G0ldfinger Posted May 19, 2010 Author Report Share Posted May 19, 2010 This is the biggest financial crisis ever. You don't want to sell your physical gold only because the price fluctuates a little every now and then. Link to comment Share on other sites More sharing options...
signofthetimes Posted May 19, 2010 Report Share Posted May 19, 2010 This is the biggest financial crisis ever. You don't want to sell your physical gold only because the price fluctuates a little every now and then. Very true GF, although some of us are restructuring our 'portfolios' in anticipation of the CGT increases to come Link to comment Share on other sites More sharing options...
signofthetimes Posted May 19, 2010 Report Share Posted May 19, 2010 Did buy some more physical last night and it hurts to have to make good on my CiD order. Mustn't shirk it though. leave me some sovs please Wanderer, I'll get mine after the usual friday 3pm smackdown Link to comment Share on other sites More sharing options...
TrueNorth Posted May 19, 2010 Report Share Posted May 19, 2010 1197 down 30. Now that's a fairly good smackdown if ever I saw one. Smackdown or just general de-leveraging? Fortunately sold nearly half my e-gold this a.m. before the smack. Did buy some more physical last night and it hurts to have to make good on my CiD order. Mustn't shirk it though. So, are you swapping e-gold for physical? I haven't done this in a while, but I think it is prudent now. Link to comment Share on other sites More sharing options...
Wanderer Posted May 19, 2010 Report Share Posted May 19, 2010 Yes, sort of TrueNorth. I'm very fortunate to be in a great financial position. I STR'd in 2002 - way too early - but have put the cash to good effect and am better off than if I'd been a mortgage slave the last 8 years. I'm now keen to 'crystallise' my paper positions ahead of a return to the UK and the dreaded Capital Gains Tax. Sovereigns and Britannias are a way of doing this (perfectly legally) in the UK. I've therefore been keen to sell paper gold when it is showing a profit and 'reset' my Capital Gains to zero ahead of my return to the UK. Also, I can clearly envisage circumstances where 'paper gold' is doubted and physical will be in demand - with the paper price collapsing but the price of the hard-stuff increasing. This again pushes me to Sovs/Britannias. If it doesn't sound contradictory, I think the current period of volatility means that the risks of a major sell-off in gold (due to deleveraging) and the risks of a moonshot in gold (due to a crisis in confidence and flight to safety) are increasing in tandem. (volatility is one reason I'm now out of CFDs for the time being - kept getting margined out). Thus I've been selling paper gold on 'peaks' in case the gold price dips sharply, but investing some of the profits in physical gold as a hedge against the moonshot taking place. Interestingly, the physical market seems to be holding up OK. The Sovs I bought yesterday are already much cheaper today (bother, though I should pay for them at y'day's price as I don't want to be known as a 'bad customer'. When coins are in short supply (there weren't many oz coins the other day on CID), the price goes up and dealers seem to be able to buy new supplies from people cashing in. The divergence between physical and paper gold prices seems to be remaining constant (as it should be when there is no crisis). So I don't think we are near moonshot yet and could still see a (further) pullback to near 1,100. Link to comment Share on other sites More sharing options...
TrueNorth Posted May 19, 2010 Report Share Posted May 19, 2010 Thank you. I appreciate you setting out your position. When you refer to divesting "e-gold", are you talking about shares, or gold savings a la GoldMoney or Bullion Vault? Link to comment Share on other sites More sharing options...
Wanderer Posted May 19, 2010 Report Share Posted May 19, 2010 Thank you. I appreciate you setting out your position. When you refer to divesting "e-gold", are you talking about shares, or gold savings a la GoldMoney or Bullion Vault? Hi, I divested my remaining BV gold into Dollars last week and am now looking $1000 oz up on that. (I wanted more dollar exposure). I've been trading GBS (Gold Bullion Securities) in my Selftrade account. I've got SLW and RGLD (silver and gold mining company shares) in my Selftrade too - but I'm holding onto these as margins are greater and so more difficult to trade. More details in my trading diary in the investment section. Wanderer Link to comment Share on other sites More sharing options...
sideshow Posted May 19, 2010 Report Share Posted May 19, 2010 I'm also thinking of swapping out e-gold for UK coins. Do people prefer Sovereigns over Britannias due to the lower commissions? I'd prefer to buy 1oz coins all else being equal. Link to comment Share on other sites More sharing options...
creditcrunch Posted May 19, 2010 Report Share Posted May 19, 2010 Hello. I've been working on a national debt clock for my website... and decided to also count the national debt in gold. Ounces were counting up to fast, so here it is in Kg. http://www.creditcrunch.co.uk/ We are still under the weight of all the gold ever dug up, so... we should be fine eh? Or does the clock confirm gold is going to rocket. Link to comment Share on other sites More sharing options...
G0ldfinger Posted May 19, 2010 Author Report Share Posted May 19, 2010 Hello. I've been working on a national debt clock for my website... and decided to also count the national debt in gold. Ounces were counting up to fast, so here it is in Kg. http://www.creditcrunch.co.uk/ We are still under the weight of all the gold ever dug up, so... we should be fine eh? Or does the clock confirm gold is going to rocket. Very nice! On that note, time for an update: http://gold.approximity.com/since1970/Exte...Gold_Price.html Link to comment Share on other sites More sharing options...
Manual labourer Posted May 19, 2010 Report Share Posted May 19, 2010 Very nice! On that note, time for an update: http://gold.approximity.com/since1970/Exte...Gold_Price.html WOW! Link to comment Share on other sites More sharing options...
warpig Posted May 20, 2010 Report Share Posted May 20, 2010 I've just dumped BV for Britannias. I'm also thinking of swapping out e-gold for UK coins. Do people prefer Sovereigns over Britannias due to the lower commissions? I'd prefer to buy 1oz coins all else being equal. Link to comment Share on other sites More sharing options...
Wanderer Posted May 20, 2010 Report Share Posted May 20, 2010 Hi Warpig, Do you mind me asking from where your sourced your Britannias? Thanks Wanderer Link to comment Share on other sites More sharing options...
G0ldfinger Posted May 20, 2010 Author Report Share Posted May 20, 2010 The short of gold guys shouldn't risk a big mouth, otherwise they'll get some on their chins. [bTW, these are the Bogdanoff/Bogdanov brothers who caused a scandal in theoretical physics (cosmology, to be precise) a few years ago.] Link to comment Share on other sites More sharing options...
TrueNorth Posted May 20, 2010 Report Share Posted May 20, 2010 The short of gold guys shouldn't risk a big mouth, otherwise they'll get some on their chins. [bTW, these are the Bogdanoff/Bogdanov brothers who caused a scandal in theoretical physics (cosmology, to be precise) a few years ago.] you sure that's cosmology and not cosmetology? Link to comment Share on other sites More sharing options...
TrueNorth Posted May 20, 2010 Report Share Posted May 20, 2010 Hi, I divested my remaining BV gold into Dollars last week and am now looking $1000 oz up on that. (I wanted more dollar exposure). I've been trading GBS (Gold Bullion Securities) in my Selftrade account. I've got SLW and RGLD (silver and gold mining company shares) in my Selftrade too - but I'm holding onto these as margins are greater and so more difficult to trade. More details in my trading diary in the investment section. Wanderer Thank you for explaining. Link to comment Share on other sites More sharing options...
romans holiday Posted May 20, 2010 Report Share Posted May 20, 2010 you sure that's cosmology and not cosmetology? hey gf, what about those into cometology? Link to comment Share on other sites More sharing options...
TrueNorth Posted May 20, 2010 Report Share Posted May 20, 2010 Marginalised again! Link to comment Share on other sites More sharing options...
G0ldfinger Posted May 20, 2010 Author Report Share Posted May 20, 2010 you sure that's cosmology and not cosmetology? Apparently, they are fails in both subjects. Link to comment Share on other sites More sharing options...
romans holiday Posted May 20, 2010 Report Share Posted May 20, 2010 Waiting to buy gold? I've said all along the currency to wait in is the US dollar. Reason being, when investors retreat from risk and liquidate, it will be the central funding currencies such as dollar and Yen which benefit most..... and at the expense of other currencies. Peripheral/ commodity currencies such as the Aussie dollar will weaken. So even as the price of gold becomes cheaper in dollars, it becomes more expensive in, for example, the Aussie. Link to comment Share on other sites More sharing options...
G0ldfinger Posted May 20, 2010 Author Report Share Posted May 20, 2010 Waiting to buy gold? I've said all along the currency to wait in is the US dollar. It was possibly the best currency to wait in, but does one want to wait at all? Link to comment Share on other sites More sharing options...
romans holiday Posted May 20, 2010 Report Share Posted May 20, 2010 It was possibly the best currency to wait in, but does one want to wait at all? It's a fair question. Perhaps it comes down to how much you already own. I basically have 50% of my worth in gold [buy and hold], and the other 50% as a hedge in dollars. Deleveraging obviously remains a risk. So it then makes sense to have a decent position in the currency which would most benefit, namely dollar [perhaps Yen]. The aim of course would be to jump from dollar to gold when/ if we get the "big one". Or alternatively, buy silver, then double your dollars once silver recovers. If it does or doesn't happen, you are still doing well to hold the two strongest currencies. Holding gold, while perhaps trading dollar for silver on silver weakness. Link to comment Share on other sites More sharing options...
romans holiday Posted May 20, 2010 Report Share Posted May 20, 2010 It was possibly the best currency to wait in, but does one want to wait at all? My American colleague asked me today how much gold he should buy given he has $10,000 sitting in cash. Instinctively, I said he should put half of it into gold. Link to comment Share on other sites More sharing options...
BelfastBoy Posted May 20, 2010 Report Share Posted May 20, 2010 Can anyone explain what this means and the likely outcome? Gold is being brutally smacked down. Selling is being met by an equal amount of buying. Still, they keep on adding to the shorts. That's the sign of a trapped short. When is the options expiry date this month? Link to comment Share on other sites More sharing options...
Schaublin Posted May 20, 2010 Report Share Posted May 20, 2010 Message from CID Due to the high volume of orders to be shipped please note that deliveries might be delayed by several days. Thank you for your understanding. . Hmmm. . Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now