Dispassion Posted October 14, 2008 Report Share Posted October 14, 2008 -- Link to comment Share on other sites More sharing options...
Dispassion Posted October 14, 2008 Report Share Posted October 14, 2008 Looks like the 2 day long triangle converging on around $840 is due to pop before europe opens tomorrow. Just for fun, I'm saying it's very likely to break upwards. I'm not trading it, but does anyone want to wager an ounce of gold on it? Link to comment Share on other sites More sharing options...
Steve Netwriter Posted October 14, 2008 Report Share Posted October 14, 2008 I am 55% in PMs, and 45% in sterling (ISAs etc.). I only buy gold - I find silver too bulky and volatile - but I am now increasingly tempted to trade in some £ for Ag, especially if lift off resumes and the 17.5% VAT can be quickly recovered in the bull run. My masterplan has changing this year as well. I thought my gold would fund a decent house deposit but I am no longer interested in buying a property with my savings. I also worry about the effects a recession will have on my area of work. I am instead thinking of using my savings to fund an accelerated medical degree. A recession is a good time to be a student as housing costs and living expenses tend to fall and you dodge the tax rises (but of course, a recession needs to end by the time you graduate). The gold-to-UK-medical-degree ratio is currently about 25 oz. As tuition costs are capped and rental/living costs should fall, I'm hoping it will end up about 15 oz in the next year, at which it is a very viable option. It's fascinating reading other people's long-term plans like that. Sounds like a plan to me How about Gold Money for silver to avoid the VAT ? Link to comment Share on other sites More sharing options...
Steve Netwriter Posted October 14, 2008 Report Share Posted October 14, 2008 I'm not trading it, but does anyone want to wager an ounce of gold on it? :blink: No way, I don't bet REAL money :D Link to comment Share on other sites More sharing options...
gwizzie Posted October 14, 2008 Report Share Posted October 14, 2008 Looks like the 2 day long triangle converging on around $840 is due to pop before europe opens tomorrow. Just for fun, I'm saying it's very likely to break upwards. I'm not trading it, but does anyone want to wager an ounce of gold on it? I dont like this movement. Looks like a possible megaphone or diamond top forming Link to comment Share on other sites More sharing options...
G0ldfinger Posted October 14, 2008 Author Report Share Posted October 14, 2008 Link to comment Share on other sites More sharing options...
headmelter Posted October 14, 2008 Report Share Posted October 14, 2008 Just received delivery from CID of a few 2008 krugs, very nice. A fistful of sovs , not so keen on these, especially as two were damaged slightly (I know they're bullion coins but I like them to be as nice as possible and they were the first sovs I've bought). and a couple of tubes of maples which confused me as I had ordered eagles. Would the delivery of maples instead of eagles upset anyone else? would Sovs with dents in them upset anyone? Would anyone complain? Just curious, as I don't want appear pedantic by complaining if it is trivial. Link to comment Share on other sites More sharing options...
AgeingBabyBoomer Posted October 15, 2008 Report Share Posted October 15, 2008 Would the delivery of maples instead of eagles upset anyone else? Gold or silver? If gold, the maples are 9999, eagles 917, so you probably got a deal. OTOH, you should get what you ordered, so I would query it. would Sovs with dents in them upset anyone? How bad are the dents, and how old are the sovs? A couple of mine have dings, but only visible through a hand lens. Would anyone complain? Just curious, as I don't want appear pedantic by complaining if it is trivial. I would query it, after making sure the error was not in my favour ABB Link to comment Share on other sites More sharing options...
wren Posted October 15, 2008 Report Share Posted October 15, 2008 This from an Icelandic gold bug, posted 1st Oct. Hey fellow gold bugs. Here are some news from my country, Iceland! On monday one of our 3 banks got nationalized, taken over by the government. That has sent shockwaves throughout our financial system, and as a result, the credit rating of Iceland and many companies got downgraded. In the past 3 days our currency has CRASHED. 4% on monday, 5% yesterday, and another 4% today. Already the currency (the Icelandic krona) had plummeted since the beginning of the year. Today, $1 costs us just over 110 ISK, but 9 months ago $1 cost us only 60 ISK. Graph showing the crash of my nations currency in the past 9 months, see the steep curve up in the most recent days: In short, our currency is just under half of what it was at the beginning of the year. Thank God I had purchased gold for all my savings (which was in ISK), and transferred all my money to G---Money.com... as my savings account was at the bank that almost went under. I possibly saved all my lifes savings by taking the decision to buy gold. Imagine that. But at least I saved 55% of my savings. You think this can't happen to you? If you would have asked me a year ago if this was possible I would have said absolutely "no". Trust your instincts. The financial system is collapsing. GET OUT, GET OUT! kitcomm.com thread If only all Icelanders had put something like 5% of their savings into the yellow stuff. Link to comment Share on other sites More sharing options...
sylvester Posted October 15, 2008 Report Share Posted October 15, 2008 70% Gold (silver is too big for the safety deposit box!) 30% cash spread across two hemispheres, 3 banks and NS&I index linked. Link to comment Share on other sites More sharing options...
warpig Posted October 15, 2008 Report Share Posted October 15, 2008 I just meant I was spending more than I could comfortably afford each month. No big deal I'll just spend less in other areas until I feel like I have enough. Forgive my dumbness, but how can you be more than 100% in PMs? Have you borrowed money to buy PMs? Link to comment Share on other sites More sharing options...
Steve Netwriter Posted October 15, 2008 Report Share Posted October 15, 2008 I wonder whether the general view is the same as mine at the moment. I see the latest action by the central banks as the last salvation action. So the reaction after that is all important. So, are the markets reacting positively ? My view is sentiment is turning negative very quickly: And considering, gold & silver have stayed up very well. Link to comment Share on other sites More sharing options...
Steve Netwriter Posted October 15, 2008 Report Share Posted October 15, 2008 Hmmmm, it seems Nouriel agrees Nouriel Roubini, the professor who predicted the financial crisis in 2006, said the U.S. will suffer its worst recession in 40 years, causing the rally in the stock market to ``sputter.'' .... ``The stock market is going to stop rallying soon enough when they see the economy is really tanking right now,'' Roubini added. Bloomberg (October 14, 2008) Roubini Sees Worst Recession in 40 Years, Rally's End http://www.rgemonitor.com/roubini-monitor/...ears_rallys_end Link to comment Share on other sites More sharing options...
Perishabull Posted October 15, 2008 Report Share Posted October 15, 2008 I saw one interview of Roubini where he was asked about what he does with his own money, he is a very risk averse investor. Opting for mutual funds etc. The man would have made a fortune shorting banks and buying gold but he is too busy being an economist and professor I guess. Link to comment Share on other sites More sharing options...
Justin Thyme Posted October 15, 2008 Report Share Posted October 15, 2008 This from an Icelandic gold bug, posted 1st Oct. kitcomm.com thread If only all Icelanders had put something like 5% of their savings into the yellow stuff. Now THAT was chilling ! Link to comment Share on other sites More sharing options...
G0ldfinger Posted October 15, 2008 Author Report Share Posted October 15, 2008 I saw one interview of Roubini where he was asked about what he does with his own money, he is a very risk averse investor. Opting for mutual funds etc. The man would have made a fortune shorting banks and buying gold but he is too busy being an economist and professor I guess. I think he has been predicting the crash for 10 years or so. I.e. he didn't at all know WHEN to short. Link to comment Share on other sites More sharing options...
frizzers Posted October 15, 2008 Report Share Posted October 15, 2008 He'll be making a fortune now being an economist and professor and SPEAKER and WRITER. He won't need to risk trading the markets Link to comment Share on other sites More sharing options...
Mr Pipples Posted October 15, 2008 Report Share Posted October 15, 2008 A couple of pro-PM reads... Bailouts Will Soon Drive the Currency Markets: http://seekingalpha.com/article/99813-bail...urrency-markets The Bull Market Reset: http://seekingalpha.com/article/99858-the-bull-market-reset Link to comment Share on other sites More sharing options...
jinbal Posted October 15, 2008 Report Share Posted October 15, 2008 Trichet calling for a return to the discipline or Bretton Woods http://www.bloomberg.com/apps/news?pid=206...&refer=home He indicated that recent market turmoil was partly a consequence of the deregulation that occurred after Bretton Woods' demise. That was triggered in 1971, when inflation forced the U.S. to abandon the dollar's peg to gold, an anchor of the system, heralding the era of floating exchange rates. "The explosion of the first Bretton Woods in a way could be interpreted as a rejection of discipline,'' said Trichet. Could the world leaders me making noises about a new Gold Standard? I recall cgnao predicting a return to the Gold Standard by popular demand..... edit: He knows full well the implications of what they are doing: ``There has been a materialization of the downside risks to growth and we have to take that into consideration in all respects, and particularly as regards the influence that it has on the upside risks for price stability,'' Link to comment Share on other sites More sharing options...
Steve Netwriter Posted October 15, 2008 Report Share Posted October 15, 2008 A couple of pro-PM reads... The Bull Market Reset: http://seekingalpha.com/article/99858-the-bull-market-reset But once the broad retail market understands that gold is the only game in town as far as value stores are concerned, the demand and flight to it will start to form a new bubble driven by fear. Buyers of gold below $1,000 an ounce now will see their money double within 18 months, at which time, if not sooner, it will be time to take profit from the physical in time to ride the next bull, which will be in the producing gold companies. If you were extremely liquid, it would be a great time to start acquiring producers, but the immediate term opportunity is in the physical. And this does NOT include ETFs. In this environment, and with all of the murky connections among banks, funds and insurers, you want to be sure you’re holdings can’t be part of some other weak institutions liquidation sale. If you don’t want to have gold hidden on your premises, consider fractional bar ownership with a trusted provider of vaulting services. My recommendation is anywhere except within the United States. Once the physical metal is bid up to astronomical proportions, and it will ultimately be over-bought, then the slowest herd mentality investors will crowd in and provide the exit for the early birds. Link to comment Share on other sites More sharing options...
dietcolaaddict Posted October 15, 2008 Report Share Posted October 15, 2008 It's fascinating reading other people's long-term plans like that. Sounds like a plan to me How about Gold Money for silver to avoid the VAT ? Thanks Steve. I am still unsure about keeping anything other than physical bullion, but Gold Money is probably the logical place for me to build a bit of exposure to silver over the next few months. Link to comment Share on other sites More sharing options...
Steve Netwriter Posted October 15, 2008 Report Share Posted October 15, 2008 A couple of pro-PM reads... Bailouts Will Soon Drive the Currency Markets: http://seekingalpha.com/article/99813-bail...urrency-markets Going forward, we will no longer be able to define the dollar’s weakness by its exchange rate with the Euro, Yen, or any other foreign currency. Instead, we have to look at their purchasing power relative to tangible assets. The exact reason is the quote from the Bloomberg article. This is a GLOBAL race to inflate, and the near term fundamental drivers of forex markets are as follows: the amount of short term debt liabilities that will need to be rolled over and leverage ratios of the countries banking system. You see, governing bodies and monetary authorities have to guarantee their banking systems. They have no choice. Whether they do it Britain style with an all out guarantee on banking deposits (soon to be a 100% guarantee in the U.S.), or whether it’s simply nationalization of the banking system, governments will back up their financial systems. The alternative is simply not an option. What we are about to be faced with is the Golden Rule, but it’s not the rule you were taught growing up. My Golden Rule is very simple: he who has the gold rules. This was the very first thing my mentor ever told me. It has been true since the time of pharaohs, and will it will stand true long after we depart from this world. Link to comment Share on other sites More sharing options...
id5 Posted October 15, 2008 Report Share Posted October 15, 2008 Trichet calling for a return to the discipline or Bretton Woods http://www.bloomberg.com/apps/news?pid=206...&refer=home Could the world leaders me making noises about a new Gold Standard? I recall cgnao predicting a return to the Gold Standard by popular demand..... edit: He knows full well the implications of what they are doing: Half of Europe, Africa, the Middle East and Asia have not just been subjugated in a world war, Russia and China are on the up or at least just starting to slow down. It would be very interesting to see how they would do it as the power balance has changed. Link to comment Share on other sites More sharing options...
jinbal Posted October 15, 2008 Report Share Posted October 15, 2008 Half of Europe, Africa, the Middle East and Asia have not just been subjugated in a world war, Russia and China are on the up or at least just starting to slow down. It would be very interesting to see how they would do it as the power balance has changed. Jim Willie was talking about how he's heard about China Russia and middle east forming a new reserve currency which would be constructed from basket of currencies includinga Gold backed Ruble It was a radio interview so can't remember the link. True or not - some interesting "noises" being made...... Link to comment Share on other sites More sharing options...
Dispassion Posted October 15, 2008 Report Share Posted October 15, 2008 Jim Willie was talking about how he's heard about China Russia and middle east forming a new reserve currency which would be constructed from basket of currencies includinga Gold backed Ruble It was a radio interview so can't remember the link. True or not - some interesting "noises" being made...... I can't believe that the emerging and BRIC economies will accept dollars for exports for much longer, but I'd expect progress to be made through WTO talks rather than esablishing a currency that doesn't have the backing of the US and Europe. Link to comment Share on other sites More sharing options...
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