Reply to: Gold price collapse is the worst for 30 years

[Zero Liability]

Well, like the article I linked to argues, I don't think there's a strong likelihood of it happening in the UK, as the £ isn't linked to gold, and if another major currency does become linked to it, attacking ownership if physical gold will be too little too late and be the equivalent of pissing on a forest fire to put it out. Paper gold may be becoming a more popular inflation hedge in the UK but it's still so only amongst a slim minority of the population. At worst, they may change the laws on CGT exemption for sovereigns, but even that's unlikely.

The US has long had a philosophy of interventionism entrenched in it, dating before the 1920-30s. It's just not entrenched in the popular narrative. Meanwhile, we're more accustomed to that sort of thing over here, what with the government changing the rules to suit the likes of HMRC.

[AtW]

It's worth noting they didn't actually have a great deal of success with that policy in terms of how many people actually turned in their gold, but who knows, maybe the UK has a better talent for repressing its citizens.

That's because more people had guns on their hands and people with gold most certainly were pretty well armed

It's crazy though such tulip could happen in USA - state sanctioned confiscation of assets!!!

[Zero Liability]

Land of the free, innit!!!

Yup, don't forget that's why the terrorists hate them.

It's worth noting they didn't actually have a great deal of success with that policy in terms of how many people actually turned in their gold, but who knows, maybe the UK has a better talent for repressing its citizens.

[AtW]

The us did it in 1933. We have had various restrictions. So there is a certain amount of precedent.

Land of the free, innit!!!

[ASB]

Cool, same here. Are there any decent sources on spread-betting I can look into?

Zillions. I have a main account with ig because I like their platform. A number of providers use mt4 if that floats your boat. Suggest opening a few demo accounts and trying them till you find a platform you like.

[Zero Liability]

Cool, same here. Are there any decent sources on spread-betting I can look into?

[ASB]

Yeah, the link I provided goes into that. It is a risk to keep in mind.

In terms of investment in precious metals and specifically gold, how are you going about that?

Sorry. Didnt see the link. The only pm I ever trade is gold and I just trade it I my spread betting account. That said if it does get to my target price I will be looking longer term so will look for an etf.

might just trade a longer term contract though.

[Zero Liability]

The us did it in 1933. We have had various restrictions. So there is a certain amount of precedent.

Yeah, the link I provided goes into that. It is a risk to keep in mind.

In terms of investment in precious metals and specifically gold, how are you going about that?

[AtW]

Mml, pog, fres, kaz. Not all goldies of course, but on the watchlist for possible entries.

Signal-sweeping for transmitters. You're just a party anima...

[ASB]

The us did it in 1933. We have had various restrictions. So there is a certain amount of precedent.

[Zero Liability]

It's a risk but the historical context behind that was different. If anything, if one of the big economies anchors itself to gold, e.g. China, there's precious little the UK govt can do other than try to confiscate it in an act of pure theft, or alternatively, accept the new reality. But you're right, it's a possibility, much as bail-ins along the lines of Cyprus are, so I would see value in holding some gold offshore, even with the counter-party risk in mind.

It's certainly not the best way to get investment exposure to gold or silver but I think that's a separate matter. I haven't really thought much about investment exposure to it as yet.

[ASB]

I do understand the argument for holding physical. I just personally dont agree with it.

It is also the case that in times of likely crisis where the argument for holding physical may hold some merit private holdings have been made illegal.

[Zero Liability]

Mml, pog, fres, kaz. Not all goldies of course, but on the watchlist for possible entries.

dont really understand why you want to buy your own physical. Storage costs, provenance on resale, etc are possible issues. Especially if self stored.

You're also safe in the knowledge that you have it though, and it's on your person in the event that the central banks lose control of the economic situation and high levels of inflation ensue. So having a portion of it held this way (in sovereigns) makes sense to me. If you're not concerned about counter-party risk you could also buy it from offshore storage firms like the Guernsey or Perth mints but with the obvious downside of storage costs. This isn't an investment so much as an emergency fund in addition to any savings held in fiat currency.

Besides mining shares, are you investing in gold/silver through ETFs or some other vehicle or not at all?

btc is hugely volatile and a chart looks very similar to tulips.

Agreed.

[scooterscot]

Bitcoins

are the way forward for a quick buck.

[ASB]

Mml, pog, fres, kaz. Not all goldies of course, but on the watchlist for possible entries.

dont really understand why you want to buy your own physical. Storage costs, provenance on resale, etc are possible issues. Especially if self stored.

btc is hugely volatile and a chart looks very similar to tulips.