FWIW Posted October 16, 2008 Report Share Posted October 16, 2008 OK - apologies in advance 'newbie' gold question coming up. I have just opened a GoldMoney account; can GoldMoney be converted into physical gold or silver that I can have in my actual hands? If yes, what are the weight limits,advantages, disadvantages, etc, etc? Thanks, FWIW Link to comment Share on other sites More sharing options...
Steve Netwriter Posted October 16, 2008 Report Share Posted October 16, 2008 OK - apologies in advance 'newbie' gold question coming up. I have just opened a GoldMoney account; can GoldMoney be converted into physical gold or silver that I can have in my actual hands? If yes, what are the weight limits,advantages, disadvantages, etc, etc? Thanks, FWIW Not unless you have 1000oz ! Link to comment Share on other sites More sharing options...
FWIW Posted October 16, 2008 Report Share Posted October 16, 2008 Well always good to have aims in life! Is that for both Gold and Silver? Link to comment Share on other sites More sharing options...
Steve Netwriter Posted October 16, 2008 Report Share Posted October 16, 2008 I like the sense of camaraderie on this thread, I genuinely think everyone here wishes everyone else the best of luck. Hopefully this thread won't become too popular and lose that trait. I quite agree. I suspect there may be a little 'friction' when it gets nearer time to sell ! But we have years yet Sorry I can't add anything to what others have said. Hopefully it will work out well in the end. Link to comment Share on other sites More sharing options...
Steve Netwriter Posted October 16, 2008 Report Share Posted October 16, 2008 Well always good to have aims in life! Is that for both Gold and Silver? I believe so, because they buy/sell 1000oz LBMA bars. If you aspire to 1000oz of silver, I suggest you also get very fit first Link to comment Share on other sites More sharing options...
rgleeson Posted October 16, 2008 Report Share Posted October 16, 2008 Can anyone find anything positive to say about the sale of my house falling through today and not having a large pot of cash to buy gold with? How about this: Gold has devalued much faster than your house in the last week. Link to comment Share on other sites More sharing options...
HPCSucks Posted October 16, 2008 Report Share Posted October 16, 2008 Can anyone find anything positive to say about the sale of my house falling through today and not having a large pot of cash to buy gold with? It's a tricky thing isn't it. Sad for you that it fell through and good for the prospective purchaser who may have saved themselves by not buying a depreciating asset. Link to comment Share on other sites More sharing options...
Mr Pipples Posted October 16, 2008 Report Share Posted October 16, 2008 Has anyone any experience of making gold gram payments to another individual via Goldmoney? I was sure I saw that this could be done on Goldmoney but looking at the FAQ's it appears that only merchant type payments can be set up via a website. I was thinking more like a BACS transfer from one individual to another. Yep, works in goldgrams between any 2 GM a/c's. 1% fee when I did it. Not sure if this changes depending on amount - no info on this I could find. Can only shift gold in same vault like this - not silver. OK - apologies in advance 'newbie' gold question coming up. I have just opened a GoldMoney account; can GoldMoney be converted into physical gold or silver that I can have in my actual hands? If yes, what are the weight limits,advantages, disadvantages, etc, etc? Thanks, FWIW @400oz LBMA gold bars and @1000oz silver bars (see bar list)can be chosen then picked up from vaults or delivered (apparently delivery is expensive). Once you take delivery of a bar, it then leaves the chain of integrity and would need assaying (re-making) before it could enter the chain again - in effect, loosing value. VAT would be charged on silver, according to the country it's taken delivery of, in. Dig around here for info: http://support.goldmoney.com/category.php?id=5 Link to comment Share on other sites More sharing options...
warpig Posted October 16, 2008 Report Share Posted October 16, 2008 There's no need, thanks. I quite agree. I suspect there may be a little 'friction' when it gets nearer time to sell ! But we have years yet Sorry I can't add anything to what others have said. Hopefully it will work out well in the end. Link to comment Share on other sites More sharing options...
warpig Posted October 16, 2008 Report Share Posted October 16, 2008 True, but that's where my savings are... How about this: Gold has devalued much faster than your house in the last week. Link to comment Share on other sites More sharing options...
warpig Posted October 16, 2008 Report Share Posted October 16, 2008 It is truly a double edged sword. Unfortunately for the buyer he lost his job which is why he can't exchange. Perversely, this might work out better for him in the long run, it is very likely to save him an additional 25% on the purchase of my house, which he clearly doesn't know about yet. It's a tricky thing isn't it. Sad for you that it fell through and good for the prospective purchaser who may have saved themselves by not buying a depreciating asset. Link to comment Share on other sites More sharing options...
romans holiday Posted October 16, 2008 Report Share Posted October 16, 2008 EVERYTHING slowly deflating. Oil down to $73 and falling. Nearly down half from the top. Who would have guessed this a couple of months back? Apparently it needs to be $55 for the Saudis to balance their books. I would be surprised to see POG stay up in this environment [short term]. Link to comment Share on other sites More sharing options...
narco Posted October 16, 2008 Report Share Posted October 16, 2008 Gold got whacked it seems. Off to $780? Link to comment Share on other sites More sharing options...
Bobsta Posted October 16, 2008 Report Share Posted October 16, 2008 Gold got whacked it seems. Off to $780? I'm so glad I don't trade gold any more... that's one nasty set of charts... http://bobsta.com/pm/ Link to comment Share on other sites More sharing options...
warpig Posted October 16, 2008 Report Share Posted October 16, 2008 Deleveraging or positive spin? Link to comment Share on other sites More sharing options...
rgleeson Posted October 16, 2008 Report Share Posted October 16, 2008 With a tick like that I can see it now: ready, steady, deleverage... Link to comment Share on other sites More sharing options...
MattFC Posted October 16, 2008 Report Share Posted October 16, 2008 this is where you thank the paper market for a physical market buying opportunity! That said.. Goldmoney never seems to reflect the price on fast movements still showing $836 Link to comment Share on other sites More sharing options...
wren Posted October 16, 2008 Report Share Posted October 16, 2008 $802.30 Silver $9.730 Link to comment Share on other sites More sharing options...
warpig Posted October 16, 2008 Report Share Posted October 16, 2008 I think I underestimated the definition of volatility... Link to comment Share on other sites More sharing options...
rgleeson Posted October 16, 2008 Report Share Posted October 16, 2008 There always seems to be so many sellers in NY that don't care what they sell at. Or what one study of pm price manipulation referred to as "NY price anomalies". Hypothetically, what would happen if COMEX stops functioning, would the price go up to reflect market or would the price go down to reflect the intrinsic value of the contracts? Link to comment Share on other sites More sharing options...
seekingclarity Posted October 16, 2008 Report Share Posted October 16, 2008 BUY Link to comment Share on other sites More sharing options...
allyjcambo Posted October 16, 2008 Report Share Posted October 16, 2008 As Marc Faber said recently: gold is one of the few places where people still have profits. As Jim Rogers said recently: we are in a massive liquidation process where everything is getting sold off. I’m relaxed re this sell off and have just bought some more. As I explained to my sister last night, if I had the choice of burying either £10,000 in cash or £10,000 of gold in the back garden and then had to wait 5 years before digging whichever one up, the choice would be a no brainer (gold obviously!). Link to comment Share on other sites More sharing options...
ricky Posted October 16, 2008 Report Share Posted October 16, 2008 i just watched a bit more at my chart, and i see the low of the channel is located in the time frame of tomorrows NY opening, so this is probably to happen: 1. stocks likely to put new low tomorrow (and it may be it, the bottom) 2. dollar to make a (new or not new) high 3. gold to make another failed breakout and bashed down to 820, or even 810 all this to ocurr between 8 and 12 NY time it may not happen this way, but if it does, then it is more likely scaring people out of their positions, than going to 750 is this still valid given that gold broke 800? Link to comment Share on other sites More sharing options...
romans holiday Posted October 16, 2008 Report Share Posted October 16, 2008 Given the macro-picture of wider deflation in the economy and deleveraging in assets, I feel quite comfortable with what is going on in POG. It makes perfect sense as leveraged institutions have no choice but to sell perfectly good assets. I wonder how far... or should I say how low things will go. Link to comment Share on other sites More sharing options...
bakachu Posted October 16, 2008 Report Share Posted October 16, 2008 It makes perfect sense as leveraged institutions have no choice but to sell perfectly good assets. I wonder how far... or should I say how low things will go. Good question, would I be right in thinking the first one of these 'big' drops was shortly after the DOW started its big drop a few weeks ago? Safe to say the crashing dow is triggering the sell offs as value is lost from stocks and assets are the next best alternative. Will this go on for as long as the DOW crashes? Perhaps not.. In Chris Martenson videos, he points out that human nature always go for and consume/deplete the plentiful, easily available and most rewarding resources first. I guess we might have a kind of reverse of this situation, in that PM being the most plentiful and easily off-loadable assets are sold in the 'first wave', before the more tricky to offload assets are sold. Perhaps we're are also seeing a bit of the 'Dont Panic, Panic First' mentality in selling PM while the price is near the top. That doesnt by itself help spot the bottom, but if we know what other difficult to sell things leveraged institutions have, watching for a sell spike in these could signal that the easy stuff is all gone, and its a good time to buy. I havent a clue what these would be though! Link to comment Share on other sites More sharing options...
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