Rikk03

Venezuela has declared that it is going to confiscate all foreign owned gold mines (biggest is Canadian) and subsequently is going to double production. This action is in response to the current price of oil - since 90% of their revenue is from oil the price falls are seriously hurting them. This action is a part of a wider plan to diversify away from oil. Article was on the BBC thismorning. It wouldn't surprise me if other countries do the same action.

I have a Euro account and a USD account with Barclays, I moved all my cash / savings out of £ the day before Northern Rock situation hit the news. I needed to move cash into Euros anyway due to having to complete on an apartment in Hungary in Euros. SO it just seemed a good time to move the money then and as it turned out the £ has fallen ever since I purchased a fair bit of gold at the same time I probably would have done neither if it wasn't for this website.

Ok guys, I have another £10k to play with since I took advantage of the GBPvsEuro and exchanged some Euro savings, but I need to it relatively liquid - easy in easy out, whorish like. Any suggestions ... tempted to look at an Oil ETF in January or get some more gold coins .... any suggestions?

Mint condition Edward 7th - all 10 varying dates still in case - as new - probably been sitting in a vault for 50 years.

A year ago I promised myself that I would sell at £550 oz ....... anyone want to buy? I never specified how much I would sell tho. 6 Krugers and say 10 sovereigns? Anyone offer me £5k?

I was talking specifically N Ireland, but the rest of Ireland probably has massive deposits as well, it was the North that was surveyed. You are probably right ....... planning permission will be very difficult to get - if they ever do manage to get it that is.

Did anyone see that program Friday evening about gold deposits in Northern Ireland? It featured info about N Irelands first commercial gold mine - first of many it would seem. Northern Ireland has potentially the highest gold concentrated mineable reserves (still in the ground) than anywhere else in the world. Great boon for the British economy. Could eventually overtake South Africa as primary source.

Gordon has no more gold reserves to sell ... sold em at just about the all time low price several years ago.

Darling just announced on BBC news that Icesave can't meet its obligations to repay the savings to UK investors ...... but as a result Darling said that he WILL GUARANTEE 100%. UK tax payer bailing out foreign banks ...... shocking. Jeez ...... whatever next.

Ambrose Evans-Pritchard latest Telegraph article entitled..... "Stage two of the gold bull market is just beginning" http://blogs.telegraph.co.uk/ambrose_evans..._just_beginning The article ends ....... What we are about to see is a race to the bottom by the world's major currencies as each tries to devalue against others in a beggar-thy-neighbour policy to shore up exports, or indeed simply because they have to cut rates frantically to stave off the consequences of debt-deleveraging and the risk of an outright Slump. When that happens - if it is not already happening - it will become clear that the both pillars of the global monetary system are unstable, infested with the dry rot of excess debt. The Fed has already invoked Article 13 (3) - the "unusual and exigent circumstances" clause last used in the Great Depression - to rescue Bear Stearns. The US Treasury has since had to shore up Fannie and Freddie, the world's two biggest financial institutions. Europe's turn will come next. We will discover that Europe cannot conduct such rescues. There is no lender of last resort in the system. The ECB is prohibited by the Maastricht Treaty from carrying out direct bail-outs. There is no EU treasury. So the answer will be drift and paralysis. When EU Single Market Commissioner Charlie McCreevy was asked at a dinner what Brussels would have done if the eurozone faced a crisis like Bear Stearns, he rolled his eyes and thanked the Heavens that so such crisis had yet happened. It will. Gold bugs, you ain't seen nothing yet. Gold at $800 looks like a bargain in the new world currency disorder. Just what we need ...... good articles to turn the sentiment to positive on gold.

Gold council urges investing in gold 01 Jul 2008 bbj.hu With crude prices hitting the roof and the stock market is diving, gold is emerging as a good hedge option against inflation. “It is the right time to invest in gold,” says K Shivram, vice-president of the World Gold Council. There has also been a shift in the consumption of gold. According to Shivram, a lot of jewelers are now setting up shop in tier-II and tier-III towns. “Small towns have definitely benefited from the influx of the large retail brands,” he said. Moreover, when it comes to gold purchase, it's not restricted to jewelry alone. The sale of gold coins is on the rise. “Many jewel retail brands are catering to the requirements of working women by designing light pieces,” he said. Against the backdrop of this, the Gold Club of Chennai and the World Gold Council are partnering to host an India Gold Conclave (IGC) on July 19. Around 250 delegates are expected to participate. (The Times of India)

Washington will announce the final fourth quarter US gross domestic product figures later today and consumer spending data for February on Friday. The dollar, though, may resume its decline because of growing pessimism about the US economy, which is already feared to be in a recession. "The problem is really the US economy. The recent data is melting down. The dollar is still on a downtrend," said David Mann, a currency strategist at Standard Chartered Bank. The Commerce Department reported Wednesday that new home sales fell to the lowest level in 13 years in February, while new orders for durable goods unexpectedly dropped. The data added to fears that the world's biggest economy may slip into a recession even after the Federal Reserve has eased its monetary policy and lent billions of dollars to banks. The Federal Reserve last month slashed its 2008 growth estimate for the US economy to as little as 1.3 percent from as much as 2.5 percent. The US is the biggest consumer of exports from Asia and Europe. At 1.00 pm (0500 GMT), the euro was trading at 1.5800 dollars, little changed from 1.5803 dollars in Tokyo this morning. The dollar was at 98.87 yen from 98.71. Also weighing on the dollar were expectations that the European Central Bank (ECB) will not follow the Fed in cutting rates because it is still battling inflation. The ECB, though, could not raise interest rates because it could weaken its economy further. "There is no rate hike in the ECB, but certainly there is no rate cut and that is more important," said Mann. "The ECB's rhetoric remains resiliently hawkish." The European Commission in February lowered its 2008 growth estimate for the euro area to 1.8 percent from 2.2 percent. ECB President Jean-Claude Trichet told the European Parliament yesterday that inflation in the euro area will remain significantly above the ECB 's two percent target for most of the year. While the Fed has slashed its rates since September, the ECB has kept its rates unchanged. And while the Fed is widely anticipated to lower its rates further until the third quarter, the ECB will likely maintain its rates until at least the middle of 2008. The dollar was also weighed down by the move by central banks in Asia and the Middle East to diversify their foreign exchange reserves by buying the common currency of the 15-member euro zone area, according to Chuo Mitsui & Trust Banking Co Ltd dealer Yosuke Hosokawa. Meanwhile, the yen may weaken against the dollar after Japanese officials aired some concerns about the outlook for the world's second-largest economy. Bank of Japan (BoJ) policy board member Miyako Suda earlier today warned of greater downside risk to the outlook of the Japanese economy in the year to March 2009 and stressed the need for managing monetary policy "with a gradual approach". "The possibility has increased that Japan's economic growth would fall to its potential growth rate, given the steeper-than-expected slowdown of the US economy, weakening momentum of consumer spending and the lingering impact of the revised construction law," Suda said in a speech. The BoJ itself sees the growth potential rate for Japan at the upper end of 1.0 percent. "The US economy, which is an important country when assessing the prospects for exports from Japan, is now slowing at a faster pace than had been expected, and due to the prolonged adjustments in the housing market and increased uncertainties, the growth may slow to the mid-one percent level," Suda said. The International Monetary Fund in January predicted that the Japanese economy will expand 1.5 percent this year, down from its previous forecast of 1.7 percent. Hong Kong 1.00 pm (0500 GMT) --------------------------------------------------------------------- After the release of US gross domestic product figures, what will be the likely result ....... NY will tank ..... FTSE ....... dollar will fall and gold with it! Comments?

Any comment on the path of gold today? Consider the truely awful news out of the US regarding the economy. Consider nearly every index out there is in the red if you look at the futures spreads on spread betting portals. Could this be the precursor to a big NY fall - thus FTSE fall? Gold will likely fall in sympathy if so ........ it seems to be a trend. How far will it fall before people see the dollar spiralling downward and then jump to gold? Could it follow the same path as last weeks fall then rebound?

The monthly gold future for March ended to day ...... dropping me out of my position. Finished +£1700 up on a £5 per point bet ....... not bad really

Yeah ...... i am keeping it ..... just protecting myself against any big falls - any more smackdowns etc & lock in some profit. Gold is surging now .......... my bet is now up to +£1300 UPDATE : OOPs .. I blinked = +£1400

I put a spreadbet on Gold rising on Friday evening from $915. Currently +£1180 (it was only £5 a point bet!), ive just raised the Guaranteed stop loss up behind spot price from where I had it at the start (originally stop at $897). I hate spreadbetting when I cant monitor the bet and close it at will (I dont have internet access where I work). Any thoughts about other spreadbets over the next week?

Its the same in Birmingham ...... nobody has Kugerrands for sale. My broker tells me large volumes are trading hands but they are sold as soon as he has bought them. Hes basically telling me to join the queue of buyers, he said to me today - give me a call when you have the cash in your pocket.

If you were going to buy a LOT of gold in one go ...... how would you go about doing it? Say £50k's worth.

Ive not bought alot of gold in bullion bars. Do you pay the VAT when you buy it or sell it? Also ....... If I went to EU on holiday and purchased a brick ...... as long as it was worth less than 10k (I know u have to declare valuables worth more than 10k in money- does gold count?) could I avoid VAT? If I was stopped and searched at the airport would i be done for tax avoidance?

Woot! So they buy at spot price and sell to you at a premium! Not with the broker I use ...... I buy at spot price. But the price i would get if i sold to them is £25 under spot price.

Is a margin of £25 on a Krugerrand when selling a good price - normal? This place - dealer - in B'ham is buying for that - £25 below spot.

Anyone know of a good place to sell gold in London? Needs to be open on a Saturday.

What are your thoughts on Silver DrBubb, there are some here that love silver ...... im contemplating buying some Philharmonics with next months pay. The broker takes a huge slice when you sell though - far greater than with gold.

Went into the Jewelery quarter IN Birmingham - canvased the area - various places and they are BOOMING ..... gold has reached the masses ..... we are entering the crazy phase. Gold will go over $1k this week or next I reckon. The Jewelers are melting down the Krugerrands - there is NOWHERE in Bham that has ANY to sell.

WOW, DrBubb is going to have a big surprise to find all you guys here! He clearly has'nt noticed yet since he would have posted if he had. Seems we are benefiting from the gold exodus from HPC ...... throwing out all the visionaries ....... welcome all! *wonder if DrBubb's little website can handle increased flow of visitors* I have Gold ..... only 6 Krugerrands and 10 sovereigns (not sure I could sell the sovereigns - they are so sexy). But im also into property - saw the crash coming sold in UK & bought overseas in a place fairly immune to the GHPC due to its location (Hungary - look at a map).