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Oh well bought some 1/2 in the end as I didn't have any and thought they would be more manageable.

 

Hopefully I will be able to get some more before the end of the year.

 

I don't have any myself but they're gold, they're legal tender, what's not to like? :)

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Bank of Korea Increases Gold Reserves by Massive Nearly $1 Billion or 39% in November Alone

 

The central bank of South Korea announced that it had purchased 15 metric tonnes of gold in November to raise its reserve of bullion in an effort to diversify its portfolio of its foreign reserve investment and reduce risks caused by market volatilities.

 

According to the Bank of Korea (BOK), it made a purchase of 15 tons of gold last month to increase the nation’s gold reserves to 54.4 tons worth $2.17 billion as of the end of November.

 

It boosted the size of its gold reserves by US$850mn in November, up a massive 39% from the previous month. Its total gold reserves are now worth US$2.17bn.

 

So, 15 metric tonnes of gold for US$850mn.. It's a deal, it's a steal, it's sale of the f'ng century.

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Bank of Korea Increases Gold Reserves by Massive Nearly $1 Billion or 39% in November Alone

 

 

 

So, 15 metric tonnes of gold for US$850mn.. It's a deal, it's a steal, it's sale of the f'ng century.

 

I wonder if they actually took delivery, or whether it's still safely in the BoE vault being used to 'back' GLD?

 

Some food for thought form GATA and a campaigning Mexican journalist: http://gata.org/node/10481

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As I'm sure you know it's only the Britannias and Sovereigns that are CGT exempt, which is why they're recommended. If you don't mind paying CGT on your gold coins when you sell them, then Chinese pandas and US buffalos are nice.

 

 

 

thanks, anything else apart from sovereigns that is worth buying?

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As I'm sure you know it's only the Britannias and Sovereigns that are CGT exempt, which is why they're recommended. If you don't mind paying CGT on your gold coins when you sell them, then Chinese pandas and US buffalos are nice.

Couldn't they simply change the CGT rules when it suits them though? I always consider the cheapest, in best quality, coins as well as the sov/brits. You will always find a buyer who wont charge you CGT, imho...should you want to trade them.

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Bank of Korea Increases Gold Reserves by Massive Nearly $1 Billion or 39% in November Alone

 

 

 

So, 15 metric tonnes of gold for US$850mn.. It's a deal, it's a steal, it's sale of the f'ng century.

 

Yes. Kyle Bass describes his visit to the Comex here at 42 mins.

 

(The whole video is worth watching too...)

 

 

Nick

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It's possible, but as Britannias and Sovereigns are legal tender, I doubt it's that easy. I'm not sure I follow you Jake, buyers aren't able to charge you capital gains tax.

 

Couldn't they simply change the CGT rules when it suits them though? I always consider the cheapest, in best quality, coins as well as the sov/brits. You will always find a buyer who wont charge you CGT, imho...should you want to trade them.

 

 

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It's possible, but as Britannias and Sovereigns are legal tender, I doubt it's that easy. I'm not sure I follow you Jake, buyers aren't able to charge you capital gains tax.

 

Indeed, why bother implementing an illegal retrospective tax on legal tender when you've got all those ETFs and bars to tax? Anything is possible I suppose, but I'm betting that they won't go that far.

 

On another note, Clive Maund has called gold as well or better than anyone this year. He called the top, got bullish at the bottom of the correction and cooled off when we were about to consolidate downwards. He's now bullish and calling for a breakout. See his latest here:

 

http://www.marketoracle.co.uk/Article31930.html

 

His full list of articles: http://www.marketoracle.co.uk/UserInfo-Clive_Maund.html

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Chinese could soon cut interest rates to even further below inflation rate!

 

I wonder where the people will put the 40% of their income that they save then? :rolleyes:

 

Regards

 

ML

 

http://uk.finance.yahoo.com/news/China-slowdown-spreading-HSBC-reuters_molt-526156376.html;_ylt=Aphf9JCud5mJ2xgIxJw6oXDSr7FG;_ylu=X3oDMTE4ZHUxOGs0BHBvcwM0BHNlYwN5ZmlUb3BTdG9yaWVzBHNsawNjaGluYXNsb3dkb3c-?x=0

 

"Rates are already below inflation levels, so a cut could encourage savers to pull money out of the banking system in search of higher returns elsewhere and so crimp bank lending."

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How Much GOLD ? / Ben Fulford's answer...

 

http://benjaminfulford.typepad.com/benjaminfulford/

...I am hearing from my sources is that most of the world's gold has been kept off the market and may soon re-enter the market. That would be bad for the gold price. However, gold could rise to $5000 an ounce before that happens. I simply do not know because it depends entirely on how many dollars they will take out of circulation when they move to the new asset based system.

 

...there will be turbulence over the winter as the old system collapses and a temporary, one-off drop in Mediterranean and US living standards as these countries go back to their own currencies (in the US case that would be treasury dollars). Following that, there will be a boom. For example, if I had money to invest, I would wait for the Greeks to announce a return to a devalued Drachma and then invest in Greek tourism.

Anyway, just remember food, shelter, clothing, friendship and love are more important than abstract money.

THAT Is similar to a view I have expressed on GEI and in an FBB interview.

Some of the Gold Bug's have ridiculed me for thinking there may be more than the 160,000 MT of Gold

that has been reported in "official sources". But I think some large amounts of Gold may have been

recovered in pre-historic, and pre-industrial times, and since records were kept on Gold production,

vast amounts of gold will have "leaked" outside official production statistics to "safe on royalties."

 

So there may be an excellent probability that Gold resources are more, maybe 50% more, or 100% more

than the Official estimates.

 

Some powerful people may be very happy that Gold bugs, and others with a vested interest in Gold are

talking the price up, and pushing for a "gold standard" someday. That would allow them to capture

massive profits on their gold holdings without forcing the price back down!

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The price action today REEKS of manipulation.

 

I mean, today, the ECB pledged UNLIMITED credit over the next three years to Eurozone banks. Shortly afterwards, gold spikes, then sells off. Are you kidding me??

 

Gold breaking out

au0001wb.gif

B)

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I am happy to stuff Draghi with all the Euros he can swallow. May he dump more gold. :) I hope that once he runs out, the Bundesbank will give him no new gold.

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How Much GOLD ? / Ben Fulford's answer...

 

 

THAT Is similar to a view I have expressed on GEI and in an FBB interview.

Some of the Gold Bug's have ridiculed me for thinking there may be more than the 160,000 MT of Gold

that has been reported in "official sources". But I think some large amounts of Gold may have been

recovered in pre-historic, and pre-industrial times, and since records were kept on Gold production,

vast amounts of gold will have "leaked" outside official production statistics to "safe on royalties."

 

So there may be an excellent probability that Gold resources are more, maybe 50% more, or 100% more

than the Official estimates.

 

Some powerful people may be very happy that Gold bugs, and others with a vested interest in Gold are

talking the price up, and pushing for a "gold standard" someday. That would allow them to capture

massive profits on their gold holdings without forcing the price back down!

 

"But I think some large amounts of Gold may have been recovered in pre-historic, and pre-industrial times"

 

I think this is unlikely. On what basis do you believe gold was more abundant and recoverable?

 

I do agree with you about the likelihood of large quantities of unaccounted gold though. The Philippines example was a good one, and it's a no-brainer that China and Russia do the same on a larger scale. Then there is good old 'Foundation X' :)

 

What I don't agree with is your line of thinking that says these elites, who seek to preserve inter-generational wealth over hundreds of years, are somehow waiting for a gold bubble to unload it. They will hold whatever keeps their great-grandchildren wealthy and powerful. Ergo, they will hold gold, land and so on. It's why there is never any net private divestment of gold in a given year. They never sell their land either.

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The price action today REEKS of manipulation.

 

I mean, today, the ECB pledged UNLIMITED credit over the next three years to Eurozone banks. Shortly afterwards, gold spikes, then sells off. Are you kidding me??

Did you notice what happened to all the other markets?

That would be quite a lot to manipulate!

 

If the price went the way that MADE YOU MONEY, would you call it manipulation?

 

Take advantage of lower gold, and gold share prices: Buy some year end tax loss cheapies

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What I don't agree with is your line of thinking that says these elites, who seek to preserve inter-generational wealth over hundreds of years, are somehow waiting for a gold bubble to unload it. They will hold whatever keeps their great-grandchildren wealthy and powerful. Ergo, they will hold gold, land and so on. It's why there is never any net private divestment of gold in a given year. They never sell their land either.

That idea is not just mine: See BF's comment.

 

It is also very consistent with the behaviour of some (GATA, JS, etc)

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Trend intact. Yawn.

 

gggollld.png

You should start listening to people who actually call the price moves well.

See: Beating B&H thread: and http://tinyurl.com/BeatingBH

 

(Ah, I forgot: "You cannot beat Buy & Hold."

Oh, nevermind. When does it stop being a fluke, and get accepted as reality?)

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Did you notice what happened to all the other markets?

That would be quite a lot to manipulate!

 

If the price went the way that MADE YOU MONEY, would you call it manipulation?

 

Take advantage of lower gold, and gold share prices: Buy some year end tax loss cheapies

 

Gold wanted to go in the opposite direction to equities and they smashed it back down. As you say, this is welcome. The chart looks just like a BOJ yen intervention, yet no-one thinks that's a conspiracy theory.

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You should start listening to people who actually call the price moves well.

See: Beating B&H thread: and http://tinyurl.com/BeatingBH

 

(Ah, I forgot: "You cannot beat Buy & Hold."

Oh, nevermind. When does it stop being a fluke, and get accepted as reality?)

And you should chill out a bit and foster a "live and let live" attitude. :lol:

 

For the non day trader, the chart is abundantly clear that buy and hold has paid off very well.... and with the minimum of time and effort. Give it its dues.

 

I think the "argument" you have is with the 100% "all in" and 100% certain crowd. Actually, the majority that buy gold... and hold, have only put a reasonable percentage of their worth into it... and more often than not hedge that "investment".

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LOL! Central Bank manipulation! :ph34r:

 

MARKET SOURCES REPORT BIS, BOE & FEDERAL RESERVE WERE SELLING GOLD AFTER IT POPPED TO SESSION HIGH AT GMT 1335 -MNI NEWS via BLOOMBERG

 

http://www.zerohedge.com/news/mni-reports-coordinated-central-bank-intervention-sends-gold-lower-intraday

 

Worthwhile reposting this since people seem to have missed it.

 

The central banks are active in the gold market. We have known this for decades.

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Worthwhile reposting this since people seem to have missed it.

 

The central banks are active in the gold market. We have known this for decades.

 

It's an absolute outrage if the BoE let any physical leave its vaults through this action.

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