GoldStandardPartyUK

Weight? Fineness? 

I'll take these thanks

PM on the way

700

1 hour ago, silversky said:

Interesting to see how platinum has reacted to the news on Sunday.

https://www.reuters.com/world/uk/britain-increase-tariffs-russian-platinum-palladium-new-sanctions-2022-05-08/

With the announcement that Britain would be applying a 35% tariff to Platinum and Palladium, it's interesting to examine how their prices have reacted.  Down initially with Silver on Monday, but they have now diverged and are rising.

I'm not really sure how Britain alone charging its own consumers an extra 35% for Russian Platinum and Palladium, will make any difference.  It appears to me that the only effect will be that the UK economy will run short of Platinum and Palladium, or have to put in place very strong commitments from South Africa.  The Chinese will no doubt buy it at a slight discount from Russia.

The scrap car market is an interesting proxy for the price of physical.  One year ago, I could scrap my old banger for £300.  Three months ago that was up at just under £400.  After the war started it reached £585 then fell back to £550.  I'll have to get another quote again, but I imagine that the application of a 35% tariff can't have done much to alleviate the pressure on those metals.  As far as the overall price on the world market, I can't see that changing much to be fair.  If the UK ends up sourcing all its Platinum demand from scrap cars and South Africa, the Chinese would have to be muscled out of some of their supply from there.  If so, they'll just increase their deliveries from Russia.

It seems to me that the same amount of Platinum will get used worldwide (after all the old cars in the UK have been stolen and crushed (yes that's happening!!)).  And the impact on the global price won't be terribly large.  The UK consumer will lose out to higher prices when manufacturers (if we have any left) are forced to source it from Russia.  The Chinese will resist fully any attempt to lower their supply from South Africa to facilitate increasing the UK supply, and we'll end up recycling things that aren't old enough to be recycled.

All in all, I expect little change to the price because of this move, unless it becomes a western wide push, in which case, car manufacturing in the west will take a massive hit.  Interesting times to see tariffs used as offensive weapons.  They're normally applied as defensive strategies, to protect a domestic market.  But in this case they are being applied without heed to the result domestically.  Most foolish in my opinion.  I expect the local price of physical to end up higher than the published paper price.  One to watch...

Thanks for this. 

What a giant mistake this is, what a reversal, what a tit-up

14 hours ago, HerefordBullyun said:

This man is a clown

There must be a market out there for this, people will pay to hear what they want to hear

21 minutes ago, HerefordBullyun said:

probably option expiry day though i havent checked

Or the perception of it by participants

I don't know and now I'm curious

I looked up tools used in mashing food, making honey, fine food, cheese, came up blank. Also not found on this list of types of spoon.

https://worstroom.com/types-of-spoons/

On 17/02/2022 at 19:39, CollectForFun said:

there's no point taking it too personally

This.Don't take it personally. 

Their compliance is set to fail safe, that's their choice they will lose your custom.

Other methods of payment exist which allow you to adopt the risk of sanctions breach on yourself. If PayPal was a monopoly I would have a problem with their approach. 

6 minutes ago, Tn21 said:

I have had a few HGM orders cancelled on me in the past pretty sure due to pricing error. Did I stop buying from them after they cancelled their sale on me tbh no I didn't. 

Whilst getting some milk and a lottery ticket I confused the Sainsburys cashier as I wanted a £5 note back, long story short she gave me back too much change £10 extra to be precise. I am fortunate to be working, have a roof over my head, food etc so without hesitation I alerted the cashier and gave the £10 back. Would Sainsburys feel that £10 hit on their P&L account absolutely not,

Having said all of this, if I was to stumble across a pile of gold coins and not being able to find the rightful owners, the coins are going straight into my pocket. 

In response to your scenario I would put the order through and alert them during the order stage in the 'Notes' part. 

That's funny because once I stumbled on a pile of milk and lottery tickets, long story short the sainsbury cashier didn't want it in her pocket

I think the point should be don't go all in on a doomsday scenario or any scenario

2 hours ago, silversky said:

I still hold my prediction that Silver will exceed last year's high within this first quarter. 

I've heard that before 😂🤣😂🤣😂🤣😂🤔😭😭😭

That one is deflationary right? 

10 minutes ago, CANV said:

food is cheaper than its ever been ..  if you can afford a Deliveroo pizza then you can afford to hit Aldis and buy loads of food for feck all.  if you won't eat tinned sardines 40p  then you aint hungry ..

now I get thats not ideal,  but as mentioned further up , its hard to have sympathy for someone with an iPhone and 200 pound trainers on at a food bank ..  

People look at me funny when I say this after footage of people supposedly in poverty, you see them smoking or using a smartphone and using a food bank 

Not the shuttle, it never worked properly. What about the saturn 5 apollo rocket, that was a moon shot. 

13 hours ago, Centauri167 said:

Why we have to break it ? So the world can collapse in chaos and you hope to be one of the lucky survivors who has chosen the right follow up currency ?

If you get intrest on your gold account/ "Kinesis" you also create a sort of inflation.

Not one system in the world will ever work when you can not create more of it. What is needed is a good regulation that is done correct and that is the problem we have now. Like in the EU, the inflation is set on 2% but even when it is 7% now, the money creation is not stopping and the intrest rate is not raised like it should be ... 

 

Why we have to break it ? So the world can collapse in chaos and you hope to be one of the lucky survivors who has chosen the right follow up currency ?

The answer to this question is yes. 

If you get intrest on your gold account/ "Kinesis" you also create a sort of inflation.

kinesis currencies aren't inflationary, they don't create fake currency to generate the yield. The yield is paid in real currency. 

Not one system in the world will ever work when you can not create more of it

Agree currencies shouldn't be debased. We need to return to sound money and laissez faire. 

We need to break the fiat system somehow. Fiat, unbacked cryptos, CBDCs, all have a digital component making them suitable for modern commerce. But ABCDs are backed by definition therefore have real potential, some as currencies. 

It is not the digitalness of a currency that makes it objectionable to me it's the ability to inflate it. 

16 minutes ago, TommyTwoShots said:

If you don’t physically have it you don’t own anything.

You do with kinesis. It's in your own title. Anyway the point is it's another attempt to bring back sound money, something we should celebrate. If/when the fiat system gets exhausted I'm betting gold will replace it, these sound money efforts are building a foundation for gold being a currency again

7 hours ago, Centauri167 said:

What is "Kinesis" and what's the difference with fiat or lets' say Goldbacks ?

Interesting at least.

Kinesis.money is an attempt at tokenisation of gold, but with a twist because it has a yield system. So whilst your gold is stored in a vault you earn something like interest. The token you receive shows actual ownership (rather than a receipt) and the gold is redeemable if you wanted to test it, and the tokens can function as currency. I'm a small investor and use it for my gold storage but have a couple of their venture capital tokens. 

There's more to it but that's the 1 minute version. 

As an attempt at creating a sound currency I applaud it. 

Personally I don't think it has a future for the reasons already stated, I think the real future of sound money is Kinesis.

Never happened to me, that seems very unlikely, 

2 hours ago, Gruff said:

I like the way it gives you a £0.00 at checkout.

 

I assume someone has notified Atkinson's already to inform them of this rather funny snafu?

Atkinson T&C states

"We reserve the right to cancel any order even after payment received." 

Fyi

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On 26/10/2021 at 21:32, sovereignsteve said:

yes they are supposed to be safe

Oh my God I just worked out why they're called saflip! It's a safe flip! Can't believe it took me this long

I bought 5x 2020 1oz mandelorians, a year later only one is clear, the rest are hideous, I'm genuinely embarrased to sell on TSF. Pesky mysterious chemicals.

So are we just agreeing it's a risk and buyer beware? Are we saying get 925 scrap or face consequences? Sad