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Once upon a time there were three little pigs. Each of the little pigs had their own ideas but two of them went to public schools where they were trained in Keynesian idealism while the third little pig won a scholarship to Hillsdale and learned the Austrian economic theory
....

http://johngaltfla.com/blog2/2008/02/06/th...-for-inflation/

 

An article to suit my intellect, at last!

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I just carry on buying regardless of price. It's going to well in excess of $1650 eventually so who cares what the price is now?

 

I don't know how many of you have looked at the gold in other currencies charts that trader Dan on jsmineset has posted. Gold in GBP looks like it is going parabolic. My gut feel is that gold will be sideways this year and in fact I sold 8.5% of mine to buy back in when (if) it goes lower.

 

Who will be the major buyers above $1000?

 

As the gold story filters more into public perception I believe it will become more mainstream, this in turn could lead to it becoming a staple of retail portfolios whereas, by and large, at the moment it is not. This of course will take time to play out. There needs to more buyers and my feeling is that in the future it will be Joe Public acting on the advice of your standard Independent Financial Advisor.

 

 

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I don't know how many of you have looked at the gold in other currencies charts that trader Dan on jsmineset has posted. Gold in GBP looks like it is going parabolic. My gut feel is that gold will be sideways this year and in fact I sold 8.5% of mine to buy back in when (if) it goes lower.

 

Who will be the major buyers above $1000?

 

As the gold story filters more into public perception I believe it will become more mainstream, this in turn could lead to it becoming a staple of retail portfolios whereas, by and large, at the moment it is not. This of course will take time to play out. There needs to more buyers and my feeling is that in the future it will be Joe Public acting on the advice of your standard Independent Financial Advisor.

 

Sold it and changed to what? GBP doesn't look great to me, silver would have been a better choice.

 

It does look like it's in the final throws when you look at Gold in GBP. But actually it isn't, it is just the pound has lost 35% of it buying power to everything. Gold has actually got slightly cheaper while the pound has been dropping massively. Remember that there is a whole world out there.

 

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and in fact I sold 8.5% of mine to buy back in when (if) it goes lower.

 

You sold physical bullion? All your bullion should be held in your personal possession. Do you really think electronic gold will be worth much when they close the banks and re-order the world.

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Anyone know anything about the London Mint Office and their introductory offers where you can buy a (full) sovereign for £119? Are these genuine royal mint coins?

 

Thanks

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You sold physical bullion? All your bullion should be held in your personal possession. Do you really think electronic gold will be worth much when they close the banks and re-order the world.

 

The electronic gold you are referring to is actually physical gold, stored in a insured vault which is ability to be sold at spot immediately. Yes banks may close for a while, but they will reopen at some point.

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The electronic gold you are referring to is actually physical gold, stored in a insured vault which is ability to be sold at spot immediately. Yes banks may close for a while, but they will reopen at some point.

 

What if they enact emergency laws freezing all accounts, banning certain financial instruments (perhaps gold) and securing vaults?

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Anyone know anything about the London Mint Office and their introductory offers where you can buy a (full) sovereign for £119? Are these genuine royal mint coins?

 

Thanks

 

 

There is a thread on this subject on HPC.

http://www.housepricecrash.co.uk/forum/ind...howtopic=100532

 

It is a genuine coin and others have been quite happy with them. I think they have increased the price now though. Its a teaser offer and they send you a coin a month after that at rediculously overpriced rates. I think you can cancel once you have got the first one though. Be warned,they are a debt collecting company and nothing to do with the royayl mint.

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I found this, and thought it was quite amusing regarding the idea that the best time to sell gold is when it hits the mainstream...

 

http://www.powerswitch.org.uk/forum/viewtopic.php?t=10516

 

From the 4th post:

Considering the growth in M4 over the past decade, the increase in gold price isnt that odd.

 

I'm personaly very wary of it, just because it gets no mainstream mention, and lots of Aw yeah! Gold is going stratespheric man! sub stream talk

 

:lol:

 

Methinks there's still plenty of people waiting for the masses to tell them what to do...

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a bird in hand is worth two in a vault.

 

That is why I keep some in my hand but a lot more in the vault. Trouble with keeping loads in your hand is someone can steal it and it's a lot harder to sell on a spike.

 

 

 

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What if they enact emergency laws freezing all accounts, banning certain financial instruments (perhaps gold) and securing vaults?

 

Then I wouldn't be able to access my funds straight away.

 

If the ban certain financial instruments, what makes you think you would be better off with coins, who would buy them when they are banned. Trying to sell them in the black market makes it quite likely you would just get them taken off you anyway.

 

What if they don't do anything like what you are talking about, it all sounds to mad max to me. It's a bit like saying what if they just keep all the money in all the bank accounts to pay there debts.

 

 

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Then I wouldn't be able to access my funds straight away.

 

If the ban certain financial instruments, what makes you think you would be better off with coins, who would buy them when they are banned. Trying to sell them in the black market makes it quite likely you would just get them taken off you anyway.

 

What if they don't do anything like what you are talking about, it all sounds to mad max to me. It's a bit like saying what if they just keep all the money in all the bank accounts to pay there debts.

I agree with what you wrote above.

 

The issue of confiscation or freezing accounts is sometimes wrongly understood. Under capital restrictions, you also wouldn't get any goldbars or coins easily through an airport i.e. gold held privately would be of no advantage if it had to be moved. 'Confiscation' wouldn't happen as such (if at all), but as a forced sale at a determined price, maybe even the market price at this point in time. So what you would do is simply take the money and buy the next best thing, e.g. palladium, platinum, silver, copper, or even houses or other types of hard assets to protect yourself against the currency criminals.

 

The biggest of all dangers is really capital restrictions. In 1-2 years, when no one will want to live in the UK anymore (especially no rich Arabs atc.), they might revert to them. If you intend to leave as well, then there is a real danger with UK only companies/banks, maybe Channel Islands will be slightly better.

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Anyone know anything about the London Mint Office and their introductory offers where you can buy a (full) sovereign for £119? Are these genuine royal mint coins?

 

Thanks

 

I got them to send the introductory coin. I got the coin which came in a velvet pouch and you also get a pair of white handling gloves. It was all very cheap and tacky. I weighed the coin which was about 3 grams, 1/10 of an ounce. Seeing as I was only after the gold content it wasn't great as you could get a similar weighted coin from CID for I think it was about £55 at the time. So you'd end up paying double, not now though, for your "collectable, limited edition blah blah coin". I'd avoid them like the plague personally.

 

I sent everything straight back, asking them to remove me from their mailing list, recorded of-course. Carried on getting mail from them for a while but sent everything back return to sender. Haven't received anything from them for sometime now.

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I agree with what you wrote above.

 

The issue of confiscation or freezing accounts is sometimes wrongly understood. Under capital restrictions, you also wouldn't get any goldbars or coins easily through an airport i.e. gold held privately would be of no advantage if it had to be moved. 'Confiscation' wouldn't happen as such (if at all), but as a forced sale at a determined price, maybe even the market price at this point in time. So what you would do is simply take the money and buy the next best thing, e.g. palladium, platinum, silver, copper, or even houses or other types of hard assets to protect yourself against the currency criminals.

 

The biggest of all dangers is really capital restrictions. In 1-2 years, when no one will want to live in the UK anymore (especially no rich Arabs atc.), they might revert to them. If you intend to leave as well, then there is a real danger with UK only companies/banks, maybe Channel Islands will be slightly better.

 

Precisely the reasons I like GoldMoney. They are based in the Channel Islands and my gold/silver is in Zurich, nicely away from where Gordon Brown will be able to get to it.

 

 

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The gold I have is in Zurich (Bullionvault). I sold an amount with the intention of buying back in within a relatively short period so it remains in sterling.

 

In terms of bank accounts being frozen etc it is a possibility albeit a remote one, I think governments will do anything in their power to prevent a banking collapse as it would destabilise society. If gold becomes contraband I wouldn't fancy trying to trade it either, potentially very risky, there would be all sorts of sharks prepared to use violence to take it from you. Of course the higher gold goes, the more it becomes seen as money, goldmoney also allows you to make payments in goldgrams. If that takes off, people using gold instead of fiat, then it could also have a de-stabilising effect on society therefore forced sale to the government is probably the most likely scenario in my view.

 

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You sold physical bullion? All your bullion should be held in your personal possession. Do you really think electronic gold will be worth much when they close the banks and re-order the world.

There are degrees of certainty. Physical bullion in the hand involves no doubt whatsoever. Allocated funds such as goldmoney can involve a little doubt but that doubt is compensated by certain conveniences. No harm in having both and considering your in-hand physical bullion your ultimate core position.

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The gold I have is in Zurich (Bullionvault). I sold an amount with the intention of buying back in within a relatively short period so it remains in sterling.

Wouldn"t it be better to swap for a stronger currency such as the US dollar? And then use a dip in that more volatile POG to buy back in?

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Trouble with keeping loads in your hand is someone can steal it

I've had some credit card fraud trouble, and I've had numpties take too much out of my account by direct debt, but I've never had any cash/PMs stolen from any place I've lived in. Real crooks wear suits.

If the ban certain financial instruments, what makes you think you would be better off with coins, who would buy them when they are banned. Trying to sell them in the black market makes it quite likely you would just get them taken off you anyway.

http://www.fgmr.com/confiscation.htm

After the confiscation announcement, only 3.9 million ounces of gold coin - approximately 21.9% of the gold coin then in circulation - were turned in. Subsequently, the government no longer reported this statistic as it assumed, according to Friedman and Schwartz, that these gold coins were "lost, destroyed, exported without record, or…in numismatic collections". After analyzing in some detail each possibility noted in the government's contention that ostensibly explained why all these gold coins remained outstanding after the confiscation, Friedman and Schwartz go on to say: "We therefore concluded that in Jan. 1934 the bulk of the [13.9 million ounces] was retained illegally in private hands."

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I just think there's every reason to believe that the worst has been priced in

 

I can't imagine this has happened as no one really knows how bad this is going to get in terms of unemployment, companies going into administration, reposessions, civil unrest, wars etc...

 

I feel gold having risen so much doesn't have much upside left

 

I couldn't disagree more. Are you suggesting the pound has found it's all time low in this crisis?

 

stocks now have little downside left having fallen around 45% with the possibility of great upside potential.

 

Sorry this sounds more like wishful thinking. I honestly think we'll see 85-90% falls in stocks, which is when I'll be jumping in.

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You sold physical bullion? All your bullion should be held in your personal possession. Do you really think electronic gold will be worth much when they close the banks and re-order the world.

Prompts me to ask if anybody has ever tried taking

gold coins through an airport lately?

I'm thinking the best bet is to mix it in with regular coins and put it through

the hand luggage scanner.

Anybody fancy doing a trial run with a sov or two and reporting back? :unsure:

ABB

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