GOLD

[electroweak]

Help guys.. is now the time to rush in to get that last affordable ounce ?

I'm buying a little tomorrow with my profits from this evening. No, I didn't buy accenture at $0.01. but someone did!

[The Mad Hatter]

I get a bit worried when my gold is appreciating faster than I can earn money.

[Gatesy]

wow - i haven't seen it move this much in pounds for a long time - £811 at the moment and we don't even have the election result yet - a hung parliament and god knows what will happen to the pound.

 

edit: Probably rise, sell the rumour, buy the news

[Crashman begins]

How do you end up with a hung parliment by the way ? Is it like a draw ?

[Compounded]

I get a bit worried when my gold is appreciating faster than I can earn money.

 

Me too, I want gold to crash and cg be wrong - but I feel in my gut he is right.

 

[aardvark]

Me too, I want gold to crash and cg be wrong - but I feel in my gut he is right.

 

 

yeah, me too - i'm making money but at what cost? i would rather the world worked fairly - not much chance of that.

[The Mad Hatter]

I hope that someone's watching out for when RB goes bullish. Time to sell then, methinks...

[Compounded]

yeah, me too - i'm making money but at what cost? i would rather the world worked fairly - not much chance of that.

 

Never has, never will, fairness is bloody difficult to achieve even to your children

 

Gold is safe the sheeple do not realize that is the huge advantage.

 

[Guest Dramatic Exit]

Gold is safe the sheeple do not realize that is the huge advantage.

'til it gets taxed to buggery or made illegal to privately own, sure.

 

[Bosworth]

How do you end up with a hung parliment by the way ? Is it like a draw ?

 

It's where no single party has an overall majority. There are 650 seats up for grabs therefore in order to form an effective government you need at least 326 seats. More means you can handle some dissenters. Less than 325 seats and you have to do deals with another party to pass every bit of legislation. Quickly becomes impossible to make tough decisions - minority parties will hold out for ridiculous terms and demands knowing their vote is sorely needed.

[Crashman begins]

So does hun g parliment = pound collapse tommorow ? whats your strategy from here guys ?

[Bosworth]

So does hun g parliment = pound collapse tommorow ? whats your strategy from here guys ?

 

Difficult to unpick the noise of today with the election result, tbh.

Suspect limited movement unless the result is well out of whack with expectation - lots priced in already.

 

The fun will start when coalitions are talked about and what policies these will lead with...

[warpig]

The London Futures market (LIFFE) is opening at 1am tomorrow morning to give bond traders a chance to sell gilts in the event of a hung parliament.

 

So does hun g parliment = pound collapse tommorow ? whats your strategy from here guys ?

[enrieb]

So does hun g parliment = pound collapse tommorow ? whats your strategy from here guys ?

 

Mostly drinking and posting rocket pictures.

[Crashman begins]

Mostly drinking and posting rocket pictures.

 

[romans holiday]

The market has shown just how fragile it is. Recovery, reflation... wot a lot of rot. The reality is it's about deleveraging and deflation. The central currencies of Gold, Yen and dollar doing well... others on the periphery getting hammered. So too my earning currency of Korean Won. ... from 1.10 to 1.16 against the dollar. ... oh well, definitely confirms for me that this will be the last year working in Asia... bring on the summer fossicking in South Island, NZ.

[drbubb]

The market has shown just how fragile it is. Recovery, reflation... wot a lot of rot. The reality is it's about deleveraging and deflation. The central currencies of Gold, Yen and dollar doing well... others on the periphery getting hammered. So too my eraning currency of Korean Won. ... from 1.10 to 1.16 against the dollar. ... oh well, definitely confirms for me that this will be the last year working in Asia... bring on the summer fossicking in South Island, NZ.

THe Asian currencies are doing well.

The Malaysian Ringit was a top performer, I believe

 

[romans holiday]

THe Asian currencies are doing well.

The Malaysian Ringit was a top performer, I believe

Not mine.

 

I thought it might hold up a bit better... yesterday slid to 1.12 [from 1.10] and now 1.16 and looks to be deteriorating once again. Not too worried as I do not hold any money in Won [just earning it... and then only for a few more months] and move it into dollars and gold every payday.

[LauraB]

There's still only a few of us.

 

RB's sig:-

3. Gold will crash as deflation spreads across the globe.

 

& the great (he thinks he is) Hamish McTavish, ex-HPC irritant & now on MSE; yesterday in reply to a Q from me :-

And physical shiny metal is not really an especially credible part of a portfolio, for the reasons I outlined earlier. A very minor hedge against, well, being invaded by gold bugs or something, perhaps. But no more than that.

 

I had an evening phone call from a bank yesterday, the one very obliging Portuguese bank (almost an oxymoron here re the others). They had sold my OH's Euro investment in just one day as customers were "still queuing up for it as the rate was so good". I was watching Au v € at the time, enrieb's rocket had turned upwards again. I remarked that I hoped the money would still be worth something when it arrived in our account next Monday. The bank guy did not understand! I said "Take a look at a live Gold chart, the Euro is collapsing". I had ventured into territory beyond his ken.

[narrowescape]

There's still only a few of us.

 

RB's sig:-

 

& the great (he thinks he is) Hamish McTavish, ex-HPC irritant & now on MSE; yesterday in reply to a Q from me :-

 

I had an evening phone call from a bank yesterday, the one very obliging Portuguese bank (almost an oxymoron here re the others). They had sold my OH's Euro investment in just one day as customers were "still queuing up for it as the rate was so good". I was watching Au v € at the time, enrieb's rocket had turned upwards again. I remarked that I hoped the money would still be worth something when it arrived in our account next Monday. The bank guy did not understand! I said "Take a look at a live Gold chart, the Euro is collapsing". I had ventured into territory beyond his ken.

 

Hi Laura. Question for you. If I were to buy (in a CASH sale) my house from my landlord with the money I've made from my gold would that be a mistake in your view?

 

Gold for me has always been about protecting my interests. I view having 100% ownership of shelter as a big part of that. Does that make sense ?

[ologhai]

Look at gold over the last 5 years and the sensible approach feels like buy and hold. I sold some when it looked toppy at euro 27,200 but now look at it!

 

And? Your anecdote doesn't change the principle behind my post, does it?

 

Here's another anecdote (for what little it's worth): I sold half of my gold in Feb '09 for around £685, then bought back in from May to Aug '09, finally buying the last lot at around £565. Since then (as we've seen), it's risen in value to over £800, thus permitting me (as it turns out) to benefit from even more gain that by just holding. I don't know whether my gut feeling will produce similar results in the future, but I'm open to the possibility (and principle) of selling/re-buying gold, and not simply repeatedly asserting that holding is The Only Way.

 

I say again, isn't the goal simply to try to increase value by as much as you can?

[LauraB]

Hi Laura. Question for you. If I were to buy (in a CASH sale) my house from my landlord with the money I've made from my gold would that be a mistake in your view?

 

Gold for me has always been about protecting my interests. I view having 100% ownership of shelter as a big part of that. Does that make sense ?

 

Doubt I am the one to ask, being a latecomer to 'beyond savings in Sterling'.

FWIW Don't the fundamentals point to gold going easily 5 times higher & possibly twice that?

I don't know your circumstances, but if the above occurs & you have kept your gold then you could consider escape (& early retirement) to a far better land.

 

It feels odd to offer my view as it's usually innocent me asking. It's only two years ago that I was reading GF & Cgnao & feeling like a rabbit caught in the headlights.

 

[romans holiday]

And? Your anecdote doesn't change the principle behind my post, does it?

 

Here's another anecdote (for what little it's worth): I sold half of my gold in Feb '09 for around £685, then bought back in from May to Aug '09, finally buying the last lot at around £565. Since then (as we've seen), it's risen in value to over £800, thus permitting me (as it turns out) to benefit from even more gain that by just holding. I don't know whether my gut feeling will produce similar results in the future, but I'm open to the possibility (and principle) of selling/re-buying gold, and not simply repeatedly asserting that holding is The Only Way.

 

I say again, isn't the goal simply to try to increase value by as much as you can?

I reckon whether or not one does this has to depend on how much of their worth is in gold [percentage wise] and then how much of that position one wants to trade. Still, has to be quite a risk selling gold in this environment and not one I'd like to take.

 

Have you considered trading the more volatile silver instead?

 

To trade silver, it helps to first have a good sized solid core position in gold. Otherwise, you will likely tie yourself in knots trading a silver holding that is also your core bullion holding.

 

With a good core position in gold, it will be easier to sell a good sized silver position when you think it is in the upper range. The best currency to sell silver into would be dollars of course. Then when you feel silver has declined enough buy again.

 

This trade is quite an easy one, psychologically speaking, for me to make as I think in the short/ medium term both silver and dollar are in bull markets. It is just a trade on volatility, with miminal risk, and without trading [losing your position] your less volatile and more precious gold.

[G0ldfinger]

So does hun g parliment = pound collapse tommorow ? whats your strategy from here guys ?

Nice call BTW.

[dietcolaaddict]

 

 

UK stuck in a nightmare scenario of hung parliament and indecisive governance during a developing soverign debt crisis.

It's a perfect storm.

 

Even house prices are down (MoM -0.1% halifax for April, with +ve expected). 200 oz for a house by mid-summer ?

(and then lower in 2012/13/14?)