'taxable person'.

http://www.hmrc.gov.uk/vat/start/register/...to-register.htm

What is business for VAT purposes?

You can only register for VAT if you're in business. HM Revenue & Customs (HMRC) defines a business as a continuing activity involving getting paid for providing goods or services - in money or another form of payment such as in-kind or barter.

 

You are in business when, for example:

 

you earn an income by carrying on a trade, vocation or profession - by being self-employed or through another entity such as a limited company

you provide membership benefits as a club, association or similar body in return for a subscription or other form of payment

you provide certain other activities as a club or other recreational body, charity or other non-profit making body

you charge admission to a premises

To be in business, these activities must have a degree of frequency and scale and be continued over a period of time.

 

Even if your activities have some or all the characteristics of a business, they may not be considered a business for VAT purposes if they are essentially a recreation or hobby, or an isolated transaction. So if you only make occasional VAT taxable supplies, or your supplies are minimal, it may be that you don't need to register for VAT. The one-off or infrequent sale of your personal belongings at a car boot sale or auction, for example, would fall into this category - but buying goods for resale on a regular basis is definitely a business activity.

Silver is treated as cash. There is a limit to how much you can import/export. I think (check for yourself) France will allow €15k to leave the country and the UK will allow £10k in to the country. So make sure you are under the lower of the two.

If you are entering or leaving the UK to and from the EU there is no restriction on cash or a requirement for decleration.

When you need to declare cash

You only need to declare cash if you are carrying 10,000 euros or more (or the equivalent value in other currencies) and you are:

 

entering the UK from a country outside the EU

leaving the UK to travel directly to a country outside the EU

If you are entering or leaving the EU through an EU country other than the UK, the declaration is made in that country.

Also regarding cash the Custom info is-

Definition of cash

 

The term 'cash' covers:

 

notes and coins in any currency

bankers' drafts

cheques of any kind, including travellers' cheques

There is nothing specific to silver, however silver coinage would come under cash, but it would face value not metal value. ie. a £2 Britannia, 1.50 Euro Philharmonica.

http://www.hmrc.gov.uk/customs/arriving/declaring-cash.htm

Well in my prediction of a drop below GBP 500, I'm in good company... Frizzers also sees a possible/probably drop of USD 100

 

http://www.moneyweek.com/investments/preci...gold-93306.aspx

 

"The dollar gold price could easily be taken down $100 from here, so be careful."

Fizzers did predict very well in early June that gold would drop from $1000 and hold above $900. Dr Bubb mentioned gold could drop to $860-850 and maybe to $800.

As you qouted above, Fizzers is saying it could drop $100, however he does warn:

"If this pattern continues it means a major, multi-month move - which will propel the price beyond $1,000 - is coming. You want to make sure you've booked your seat on the rocket, either though gold or an associated share. Yes, somebody might get a seat a little bit cheaper, but better this than not having a seat at all."

You just don't want to leave that on the 7:45 to Paddington

The picture illustrates the tear gas feature if an "unautherised" person opened it.

Taking the next Heathrow Airport Express train from Paddington would be highly recommended.

Rather than buying a presentation box I would be more interested in a leather belt for secreting sovs or half sovs or other ways of hiding coins either on one's person or at home.

This might fit the bill.

The James Bond attaché case, with 50 sovereigns tucked away in the base, as above. Plus the usual handy special extras of a concealed throwing knife, folding snipers rifle and silencer, ammo and tear gas canister.

I think gold will go down (450) in 12 months, and then double from there (900) over the subsequent 1-3 years. So if I'm right with that prediction, I'd ike to buy near the bottom, and double my money.

But buying and holding from here would only bring a 50% benefit.

 

Of course, we could all be wrong, and gold might only go down from here, and never get above 600 again for many, many years.

 

So I'm taking a calculated gamble... If I get it wrong I don't loose any money, but if I get it right I double my money.

If you get it wrong with your calculated gamble you will not lose any money, barring banking default, but your money will be worth less.

The silver phillies offer ended in the last few days. They price wasn’t fixed. They were around £11.50.

You can still get them at that sort of price if you have them shipped to a European mainland address (not the U.K.) due to the lower rate of value added tax at 7%.