fexx Posted November 4, 2008 Report Share Posted November 4, 2008 Excuse me, but I've not done one before... Link to comment Share on other sites More sharing options...
warpig Posted November 4, 2008 Report Share Posted November 4, 2008 It's nice to see it move with conviction again. What's broken (apart from the obvious!) that's made it move like this? Link to comment Share on other sites More sharing options...
sash777 Posted November 4, 2008 Report Share Posted November 4, 2008 MUHAHAHAHHAHAHAHHAHAHAHA Until it comes back down again next week surely.... how many times are we going to call lift-off before we actually get lift-off? I'm not expecting any serious jumps until end of November at the earliest. Link to comment Share on other sites More sharing options...
wrongmove Posted November 4, 2008 Report Share Posted November 4, 2008 Until it comes back down again next week surely.... how many times are we going to call lift-off before we actually get lift-off? I'm not expecting any serious jumps until end of November at the earliest. well, it's nice to see cg enjoying an "up" day. Link to comment Share on other sites More sharing options...
grumpy-old-man Posted November 4, 2008 Report Share Posted November 4, 2008 well, it's nice to see cg enjoying an "up" day. you been on your hols again WM ? or mining for GOLD ? lots of inflationary type things happened whilst you were away, apart from the expected pre election oil dip of course. Link to comment Share on other sites More sharing options...
pmaupoil Posted November 4, 2008 Report Share Posted November 4, 2008 I have a significant amount of my gold with BV and I start being worried about the difference with the coins price. I had a conversation with them today and they appear not to be aware of the higher prices in coins... This is the chat: ############### Myself: Hi, there seems to be a bigger and bigger distorsion between physical gold and the Comex spot price? Have you got any plans to align your prices according to physical instead of this irrelevant paper gold in a near future? Kind regards BV customer support: Can you give me an idea of what kind of differences you're seeing, and which price you consider the 'reference' price? Myself: ok give me a sec to get an example Myself: If I go to a bullion dealer to sell some 1ounce coins, I am currently selling them at over £490. At bullion, it is just over £460. Myself: edit: I meant at BullionVault. BV customer support: Really? You've actually sold coins at £490? Myself: I did not but that's how it is at the moment. BV customer support: This week? Myself: right now. Myself: gold went up a bit this am. BV customer support: Are you sure that's not just the price to buy? Normally the spreads on coins can easily be over 10%. Myself: not buy price is > 560 Myself: and it is like that for every dealers at the moment. The difference is that much. Myself: I would have thought you were aware of that. BV customer support: This is news to me. I must admit, I'm a little skeptical - can you point me to your source? Myself: coininvestdirect or phone atsbullion. There have great reputation in London. BV customer support: Just taking a look at coininvestdirect now... Myself: The demand in physical gold is very high in the past month and very little stocks so premiums are higher. Very few people sell so the sell price is higher than spot price. BV customer support: Hmm...I can see their buy price is at £490 - I can't (so far) see a price to sell to them at... Myself: it is the next column... brutto price. Myself: buy price means they buy it at that price. BV customer support: That's very, very strange. Myself: Ok. Does anyone could know about this because I am worried you don't know about that. This is nearly in the main news. BV customer support: I'm asking 'round the office - it's a suprise to us all frankly. Are they desperate for stock? Is their website out of date? Has anyone actually phoned them and 'fixed' a price? Myself: Do you then have an example to prove the contrary? BV customer support: Just that it doesn't make any sense. I know for a fact that they have access to the same physical gold markets we do, and we are just paying the spot rate. Why would they be buying at 7% over the odds? It's very, very odd. Myself: because people would not sell otherwise but it is reflected in their premium when they sell. There is a shortage of coins and people would not sell at spot price. The coins market would be in standstill otherwise. BV customer support: Could be, could be. But the normal move for most traders would be to just widen their prices. Bring their bid up to a fraction below spot, and push their offer high. BV customer support: It's not impossible, but I'd be amazed if they're seriously so short of stock that they're bidding way over spot. Myself: ok anyway this is happening for the last month or so and I think it is a concern for your business as your customers would see the price difference and start going into coins, I have already done so for a small part. Could you escalate that issue. BV customer support: Absolutely. We'll look into this more deeply and see what we can figure out. It's a real mystery at the moment... BV customer support: In the meantime, if those prices are real, I'd probably sell. If it's genuine and it's just to do with fabrication delays, then it won't last. ######################## Link to comment Share on other sites More sharing options...
azazel Posted November 4, 2008 Report Share Posted November 4, 2008 Interesting. I know when BV had limited stock the price was significantly higher than spot. Link to comment Share on other sites More sharing options...
the_duke_of_hazzard Posted November 4, 2008 Report Share Posted November 4, 2008 It's nice to see their customer service being so frank and transparent. Link to comment Share on other sites More sharing options...
cgnao Posted November 4, 2008 Report Share Posted November 4, 2008 If it's genuine and it's just to do with fabrication delays, then it won't last. Sure it won't last. The spot price will eventually catch up with the real market price. Link to comment Share on other sites More sharing options...
electroweak Posted November 4, 2008 Report Share Posted November 4, 2008 It's nice to see their customer service being so frank and transparent. It's amazing that they didn't know about bars/coins being SO much over 'spot'! Thanks for telling them. If they need more evidence, tell them to look at silver! Currently, CID,Kitco will bite your arm off if you have any Ag to sell! EDIT: CID will buy Ag at £7.30 ($11.69) /Oz (£235 for a kilo) whilst spot is nearer $10. EDIT2: Kitco Buys 1 Oz gold maples from customers at $772, spot $758 Link to comment Share on other sites More sharing options...
marceau Posted November 4, 2008 Report Share Posted November 4, 2008 Hello all, hope everyone is well (or as well as you can be considering the circumstances). I decided to take a break from the markets in September and go for 2 months without even looking at a trading screen. I have to say it's been quite relaxing just sitting things out while this catastrophy has unfolded. Sadly, my mining portfolio now looks like Hiroshima at the end of world war 2, but I'm strangely unconcerned to be honest, I'm sure things will bounce back. It's good to see the physical gold actually increase in price in £ terms, which just goes to show the insurance value coins and bars can have even in the worst of times. In fact in paper terms I'm actually doing quite well when I count my physical holdings and the payout from all the shorts I closed last week. Anyway, I've got lots of reading to do in order to catch up with the opinions of those I trust (particularly on this site). I hope no-one got totally wiped out during the commodity tumble, but judging by the same old faces hanging around here I'm sure that hasn't happened. I look forward to again being able to talk with people who actually have some insight into this situation. There's been a shocking lack of clarity, knowledge and, to be honest, even concern about the economy from those I've been around recently (sadly, it really just hasn't sunk in for most people yet). No matter how right I've been about the current situation in the past, most I know still think my thoughts about the future are laughable. I guess I'll just have to keep my mouth shut and keep booking the profits It's nice to be back. M Link to comment Share on other sites More sharing options...
headmelter Posted November 4, 2008 Report Share Posted November 4, 2008 Welcome back marceau, you haven't missed much. Link to comment Share on other sites More sharing options...
Steve Netwriter Posted November 4, 2008 Report Share Posted November 4, 2008 It's nice to be back. M Welcome back "lots of reading to do in order to catch up" - I'll say !!!! Link to comment Share on other sites More sharing options...
ziknik Posted November 4, 2008 Report Share Posted November 4, 2008 ... BV customer support: Just that it doesn't make any sense. I know for a fact that they have access to the same physical gold markets we do, and we are just paying the spot rate. Why would they be buying at 7% over the odds? It's very, very odd. ... Why doesn’t BV have gold coins if they are using the same market as CID? I think he is mixing up CoinsInvestDirect with http://goldinvestdirect.com/ Link to comment Share on other sites More sharing options...
azazel Posted November 4, 2008 Report Share Posted November 4, 2008 It's nice to be back. M Nice to see you back. Link to comment Share on other sites More sharing options...
G0ldfinger Posted November 4, 2008 Author Report Share Posted November 4, 2008 I'd say gold deserves one today (Guy Fawkes day anyway tomorrow): Link to comment Share on other sites More sharing options...
Steve Netwriter Posted November 5, 2008 Report Share Posted November 5, 2008 Rather you than me. Every time I do it, they blame me when it goes back down :lol: Link to comment Share on other sites More sharing options...
kernull Posted November 5, 2008 Report Share Posted November 5, 2008 new charts, guys Link to comment Share on other sites More sharing options...
kernull Posted November 5, 2008 Report Share Posted November 5, 2008 I'm confused! Help is appreciated. these days, who doesnt! i don't know, if you want to the most imparcial thoughts, see the weekly chart i just posted (longer timeframe is more solid), but on the daily it is bullish. Link to comment Share on other sites More sharing options...
romans holiday Posted November 5, 2008 Report Share Posted November 5, 2008 new charts, guys It would make a beautiful symmetry of it did go to that target.... though there is some ugliness preceding that particular patch. Link to comment Share on other sites More sharing options...
G0ldfinger Posted November 5, 2008 Author Report Share Posted November 5, 2008 ... I'm confused! Help is appreciated. rich The US has something close to $100tn in unfunded liabilities. Furthermore, the longterm DJIA:gold cycle seems to hint to a bottom below 2:1, maybe even below 1:1. No need to be confused. Forget short term trading, though. It might wipe you out. Link to comment Share on other sites More sharing options...
cgnao Posted November 5, 2008 Report Share Posted November 5, 2008 new charts, guys Only a sucKer would trade gold using Technical Analysis. How very true. Link to comment Share on other sites More sharing options...
Steve Netwriter Posted November 5, 2008 Report Share Posted November 5, 2008 This must be where WE shop :D http://www.cafepress.com/goldisgood Link to comment Share on other sites More sharing options...
romans holiday Posted November 5, 2008 Report Share Posted November 5, 2008 Remember my Grandfather would say "Good as gold" all the time. No doubt he was keen to set me on the right path... bless his heart. Wonder how long it will be before this "fuddy duddy" expression becomes commonplace again. Link to comment Share on other sites More sharing options...
rich6400 Posted November 5, 2008 Report Share Posted November 5, 2008 Thanks for your support and your help! Ker - your charts are great. Saved me going long at 810 a few weeks back. I bought in at 920$ in July, panicked when the POG went to 720$ in August, sold and have lost a packet to be honest. Goldfinger, I am confident that you are right too. I can see only one ending to this story and it is going to be ugly. Which is why I ploughed a lot of my ill gotten gains in to allocated gold. However, if you look at the performance of an average gold ETF this year, then expect to see 20% losses (which is about the figure I am at). Which is painful to say the least! Gold is a love / hate relationship. It is losing money but at the same time it should be the ultimate safe haven? Link to comment Share on other sites More sharing options...
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