GOLD

[Crashman begins]

 

Is it worth me holding onto a Gold Maple or Krugerand while staying in the UK ?

 

ATS once advised me that Krugs were the best investment coin, but not with CGT.

 

[marmite]

Is it worth me holding onto a Gold Maple or Krugerand while staying in the UK ?

 

ATS once advised me that Krugs were the best investment coin, but not with CGT.

 

Krugs are arguably the most tradable coin in the world. A married couple only really have to worry about CGT is you have a few hundred and want to dump them on the market at once. This probably wont happen, more likely you will buy a few and sell a few as when you need cash flow.

 

You could have walked into ATS in 2007 and bought as many Krugs as you needed, someone is hoarding :-)

[Crashman begins]

Krugs are arguably the most tradable coin in the world. A married couple only really have to worry about CGT is you have a few hundred and want to dump them on the market at once. This probably wont happen, more likely you will buy a few and sell a few as when you need cash flow.

 

You could have walked into ATS in 2007 and bought as many Krugs as you needed, someone is hoarding :-)

 

Thx,

 

Something Ive always wanted to know. How is CGT adminstered ?

 

 

 

 

 

[Pixel8r]

I got $43.1 on SBUL.

Hold on , I am only going short gold for a a few weeks or month(s), maybe picking up the short term correction. I'll see how it goes for the next week or so.

In the long run I agree with you completely. I see a triple top potentially in gold though before the spike or massive movement to 1300++ (which will come next year IMO.)

I am short banks already (XS7S), and short FTSE and to a lesser extent S&P. I am recently short oil too, as I believe we have reached an interim top. This like gold could be a short-term play for me.

I am long Natural Gas from these lows.

I am long Soyabeans too.

I am covered to a degree with inflationary hits by Index linked bonds (INXG).

All becomes clear now. I am a long term gold buyer in physical and am unaffected by the daily swings as I don't need to touch it for years. I also don't have much time to spend trading at the moment, so am just concentrating on making sure things are still on track.

 

Still would be dubious about shorting gold though, you never know when another black swan is going to turn up.

 

 

[Pixel8r]

Jim Sinclair is getting very precise on his timing predictions now, middle of the third week.

 

For today, keep in mind that COT is not yet prepared for a break above $1000 in the gold price. They will do anything and everything to prevent that at this time. For this reason it will take work to accomplish this, but be assured it will occur. Gold is going to $1224 via the point already given to you here and now.

 

A modest reaction going in to the middle third week of this month would be extremely good for gold.

 

 

[rich6400]

Somebody is selling.

 

[ziknik]

...

Something Ive always wanted to know. How is CGT adminstered ?

 

You phone HMRC and tell them you have made a capital Gain. They will send you a Self Assessment form.

 

The system works on trust (or fear) with tough penalties for those who are caught abusing the system (unless that person is an MP).

[HPCsoYESTERDAY]

I got $43.1 on SBUL.

Hold on , I am only going short gold for a a few weeks or month(s), maybe picking up the short term correction. I'll see how it goes for the next week or so.

In the long run I agree with you completely. I see a triple top potentially in gold though before the spike or massive movement to 1300++ (which will come next year IMO.)

I am short banks already (XS7S), and short FTSE and to a lesser extent S&P. I am recently short oil too, as I believe we have reached an interim top. This like gold could be a short-term play for me.

I am long Natural Gas from these lows.

I am long Soyabeans too.

I am covered to a degree with inflationary hits by Index linked bonds (INXG).

 

In terms of short term trading, the $ listed short precious metal short etfs have some advantage when sterling is being used as the basis currency since £ weakness is accompanied by pm weakness (more or less, but esp. now as a result of the £s rises of late). Therefore, given your other comments ecoface, I can see merit in your actions.

 

My caveat would be having an 'untouchable' physical insurance policy in place exempt from trading, oh and also an acceptance that you might get burnt.

 

[Errol]

Somebody is selling.

 

And, just as importantly, somebody is buying.

[G0ldfinger]

How do gold bugs respond to the TA revealing an overbought position?

...

TA is for losers in this greatest financial disaster of all times.

 

In the coming hyperinflation, gold will be THE most overbought thing this planetary system has ever seen.

[G0ldfinger]

These bounces off $1,000 get more and more ridiculous by the day. Everyone knows this. Once gold will have crossed $1,000, there will be a lot of catching up to do with the price. People like - what's his face, the Scottish dude - will come out of the woods and will want to buy the stuff. I won't sell to them.

[InternationalRockSuperstar]

These bounces off $1,000 get more and more ridiculous by the day. Everyone knows this. Once gold will have crossed $1,000, there will be a lot of catching up to do with the price. People like - what's his face, the Scottish dude - will come out of the woods and will want to buy the stuff. I won't sell to them.

 

Hugh Hendry?

[G0ldfinger]

Hugh Hendry?

Exactly!

 

Oh dear. So much ignorance:

... It has almost no meaning as money today. ...

Then why do central banks hold massive amounts of it? Then why is almost all ever mined gold still around (a property only a monetary asset would show)?

 

For example i think silver is an anachronistic relic that has good electrical properties but not so good that it needs to be so expensive relative to copper. Modern material sciences make silver, which tarnishes so easily, an almost annoying thing to have in your home unless you can afford servants to clean it for you.

Oh dear, even more ignorance. Better do some reading on silver and its present applications. Better do more reading on its physical properties, like being the most reflective of all metals etc.

[G0ldfinger]

Jim Sinclair today:

Dear CIGAs,

 

It has to be a plot to drive me insane.

 

I get questions every day from gold guys asking what happens if deflation rules the day. It reminds me of the attack of the Prechterites that comes every time gold reacts 2%.

LMFAO! :lol:

[G0ldfinger]

So I'm assuming this little pull back to be mostly due to Ben Bernanke:

 

http://www.ft.com/cms/s/0/e8aa33c6-504c-11...html?ftcamp=rss

 

 

Freetrader on HPC http://www.housepricecrash.co.uk/forum/ind...&p=1928139:

 

 

EDIT: prudence? it will be the end of the stock market, imo. It could be the crash we've been waiting for. No doubt it will crash metals too. Still, they are nice and shiny and paper is just paper.

Japan II?? If the Fed throws in the towel, and politicians don't override it, then it won't be Japan II. It will simply be GAME OVER!

 

IMO FreeTrader is now buying gold with both hands. :lol:

 

Bernanke will have to announce more Weimar action soon. The market will duly react Weimaresk. It's going to be an event.

[G0ldfinger]

Wow. Let's watch this closely. ("Read my lips" kind a thingy here.)

 

http://www.bloomberg.com/apps/news?pid=206...id=aLGYMr_g7PSg

“Either cuts in spending or increases in taxes will be necessary to stabilize the fiscal situation,” Bernanke said in response to a question. “The Federal Reserve will not monetize the debt.”

And I thought they were already doing it...

[ecoface]

In terms of short term trading, the $ listed short precious metal short etfs have some advantage when sterling is being used as the basis currency since £ weakness is accompanied by pm weakness (more or less, but esp. now as a result of the £s rises of late). Therefore, given your other comments ecoface, I can see merit in your actions.

 

My caveat would be having an 'untouchable' physical insurance policy in place exempt from trading, oh and also an acceptance that you might get burnt.

 

I always accept that I will get burnt if I get it wrong. Like last year for example when I lost a lot from PM investing.

[Mr Pipples]

Canadian Mint can't account for missing gold, silver - http://www.calgaryherald.com/Business/Cana...8767/story.html

 

Woopsy.

[electroweak]

wow, mr P that is BIG news!

I'm going to add it here hope you don't mind!

 

Canadian Mint can't account for missing gold, silver

By Ian MacLeod, The Ottawa CitizenJune 3, 2009Comments (4)

 

OTTAWA — A significant quantity of gold, silver and other precious metals is unaccounted for at the Royal Canadian Mint.

External auditors are investigating a discrepancy between the mint's 2008 financial accounting of its precious metals holdings and the physical stockpile at the Sussex Drive plant. The mystery raises possibilities from sloppy bookkeeping to a gold heist.

Officials with the commercial Crown corporation are saying little and refuse to confirm the amount and value of unaccounted gold, silver and palladium.

 

"An unprecedented demand in gold in 2008 has led to an unreconciled difference between the mint's financial statements and the physical count of precious metals. There's a difference there that we're looking into," Christine Aquino, mint spokeswoman, said in a prepared statement Tuesday in response to questions from the Citizen.

 

"We're taking this very seriously. We're conducting a thorough review and we're expected to have that completed within the month. (It) includes the analysis of precious metal by-products and financial data. We've allocated all necessary resources to this review."

She stressed that police have not been called into what mint officials considered an internal matter. She would not say whether the gold and other metals in question were part of the refinery and bullion operation or one of the mint's three other business lines: producing Canadian circulating coins, designing and producing coinage for foreign countries and numismatics.

"We're looking at many different angles right now," she said.

 

The mint's historic downtown headquarters houses one of the world's leading gold and silver refineries, turning out almost 2.8 million Troy ounces of refined gold in 2007.

Another 369,000 ounces of refined silver were produced as a by-product of refining the gold from a number of sources, including gold ore, scrap recyclers, financial institutions and industry.

The volume of precious metals refined in 2007 climbed by eight per cent over 2006, to 5.4 million ounces. Bullion and refinery revenues increased to $286 million. Total mint revenue in 2007 was a record $632 million. Annual figures for 2008 have yet to be released.

(A Troy ounce is the traditional unit of weight for precious metals and equals 1.097 ounces.)

 

Further, production of the mint's Gold Maple Leaf coins last year surged by 325 per cent over 2007, fuelling the "unprecedented demand" for gold, said Aquino.

Stealing gold or other metals from the refinery would be a considerable feat.

"The rigour of our production standards is equalled by the stringency of our security protocols, which are implemented at every level of refinery operations," according to the mint's website. "The refinery is a restricted environment controlled by security personnel supported by state-of-the art surveillance technology."

 

It's not known when or what triggered the audit review or what external auditor is conducting the review.

[FWIW]

How do gold bugs respond to the TA revealing an overbought position?

 

Look at RSI, Chaikin money flow, and also volume?

 

FWIW, I reckon we are in shortly in a for quite a large short term correction in gold as indicators are all showing overbought without underlying support.

 

I also reckon the dollar will bottom this next week and rally for the short term, and $ dominated commodities such as oil will correct and fall from around $70 which is a top.

 

...at least this is the general theme of how I will be investing for the next few months.

 

Sorry in delay in answering - been busy!

 

So, the RSI > 70 which means it is overbought according to TA - Time to sell?

 

Firstly, lets run down history road a little and the RSI indicator. It was created by Wiley in 70's and was initially used in stock trading. It was created due to the gaps that occur in the trading of illiquid stocks and shares.

 

Here is some analysis and wise words: http://www.danielstrading.com/education/te...ength-index.php and I quote:

 

Selling when the RSI is above 70 or buying when the RSI is below 30 can be an expensive trading system. A move to those levels is a signal that market conditions are ripe for a market top or bottom. It does not indicate a top or a bottom. A failure swing or divergence accompanies your best trading signals.

 

Next, which time period are you using for RSI? The figures I have for gold are:

Daily = 62.3%, Weekly = 59.2% and Monthly = 61.6%

 

Now none of these indicators are above 70%. So have you been looking at intra-day timeframe? Oh dear. Remember that Wiley stated that the longer time periods trump the earlier ones.

 

Also, would like to clearly state that even if you had an RSI > 70% for whatever timeframe, then Overbought does not mean imediately SELL. According to TA text books that I have read, you need to ensure that RSI comes back below 70% then start to sell.

 

 

 

 

[surfdude]

For an interesting look at the Royal Canadian Mint and a bit of Canadian humour vis-a-vis Rick Mercer check out this November installment of the Rick Mercer Report where he visits the Mint in Ottawa.

 

RMR visits the mint

 

scroll down the list of videos on the left and click on the 7 minute video of RMR visiting the Royal Canadian Mint.

[LauraB]

You phone HMRC and tell them you have made a capital Gain. They will send you a Self Assessment form.

 

The system works on trust (or fear) with tough penalties for those who are caught abusing the system (unless that person is an MP).

 

 

So when the currency gets trashed:-

 

They say you have made a massive capital gain -

 

You say all you have done is maintain the value of your savings.

 

They are the system servers & it doesn't matter how corrupt the master as long as the pension is guaranteed.

 

 

[Steve Netwriter]

Have I missed the posting about this ?

Just quickly scanned through this thread. Nothing

 

I thought it would be all the talk.

 

http://www.numismaster.com/ta/numis/Articl...;ArticleId=6745

 

which followed:

http://www.24hgold.com/english/news-gold-s...butor=Rob+Kirby

 

.899 gold.

 

Then there is:

http://harveyorgan.blogspot.com/2009/06/ju...commentary.html

and

http://www.youtube.com/watch?v=7d3IUU-GXb8

 

Not to mention Latvia

 

[electroweak]

So when the currency gets trashed:-

 

They say you have made a massive capital gain -

 

You say all you have done is maintain the value of your savings.

 

They are the system servers & it doesn't matter how corrupt the master as long as the pension is guaranteed.

I guess that's why PHYSICAL IN YOUR HANDS is the way to go, no?

It has the power of being able to move across borders!

[InternationalRockSuperstar]

I always accept that I will get burnt if I get it wrong. Like last year for example when I lost a lot from PM investing.

 

if you don't want to lose then stop playing the commerce-game.