GOLD

[TinBrick]

There's reason to hope for a steady and considerable rise this week, so long as the PPT don't come and do something radical to mess things up.

 

Please excuse my ignorance of this TLA - the what?

[electroweak]

Please excuse my ignorance of this TLA - the what?

Plunge Protection Team.

I have seen official documents confirming it's existence, I'm sure someone can point you at the evidence..

EDIT see for example:

http://www.telegraph.co.uk/money/main.jhtm...7/ccview107.xml

[bitbigt]

Plunge Protection Team.

I have seen official documents confirming it's existence, I'm sure someone can point you at the evidence..

EDIT see for example:

http://www.telegraph.co.uk/money/main.jhtm...7/ccview107.xml

 

They're going around doing naughty little things like

- lending out gold (or even paying others to take it) so that those others can place large shorts on the gold market

- lending to financial institutions that should be more honsetly be recognised as bankrupt

- intervening in stock markets to try to stop them collapsing

- bending statistics on inflation, house prices, the dollar, and spreading many great fibs about how things are

 

Now some would say you therefore can't make rational investments given the likes of these doods on the playing field. But I think they're just part of the machinery. And just as they haven't been able to stop stock markets falling significantly since last Autumn nor stopped gold and oil from rising dramatically, they will be even less able to manipulate things going forward as they run out of dollars to throw at the problem and as more people get to see the true mess we're in globally as the 'great unwind' occurs.

[Steve Netwriter]

Hi GF,

Why use both BV and GM? Wouldn't one or the other suffice?

 

Cheers

 

Tinecu

 

I think eggs and baskets.

 

Although GM is more expensive, they do silver, and that adds the possibility of swapping metals, which I think is handy also.

I suppose potentially with GM you also have the ability to transfer gold grams to someone else.

Oh, and GM pay interest on the money in your account, so if you want to duck out of PMs for a while, that's also a benefit.

 

[notanewmember]

Goldmoney - does one have to keep a record of transactions and declare any capital gain to the HMRC?

[frizzers]

[GTG]

http://www.kitco.com/ind/willie/jun262008.html

 

Another intriguing and insightfull piece from Jim Willie, a long essay but well worth a butchers IMO. An excerpt quoted below:

 

GOLDMAN SACHS PAINTS THE PICTURE

 

Some clear indications are coming to light. The Wall Street firms are both banding together and at odds with each other. First a preface. The Bear Stearns kill job engineered by JPMorgan has numerous stories behind the public face story told. Some of my views have been shared. Here is more. Bear Stearns did not participate in the LongTerm Capital Mgmt emergency bailout rescue in 1998. They were punished ten years later. Furthermore, when the USFed opened the Bear Stearns books in March, they found a giant position that was short the USDollar. They found a giant position that was betting on a higher gold price. So Bear Stearns was killed, with the liquidation of their gold position responsible for a huge gold price drop, aided by the cover of their US$ position. See the mid-March gold price and US$ action. The Wall Street firms took notice of the message. If they bet against the US$ and bet in favor of gold, they would not have any further access to the USFed discount window or lending facilities. So now the Wall Street firms might be helping each other to stand up. If one fails, they all might fail and go bust. That is why the Lehman Brothers story and the Merrill Lynch story are so important. They are being propped up. Enter Citigroup. My guess is that a huge amount of mortgage bonds are to be sold soon by Citigroup, and maybe another big bank, in the initial stage of a bond liquidation scheme and exercise. Citigroup is busted, and will portray their bankruptcy as a restructuring procedure, complete with liquidation. We will have to wait to see what remains.

 

Goldman Sachs on Thursday downgraded Citigroup with a short stock recommendation. Why would they do that? They put Citi on their ‘Americas Conviction Sell’ list, which just has to evoke laughter for its name. They expect another gigantic bond loss to be admitted by Citi, more cash to be raised as they sell capital and undermine stock equity value, and even more dividend cuts. Up to May, the total amount of cash they raised by selling off capital to foreign entities was a robust $42 billion, thus undermining US control of the biggest US bank. One can only speculate. Perhaps GSax finally has a big short position in place against Citi, and wants the public to climb aboard the selling parade. Perhaps GSax has inside word of the big Citigroup bond liquidation fire sale upcoming. People need to remember that GSax is not a charitable organization. They make money by legitimate trades, but also by lying, cheating, and sometimes stealing, all legally. Just to prove that GSax remains a corrupt information source, they downgraded the entire brokerage sector from ‘Attractive’ to ‘Neutral’ in laughable style. The US brokerage industry is fast approaching extinction. Check their bond and stock issuance lately. Their ugly position matches the US banks, which on average are insolvent. Sanford Bernstein analyst Brad Hintz forecasted a $3.5 billion Q2 writedown for Merrill Lynch, matched by Bank of America analyst Michael Hecht. The Goldman Sachs analyst Richard Ramsden said just a week ago that the US banks must produce $65 billion more capital to cope with the destruction to their balance sheets before the peak of the crisis sometime in 2009. So have we seen the worst yet? No way! Once again, they are not raising capital. They are raising cash. They are selling capital in the form of stock equity and long-term debt. As they do so, control of the banks goes into foreign hands more so.

 

Given my Citibank accounts the spanish archer.

[huntergatherer]

Not sure that BV do silver . . .

 

GM are also 'offshore' (on Jersey) unlike BV which is UK mainland. I think you pay for what you get.

[G0ldfinger]

Cuthbert, what is your interpretation of this?

[G0ldfinger]

CRASH & BURN!

 

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

U.K. House Prices Drop Most on Year Since 1992, Nationwide Says

 

By Svenja O'Donnell

 

July 1 (Bloomberg) -- U.K. house prices fell in June from a year earlier by the most since the end of the last recession in 1992 as banks starved the property market of loans, a report by Nationwide Building Society showed.

And we're only 1-year into it, with Scotland just turning. Wait two years, and you'll see what a real massacre is.

 

See my chart in the signature.

[Rikk03]

Gold council urges investing in gold

 

 

01 Jul 2008

bbj.hu

With crude prices hitting the roof and the stock market is diving, gold is emerging as a good hedge option against inflation. “It is the right time to invest in gold,” says K Shivram, vice-president of the World Gold Council.

There has also been a shift in the consumption of gold. According to Shivram, a lot of jewelers are now setting up shop in tier-II and tier-III towns. “Small towns have definitely benefited from the influx of the large retail brands,” he said. Moreover, when it comes to gold purchase, it's not restricted to jewelry alone. The sale of gold coins is on the rise. “Many jewel retail brands are catering to the requirements of working women by designing light pieces,” he said. Against the backdrop of this, the Gold Club of Chennai and the World Gold Council are partnering to host an India Gold Conclave (IGC) on July 19. Around 250 delegates are expected to participate. (The Times of India)

[romans holiday]

To set up a BullionVault account you need only:

 

1) either a passport or National ID card or driving licence. With a photo of you is essential.

2) a copy of your bank account statement

 

ONLY this bank account can be used for funding your BV account and for cash to be withdrawn from BV to your bank account. No other bank account can be used. This helps protect the customer from theft.

 

The 2 documents should be scanned or shot with a digital camera. Quality good enough to read and see the picture suffices. You need only the top part of the bank statement with the account details, your name and address.

 

If you don't have a camera or scanner you could probably find an internet cafe or photocopy shop who could scan them and give you the files on diskette.

 

Set up the BullionVault account online giving your name and address etc. That is free and they give you 1 g of gold and one dollar, one pound and one euro. They email you saying your account exists and that you should validate it.

 

Validate your account by logging into your account and sending via their website the 2 documents. The transfer is encrypted. They say allow 3 working days for your account to be validated. In practice it is likely it will be done in 1 day. They will send you an email saying it is now validated.

 

Now send funds from your bank account to your BV account (you can fund the account before validation but I preferred to see it validated first).

 

I suppose if you can't tranfer from your account using the internet you'd have to wait until you're back home.

 

Then buy gold. (BV don't do silver unfortunately.)

 

Thanks for the information Wren. Decided to swap $20,000 for the real stuff at the New Zealand Mint. They also store for a 2% charge [thanks Steve] which is not so bad for a few months. I am thinking if I have a larger sum of money at a later date [and the POG is still as cheap as it is now] I will look then at using the services of BV.

 

I have to admit, I just love having the physical stuff around.

[sossij]

Hi folks,

 

I’ve been regularly buying both gold and silver bullion for a while and would now like to buy some junior mining companies. I'm UK based and my plan is to buy a modest amount of shares in a self select ISA but the companies I’m interested in are primarily listed on the Toronto stock exchange. Does anyone know of either 1) a self-select ISA that can trade on the Toronto Exchange or 2) a fund of mining juniors that can be bought in an ISA wrapper, e.g. via fidelity. My plan is to buy and hold a regular lump of shares each month so I’d like to keep purchase costs to a minimum, naturally

 

Any pointers gratefully received.

 

[Gatesy]

Hi folks,

 

I’ve been regularly buying both gold and silver bullion for a while and would now like to buy some junior mining companies. I'm UK based and my plan is to buy a modest amount of shares in a self select ISA but the companies I’m interested in are primarily listed on the Toronto stock exchange. Does anyone know of either 1) a self-select ISA that can trade on the Toronto Exchange or 2) a fund of mining juniors that can be bought in an ISA wrapper, e.g. via fidelity. My plan is to buy and hold a regular lump of shares each month so I’d like to keep purchase costs to a minimum, naturally

 

Any pointers gratefully received.

Sossi, I'd recommend reading this thread to get you started

 

http://www.greenenergyinvestors.com/index.php?showtopic=2981

[sossij]

Sossi, I'd recommend reading this thread to get you started

 

http://www.greenenergyinvestors.com/index.php?showtopic=2981

 

Brilliant! Cheers Gatesy

[tl8177]

Hi folks,

 

I’ve been regularly buying both gold and silver bullion for a while and would now like to buy some junior mining companies. I'm UK based and my plan is to buy a modest amount of shares in a self select ISA but the companies I’m interested in are primarily listed on the Toronto stock exchange. Does anyone know of either 1) a self-select ISA that can trade on the Toronto Exchange or 2) a fund of mining juniors that can be bought in an ISA wrapper, e.g. via fidelity. My plan is to buy and hold a regular lump of shares each month so I’d like to keep purchase costs to a minimum, naturally

 

Any pointers gratefully received.

 

I find Selftrade is quite good

http://www.selftrade.co.uk/

[tinecu]

I think eggs and baskets.

 

Although GM is more expensive, they do silver, and that adds the possibility of swapping metals, which I think is handy also.

I suppose potentially with GM you also have the ability to transfer gold grams to someone else.

Oh, and GM pay interest on the money in your account, so if you want to duck out of PMs for a while, that's also a benefit.

 

thanks Steve et al for your comments.

 

I think BV >> great to get in quickly

 

GoldMoney >> worth the hassle in the long run.

 

Cheers

 

Tinecu

[romans holiday]

They finally let Peter Schiff back on CNBC! He killed them in debate... couple of his detractors even admitted he had been right so far.

Looks like he might be a regular fixture at CNBC again.

[ChrisP]

Hi folks,

 

I’ve been regularly buying both gold and silver bullion for a while and would now like to buy some junior mining companies. I'm UK based and my plan is to buy a modest amount of shares in a self select ISA but the companies I’m interested in are primarily listed on the Toronto stock exchange. Does anyone know of either 1) a self-select ISA that can trade on the Toronto Exchange or 2) a fund of mining juniors that can be bought in an ISA wrapper, e.g. via fidelity. My plan is to buy and hold a regular lump of shares each month so I’d like to keep purchase costs to a minimum, naturally

 

Any pointers gratefully received.

 

I use TDWaterhouse to trade Canadians in a self-select. Commissions are £12.95 per trade.

[Bobsta]

They finally let Peter Schiff back on CNBC! He killed them in debate... couple of his detractors even admitted he had been right so far.

.. Nice... I can't wait for that to be put up on the EuroPac site ... it's not there yet.

 

Gold's had a couple of nice bounces from $922.50 in the past 18hrs... It'll be interesting to see if that level is tested again during NY trading today.

[marmite]

They finally let Peter Schiff back on CNBC! He killed them in debate... couple of his detractors even admitted he had been right so far.

Looks like he might have a regular fixture at CNBC again.

 

Do you have a web link for the interview ??

[crudeFool]

I use TDWaterhouse to trade Canadians in a self-select. Commissions are £12.95 per trade.

 

I didn't realise you could do this! Does that apply to all Canadian shares? I've got Minefinders (MFL.TO) and Tyhee (TDC.V) - does it apply to all exchanges? I've got a TD account and a Selftrade one. (not that I'm making any profit out of these)

 

Cheers,

crude.

[romans holiday]

Do you have a web link for the interview ??

 

Check out europac.net Interviews are usually posted there. May take a couple of days. Well worth watching.

[sossij]

I find Selftrade is quite good

http://www.selftrade.co.uk/

 

 

I use TDWaterhouse to trade Canadians in a self-select. Commissions are £12.95 per trade.

 

Thanks chaps, I'll check them out once I've finished reading Gatesy's thread.

[Bobsta]

<Lee McQueen mode>

Now that's what I'm talking about!

</Lee McQueen mode>

 

(although anyone who hasn't seen the UK TV show The Apprentice will have no clue what I'm talking about)

 

Great start to NY trading.