Compounded 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. I have received QE2 sovs and silver philharmonicas from them, price was good and quality too: I am very satisfied. Link to comment Share on other sites More sharing options...
Steve Netwriter Posted March 28, 2008 Report Share Posted March 28, 2008 Is there a little vested interest here ? Unfounded Allegations Regarding Perth Mint Certificate Program By: Mark O’Byrne, Gold & Silver Investments Limited http://news.silverseek.com/SilverSeek/1206729777.php 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. Hmmmm, not baseless from what I've read. Ooops, I see it's already been mentioned. Link to comment Share on other sites More sharing options...
wren 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?? But I have a newbie question which was on my mind. In the olden days when gold (and in everyday transaction much more silver) were used as money even before paper promises, what was the mechanism whereby the newly mined gold (and silver) entered general currency? If mines were not exclusively owned by some monetary absolute authority (king or emperor or "central bank") how would a mining business sell their gold or silver? I can understand that if there were minted "coins of the realm", for example, a one ounce coin could purchase one ounce plus a little premium. Is that how it worked? A good mine must have been making a mint. But if I owned a goldmine would the powers that be have stolen it from me? Link to comment Share on other sites More sharing options...
Compounded Posted March 28, 2008 Report Share Posted March 28, 2008 But I have a newbie question which was on my mind. In the olden days when gold (and in everyday transaction much more silver) were used as money even before paper promises, what was the mechanism whereby the newly mined gold (and silver) entered general currency? If mines were not exclusively owned by some monetary absolute authority (king or emperor or "central bank") how would a mining business sell their gold or silver? I can understand that if there were minted "coins of the realm", for example, a one ounce coin could purchase one ounce plus a little premium. Is that how it worked? A good mine must have been making a mint. But if I owned a goldmine would the powers that be have stolen it from me? I think anyone could take gold to the mint and get it made into spendable gold coins. This was the case in Venice and was instumental in it's becoming so economically important. Trade creates wealth, to get it you need an honest currency and enforceable contract law, both happened in Venice hence the place became amazingly wealthy. I think in the US silver could deposited with the mint and later collected as silver dollars. Fiat currency is not the norm historically speaking. Link to comment Share on other sites More sharing options...
wren Posted March 28, 2008 Report Share Posted March 28, 2008 I think anyone could take gold to the mint and get it made into spendable gold coins. This was the case in Venice and was instumental in it's becoming so economically important. I think the same applied to the US mint at one time except it was silver could deposited and later collected as silver dollars. And presumably they would have charged a premium to convert your silver into coin, which could have been a fair deal. I'd be grateful to anyone who has good links to the specifics of these processes. I guess I'm trying to get a root understanding of monetary systems as they were and as they are. So I need to start from the basics. Link to comment Share on other sites More sharing options...
Compounded Posted March 28, 2008 Report Share Posted March 28, 2008 And presumably they would have charged a premium to convert your silver into coin, which could have been a fair deal. I'd be grateful to anyone who has good links to the specifics of these processes. I guess I'm trying to get a root understanding of monetary systems as they were and as they are. So I need to start from the basics. I am just going from memory of what I learnt from a trip to Venice. At that time Venice was an island in a world of anarchy, it became rich because trade could flourish the key was enforceable trading contracts and sound money. In times of anarchy sound money is and has to be precious metal. Link to comment Share on other sites More sharing options...
Bobsta Posted March 28, 2008 Report Share Posted March 28, 2008 So Silver ended the week below $18/oz, having flirted around $18.50 for some time. Last weekend many were forecasting further falls - potentially below the 200dma. So was this week a dead cat bounce or do folks feel we've had some settlement at this area and will be heading higher from here. (of course "settlement" and "silver" are oxymorons - but "relative settlement" maybe?! ) Link to comment Share on other sites More sharing options...
electroweak Posted March 28, 2008 Report Share Posted March 28, 2008 Hate to say it but gold was rolling over like a puppy today. After the dips, recoveries were not very convincing. I am starting to think it may go lower before it goes higher, if you know what I mean? Any thoughts? Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 28, 2008 Author Report Share Posted March 28, 2008 BayernLB's €1.9bn problem has suddenly (and totally unexpected, of course) become a €4bn problem. http://www.spiegel.de/wirtschaft/0,1518,544056,00.html (in German) Link to comment Share on other sites More sharing options...
narco 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. All their coins have arrived new unless otherwise stated (ie - sovereigns or various dated other gold coins). Link to comment Share on other sites More sharing options...
narco Posted March 28, 2008 Report Share Posted March 28, 2008 Check this thread out. http://www.housepricecrash.co.uk/forum/ind...=72220&st=0 Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 28, 2008 Author Report Share Posted March 28, 2008 BTW, I think the credit crunch is on for good now. More than 1 week ago I signed paper work for an RBS credit that had been advertised to me as being ready to be taken out. I thought it was a more predictable way to short Sterling (and do some GBP-gold carry trade), rather than going on margin. Anyway, seems the whole thing hasn't come through yet, although they told me the money would be on my account within 2 days. My guess is, it won't arrive at all! I don't know for sure yet, since I am away and can't check my mail, but it's suspicious. Well, well, I guess they won't let me do my shorting. Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 28, 2008 Author Report Share Posted March 28, 2008 ... 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. Agreed. The amount of money creation is outrageous, while the central bankers want us to stare like deflation-scared deer into their fantastic above zero interest rates headlights. Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 28, 2008 Author Report Share Posted March 28, 2008 S Korea pension fund shuns US debt ... The world’s fifth-largest pension fund will no longer buy US Treasuries because yields are too low. The move signals what could be a big shift by financial institutions away from US government debt into higher-yielding assets. ... Another blow for the USD. Link to comment Share on other sites More sharing options...
Pluto Posted March 28, 2008 Report Share Posted March 28, 2008 Have you protected yourself yet? The Germans are bracing themselves for a collapse of the financial system: http://www.spiegel.de/international/busine...-543588,00.html Germany and other industrialized nations are desperately trying to brace themselves against the threat of a collapse of the global financial system. The crisis has now taken its toll on the German economy, where the weak dollar is putting jobs in jeopardy and the credit crunch is paralyzing many businesses. Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 28, 2008 Author Report Share Posted March 28, 2008 Have you protected yourself yet? The Germans are bracing themselves for the collapse of the financial system: ... Imagine, BayernLB holds €32bn in structured products. Insgesamt hat die BayernLB strukturierte Wertpapiere in einem Volumen von 32 Milliarden Euro in den Büchern Link to comment Share on other sites More sharing options...
G0ldfinger Posted March 29, 2008 Author Report Share Posted March 29, 2008 I've said it many times before, and I say it again: these states will burn in financial hell. Include Poland too. Fitch said countries that run current account deficits above 10pc of GDP for any length time almost always come to grief. East Asia's debt crisis in 1997 erupted before any state reached double digits. Iceland's deficit is now 16pc of GDP. Latvia is at 25pc, Bulgaria 19pc, Georgia 18pc, Estonia 16pc, Lithuania 14pc, Romania 14pc and Serbia 13pc. The region will need $337bn in foreign loans this year. http://www.jsmineset.com/cwsimages/Miscfil...954_Iceland.pdf Link to comment Share on other sites More sharing options...
drbubb Posted March 29, 2008 Report Share Posted March 29, 2008 Fitch said countries that run current account deficits above 10pc of GDP for any length time almost always come to grief. East Asia's debt crisis in 1997 erupted before any state reached double digits. Iceland's deficit is now 16pc of GDP. Latvia is at 25pc, Bulgaria 19pc, Georgia 18pc, Estonia 16pc, Lithuania 14pc, Romania 14pc and Serbia 13pc. The region will need $337bn in foreign loans this year. == UNQUOTE ===== These are very scary figures! United Europe will be in big trouble someday. An overvalued currency will not help Link to comment Share on other sites More sharing options...
Billy Posted March 29, 2008 Report Share Posted March 29, 2008 Check this thread out. http://www.housepricecrash.co.uk/forum/ind...=72220&st=0 link fails narco probbably the usual muppets failing to arrange a piss up in a brewery Link to comment Share on other sites More sharing options...
Billy Posted March 29, 2008 Report Share Posted March 29, 2008 i see the muppets have also spike the cgnao threa http://www.housepricecrash.co.uk/forum/ind...showtopic=72118 Link to comment Share on other sites More sharing options...
Billy Posted March 29, 2008 Report Share Posted March 29, 2008 damned keyboard problems - i type like a virtuoso, paganini om hood crack delucxe, and the bugger lets me down every timre!!! Link to comment Share on other sites More sharing options...
wren Posted March 29, 2008 Report Share Posted March 29, 2008 i see the muppets have also spike the cgnao threa http://www.housepricecrash.co.uk/forum/ind...showtopic=72118 Yeah, well the site is down for the time being. Maybe subject to a D-Notice. Link to comment Share on other sites More sharing options...
drbubb Posted March 29, 2008 Report Share Posted March 29, 2008 ... the bugger lets me down every timre!!! TIMBERrrrrr Link to comment Share on other sites More sharing options...
Steve Netwriter Posted March 29, 2008 Report Share Posted March 29, 2008 damned keyboard problems - i type like a virtuoso, paganini om hood crack delucxe, and the bugger lets me down every timre!!! I find using a laptop keyboard hell. I plug in a proper one, which is better than the one I use normally Link to comment Share on other sites More sharing options...
dopamine Posted March 29, 2008 Report Share Posted March 29, 2008 So Silver ended the week below $18/oz, having flirted around $18.50 for some time. Last weekend many were forecasting further falls - potentially below the 200dma. So was this week a dead cat bounce or do folks feel we've had some settlement at this area and will be heading higher from here. (of course "settlement" and "silver" are oxymorons - but "relative settlement" maybe?! ) Yes, I was worried this has been a dead cat bounce. No fancy chart analysis for me - I simply felt it was going back up too quickly for my liking, so I held off buying any more and didn't have the confidence to do some short term trading. The volatility is crazy, even for silver. FWIW I think that it needs to maintain support above $18 for a while before it makes a decent move upward again. It does seem that someone really doesn't want it to break above $19 again. Also interesting are all the internet stories/rumours about physical shortage and how these presage a major movement. Following silver seems more like crystal ball gazing every day. The silver bulls are even more driven than goldbugs, so temperate analysis seems hard to come by. Link to comment Share on other sites More sharing options...
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