GOLD

[MattFC]

Quite a dip too!

 

Indeed..

 

[signofthetimes]

Indeed..

 

just bought in the dip to 944

[sossij]

Indeed..

 

[alexreeve]

just bought in the dip to 944

£500 per point spreadbet at 945.5, really hoping it doesn't fall again now

[stobar]

Yawn...bored now....

[springer]

In the UK if you purchase more than £5,000 in one financial calendar year from a dealer then that dealer must inform the HMRC Gold Team of the purchase but the problem is that they no longer exist and haven’t for quite a few years.

 

Dealers are required to record any transaction that could possibly deemed as ‘money laundering’, there are various guidelines produced by various government department but effectively if you pay for something in cash above £500 then they like some form of ID. If the transaction is paid for by a card then there is automatically some form of identification, ditto bank transfer etc but this does not stop them from asking.

 

If the SHTF then first you will be limited to the amounts that you can transfer between banks and get out of the ATM’s. Buyers will be limited to the amount of cash that they can give you as well. If it gets worse than that then you may lose part or all of the debt that the bank owes you and that includes ETF’s as well. If you are able to get your hands on any of the debt then it will be in very small amounts and a long time after the SHTF.

 

Thankyou all for your replies. This is indeed what I had read. It seems that my worries are unfounded then as my bullion was not delivered to me and also that the HMRC seem to be no longer in existence. Thankyou for clarifying that.

[Bobsta]

£500 per point spreadbet at 945.5, really hoping it doesn't fall again now

I had a total of £89/pt on Silver just stop-out around 1800. Came out of a meeting and turned my phone on - bosh! That hurts, trust me.

 

Still, we know the risks, don't we?! Play with fire n all that.

[Pixel8r]

Jim has been overrun with phone calls again!

 

Dear CIGAs,

 

The wave of phone calls from all over the world overwhelmed me once again today.

 

Here are your answers:

 

As gold rose and the dollar slipped once again into the .7200 area a poor picture was being painted as legislative action neared for Fanny and Freddie.

It seems that the key panic point is .7200 on the USDX.

The Fed's perma-hawk spoke loudly about what will not happen - Fed increases of the discount rate.

Crude came down today, blamed on the apparent hurricane fear fading. Major support starts at $125, and if that is not the bottom it will not be far below.

All the dollar bulls and energy bears were pulled out of the closet as talking heads.

Fancy accounting footwork is the entire reason why some bank earnings look better. They are not. In fact many of the best looking ones are the worst off.

$25 billion for Fanny and Freddie will not cover a $5 trillion problem. It isn't even worth being called a bandage.

After all the substance-less noise used to paint the day better passes, we return to face the 3rd attempt at $1000 and the euro moving past $1.60.

 

Gold is headed to $1650 and the euro to $2. That is only for starters.

 

Respectfully yours,

Jim

 

[id5]

Thankyou all for your replies. This is indeed what I had read. It seems that my worries are unfounded then as my bullion was not delivered to me and also that the HMRC seem to be no longer in existence. Thankyou for clarifying that.

 

I know that I should have checked to see if there has been any change to the HMRC advice since I last bothered to look and there has. I have added the legal bits and bobs to the Buying Investment Coins thread http://www.greenenergyinvestors.com/index....ost&p=49276

 

Basically the £5K limit for a single transaction and a £10K limit for yearly transactions still exist before the dealer needs to take your details if you want physical and there is a €15,000 limit on both single and yearly for funds or other investment vehicles where delivery may not be necessary.

 

The Gold Team has been replaced with the Financial Services (VAT & IPT) Team, so I rung them up and asked what the requirements were and they didn’t have a clue which way was up but it wouldn’t surprise me if gold continues to increase in price then they will start to look at the records.

 

[marceau]

I didn't honestly think we'd drop this far, but if the cartel wants to give me yet another chance to buy cheap gold, then who am I to stop them. I'm fairly heavily loaded now and from here on in will just wait. Unfortunately sometimes that's the hardest part.

 

Oh and for all those interested in unconventional indicators, I'm due to be away without access to a computer for the next three weeks or so. Since I've been posting on GEI these absences have been uncannily reliable cues for gold to rally by anywhere between $50 and $100 dollars, so I thought I'd tell people in advance this time.

 

I've made my longs and will check back in late August. Here's hoping I become the antithesis of Silver Sammy in the indicator stakes.

[bitbigt]

Jim has been overrun with phone calls again!

 

Dear CIGAs,

 

The wave of phone calls from all over the world overwhelmed me once again today.

 

Here are your answers:

 

As gold rose and the dollar slipped once again into the .7200 area a poor picture was being painted as legislative action neared for Fanny and Freddie.

It seems that the key panic point is .7200 on the USDX.

The Fed's perma-hawk spoke loudly about what will not happen - Fed increases of the discount rate.

Crude came down today, blamed on the apparent hurricane fear fading. Major support starts at $125, and if that is not the bottom it will not be far below.

All the dollar bulls and energy bears were pulled out of the closet as talking heads.

Fancy accounting footwork is the entire reason why some bank earnings look better. They are not. In fact many of the best looking ones are the worst off.

$25 billion for Fanny and Freddie will not cover a $5 trillion problem. It isn't even worth being called a bandage.

After all the substance-less noise used to paint the day better passes, we return to face the 3rd attempt at $1000 and the euro moving past $1.60.

 

Gold is headed to $1650 and the euro to $2. That is only for starters.

 

Respectfully yours,

Jim

 

In short - the PPT doing what the PPT does best.

 

And they'll keep doing it, with decreasing effectiveness ...note: gold is still no lower than it was on Monday morning, despite PPT efforts

 

Expect 920-1000 ranging (probably 940-980) for a few weeks more, until mid-august when annual buyers will flood in

 

EDIT: Gold's in the Telegraph today: http://www.telegraph.co.uk/money/main.jhtm...2/ymgold122.xml

 

[marceau]

In short - the PPT doing what the PPT does best.

 

And they'll keep doing it, with decreasing effectiveness ...note: gold is still no lower than it was on Monday morning, despite PPT efforts

 

Expect 920-1000 ranging (probably 940-980) for a few weeks more, until mid-august when annual buyers will flood in

 

EDIT: Gold's in the Telegraph today: http://www.telegraph.co.uk/money/main.jhtm...2/ymgold122.xml

 

 

It's really quite comforting to know that no matter how ridiculously bullish the fundamental and technical picture for gold may be, the cartel/PPT will carry on providing opportunities like this all the way up. This knowledge does some important things for me, it stops me from panic buying for a start, but it also gives me time to accumulate at a steady and affordable pace.

 

In my opinion the cartel should be celebrated, they're giving us plenty of opportunities to buy into a profitable market at bargain prices. If this were any other market the big guys would have moved the price beyond our reach long ago. In a way it's the manipulation which makes investing in gold and silver so rewarding. If I ever meet Bernanke I may well shake him by the hand, but I suspect he won't be going out in public for some time once this catastrophy starts to get going for real.

[bitbigt]

£500 per point spreadbet at 945.5, really hoping it doesn't fall again now

 

I had a total of £89/pt on Silver just stop-out around 1800. Came out of a meeting and turned my phone on - bosh! That hurts, trust me.

Still, we know the risks, don't we?! Play with fire n all that.

 

Good luck igglepiggle and sincere commiserations Bobsta

 

And guys: if you're meaning 1 pt = 0.01 USD for silver and 1 pt = 0.1 USD for gold then those are large spread bets! ...tread carefully

[notanewmember]

£500/pt is huge. Deep pockets!

[Gatesy]

£500/pt is huge. Deep pockets!

Equivalent to 10 full 100oz futures contracts commanding a nominal $950,000 worth of gold bullion.... In other words if Midas turned up and said "i can turn that turd into gold" that's how much you'd have to stump up if gold went to zero and you didn't have stops

[marceau]

I had a total of £89/pt on Silver just stop-out around 1800. Came out of a meeting and turned my phone on - bosh! That hurts, trust me.

 

Still, we know the risks, don't we?! Play with fire n all that.

 

 

Sorry to hear that Bobsta, silver is so tricky to trade, particularly with stops. If I place a silver trade I don't use stops at all, not only because of the volatility, but also because of the less than honest tactics of certain players during thin parts of the market (I've lost count of the number of times I've seen a well orchestrated $1-3 smackdown last only a matter of seconds before moving straight back to the normal price. The deep pocketed fraudsters just smash the smalls guy's stops and steal their money in less than a minute.).

[marceau]

£500 per point spreadbet at 945.5, really hoping it doesn't fall again now

 

 

I placed a trade this large once and unfortunately the market moved against me. I was in a position similiar to this one, close to support in a power uptrend back to old highs, then the support failed and I didn't sleep for days while things looked like they were going to plummet. The pressure was too much so I sold at breakeven when the price came back up. Lucky I did because the upmove was just a bounce before some prolonged falls, which would have slowly and painfully wiped me out.

 

That was in mid-June 2006, it took the best part of 6 months for the price to recover back to the levels I had bought/sold at, and almost another year on top of that before the old May peaks were recovered. For those on big leverage please check the charts from that period to see what can happen when you bet too heavily on a 'sure thing'.

 

For the short term I now trade in much, much smaller quantities and tend to drip feed contracts, always making sure I'm sufficiently capitalised to cope with a $50-100 gold price fall. This volatility isn't going to go away, so max leverage is probably no better than roulette from here on in to be honest. As always it's risk/reward, but it's definately worth having an eye on the door for when things go wrong.

[Steve Netwriter]

I know that I should have checked to see if there has been any change to the HMRC advice since I last bothered to look and there has. I have added the legal bits and bobs to the Buying Investment Coins thread http://www.greenenergyinvestors.com/index....ost&p=49276

 

id5, thanks for starting that thread. I've been avoiding replying as I don't want to clog it up with useless replies.

If anyone else with coin buying/selling experience wants to contribute their knowledge, please feel free.

Just think what you wanted to know before you knew what you know now.

 

 

[Steve Netwriter]

Coincidence ?

 

I don't think so. The bottom trend line works out perfectly !

The top one looks pretty good too !

 

 

 

Even silver is playing along:

 

 

I'm honoured that the PPT watch this thread.

 

What other conclusion can you come to ?

 

 

 

 

 

 

:lol: :lol:

 

(yes I know )

 

[frizzers]

If we can hold here or just below, that will be bullish I think. 950 is an area of support and we might be seeing a straight bounce off the 21 day moving average before the uptrend resumes.

 

There is trendline plus 55dma support at just below 920, so I guess a fall to there is possible.

 

Failing that we could go back and retest 850-60.

 

The violence of today's move was such that some more downside looks likely.

 

 

[springer]

I know that I should have checked to see if there has been any change to the HMRC advice since I last bothered to look and there has. I have added the legal bits and bobs to the Buying Investment Coins thread http://www.greenenergyinvestors.com/index....ost&p=49276

 

Basically the £5K limit for a single transaction and a £10K limit for yearly transactions still exist before the dealer needs to take your details if you want physical and there is a €15,000 limit on both single and yearly for funds or other investment vehicles where delivery may not be necessary.

 

The Gold Team has been replaced with the Financial Services (VAT & IPT) Team, so I rung them up and asked what the requirements were and they didn’t have a clue which way was up but it wouldn’t surprise me if gold continues to increase in price then they will start to look at the records.

 

Wow thanks id5. That really helps. I would love to buy a few coins to diversify my 'protection' but I think I would start to really scare myself if I did that, I dont want to give weight to my fears. This financial shit storm that is due is going to be horrific and the fallout from it could be worse than anyone believes possible - I so hope we are all wrong.

In the mean time, I'll keep the larder fully stocked and get those hens I've been meaning to have for a few years now. The veg patch is coming on nicely.

[Gatesy]

Failing that we could go back and retest 850-60.

That's a scary prospect; lots of fear I'd imagine if that happens.

[Compounded]

"Failing that we could go back and retest 850-60."

 

 

That's a scary prospect; lots of fear I'd imagine if that happens.

 

 

Nice for a steady accumulator like myself though.

[headmelter]

"Failing that we could go back and retest 850-60."

 

 

 

 

 

Nice for a steady accumulator like myself though.

 

 

After buying in the $950s last week i kept some dry powder for such a surprise. I think if we went down that far all dry powder would be primed and ignited.

 

TBH I think I may experience a premature explosion before that happens.

[Steve Netwriter]

There's something odd going on. I'm not sure whether this makes sense, so forgive me if it's rubbish.

I watch the price of gold & silver in JPY.

 

Now you guys probably think silver is dropping right now.

Well, oddly it's rather high in JPY

 

http://stockcharts.com/h-sc/ui?s=$SIL...id=p67557805345

 

Now, here's an odd thought. Suppose the gold & silver price in Yen is an important factor in the behaviour of the metal prices.

That would imply they have gone up in JPY, and so are less attractive to buy, and so should drop more in US$.

 

Looked at from the perspective of someone with Yen, surprisingly now does not look like a good time to buy.