GOLD

[romans holiday]

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?

ABB

I may take one of my gold kiwis back to Korea... quite simple process really, just chuck it in your wallet with your other coins.

[G0ldfinger]

...

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

Very interesting.

[ziknik]

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?

ABB

 

Someone has. The limit is €10k or €15k. Same as paper money. Can't remember who.

[sideshow]

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?

ABB

 

I've carried 12 assorted 1oz coins internationally. No issue whatsoever. I carried them all in a single pouch in my coat and put that through the scanner. No questions asked. I think you could carry a lot more than this without being flagged for attention. I suppose bars would warrant more attention in the scanner. I also carried a recent bank statement and receipts for all items as proof of income and purchase.

 

ID5 has more information about transporting bullion on his coins thread.

[InternationalRockSuperstar]

Someone has. The limit is €10k or €15k. Same as paper money. Can't remember who.

 

use private rather than commercial airports.

 

no problem.

[GTG]

Speaking to Bloomberg at Davos, Barrick Gold chairman Harry Munk says it is only a matter of time before gold breaches the $1,000 barrier. But wealthy investors only want physical gold - not certificates or contracts - in their safes:

 

http://www.citywire.co.uk/personal/-/news/...0&ea=204893

 

 

[Sledgehead]

I agree with Bubb that sentiment is a worry. And if Russia is anything lik ethe other gold producers supply may also become an issue,:

 

Gold Union Says Output Rose 13.3% - Moscow Times - 02 February 2009

http://www.themoscowtimes.com/article/600/42/374126.htm

 

Russia boosted 2008 gold output 13.3 percent to 184.49 tons (5.93 million ounces), reversing five years of decline, after several of its biggest miners raised production, the main industry lobby said Friday.

 

The rise exceeded the Russian Gold Industrialists' Union's forecast of an 8 percent increase. Kinross Gold launched its large Kupol mine in Chukotka last year, while Peter Hambro Mining and Polymetal also raised output.

 

The union said 2008 gold output from mines rose 13.1 percent to 163.89 tons, compared with 144.85 tons in 2007.

 

Valery Braiko, the union's head, said production would be steady this year. "Our preliminary estimate is the same level, with the possible addition of 1 or 2 tons."

 

The country's gold reserves are second only to South Africa's, and Russia has plans to increase output significantly in the next decade by opening up new deposits in Siberia and the Far East. Russia traditionally ranks fifth or sixth in terms of output. Total gold production in 2007 was 162.84 tons.

 

The union said in a statement that 2008 output achieved by refining gold from scrap rose 22.9 percent to 8.14 tons, from 5.87 tons a year earlier. Gold as a by-product of other metals rose 2.8 percent to 12.46 tons, from 12.12 tons.

 

Braiko did not give a 2009 estimate for refining gold from scrap or as a by-product of other metals.

 

The Aussies are also looking to expand production : AUSTRALIAN GOLD MINER NEWCREST TO RAISE US$317 MLN

http://www.tradingmarkets.com/.site/news/S...ght-home-news-6

 

Let's face it, putting fiat into a gold sausage machine has rarely been a better bet. Better for miners than the metal itself. Indeed th edisconnect between miners and gold price isn't that odd when viewed in this manner.

 

Low falling/constant production => high gold price but subdued volume sales

Rising production => better sales volumes but lower gold prices.

 

People worry so much about inflation / deflation, but supply seem sto be a BIG issue to me. Take a look atthe attached chart. I'd be interested if people could broaden the data sets out, but for starters look how the bull gold market of the 70s can be explained by the fall / plateau in production. And in the 80s, a period of high inflation, where is the rising gold price? Stocks certainly roared away in the latter half. Why not gold? Maybe because of the boom in output of gold. And what of the noughties and the great bull run? Could it just feasibly be more a function of falling production than anything else?

 

If that's the case, with miners looking to ramp up production, gold could face serious fundamental headwinds...

 

... especially given that demand (from jewellery) seems to be falling off a cliff.

 

Abu Dhabi gold jewellery sales slide 70%

http://www.thenational.ae/article/20090201...483417/1005/rss

 

Would love to hear all your views as you follow gold very carefully. Apologies if this has been discussed before.

[id5]

Someone has. The limit is €10k or €15k. Same as paper money. Can't remember who.

 

It is not a problem going through Customs in the UK and most airports as long as you are below the limits.

 

They got changed in December though Euro stays at €15k and GBP increased to £9K because of the parlous state of the GBP, unless you ask Gordon of course and he will say that the UK economy is sound and it individuals honest so we have shown our trust in the people and upped the limit.

[ziknik]

It is not a problem going through Customs in the UK and most airports as long as you are below the limits.

 

They got changed in December though Euro stays at €15k and GBP increased to £9K because of the parlous state of the GBP, unless you ask Gordon of course and he will say that the UK economy is sound and it individuals honest so we have shown our trust in the people and upped the limit.

 

That’s interesting. Why does £ and € have different limits (?). I thought any currency would be viewed as an EUR value.

 

Do you know if USD has a different limit?

 

[ziknik]

I travel all the time to the USA but I forget - I think it might be $10,000, or 200 Gold Eagles!!! :lol:

 

Unfortunately, it’s not calculated using the face value

 

They calculate the value of the gold itself.

 

The face value of a Sov is £1.

 

[G0ldfinger]

... The face value of a Sov is £1.

Now, there's some inflation!

[id5]

What is the face value on a sov? I think on a US Gold Eagle it is $50. Which is worth about $900 or 18 times legal value. So the way I see it is you can transport 18 times more Eagles, if using the USA limits/UK limits - ditto sovs.

 

 

???

 

The face value of a sovereign is £1 but it is its market value that is used to calculate tax.

[G0ldfinger]

DOUBLE POST

Arbitrage Lures Gabelli to M&A, Huntington to Silver as Hedge Funds Fail

http://www.bloomberg.com/apps/news?pid=206...&refer=home

Feb. 2 (Bloomberg) -- Mario Gabelli is buying Wyeth to book a 13 percent profit from its takeover by Pfizer Inc. Managers at Cohen & Steers Inc. are scooping up closed-end funds trading at a 16 percent discount to the value of their holdings. Huntington Asset Advisors Inc. is betting the widest gap between silver and gold prices in 14 years will narrow.

[id5]

That’s interesting. Why does £ and € have different limits (?). I thought any currency would be viewed as an EUR value.

 

Do you know if USD has a different limit?

 

Rather than use a floating exchange rate for the Euro rule, HMRC set their own value so businesses do not have to be aware of the GBPEUR exchange rate.

 

The US limit is set at USD10,000.

[electroweak]

... the only way to find out would be to declare the coins, and if any are confiscated, sue. Gotta be against the Constitution somewhere? Ditto for UK sovs?

you first, cds!

[alexreeve]

I was talking to a hedge fund manager at the weekend, who is well connected (with GS and with policy makers in the EU) and has done very well over the last two years. He's long gold and short equities, but is expecting a big equities crash this week, after which he will be reversing that position.

[HPCSucks]

I was talking to a hedge fund manager at the weekend, who is well connected (with GS and with policy makers in the EU) and has done very well over the last two years. He's long gold and short equities, but is expecting a big equities crash this week, after which he will be reversing that position.

Well, should be an interesting week then. I like a nice crash.

[G0ldfinger]

I was talking to a hedge fund manager at the weekend, who is well connected (with GS and with policy makers in the EU) and has done very well over the last two years. He's long gold and short equities, but is expecting a big equities crash this week, after which he will be reversing that position.

Show him the longterm DOW-Gold chart and tell him that he is too early.

[alexreeve]

Show him the longterm DOW-Gold chart and tell him that he is too early.

I think as a professional fund manager he looks at shorter term trading strategies.

If equities do crash this week I will probably take his advice re buying equities, although I'll hang onto most of my gold.

[Errol]

I may buy equities when the Dow reaches 4000 and the FTSE 2000.

[Guest foobar]

Well, should be an interesting week then. I like a nice crash.

 

 

Talking of crashes can any one make sense of this graph?

 

I think I found this link off the Chris Martenson website:

 

http://www.gmtfo.com/reporeader/OMOps.aspx

 

I take it as a rough guide to how much money as the title says is "sloshing" in the market ie Fed open market operations.....but it looks like it's going to zero! Don't know if the figures have been pulled, the chart is wrong or if actually the money in the market is drying up?

 

Run the report back 6 months a year and you can see how there was a spike last September after which things fell off some way.

 

Any one more educated like to comment? Is this a sign that lending is completely stopping? Looks a bit scary.

 

From the sites help text:

Every day the fed posts their temporary open market operations here:

 

http://www.newyorkfed.org/markets/omo/dmm/temp.cfm

 

These are intended to "add or drain reserves available to the banking system". The amount "accepted" each day is the amount of reserves added that day. But, these being temporary operations, they mature in 1-14 days (up to 28 days for some special operations) at which point the banks have to return the cash. On a given day, there's a certain amount that has been added to the system that has not yet matured (doesn't have to be returned yet). These amounts are said to be "sloshing" in this report.

[Wanderer]

This is of serious concern to the future of the gold price. I'm going to sell all I own today just as soon as I can.

http://www.theglobeandmail.com/servlet/sto...ry/Science/home

[electroweak]

It is not a problem going through Customs in the UK and most airports as long as you are below the limits.

 

They got changed in December though Euro stays at €15k and GBP increased to £9K because of the parlous state of the GBP, unless you ask Gordon of course and he will say that the UK economy is sound and it individuals honest so we have shown our trust in the people and upped the limit.

does anyone know if gold sets off the metal detecting scanners you walk through? (do they detect ferromagnetic materials?) That would be the easiest thing to do.

[wren]

This is of serious concern to the future of the gold price. I'm going to sell all I own today just as soon as I can.

http://www.theglobeandmail.com/servlet/sto...ry/Science/home

Note that it is the incinerated sludge, i.e. remaining ash. But it would be worth extracting the gold.

 

Mobile phones have as much gold per tonne as high grade ore.

 

 

[AgeingBabyBoomer]

does anyone know if gold sets off the metal detecting scanners you walk through? (do they detect ferromagnetic materials?) That would be the easiest thing to do.

Aiui, thye pick up any metal - as a few folks with interesting

piercings have discovered.

ABB