Reputation from db570uk - Page 2

db570uk got a reaction from theman73 in 100x 1g Vacambi silver Combibar April 27, 2023

PM'd

db570uk got a reaction from MBTPSilver in Gold SIPP Pension - anyone could recommend a Gold for Pensions dealer July 3, 2023

Thanks MonkeyUncle.
Really appreciated. I didnt know about the WisdomTree funds. I will definitely check them out. Many thanks for the heads up with regards to BullionByPost. I had been telephoning the list of dealers to get a feel for their services including private vaulting. I whittled down
my selection to one of BullionByPost (allow bars to be photographed before vaulting and ability to choose bar brand but vaulting only in UK via Brinks), GoldCore (which allows vaulting inside and outside of UK but not bar brand but also have a big benefit of an account with Loomis International UK or Brinks for overseas vaulting) or PhysicalGold (which allow me to choose the brand of bar(s)) I quite like the idea of having. options to vault outside of UK for some of the holdings but not sure if that breaches SIPP investment rules. It looked like GoldCore had the cheapest spread, but bars maybe in not so good condition which might affect resale but the idea of overseas vaulting appeals at the moment. Funds are being transferred from the stakeholder pension at the moment so will make a final decision in about 10 days when the money reaches the SIPP. Agreed BullionByPost not the cheapest but found them to be excellent over the years. First dealer I bought from back in 2011.

The SIPP provider allows me to invest to equities and funds also I believe and it is quite open to investments. I will enquire about the WisdomTree funds and other
funds they will allow me to invest in.
Best regards
Dave

db570uk reacted to GoldCore in The Fed is now in a tug-of-war between fighting inflation and saving the banking system March 30, 2023

It feels as though we have had a few days off when it comes to news of bank failures, collapses and ‘rescues’. But, do not be lured into a false sense of security, very little is resolved and problems are systemic across the financial system. Below we discuss the fragilities exposed by the collapse of Silicon Valley Bank. The problems are unavoidable for the banking system and its players. It’s little surprise that we have seen a surge in demand for gold and silver investment.
There is blood in the water …
The Fragilities in the Financial System
The collapse of Silicon Valley Bank (SVB) has brought the fragilities in the financial system to mainstream news outlets, which are now ‘investigative reporting’ on all aspects of the fallout.
After SVB’s collapse, depositors withdrew $109 billion from small banks, while large banks deposits grew by $120 billion. Moody’s noted that the 1.5% decline in year-over-year deposits in small banks was the first annual decline since 1986.
U.S Bank Deposits In testimony to Congress on March 28, Federal Reserve Board Vice Chair for Supervision Michael Barr blamed SVB management and Congress for the failure.
While it is true that SVB management failed to hedge against the risk of rapid rising interest rates, it is the Federal Reserve that created the false complacency for banks in the first place with the massive amounts of quantitative easing and holding interests at the zero bound for so long – even after inflation as clearly taking hold.
As the chart above shows bank deposits grew at a rapid pace in 2020 as central banks printed money at full speed and government programs handed it out to anyone that would take it. It was not only bank deposits that grew, but equity valuations were also inflated.
Federal Deposit Insurance Corp (FDIC) Chair Martin Gruenberg told Congress that the tripling of SVB’s balance sheet from 2019 to 2022 “coincided with rapid growth in the innovation economy and a significant increase in the valuation placed on public and private companies”.
The excess deposits that rolled into SVB were invested in securities deemed low risk by regulators; long dated Treasuries, and mortgage-backed securities. Interest rates had been low for more than a decade.
Why I Think This Is The Next Financial Crisis

For its own part, the Fed was still spouting that inflation was ‘transitory’, and that some inflation is okay. They cited a good thing that inflation was above the Fed’s target for a period of time because inflation had run below the target for so long.
It’s not only SVB that invested in these securities, the chart below from the Wall Street Journal compares SVB’s losses in long-date Treasuries, asset-backed securities (commercial and mortgage) with the losses ‘across all banks.

Federal Funds Effective Rate We also remind readers that the Federal Reserve’s own assets are ironically also U.S. Treasuries and mortgage-backed securities. Therefore, the central bank is racking up losses – and it is now ‘carrying’ more than $40 billion loss in its balance owing to the U.S. Treasury.
However, the Fed can ‘carry’ this loss as a ‘deferred asset’ for as long as it takes, presumably until the interest cycle eases and the value of the assets gains as interest rates decline.
The Fed is the King
It is always good to be King. Among banks, the Federal Reserve is the King.
Federal Reserve Earnings Remittances Due to US Treasury As the Fed finally caught on that inflation was not transitory and started tightening policy, it did so at the fastest rate in over 40 years, which caught out banks holding longer-dated Treasuries rapidly losing value. This was not an issue until depositors started withdrawing deposits and assets had to be sold to cover the withdrawals – and for SVB, as they say, the rest is history.

Source: Wall Street Journal   As much as regulators and government officials are trying to ‘brush the problems under the rug’ the banking problems are not over. The excess money central banks created, and governments gave away during the pandemic is still at risk of being pulled out of banks, and upwards of $8 trillion in deposits at the end of 2022 was above the FDIC’s $250,000 limit (this is an increase of more than 40% from 2019), leaving it vulnerable to being pulled out as investors weigh the newly exposed risks.
What Does Credit Suisse Mean for Gold

A paper published by economists from several U.S. universities shows that because banks hold assets at purchase value until they have to sell them that bank assets are worth $2 trillion less than they appear to have on paper.
As a result close to 200 banks would be at risk of failure if half of these uninsured depositors pulled their money from the banking system. Researchers conclude that “Overall, these calculations suggest that recent declines in bank asset values very significantly increased the fragility of the U.S. banking system to uninsured depositor runs”.
The Fed and FDIC have both said they will loan banks money against assets at par value. However, this just moves the risk elsewhere or ‘kicks-the-can’ down the road and alters the market risk even further. The call for the FDIC to insure all deposits creates an even deeper moral hazard for bank management.
The Fed is now in a tug-of-war between fighting inflation and saving the banking system – and it is currently trying to do both. On one side they continually raise rates, while at the same time creating new lending programs for banks. But alas the Fed has no magic. Stretching to accomplish one goal means the other goal becomes unreachable.
The Federal Reserve policy setting committee forecasts lower rates in 2024 and 2025. Everyone else expects that rates will drop 75 basis points this year after it becomes clear to all that banking has systemic solvency problems caused by rising rates.
Investors who hold physical metals have placed themselves outside the circus tent of central banking.
Many times, before we have explained that being inside the system means unavoidable counterparty risk. Only gold and silver are assets which do not need validation from anyone else.

db570uk reacted to silverseller in Thank you TSF - 75 tubes of 1oz silver 2020 Britannias sold September 23, 2022

Special thanks to those members who bought: @Silverman2U@SilverTalent@hungrlow@JamesH@elvee426@steve3jant@Johnorob89@darkstar@jamesyh@Byronvan@stackerp5@Domo@katyc@Davros006@Geovest@db570uk@TheLordOfRuin@WILLIG666@bigstudotcom
Extra special thanks to @ChrisSilverfor providing the means to sell my stack - this really is the place to buy and sell precious metals.
All the online and in-person member interactions I had were positive and rewarding, and you are all a credit to this forum.
Silverseller

db570uk reacted to LawrenceChard in Today I Received..... July 3, 2021

A Fake 1897-L London Mint Half Sovereign

Obverse
Actually looks worse in the photo than to the naked eye.

Reverse

Niton XRF Analysis

db570uk reacted to DarkChameleon in Today I Received..... April 16, 2021

Just arrived, 2oz mythical creatures antiqued coin minted to just 1000from the republic du tchad

db570uk reacted to richatthecroft in Today I Received..... March 24, 2021

My first Maple. Bought for the Gillick Portrait in glorious Proof finish. Thanks @ilovesilverireallydo for such a speedy service.

db570uk reacted to ZigZag in Today I Received..... November 26, 2020

So my little group order turned up curtesy of @BackyardBullion and it just reminded me, I’d thought I’d add a couple of 2020 Czech lions.
I’m almost believing there was some plan for me to win the 2019 czech lion in last months draw, as the urge to go on another date run is now prodding me in the ribs 😂

db570uk got a reaction from Abyss in Three Kilo+ Milestone Reached November 15, 2020

Very well done! Stunning collection of gold coins Abyss

db570uk reacted to Abyss in Three Kilo+ Milestone Reached November 15, 2020

2 years, 4 months, 6 days as a Forum member and investing in PM's I have hit three kilos of Gold milestone now breached 👍
With thanks to the wider Forum 🙂 and The European Mint where I have purchased a large majority of my Queens Beast coins.
I have had to sell large proportion of my Silver and part of my Gold stack to finish off remaining 1oz Gold Queens Beast coins and a special thanks to everyone traded with me/provided help and advice:
@richatthecroft @Gordon @Kritika @Josh @silversky@Bizzle@AlphaBeast@SilverStan@MrScottsdale@kneehow2018@arshimo2012@Jamesd@Rugbyplayer@UKStacker@StackSellRepeat@Darr3nG @Downs523@Gildeon@woody65@Roy@louisfinlay@swanky@Neelam@Elements@db570uk@pyperb@GSTrading@RYAN05@Sharaf@Mox@GavinDevon@Airgead@BackyardBullion@Gabriel13@Jonno@jacksj1@Sparrowlegs4@Munzy247@brya0123@Disentme@newbysilver@Bambi7684@dicker@Airhead@juansanto7@adamthetaller@SilverDrum@Shazzam9@Jayjay@marco88@ram64@MuddyOfCoventry@Piggybank@GoldenEagle@Peet@SJones@Silverman2U@Poppy@DynamitesUK
All coins safely stored in non-banking private safety deposit box. Apologies lighting the photos were taken in the secure storage facility and I had 15 minutes access my safety deposit box due to covid restrictions.
5 oz Gold in Special Year Designs in bullion Britannia's

Drum roll please for the main attraction.......
100 oz Gold Queens Beast bullion coins

db570uk reacted to Birdy in Today I Received..... August 6, 2020

Just a nice 1920 Perth mint sovereign.