alexreeve Posted March 28, 2008 Report Share Posted March 28, 2008 CGNAO says sterling is about to crash Make of it what you will: "I would recommend to get out of GBP now as a large drop is in the making." Link to comment Share on other sites More sharing options...
grumpy-old-man Posted March 28, 2008 Report Share Posted March 28, 2008 You and most east enders will be lucky to see any olympics in 2012. I will ensure that my family is positioned as well as possible ( quite literally) in case it does happen. What's your stance on the outcome then Pluto ? Link to comment Share on other sites More sharing options...
Goldilocks Posted March 28, 2008 Report Share Posted March 28, 2008 Anybody that wants to beat income tax should read about this case in USA, an employer paid his workers in gold for seven years and avoided paying the theifs (IRS) monies for their labour. Of course the media didn't report the outcome of the trail. I wonder would it work in the U.K. IRS Suffers Staggering Defeat Tax Questions Raised Regarding Gold and Silver Coins Used to Pay Wages Around noon on Monday, September 17th, a Las Vegas federal jury returned its verdict refusing to convict nine defendants of any of the 161 federal tax crimes they had been charged with. The charges included income tax evasion, willful failure to file and conspiracy to evade taxes. The four-month trial centered around the family businesses of Robert Kahre who paid numerous workers for their labor with circulating gold and silver U.S. coins, and did not report the wages. The payments took place over several years, allegedly totaling at least $114 million dollars. On September 20, 2007, three days after the federal trial's dramatic conclusion, the Las Vegas Review Journal, reportedly under a degree of public pressure, ran its first (and last) story about the outcome of the trial. To this day, with exception of the single article by the Review Journal, no major media entity has published a news story regarding the outcome of this important federal criminal tax case. The censorship of this important news story is, unfortunately, not unexpected given the continuing, worldwide onslaught against the U.S. "dollar" -- specifically the Federal Reserve variety, and the ever growing numbers of Federal Reserve Notes required to trade for an actual ounce of silver, gold, oil, or for that matter, anything. In short, this failed prosecution has coalesced and exposed truths our Government desperately needs to hide from the People: the truth about our money, the truth about our (privately-owned) central bank, and the truth about the fraudulent nature of the operation and enforcement of the federal income tax system. According to defense attorney Joel Hansen, who represented co-defendant Alex Loglia, the primary "willfulness" defense was that the defendants believed they had no legal obligation to withhold, pay income taxes or report anything to the government because, in part, the nominal (i.e., face value) of the gold and silver coins is so small as to fall beneath the reporting thresholds set by the Internal Revenue Code. http://www.rense.com/general78/defeat.htm Link to comment Share on other sites More sharing options...
pmaupoil Posted March 28, 2008 Report Share Posted March 28, 2008 For the ones that use Coininvestdirect, are you satisfied with the quality of the coins? I do not want to be sent scratchy coins. Link to comment Share on other sites More sharing options...
marceau Posted March 28, 2008 Report Share Posted March 28, 2008 Gold getting a smackdown as expected. It will be interesting to see how far they can take it, if they get traction below $930 then there could be a retest of $900. Link to comment Share on other sites More sharing options...
Goldilocks Posted March 28, 2008 Report Share Posted March 28, 2008 Apart from the fact that Perth Mint is mentioned in the article (and Goldmoney isn't), what makes you think Goldmoney is safer than Perth Mint? (This is a serious question as I use Goldmoney.) If there's a way of seeing serial numbers with Goldmoney (or BullionVault for that matter), I don't know how... Perhaps someone can enlighten me? Maybe the Perth Mint is sound after sending an email to my broker about the jason Hommels report (slagging the Perth Mint off) yesterday i got this response today. I for one am really reassured about this response and i will continue to hold my allocated Silver with them goldinvestments/Perth Mint. Unfounded Allegations regarding Perth Mint Certificate Program Further to recent articles containing unfounded rumours and allegations alleging that the Perth Mint does not have physical precious metals (especially silver) to back its storage programmes or to make deliveries we have received a few phone calls and emails from concerned clientele. Both the Perth Mint and Gold Investments strongly refute these absolutely baseless allegations. Firstly, it is important to remember that the Perth Mint is owned by the Government of Western Australia and is run within very strict and ethical guidelines. The Perth Mint does not and would not contravene the law and act in a manner which would embarrass its government owner. Indeed because it is government owned it has to be absolutely scrupulous in adhering to strict business procedures. For every ounce of precious metal that is sold to a client, the Perth Mint must buy a corresponding ounce in the marketplace. The Perth Mint is audited rigorously by the Auditor General of Western Australia as well as by internal auditors Price Waterhouse Coopers, to ensure that this policy is maintained at all times. The Perth Mint holds full inventory confirmations on a quarterly basis as well as the comprehensive audits. The Perth Mint Depository programs are not permitted to, and do not, run short positions under any circumstances The Perth Mint does not lease metal out to mining or exploration companies and does not undertake precious metal derivative transactions. The Mint shares concerns about pool and unallocated accounts where it cannot be established if the operator is backing its liabilities to investors. Gold Investments would advise investors to research and question any program or facility they are investing in. The Perth Mint Certificate Program remains one of the world’s safest and securest ways of owning gold and silver offshore. All methods of investing in precious metals have pros and cons. However we are confident that the AAA rated government Perth Mint is the safest option when it comes to third party precious metal ownership. This is because of the important and crucial distinctions pertaining to the Perth Mint: · The Perth Mint is one of the oldest operating mints in the world, set up as it was in 1899. The Perth Mint is wholly owned by the Government of Western Australia and has been providing secure vault storage of precious metals since that time. · Western Australia is rated AAA by the US international credit rating agency, Standard and Poor's. While S&P have rightly been criticised in recent times, this is a bona fide and justified credit rating as Western Australia is one of Australia’s wealthiest states, with some of the largest concentrations of mineral and natural resource wealth in the world. · All PMCP precious metals are insured (at The Perth Mint's expense) by Lloyds of London. · The Perth Mint is operated by the Gold Corporation, a unique diversified Australian precious metals refinery and mint created by statute in 1987 and wholly owned by the Government of Western Australia. · Investors have a private client relationship with The Perth Mint. · Gold Corporation is the eleventh largest exporter in Western Australia and has a 40% interest in AGR Matthey, Australia’s only major gold refiner and one of the world’s largest refineries. Western Australia's goldfields are a major world source of world gold. The Perth Mint, through its interest in AGR Matthey, refines all of Australia’s mine output, together with gold produced in several neighboring countries, averaging over 400 tonnes of gold per annum. Gold Corporation is the official producer of Australia’s legal tender gold and silver bullion coins which are marketed to investors throughout the world. It also mints Australian commemorative or numismatic coins and produces collector coins on behalf of several overseas issuing authorities. · PMCP clients have an overseas relationship with a Government Vault, Mint and Refinery and not a foreign bank. The Perth Mint is not a bank but a refinery and mint and has no exposure to the housing, derivative and credit markets. Investors are right to be wary of pool accounts and unallocated accounts held with financial institutions that are exposed to the deteriorating credit and financial crisis. Some may be sound while others may not be. The Perth Mint is in no way exposed to the global financial crisis. Quite the opposite – given the nature of their business they are experiencing unprecedented levels of business and are as profitable as ever. Also, the natural resource boom makes Western Australia one of the safest regions in the world in which to invest one’s wealth. It is important to remember that PMCP investors can convert from unallocated to allocated and take delivery at any time. For further information on this and the distinction between allocated and unallocated bullion in the PMCP please see http://www.perthmint.biz/investment/allocvsunalloc.aspx . At the moment there is a delay of some 2 to 3 weeks on delivery of smaller silver coins and bars however 1 kilo bars and 1000 ounce bars are being regularly delivered from the refinery and will be allocated to clients in line with demand. If you have become concerned, then for peace of mind you could convert some of your unallocated holdings to allocated. If a client feels unsafe or exposed we would encourage them to sell their holding, go allocated or take delivery. If customers have concerns regarding unallocated storage in the Perth Mint we advocate buying allocated Perth Mint certificates, storing in personal allocated accounts in VIA MAT Zurich and or taking possession of one's bullion (or a combination thereof as some will not feel comfortable taking possession of large quantities of bullion and others prefer to have their bullion stored in another jurisdiction ). We could not be any clearer and direct in our exhortations to present and potential clients that the present web-based criticism of the Perth Mint is wholly unsubstantiated and that the Perth Mint’s Depository products represent both value and safety for investors in these uncertain times. Further confirmation of our firm stance regarding the importance of being certain regarding the ownership of your precious metals can be seen in articles done by Gold Investments’ executive director Mark O’Byrne and our US consultant Mike Clark: http://www.goldassets.co.uk/articles/Stori...rnationally.htm http://www.goldassets.co.uk/articles/Are_Y...d_Party_htm.htm Link to comment Share on other sites More sharing options...
drbubb Posted March 28, 2008 Report Share Posted March 28, 2008 Same here, amazingly I was something like the 8th most prolific poster on the old thread. Nearly all my posts were very basic explanations of why its a good time to buy gold now to people who knew nothing about gold. Such people do not visit this thread, this is a shame as we are no longer spreading the word about gold. However, the move here has come at about the right time for me. An interesting point. I suppose the newbies asked some decent questions too. There are others who visit GEI who do not read this thread. Maybe we should have a GOLD DEBATE thread, gto try to get more of the Bearish views?? Link to comment Share on other sites More sharing options...
drbubb Posted March 28, 2008 Report Share Posted March 28, 2008 CGNAO says sterling is about to crash Make of it what you will: "I would recommend to get out of GBP now as a large drop is in the making." It is possible... I called the top at $2.10* some months ago, and the UK is now at the right point in the cycle to have its currency enter a sharop decline - its about a year behind the US Sterling (XBP) ... update Yes. It looks like it could be set to start a 3rd-of-3rd against the US dollar. And it has rallied back from below the 252d/1=year MA = = *$2.10: Easy-peasy, it was exactly 2x the all time low of $1.05 Link to comment Share on other sites More sharing options...
drbubb Posted March 28, 2008 Report Share Posted March 28, 2008 GOLD DOWN $17 !! Looks like another "Friday mugging" is being attempted. The volume is light, and it could be reversed quickly. If it is not, and gold is still down on Monday, this could provide the "lighter volume retest" (C-wave) that I have been talking about. That's not my base case, since I think this may just be part of a B-wave. But the price move and volume of the next several hours will be interesting Link to comment Share on other sites More sharing options...
marceau Posted March 28, 2008 Report Share Posted March 28, 2008 There must be something huge sat on silver at the moment, gold bounced off $926 pretty convincingly, but silver is still near its days low below $18. Link to comment Share on other sites More sharing options...
safebetter Posted March 28, 2008 Report Share Posted March 28, 2008 It is possible... I called the top at $2.10* some months ago, and the UK is now at the right point in the cycle to have its currency enter a sharop decline - its about a year behind the US Sterling (XBP) ... update Yes. It looks like it could be set to start a 3rd-of-3rd against the US dollar. And it has rallied back from below the 252d/1=year MA = = *$2.10: Easy-peasy, it was exactly 2x the all time low of $1.05 DrBubb - Presumably any drop in Sterling will be reflected by gold going higher in £ terms? SafeBetter. Link to comment Share on other sites More sharing options...
drbubb Posted March 28, 2008 Report Share Posted March 28, 2008 DrBubb - Presumably any drop in Sterling will be reflected by gold going higher in £ terms? SafeBetter. I would have thought so, yes. But no guarantee on that Link to comment Share on other sites More sharing options...
marceau Posted March 28, 2008 Report Share Posted March 28, 2008 I would guess that many gold shorts are hoping for another rout today. As such I'd imagine the short position at the moment is very large. If gold manages to hold on we could bounce straight back through $950 as the shorts close. I still think we'll get a big shakeout before we move higher, but I'm not convinced that this will be it, as it all seems a bit too obvious. As Bubb says, the next few hours are key. Link to comment Share on other sites More sharing options...
warpig Posted March 28, 2008 Report Share Posted March 28, 2008 My coins were perfect. For the ones that use Coininvestdirect, are you satisfied with the quality of the coins? I do not want to be sent scratchy coins. Link to comment Share on other sites More sharing options...
drbubb Posted March 28, 2008 Report Share Posted March 28, 2008 ... the next few hours are key. Not much volume going thru on anything today. A good day for a mild selloff Link to comment Share on other sites More sharing options...
marceau Posted March 28, 2008 Report Share Posted March 28, 2008 It just broke down past $926 though. That should put a bit more life into the shorts but I can't see them getting much further. I may put in a small long here with a very tight stop. Link to comment Share on other sites More sharing options...
ologhai Posted March 28, 2008 Report Share Posted March 28, 2008 It just broke down past $926 though. That should put a bit more life into the shorts but I can't see them getting much further. I may put in a small long here with a very tight stop. Can you just explain what that means for a newbie like me? I must admit, I'm feeling quite tempted to buy a little right now. Link to comment Share on other sites More sharing options...
drbubb Posted March 28, 2008 Report Share Posted March 28, 2008 Can you just explain what that means for a newbie like me? I must admit, I'm feeling quite tempted to buy a little right now. I am bidding for some in-the-money calls on Goldfields/GFI Link to comment Share on other sites More sharing options...
marceau Posted March 28, 2008 Report Share Posted March 28, 2008 Can you just explain what that means for a newbie like me? I must admit, I'm feeling quite tempted to buy a little right now. It means buying a gold contract/cfd/spreadbet/option near a support level with a stoploss placed either at or just below the support. This means that the downside risk is minimised by the presence of the support level (in this case $920 with additional support around $915) while the upside is good if the support holds and we get a bounce. Key to this has been today's volume, which was thin to start with and will have been getting thinner as the gold price moves down (as shorts take profits and hop out of the market). Less volume means less power behind the moves and suggests that the price action is being driven by smaller traders rather than the big players (this is not always the case as some of the big players purposefully disguise their moves in order to build positions on the quiet). It also means the move is less likely to stick or be followed up with further selling. Playing support/resistance levels is key to timing entries, whether your a frequent trader or looking to get into a long term position for buy and hold. I'm not trading with any frequency at the moment, but I liked the risk/reward of this position so was considering going long. I didn't do it in the end, but by the look of things I should have, as gold has bounced straight back towards $930 and I could have exited the trade for a quick profit or stayed in for more upside. I'm not massively into Technical Analysis, but I can't deny that it works frequently and can do wonders to minimise the risk of buying in at the wrong time. I'd recommend learning the basics, I believe there is a thread on this somewhere on this forum so that would be a good place to start. The key to TA is keeping things simple, looking at things in too much depth often means you can't see the wood for the trees. A sound grasp of the underlying fundamentals of markets and companies is much more important in my opinion. Link to comment Share on other sites More sharing options...
tinecu Posted March 28, 2008 Report Share Posted March 28, 2008 Silver looked cheap to me at $17.7...so I bought. Link to comment Share on other sites More sharing options...
marceau Posted March 28, 2008 Report Share Posted March 28, 2008 Oh, and it's worth me saying that I still think we're going to get a retest of $900 over the next few weeks. I just don't think it will be today. Link to comment Share on other sites More sharing options...
drminky Posted March 28, 2008 Report Share Posted March 28, 2008 http://news.yahoo.com/s/ap/20080328/ap_on_....5RD05GiVib.HQA Fed offers $100 billion more to banks http://www.bloomberg.com/apps/news?pid=206...&refer=home ECB to Offer Banks Six-Month Cash for First Time Lots of money being pumped in today in an apparently coordinated move.. Link to comment Share on other sites More sharing options...
marceau Posted March 28, 2008 Report Share Posted March 28, 2008 Silver seems to have major resistance at $18. Let's see if it can break through decisively this time. Link to comment Share on other sites More sharing options...
lowrentyieldmakessense(honest!) Posted March 28, 2008 Report Share Posted March 28, 2008 http://news.yahoo.com/s/ap/20080328/ap_on_....5RD05GiVib.HQA Fed offers $100 billion more to banks http://www.bloomberg.com/apps/news?pid=206...&refer=home ECB to Offer Banks Six-Month Cash for First Time Lots of money being pumped in today in an apparently coordinated move.. The Road to Perdition from a fundamental perspective I just cant see how Gold can not go much higher in future years given the amount of unfunded liabilities in most western economies. The lighting strike in the markets that I looked for in last week’s edition did indeed occur across many sectors. It was a belly button moment for many as Commodities, Currencies, Stocks and Interest Rates were rocked midweek and I was forced look around to make sure that “nothing had changed”. The mainstream financial press was quick to say about the ordeal, for those who place their faith and portfolios in Wall Street’s hands, that things were on the mend, the commodities BUBBLE was popped and that the implosion of “paper” investments was on its way to being resolved. New bull markets in paper assets. I have two words for their suppositions: NO WAY and KEEP DREAMING. A new phase of the unfolding BAILOUT of the G7 financial and banking systems began in the last 10 days. Instead, the next phase of the “Crack up Boom”, as outlined by Mises, commenced. For those of you who think the commodities BULL market is OVER, I ask you to please show me where the growing surpluses are? Do we see huge amounts of oversupply which marked the housing, NASDAQ and credit bubbles? NO. Do you think the emerging world’s growth stopped last week? NO. All we witnessed last week was a vicious correction which restored a lot of HEALTH to those markets as late arrivals to the commodities bull were taken out and spanked as they always are. People who are chasing markets in expectations that the trend never corrects itself, and who think that markets are one-way trains learned a lesson. It was a classic transfer of holdings from WEAK and unprepared hands to STRONG ones. Nothing more! Link to comment Share on other sites More sharing options...
Compounded Posted March 28, 2008 Report Share Posted March 28, 2008 An interesting point. I suppose the newbies asked some decent questions too. There are others who visit GEI who do not read this thread. Maybe we should have a GOLD DEBATE thread, gto try to get more of the Bearish views?? You just cannot be advanced and populist at the same time, it would not work a bit like trying to attract Fortnum and Mason's customers and Netto's at the same time. IMO you have an excellent advanced investment site. Stick to what you do well. The newbies questions helped me then because teaching is the best way to learn a subject. I think the more advanced people GF esp got tired of the the constantly repeated newbie questions. Link to comment Share on other sites More sharing options...
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