Bosworth Posted June 29, 2009 Report Share Posted June 29, 2009 Interesting you should mention oil. I spoke to a colleague today who used to work in the shipping industry as an engineer but still keeps up-to-date with the field. He told me that the number of tankers full of both crude oil and refined products waiting for the price to increase is phenominal. He told me of one ship parked for the last 6 months with 2+ million barrels of oil. Apparently, bought by Morgan Stanley for $40 a barrel, sold recently for $65 or so. He said the standing costs are about 30K per day for the ships but the maths work out nicely. Easier and cheaper with land-based tank farms Link to comment Share on other sites More sharing options...
FWIW Posted June 30, 2009 Report Share Posted June 30, 2009 Well something is different this morning... Gold up, silver up, cable up and through a resistance area of 1.6590.... Link to comment Share on other sites More sharing options...
HPCsoYESTERDAY Posted June 30, 2009 Report Share Posted June 30, 2009 Dear Mr. XXXXXXXX We trust you are well since the last time you have done business with CoinInvestDirect. This email is related to your user accounts registered at CoinInvestDirect. We were informed by our accountants that you have 2 active user accounts at CoinInvestDirect. Due to the HM Customs & Excise regulations regarding gold investment it is not possible to purchase more than 5.000 GBP worth of gold in one single order or more than 10.000 GBP in several orders in 12 months and ship those orders to the UK. As an investment company we need to keep track of all the gold purchases done by our customers. Therefore, first of all we will be forced to block your user account "XXXXXXX" which was never used to place any orders with us as we can only allow our customers to have 1 active user account at CoinInvestDirect. We will also be forced to temporarily suspend your user account "XXXXXXXX" until we eventually receive the certified proof of ID and address required to all our customers who intend to invest more than 10.000 GBP in 12 month period. At the moment your user account has several invoices allocated to it which come to a total amount superior to the 10.000 GBP in gold allowed by the HM Customs & Excise and we can't accept any further orders without scknowledging the documents. We trust you understand this situation and we would like to ask you to acknowledge this email as soon as possible. We would also like to take this opportunity to inform you that should you wish to unblock your user account and purchase more gold items through CoinInvestDirect you should send us, as soon as possible, certified copies of your documents, i.e., a certified copy of your passport as a proof of ID and a certified copy of an utility bill and/or bank statement not issued more than 3 months before the date you send us the documents. Should you have any comments or queries please feel free to contact us at anytime. Kind regards, Your CoinInvestDirect Team Link to comment Share on other sites More sharing options...
lowrentyieldmakessense(honest!) Posted June 30, 2009 Report Share Posted June 30, 2009 Dear Mr. XXXXXXXX We trust you are well since the last time you have done business with CoinInvestDirect. This email is related to your user accounts registered at CoinInvestDirect. We were informed by our accountants that you have 2 active user accounts at CoinInvestDirect. Due to the HM Customs & Excise regulations regarding gold investment it is not possible to purchase more than 5.000 GBP worth of gold in one single order or more than 10.000 GBP in several orders in 12 months and ship those orders to the UK. As an investment company we need to keep track of all the gold purchases done by our customers. Therefore, first of all we will be forced to block your user account "XXXXXXX" which was never used to place any orders with us as we can only allow our customers to have 1 active user account at CoinInvestDirect. We will also be forced to temporarily suspend your user account "XXXXXXXX" until we eventually receive the certified proof of ID and address required to all our customers who intend to invest more than 10.000 GBP in 12 month period. At the moment your user account has several invoices allocated to it which come to a total amount superior to the 10.000 GBP in gold allowed by the HM Customs & Excise and we can't accept any further orders without scknowledging the documents. We trust you understand this situation and we would like to ask you to acknowledge this email as soon as possible. We would also like to take this opportunity to inform you that should you wish to unblock your user account and purchase more gold items through CoinInvestDirect you should send us, as soon as possible, certified copies of your documents, i.e., a certified copy of your passport as a proof of ID and a certified copy of an utility bill and/or bank statement not issued more than 3 months before the date you send us the documents. Should you have any comments or queries please feel free to contact us at anytime. Kind regards, Your CoinInvestDirect Team makes you proud to be British Link to comment Share on other sites More sharing options...
ziknik Posted June 30, 2009 Report Share Posted June 30, 2009 Interesting you should mention oil. I spoke to a colleague today who used to work in the shipping industry as an engineer but still keeps up-to-date with the field. He told me that the number of tankers full of both crude oil and refined products waiting for the price to increase is phenominal. He told me of one ship parked for the last 6 months with 2+ million barrels of oil. Apparently, bought by Morgan Stanley for $40 a barrel, sold recently for $65 or so. He said the standing costs are about 30K per day for the ships but the maths work out nicely. Easier and cheaper with land-based tank farms It's not. This subject has been covered before u4d18 is right. There are no spare tank farms. There are plenty of spare ships when the oil price falls Link to comment Share on other sites More sharing options...
dietcolaaddict Posted June 30, 2009 Report Share Posted June 30, 2009 Gold up against the ropes today, especially in GDP terms. Resistance lines being tested. Link to comment Share on other sites More sharing options...
sash777 Posted June 30, 2009 Report Share Posted June 30, 2009 All that Head & Shoulders talk looks like it was a load of old toot now. I wish I'd got out in March - can't believe I couldn't see the wood for the trees. If this looks like going any further down in GBP I am going to seriously consider pulling out and taking my (now quite small pile of...) profits with me. Link to comment Share on other sites More sharing options...
warpig Posted June 30, 2009 Report Share Posted June 30, 2009 Don't give up on it just yet. All that Head & Shoulders talk looks like it was a load of old toot now. I wish I'd got out in March - can't believe I couldn't see the wood for the trees. If this looks like going any further down in GBP I am going to seriously consider pulling out and taking my (now quite small pile of...) profits with me. Link to comment Share on other sites More sharing options...
ziknik Posted June 30, 2009 Report Share Posted June 30, 2009 This is an odd story. The line I have bolded below doesn’t seem to fit the rest of the article. http://news.bbc.co.uk/1/hi/business/8126671.stm Page last updated at 12:31 GMT, Tuesday, 30 June 2009 13:31 UK Audit fails to find missing gold An external audit of the Royal Canadian Mint (RCM) has failed to find millions of dollars' worth of "missing" gold. Auditors Deloitte were asked in May to investigate a discrepancy between the amount of precious metals on the mint's inventory and in its actual stockpile. Deloitte concluded that the unaccounted for difference "does not appear to be an accounting error" and identified security as an area for consideration. The RCM said it was not yet clear whether any gold was actually missing. "All customer holdings and metal deposits entrusted with the Royal Canadian Mint are secure and have been fully accounted for," it said in a statement. The RCM provides storage for RCM-branded precious metals, as well as producing coins for Canada and dozens of other countries. Criminal activity? Deloitte found that there was a difference of approximately 17,500 troy ounces of gold, or 0.32% of the mint's production in the 2008 fiscal year, that was unaccounted for. It said that there was also an unaccounted-for difference related to silver. The RCM said the total amount of unreconciled precious metals was worth about 15.3m Canadian dollars (US$13.2m; £8m). It intends to file an insurance claim to cover the amount. The mint has already requested the Royal Canadian Mounted Police to assist them with the matter - a move which has prompted speculation that the mint may have been the victim of a gold heist. "You don't call in the federal police if you've got an accounting problem," said New Democrat MP Thomas Mulcair. The auditors recommended that the mint review its security, in addition to reviewing its technical operations and accounting of prior periods. Link to comment Share on other sites More sharing options...
ziknik Posted June 30, 2009 Report Share Posted June 30, 2009 All that Head & Shoulders talk looks like it was a load of old toot now. I wish I'd got out in March - can't believe I couldn't see the wood for the trees. If this looks like going any further down in GBP I am going to seriously consider pulling out and taking my (now quite small pile of...) profits with me. It might be worth offering up your gold for sale on here if you have decided to get out. Link to comment Share on other sites More sharing options...
bitbigt Posted June 30, 2009 Report Share Posted June 30, 2009 It might be worth offering up your gold for sale on here if you have decided to get out. Now that's a seriously interesting idea! Are we allowed to buy/sell gold between ourselves? I don't see why not. We could reduce costs/fees dramatically, and when the real gold is in Switzerland it brings added safety. I'm not ready to buy in yet (expecting further downside in GBP PoG), but would be keen to discuss buying from some of you guys when I get to that point. I can also point you to (help you with) cheap ways to buy and store in Switzerland. Link to comment Share on other sites More sharing options...
azazel Posted June 30, 2009 Report Share Posted June 30, 2009 All that Head & Shoulders talk looks like it was a load of old toot now. I wish I'd got out in March - can't believe I couldn't see the wood for the trees. If this looks like going any further down in GBP I am going to seriously consider pulling out and taking my (now quite small pile of...) profits with me. I'm in a similar situation to you I guess. Im optimistic that gold will make a move this winter. Its easy to say you wished you got out in march. I wish I had picked last weeks lotto numbers and the week befores! I will seriously consider getting out of gold when its at a high, not a low. Link to comment Share on other sites More sharing options...
warpig Posted June 30, 2009 Report Share Posted June 30, 2009 The transaction would exist outside of this forum and so it would really have to operate on a basis of trust. FWIW, I would have no problem trading with all the long standing regulars on this thread, but I'm not selling! Now that's a seriously interesting idea! Are we allowed to buy/sell gold between ourselves? I don't see why not. We could reduce costs/fees dramatically, and when the real gold is in Switzerland it brings added safety. I'm not ready to buy in yet (expecting further downside in GBP PoG), but would be keen to discuss buying from some of you guys when I get to that point. I can also point you to (help you with) cheap ways to buy and store in Switzerland. Link to comment Share on other sites More sharing options...
azazel Posted June 30, 2009 Report Share Posted June 30, 2009 Now that's a seriously interesting idea! Are we allowed to buy/sell gold between ourselves? I don't see why not. We could reduce costs/fees dramatically, and when the real gold is in Switzerland it brings added safety. I'm not ready to buy in yet (expecting further downside in GBP PoG), but would be keen to discuss buying from some of you guys when I get to that point. I can also point you to (help you with) cheap ways to buy and store in Switzerland. I might be interested in offering to sale some coins or bars of gold and silver in the future. How do you think the best way of arranging the trade is? I could show my ebay account as a reference and then accept a cleared cheque or bank transfer before posting, or cash on collection. Id rather sell to a member here than sell to ATS or on ebay and let ebay and paypal take a huge slice! Like war pig Im not selling yet either but I might sell a kilo of silver or something. Link to comment Share on other sites More sharing options...
bitbigt Posted June 30, 2009 Report Share Posted June 30, 2009 I might be interested in offering to sale some coins or bars of gold and silver in the future. How do you think the best way of arranging the trade is? I could show my ebay account as a reference and then accept a cleared cheque or bank transfer before posting, or cash on collection. Id rather sell to a member here than sell to ATS or on ebay and let ebay and paypal take a huge slice! Like war pig Im not selling yet either but I might sell a kilo of silver or something. I'd want to do the deal face-2-face, in a bank that held the gold and could transfer the funds as cash or equivalent (e.g. bankers cheque). I'm talking many kg here, not a few ounces Link to comment Share on other sites More sharing options...
Bosworth Posted June 30, 2009 Report Share Posted June 30, 2009 It's not. This subject has been covered before u4d18 is right. There are no spare tank farms. There are plenty of spare ships when the oil price falls Beg to differ. I used to work in the supply function of a major oil company and I can assure you that there was signficant storage capacity that COULD be used to support trading functions. The fact that this capacity is not declared to the wider markets just made our trading activities even more profitable - imperfect knowledge. Link to comment Share on other sites More sharing options...
frizzers Posted June 30, 2009 Report Share Posted June 30, 2009 All that Head & Shoulders talk looks like it was a load of old toot now. I wish I'd got out in March - can't believe I couldn't see the wood for the trees. If this looks like going any further down in GBP I am going to seriously consider pulling out and taking my (now quite small pile of...) profits with me. Hmmm. Head and shoulders needs to test 860 imo before it is complete. But we are close to buy in sterling. Can't get a longer-term chart but 52 week moving average, blue line, usually marks an entry: Link to comment Share on other sites More sharing options...
ziknik Posted June 30, 2009 Report Share Posted June 30, 2009 Beg to differ. I used to work in the supply function of a major oil company and I can assure you that there was signficant storage capacity that COULD be used to support trading functions. The fact that this capacity is not declared to the wider markets just made our trading activities even more profitable - imperfect knowledge. I can imagine that it probably is cheap and easy to store your oil in your oil tank farm if you are an oil company. And it’s probably cheap and easy to store your oil in your oil tanker if you own an underutilised oil tanker. Even better if you have both I suppose. Off topic either way, I best shut up. Here’s a couple of links to news stories that were posted here a while back. Unfortunately, I can’t find the thread. http://www.guardian.co.uk/business/2008/de...ge-tankers-opec http://uk.reuters.com/article/idUKLNE54001...lBrandChannel=0 Link to comment Share on other sites More sharing options...
stobar Posted June 30, 2009 Report Share Posted June 30, 2009 ...But we are close to buy in sterling. Can't get a longer-term chart but 52 week moving average, blue line, usually marks an entry: Nice to see some gold commentry priced in GBP for a change, on seeking alpha... http://seekingalpha.com/article/146209-gol...-remains-intact Link to comment Share on other sites More sharing options...
frizzers Posted June 30, 2009 Report Share Posted June 30, 2009 Hmm. Too much bullish sentiment about still. Link to comment Share on other sites More sharing options...
ares Posted June 30, 2009 Report Share Posted June 30, 2009 I agree, there is still not enough negative sentiment. However I don't get the sense we are looking at a huge downside risk (especially in Sterling) Maybe a few more months of boredom before something gives. Link to comment Share on other sites More sharing options...
DoctorSolar Posted June 30, 2009 Report Share Posted June 30, 2009 Hmm. Too much bullish sentiment about still. I recall a cwr podcast from earlier this year where you were considering advising a friend to buy gold with his 15k GBP savings. You mentioned that usually this wasnt a good idea when gold was breaking to new highs in GBP but that the future of the UK/Sterling were so bleak that it made sense in this case. Does this advice still hold in your opinion? Or has new information shaped your view to something different. Also with regard to your recent moneyweek article would you really seek the exit in gold if we got below £500? I was pretty surprised at that. I had imagined £450-500 gold would be a buy with both hands situation. Thanks for the great work. Cheers Link to comment Share on other sites More sharing options...
FWIW Posted June 30, 2009 Report Share Posted June 30, 2009 OK - I thought I'd give a quick update on my observations on the daily 'cup and handle' candlestick formation. I have used SMA, Median Lines and Fib retracements. I will not enter a long trade until I see a retest and confirmation of support at the 916 to 920 area. This is highlighted in the green circle. I am sure PPT want the price to be somewhere in the region of 880, which would continue the flat 12 month sma. Also, as Tim Morge (http://www.medianline.com) say's "Head & Shoulders" is just a shampoo. Link to comment Share on other sites More sharing options...
Jake Posted July 1, 2009 Report Share Posted July 1, 2009 I recall a cwr podcast from earlier this year where you were considering advising a friend to buy gold with his 15k GBP savings. You mentioned that usually this wasnt a good idea when gold was breaking to new highs in GBP but that the future of the UK/Sterling were so bleak that it made sense in this case. Does this advice still hold in your opinion? Or has new information shaped your view to something different. Also with regard to your recent moneyweek article would you really seek the exit in gold if we got below £500? I was pretty surprised at that. I had imagined £450-500 gold would be a buy with both hands situation. 'earlier this year'!! A few weeks ago, or months more like. I like CC's commentaries and all that but there is a lot of conflicting advice in there...like everything in our own minds, perhaps his 'advice' should be taken with a pinch of salt. Imagine being that 'friend' who bought a few weeks ago (in fairness he DID say 'buy gold but not yet, maybe). I do think he gets a lot of pointers from some posters on here, which is fine, but often the timing is a bit awkward like this conversion to gold going in for a beating, maybe. It is like he is convinced in his own mind, writes a great article, then has afterthoughts... Still, like his writing style. V readable. Thanks for the great work. Cheers Link to comment Share on other sites More sharing options...
Jake Posted July 1, 2009 Report Share Posted July 1, 2009 woops. Sorry DS. Didnt mean to hi jack your post like that...just the way it turned out...apologies Link to comment Share on other sites More sharing options...
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