Gold Monitoring Thread £ GBP only

[Bigmarc]

14 minutes ago, MancunianStacker said:

On larger properties yes, a correction - some will downsize, but on smaller ones, the 2 bed terraces and apartments/flats no. These are your first step properties usually owned by landlords. Landlords sick of the legislation and tax issues, so selling them leaving tenants with credit issues unable to rent as most require a credit check. Rental yields gone up more now, landlords are re-entering who didn’t leave or new landlords entering the market. Tons of Hong Kongers buying multiple properties with cash (smart move). 

MSM is telling people there will be a correction / crash but it’s only a crash if you are planning on flipping your house for a quick profit. If you need somewhere to live for 25 years plus, it’s still cheaper to buy than rent. They want generation rent and will put you off buying at all costs.

Give me any property address (outside London at least), certainly in the North West, a couple with average incomes and a 5% deposit and I’d find them a mortgage.

They’ve been predicting a crash for 5 years and without wanting to sound like “Wonga” (old forum member) on Gold Price - no chance of a property crash and you’ll double your house price in 25 years! Guaranteed!!!!

Rates will go up another 0.5% (maybe on 23rd of March) but will be back down lower than today within 2 years, it might just stay this high for another year. People could wait to buy for 2 years but the prices I expect will still be higher than today.

Mortgage product rates have dropped significantly, it’s people’s credit history and lack of knowledge in this area that is preventing them from buying. I have one client in overdraft on 3 current accounts wondering why he’s getting rejected.

In my area everyone is sitting pretty. Was looking to move and there is nothing available. Just got the feeling people are just waiting for something to happen. I did a renewal this year and my mortgage man told me to clear my credit card. Couldn't work it out as it's interest free but did it anyway. 

[EdwardTeach]

4 hours ago, Bigmarc said:

China deal and us bank goes under and Gary liniker is the first three articles on the BBC news.

MSM always be like "Look over here. Don't look over there."

 

Edited March 11, 2023 by EdwardTeach

[EdwardTeach]

2 hours ago, MancunianStacker said:

I’m sticking with Gold and Property.

Minimise cash in bank and stocks.

All in physicals.

Back to Gold!! sorry all 

It's gold and farmland for me all the way baby!

(and maybe a little bit of silver and crypto too just for some excitement and volatility fun)

[CazLikesCoins]

56 minutes ago, EdwardTeach said:

It's gold and farmland for me all the way baby!

(and maybe a little bit of silver and crypto too just for some excitement and volatility fun)

Cash will be useful if the banks crash and you're popping to the local shops for groceries. Can't buy food with gold. You could if you fancy trading a £400 sovereign for a pint of milk  I'm sure they'd take if off your hands. Not Tescos. They seem to frown at everything except contactless and club cards.

[MancunianStacker]

1 minute ago, CazLikesCoins said:

Cash will be useful if the banks crash and you're popping to the local shops for groceries. Can't buy food with gold. You could if you fancy trading a £400 sovereign for a pint of milk  I'm sure they'd take if off your hands. Not Tescos. They seem to frown at everything except contactless and club cards.

Absolutely right.

Sorry I didn’t mean a few months emergency physical cash, more like cash / numbers in a bank account getting eroded by inflation like a mofo 😂 

[CazLikesCoins]

Just now, MancunianStacker said:

Absolutely right.

Sorry I didn’t mean a few months emergency physical cash, more like cash / numbers in a bank account getting eroded by inflation like a mofo 😂 

I don't follow these things very closely but one of the larger banks in America has recently collapsed I believe so perhaps its prudent to be a little wary of what may happen in the near future here. I'm not a fan of eggs in one basket either. Hopefully things will one day settle down to a heavenly nirvana where wealth and affluence is gifted to all. Doubt it sadly.

[EdwardTeach]

23 minutes ago, CazLikesCoins said:

Cash will be useful if the banks crash and you're popping to the local shops for groceries. Can't buy food with gold. You could if you fancy trading a £400 sovereign for a pint of milk  I'm sure they'd take if off your hands. Not Tescos. They seem to frown at everything except contactless and club cards.

I always keep some notes and coins around just in case there's a power cut or bank crash. Not too much though due to inflation eating away at fiat currency.

Edited March 11, 2023 by EdwardTeach

[Maxx546]

2 hours ago, MancunianStacker said:

On larger properties yes, a correction - some will downsize, but on smaller ones, the 2 bed terraces and apartments/flats no. These are your first step properties usually owned by landlords. Landlords sick of the legislation and tax issues, so selling them leaving tenants with credit issues unable to rent as most require a credit check. Rental yields gone up more now, landlords are re-entering who didn’t leave or new landlords entering the market. Tons of Hong Kongers buying multiple properties with cash (smart move). 

MSM is telling people there will be a correction / crash but it’s only a crash if you are planning on flipping your house for a quick profit. If you need somewhere to live for 25 years plus, it’s still cheaper to buy than rent. They want generation rent and will put you off buying at all costs.

Give me any property address (outside London at least), certainly in the North West, a couple with average incomes and a 5% deposit and I’d find them a mortgage.

They’ve been predicting a crash for 5 years and without wanting to sound like “Wonga” (old forum member) on Gold Price - no chance of a property crash and you’ll double your house price in 25 years! Guaranteed!!!!

Rates will go up another 0.5% (maybe on 23rd of March) but will be back down lower than today within 2 years, it might just stay this high for another year. People could wait to buy for 2 years but the prices I expect will still be higher than today.

Mortgage product rates have dropped significantly, it’s people’s credit history and lack of knowledge in this area that is preventing them from buying. I have one client in overdraft on 3 current accounts wondering why he’s getting rejected.

Carn't see it happening..Big lay off's coming soon, energy prices set to go up in the next month or so plus interest rates set to rise .. people are struggling now paying their mortgage.. lots of people are going to lose their homes and will flood the market..no way will house prices hold their price or go up in price.. 

I'm glad I got out of the property market and sold all my houses when I did ..

Gold and cash for me at the moment...maybe land or forestry if it comes up at the right price ..

2 hours ago, MancunianStacker said:

 

 

Edited March 11, 2023 by Maxx546

[bluemoon]

Def spread your assets. If I had property, I'd put some money into a loft extension or something like that, to go with the gold and silver. The other inflation protecting asset would be collectables (like art), but I don't know the foggiest thing about what art is good!

So as much as I don't like having too many eggs in one basket, I am alas heavy in the gold and silver eggs basket, in the absence of property and collectables.

[CazLikesCoins]

1 minute ago, EdwardTeach said:

I alwasy keep some notes and coins around just in case there's a power cut or bank crash. Not too much though due to inflation eating away at fiat currency.

I used to save my pennies as a child thinking I'd keep them and grow rich. Then I learned about inflation and how cash was like trying to plug a damn full of holes with money being like water continually ebbing away. Oh well, roll on the digital currency. I won't have to think about these things when my credit evaporates after an expiry date 😆

[bluemoon]

2 minutes ago, Maxx546 said:

Carn't see it happening..Big lay off's coming soon, energy prices set to go up in the next month or so plus interest rates set to rise .. people are struggling now paying their mortgage.. lots of people are going to lose their homes and will flood the market..no way will house prices hold their price or go up in price.. 

I'm glad I got out of the property market and sold all my houses when I did ..

Gold and cash for me at the moment...maybe land or forestry if it comes up at the right price ..

 

Land is a good option, at the moment woodland prices are going up because big companies are snapping them up to offset their carbon credits. I don't know if they'd drop in a recession. The other thing is I'd like to buy it behind a trust or something anonymous. Apparently "Russians" (I put that in quotations because that's the media & government's excuse) are still owning major UK properties without an end user individual being identified, despite the UK bringing in new laws last year. I don't know how us small folk can accomplish that, but I'd look into it in case they seize your land for wrong think.

[MancunianStacker]

4 minutes ago, Maxx546 said:

Carn't see it happening..Big lay off's coming soon, energy prices set to go up in the next month or so plus interest rates set to rise .. people are struggling now paying their mortgage.. lots of people are going to lose their homes and will flood the market..no way will house prices hold their price or go up in price.. 

I'm glad I got out of the property market and sold all my houses when I did ..

Gold and cash for me at the moment...maybe land or forestry if it comes up at the right price ..

Carn't see it happening..Big lay off's coming soon, energy prices set to go up in the next month or so plus interest rates set to rise .. people are struggling now paying their mortgage.. lots of people are going to lose their homes and will flood the market..no way will house prices hold their price or go up in price.. 

I'm glad I got out of the property market and sold all my houses when I did ..

Gold and cash for me at the moment...maybe land or forestry if it comes up at the right price ..

Cash is a guaranteed 10% loss each year, needs investing somewhere.

Last budget put in place zero percent chance of repossessions for those on benefits (which you’d be on if you got made redundant). Page 43 I think it was, lenders are aware of this and will guide people to this.

My number 1 priority is paying my mortgage no matter what. Tenants may have a different priority, but if they want to rent again in the future, keeping up rent payments is also a pretty big priority too. They need previous landlord reference and decent credit these days.

Will have to wait and see. I’m still buying property, everyone will have a different outlook on it, depends on your risk profile I guess. 

[MancunianStacker]

The government bank Guarantee Scheme keeps most people’s cash secure and less likely for anyone to bother or even care about a run in the UK these days. Most don’t have £80k sat in one financial institution.

Inflation is the real killer to your cash security 

[EdwardTeach]

2 minutes ago, bluemoon said:

Land is a good option, at the moment woodland prices are going up because big companies are snapping them up to offset their carbon credits. I don't know if they'd drop in a recession.

Historically farm land and commodities (like gold) hold their value or go up in a recession or financial collapse while everything else drops.

[QuantumStacker]

2 minutes ago, MancunianStacker said:

The government bank Guarantee Scheme keeps most people’s cash secure and less likely for anyone to bother or even care about a run in the UK these days. Most don’t have £80k sat in one financial institution.

Inflation is the real killer to your cash security 

Mostly I will stay in gold for now and see what happens. I have small amount of cash to cover bills. I have no personal or business debt at all. I’ll trust gods money (gold)  

[ArgentSmith]

Guys I might be wrong but long term yes 100% agree physical assets way outperform cash but in a period of tightening surely things reverse somewhat for a short period maybe 12 - 24mths

[QuantumStacker]

6 minutes ago, MancunianStacker said:

The government bank Guarantee Scheme keeps most people’s cash secure and less likely for anyone to bother or even care about a run in the UK these days. Most don’t have £80k sat in one financial institution.

Inflation is the real killer to your cash security 

I don’t trust the guarantee either the FDIC has 2 cents to every dollar to cover deposits so the bigs will get there money 

Just now, ArgentSmith said:

Guys I might be wrong but long term yes 100% agree physical assets way outperform cash but in a period of tightening surely things reverse somewhat for a short period maybe 12 - 24mths

Why I have some cash. 

[EdwardTeach]

9 minutes ago, MancunianStacker said:

The government bank Guarantee Scheme keeps most people’s cash secure

 

That might work fine if just one or two banks collapse but what happens when half or more of the big banks collapse all at the same time and the amount of money needed to refund customers increases by several orders of magnitude? 

There isn’t enough to cover it and they lose their money that’s what happens.

Edited March 11, 2023 by EdwardTeach

[bluemoon]

3 minutes ago, ArgentSmith said:

Guys I might be wrong but long term yes 100% agree physical assets way outperform cash but in a period of tightening surely things reverse somewhat for a short period maybe 12 - 24mths

It sure did in 2008, dropped about 30% I think.

[QuantumStacker]

Bank Bail ins is where I think we could go like Cyprus in 2013. Have no debt, hold physical gold and physical cash. That’s me for now. You don’t hold it you don’t own it. Any money in an account is a bank asset. You don’t own your account. 

[QuantumStacker]

1 minute ago, bluemoon said:

It sure did in 2008, dropped about 30% I think.

Yep as they needed to sell to pay debt or pay margin calls etc. 

[QuantumStacker]

31 minutes ago, bluemoon said:

It sure did in 2008, dropped about 30% I think.

The other side of it is that we have a lot geo political issues happening all at once now and on top of that inflation. 

Debt is the big problem going forward plus with central banks buying record amounts of gold it may not be as bad for gold.. I could be wrong. 

[NGMD]

51 minutes ago, QuantumStacker said:

Bank Bail ins is where I think we could go like Cyprus in 2013. Have no debt, hold physical gold and physical cash. That’s me for now. You don’t hold it you don’t own it. Any money in an account is a bank asset. You don’t own your account. 

Never a truer word posted.

Physical assets. Period.

[Bigmarc]

1 hour ago, MancunianStacker said:

The government bank Guarantee Scheme keeps most people’s cash secure and less likely for anyone to bother or even care about a run in the UK these days. Most don’t have £80k sat in one financial institution.

Inflation is the real killer to your cash security 

What about a private pension? Most have over 80k.

[MancunianStacker]

1 hour ago, QuantumStacker said:

I don’t trust the guarantee either the FDIC has 2 cents to every dollar to cover deposits so the bigs will get there money 

Why I have some cash. 

They can just print more money to cover your losses.

Nobody said the £ they guarantee will be worth the £ you deposited 😂