Gold Monitoring Thread £ GBP only

[Paul]

4 minutes ago, Lyrinn said:

One moment while I summon the oracle.

@Paul, £1,550/oz by Friday?

 

[AuricGoldfinger]

14 hours ago, Mtaybar said:

This rollercoaster hasn't stopped for a year..... I don't think it's about to stop anytime soon lol. 

But i wanna get off lol

[gji25]

47 minutes ago, AuricGoldfinger said:

But i wanna get off lol

 

[CaptCaveMan]

On 03/01/2023 at 12:22, Silverlocks said:

In practice, these price fluctuations represent movements on the order of 5% or so of the actual spot price.  Buying sovs feels a bit painful at the moment, but the difference is something of the order of £20.  If you were trying to flip sovs at a profit it might be a big deal, but for stacking not so much.  

OTOH, maybe it's off to the moon.

Kinda agree however premiums appear to have jumped too, I don't see many Sovs going within 4-5% of spot at the moment and with everything else also being squeezed outside of PMs...

[Silverlocks]

14 minutes ago, CaptCaveMan said:

Kinda agree however premiums appear to have jumped too, I don't see many Sovs going within 4-5% of spot at the moment and with everything else also being squeezed outside of PMs...

Quite a few of the vendors *cough*bullionbypost*cough* charge a fairly hefty premium anyway, but I don't see a lot of 'best value' left vendors in the market at the moment - at least not anybody with stock.  Whether you subscribe to market manipulation theories or not there is definitely a shortage of supply and prices are going up.  I also think you're right in that premiums are up a bit from the traditional 5-6% if you look at the prices, even for best value stock.

On the scale of things the fluctuation isn't terrible in absolute terms if you hold your head just right, but I don't think it's the best of times either.

 

 

[AuricGoldfinger]

Just noticed atkinsons no longer offering spot to buy back, it’s back to 1% below

[ZRPMs]

6 minutes ago, AuricGoldfinger said:

Just noticed atkinsons no longer offering spot to buy back, it’s back to 1% below

However, I think they are one of the few that in stock best value sovereigns. I must be that they have secured a large number of them from somewhere.

[CANV]

I think the US dollar rally is over.  That will take some of the heat out of it in STG terms.  But I can see gold getting ever more popular with middle classes in the UK with disposable income, kids off hand etc.  what’s the point of investing in riskier stuff, BTL, a new business,  anything. It all taxed to pieces now..

buy a bag of ‘sov’s.. get it off grid and come the inevitable day avoid inheritance tax 

[lst65]

25 minutes ago, CANV said:

I think the US dollar rally is over.  That will take some of the heat out of it in STG terms.  But I can see gold getting ever more popular with middle classes in the UK with disposable income, kids off hand etc.  what’s the point of investing in riskier stuff, BTL, a new business,  anything. It all taxed to pieces now..

buy a bag of ‘sov’s.. get it off grid and come the inevitable day avoid inheritance tax 

Until it becomes clear to the taxman that is precisely what everyone is doing…and then they’ll take it off CGT and tax..! 🫤

[SidS]

25 minutes ago, CANV said:

... what’s the point of investing in riskier stuff, BTL, a new business,  anything. It all taxed to pieces now.

Hmm Bacon, Tomato and Lettuce... 🤤

[SidS]

1 minute ago, lst65 said:

Until it becomes clear to the taxman that is precisely what everyone is doing…and then they’ll take it off CGT and tax..! 🫤

I can see VAT being applied to gold in the future. Don't be surprised if this happens, it used to have it.

[Paul]

[Barbielovesgold]

6 minutes ago, SidS said:

I can see VAT being applied to gold in the future. Don't be surprised if this happens, it used to have it.

When ? X

[Mtaybar]

7 minutes ago, SidS said:

I can see VAT being applied to gold in the future. Don't be surprised if this happens, it used to have it.

All the rich folks use gold to stash their extra bit of cash away from the tax man. That includes the politicians, lawmakers and..... the bloody tax man himself! I'm hoping that just because of that, they'll leave it alone. 

[gji25]

45 minutes ago, CANV said:

I think the US dollar rally is over.  That will take some of the heat out of it in STG terms.  But I can see gold getting ever more popular with middle classes in the UK with disposable income, kids off hand etc.  what’s the point of investing in riskier stuff, BTL, a new business,  anything. It all taxed to pieces now..

buy a bag of ‘sov’s.. get it off grid and come the inevitable day avoid inheritance tax 

What is tax lol

[Barbielovesgold]

2 minutes ago, gji25 said:

What is tax lol

Baby don’t tax me, don’t tax me, no more. 🤭 X

[stefffana]

14 minutes ago, Barbielovesgold said:

When ? X

I don't think this will ever happen. Only a politic decision can change the actual tax system and probably all the politicians got large amount of gold in their portfolios. 

Also, it is not something with large interest in gaining popularity like for example Brexit.

[CANV]

Oh they will make it happen.  And if you are holding it’s an instant 20 per cent gain 

[SidS]

Well gold had tax on it until 1999.

No one thought they'd go after bullion like they did in Germany recently. Trust me ANYTHING can happen. Politics doesn't stand still it evolves, what might seem impossible or unpalatable now, could potentially be easily achieved or even desirable to those in power twenty or thirty years from now.

I'm sure there was a time when no one ever thought the whole world would go fiat.

Currently politicians might have lots of wealth in gold, they might however decide to get out of gold before they change the rules. You know how politicians work...

[Barbielovesgold]

3 minutes ago, SidS said:

Well gold had tax on it until 1999.

No one thought they'd go after bullion like they did in Germany recently. Trust me ANYTHING can happen. Politics doesn't stand still it evolves, what might seem impossible or unpalatable now, could potentially be easily achieved or even desirable to those in power twenty or thirty years from now.

I'm sure there was a time when no one ever thought the whole world would go fiat.

Currently politicians might have lots of wealth in gold, they might however decide to get out of gold before they change the rules. You know how politicians work...

Very interesting read all this for my little Barbie brain 😂 X

[Stacktastic]

10 minutes ago, Barbielovesgold said:

Very interesting read all this for my little Barbie brain 😂 X

I am getting a feeling/instinct that this person might be a stooge - am I correct or far far from the point?? 
I dont comment like this - well ever.  

Edited January 4, 2023 by Stacktastic

[Dazlenk]

12 minutes ago, SidS said:

Well gold had tax on it until 1999.

No one thought they'd go after bullion like they did in Germany recently. Trust me ANYTHING can happen. Politics doesn't stand still it evolves, what might seem impossible or unpalatable now, could potentially be easily achieved or even desirable to those in power twenty or thirty years from now.

I'm sure there was a time when no one ever thought the whole world would go fiat.

Currently politicians might have lots of wealth in gold, they might however decide to get out of gold before they change the rules. You know how politicians work...

I didn't realise gold was subject to VAT only 20 years ago. Seems perfectly logical that it could be re-applied at any time, and of course, if you're in the know...........

[RDHC]

27 minutes ago, CANV said:

Oh they will make it happen.  And if you are holding it’s an instant 20 per cent gain 

I don't quite understand this. Surely if gold became subject to, say, 20% VAT on every sale, that would mean that the purchaser would probably require up to 20% off the purchase price - unless he could be certain of an equivalent compensating gain in pretty quick time? Please enlighten me; I'm doubtless being very stupid here. 

[stefffana]

1 minute ago, RDHC said:

I don't quite understand this. Surely if gold became subject to, say, 20% VAT on every sale, that would mean that the purchaser would probably require up to 20% off the purchase price - unless he could be certain of an equivalent compensating gain in pretty quick time? Please enlighten me; I'm doubtless being very stupid here. 

Yes, he is right.

If the 20% tax will apply, the second-hand market will adjust instantly gold prices, exactly how is now with silver.

If will apply tomorrow 20% VAT, one ounce of gold will be at any dealer £1536 + 20% + some @3% premium = @1900/oz.

So, on the second hand market, any ounce of gold will sell quick at a minimum of £1800, app £250 more expensive than today.

 

[lst65]

2 minutes ago, RDHC said:

I don't quite understand this. Surely if gold became subject to, say, 20% VAT on every sale, that would mean that the purchaser would probably require up to 20% off the purchase price - unless he could be certain of an equivalent compensating gain in pretty quick time? Please enlighten me; I'm doubtless being very stupid here. 

If a retailer sells a brand new 1 oz gold coin currently at £1600 (for example) and then add VAT @ 20%, then holders of gold will look to sell at close to the £1920…? Certainly I wouldn’t sell my gold at £1600 an ounce is the price of retail is £1920. I suspect that i would for say 10% difference. In other words, split it in the middle. But as time goes by, and if the spot price rises, then the price varies? That’s my take on that…