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My true feelings emerged this lunchtime when I was paying a couple of cheques into the Halifax and the cashier asked me if I'd like to open a savings account.

 

"To be honest," I said, "I'm planning to move all my money away from the Halifax. I don't trust banks, I don't trust politicians and I don't trust paper currencies. I'd rather have my money in silver and gold."

 

"But if everyone did that, things really would collapse."

 

"Sorry, but I'm a real doom and gloomster. There's a thousand trillion dollars worth of financial derivatives out there, just waiting to unwind. If you're going to panic, it's best to panic first." (Dear God, I'm quoting cgnao.)

 

"You need to have a little faith," she said.

 

"Ah, well, I have no faith whatsoever in politicians."

 

"It's not just about politicians."

 

"It is if they decide to inflate the currency away."

 

She must have thought I was a right nutter. :lol:

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I have a mere 15% or so in PMs[1], roughly 50% gold and 50% silver... although, just for fun, I've decided to do a little bit of trading with an additional, say, 1 or 2%, and, because of the overheads of buying silver, I'm planning to do that with gold, so gold will end up getting a slightly bigger share than silver for me (at least for the time being).

 

I can't deny that silver scares me -- which is probably a sign that I should be looking to put more into it, but... for now at least that's not the plan.

 

[1] See, I'm just a pretender... ;)

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My true feelings emerged this lunchtime when I was paying a couple of cheques into the Halifax and the cashier asked me if I'd like to open a savings account.

 

"To be honest," I said, "I'm planning to move all my money away from the Halifax. I don't trust banks, I don't trust politicians and I don't trust paper currencies. I'd rather have my money in silver and gold."

 

"But if everyone did that, things really would collapse."

 

"Sorry, but I'm a real doom and gloomster. There's a thousand trillion dollars worth of financial derivatives out there, just waiting to unwind. If you're going to panic, it's best to panic first." (Dear God, I'm quoting cgnao.)

 

"You need to have a little faith," she said.

 

"Ah, well, I have no faith whatsoever in politicians."

 

"It's not just about politicians."

 

"It is if they decide to inflate the currency away."

 

She must have thought I was a right nutter. :lol:

 

These type of cashiers are the one's I really hate...They seem to delight in looking at your accounts...

 

I am sure they are on commission, everytime I go and put a cheque in the bank, it is always the same - "You can get a better savings rate if you open new XYZ account today"...I think that they think that anyone with savings is a complete idiot and require their financial advice...

 

 

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I'm about 25-30% in gold and silver and have no plans to increase holdings. Although I sincerely believe that the financial system's screwed, I also happen to believe that there will be life after any full-on collapse. I've got a wedge in Swiss Francs and Yen but I'm also waiting for the next downleg in equities so I can buy beaten up stocks in key sectors like water and oil explorers not to mention a couple of Japanese multi-nationals.

 

Precious metals are all very well but as much as I believe gold/silver will surge eventually, I'm not entirely convinced the Chinese, the Russians and the Japanese are going to dump US treasury bonds anytime soon.

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These type of cashiers are the one's I really hate...They seem to delight in looking at your accounts...

 

I am sure they are on commission, everytime I go and put a cheque in the bank, it is always the same - "You can get a better savings rate if you open new XYZ account today"...I think that they think that anyone with savings is a complete idiot and require their financial advice...

 

 

Try getting your own money out !.

 

When making a large cash withdrawl cashier asked

 

"What are you going to do with the money?."

 

"Why I replied"

 

"It's my job I have to ask it's the rules!"

 

looking her firmly in the eye I replied

 

"So you've done your job, you asked!" and walked out. :D

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Woo - first post but have been lurking for a fair old while. I'm about 10 % in gold and 10 % silver. Thinking of expanding the silver side but the spreads on Coininvestdirect are getting quite frankly insane once VAT is included. Is there anywhere to buy physical online thats better at the moment?

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I still can't get over being asked to have faith. In HBOS. There's so much I could have said about that, and about the reckless behaviour of banks generally. But I didn't want to bully a bank clerk for the sins of her bosses.

 

[GEORGE MICHAEL ON]

You gotta have faith, faith, faith

Maybe you're asking me to stay

Say say please don't go away...

[GEORGE MICHAEL OFF]

 

:P

 

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Woo - first post but have been lurking for a fair old while. I'm about 10 % in gold and 10 % silver. Thinking of expanding the silver side but the spreads on Coininvestdirect are getting quite frankly insane once VAT is included. Is there anywhere to buy physical online thats better at the moment?

 

Welcome.

 

I use James Turk's goldmoney.com, you can buy silver at spot with a low commission charge. The commission is variable, it depends on the amount. Also if you have gold or silver held with goldmoney you can do a metal exchange, in which the commission is less. When you come to sell you get spot rate and no commission is applied.

 

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Woo - first post but have been lurking for a fair old while. I'm about 10 % in gold and 10 % silver. Thinking of expanding the silver side but the spreads on Coininvestdirect are getting quite frankly insane once VAT is included. Is there anywhere to buy physical online thats better at the moment?

Welcome b3rtie! :)

If you want to buy a lot of silver you might consider allocated silver with goldmoney.com based in Jersey.

 

On edit: like Pixel8r said. They also pay interest on cash in your account.

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A recent interview with Paul van Eeden.

 

http://watch.bnn.ca/trading-day/october-20...2008/#clip99518

 

He maintains his fair valuation of gold at $760 and does not believe the Fed's actions are necessarily inflationary.

 

An interesting viewpoint especially when compared with the likes of Schiff, Turk and Rubino who expect gold to sore.

 

Long term I think Van Eeden remains bullish on gold but his time horizons differ from the above. I believe he has also ceased to put new money into juniors.

 

He also thinks the (hard) commodities bull market is over.

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Try getting your own money out !.

 

When making a large cash withdrawl cashier asked

 

"What are you going to do with the money?."

 

"Why I replied"

 

"It's my job I have to ask it's the rules!"

 

looking her firmly in the eye I replied

 

"So you've done your job, you asked!" and walked out. :D

 

I always reply:-

" I'm sorry, I don't discuss personal matters with money lenders."- It's fun watching the Cyborg's reboot.

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I am 55% in PMs, and 45% in sterling (ISAs etc.). I only buy gold - I find silver too bulky and volatile - but I am now increasingly tempted to trade in some £ for Ag, especially if lift off resumes and the 17.5% VAT can be quickly recovered in the bull run.

 

My masterplan has changing this year as well. I thought my gold would fund a decent house deposit but I am no longer interested in buying a property with my savings. I also worry about the effects a recession will have on my area of work. I am instead thinking of using my savings to fund an accelerated medical degree. A recession is a good time to be a student as housing costs and living expenses tend to fall and you dodge the tax rises (but of course, a recession needs to end by the time you graduate).

 

The gold-to-UK-medical-degree ratio is currently about 25 oz. As tuition costs are capped and rental/living costs should fall, I'm hoping it will end up about 15 oz in the next year, at which it is a very viable option. :)

 

 

 

 

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