Gold Monitoring Thread £ GBP only

[Paul]

4 minutes ago, Zhorro said:

Well, I think we are at an all time high - £1407.26 (BBP data).

 

[Goldmick]

Update wow 

[mr-dead]

defo a new ATH

[Goldmick]

Wow 

[Paul]

[Sparrow]

And one day we'll look back on today's gold price longing for it to be this cheap again.

[Midasfrog]

1 hour ago, Sparrow said:

And one day we'll look back on today's gold price longing for it to be this cheap again.

Probably in 15 days time todays price will look cheap 😳

[KDave]

12 hours ago, Prophecy said:

I have a token holding in silver -just in case- but, quite frankly, it's a waste of time. Happy to eat my gold if silver has a sustained and sensible rise but it really seems to be absolutely no store of value against inflation and is only bought by people who like the feeling of having PM volume and super low entry points with no regard for any sensible strategy. Most shills only mention silver because it gets hits and likes because it's accessible to everyone. Gold alienates most people because it's too expensive for them to be part of that gang. Again, happy to eat my gold.

 

(I'm being provocative on purpose because its the thing that's jut not said)

This is right, there is a myth that silver is money and acts as an inflation hedge.

Silver performs well when gold is running, see 2005 - 2011, it follows gold. Since the last run in gold ended, silver has not kept pace with inflation. Silver price is also subject to demand pressures from industry.

Therefore silver is a speculators proxy for gold and an industrial metal. Silver is what you want if you think gold will run and/or there is an industrial case forming. Silver is not money. 

The GBP/US$ price of silver is the same today as it was when I started buying in 2014. Gold is double what it was in 2014 in GBP. Clearly silver has not acted as money for my small part. Industrial demand per ounce has done nothing exciting for the period and is roughly where it was 7 years ago. Even then silver should be higher in GBP via inflation but it has not provided that. Silver is not an inflation hedge.

We have some evidence that silver is a gold proxy and an industrial metal, and not money and not an inflation hedge. The question then to ask - do you want to buy silver as a speculator. That's it. Forget about the inflation and monetary arguments. Gold can address those factors but silver is the wrong vehicle. 

Is silver worth buying or a waste of time; 

Will expected movements in the gold price, increase demand for silver as a gold proxy?

Is there a viable case for increasing industrial demand? 

From what I have seen, I believe there is a long term case for both to the point silver will be one of the best performing. Short term I have my doubts, about gold for my own reasons and about industrial demand for more obvious reasons.

[sovereignsteve]

Sits back and waits for the silver bugs to arrive and defend it's honour😉

[freefall]

2 hours ago, Midasfrog said:

Probably in 15 days time todays price will look cheap 😳

In the dot-com bubble it was Enron, during the financial crisis it was Madoff and Lehman Brothers. This bust has a way to go and we are still waiting on something to "pop".

Maybe its a bank, Maybe its a currency or peg. Maybe its fraud in the gold or another market that emerges.

When it does happen, it will happen fast and gold could soar overnight.

[MancunianStacker]

1 hour ago, freefall said:

Maybe its a bank, Maybe its a currency or peg. Maybe its fraud in the gold or another market that emerges.

Or maybe all of these for good measure 

[Goldmick]

Updated price 

[sixgun]

Gold blasting to all time highs in Sterling.
The shorts are getting burnt but Wonger say he go down hard.
 

[Goldmick]

Its gone up another £2 since just now lol 

[Goldmick]

Wow 

[FlorinCollector]

Its going to be hard to buy the last 2 of the 1oz gold queens beasts for me 😥😥

[TheApe]

1 minute ago, JosephM said:

Its going to be hard to buy the last 2 of the 1oz gold queens beasts for me 😥😥

Panic buy now before its 5000!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[OriginalS]

By the looks of it, gold is rising but the pound is dropping against the dollar so it's a double whammy

[FlorinCollector]

1 minute ago, TheApe said:

Panic buy now before its 5000!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Im tempted 😂 the last one is out in september at this rate itll be about 2k.

[AuricGoldfinger]

Ino ffs annoying isnt it! Queens beast premiums will likely be up too

[silvernewbie]

ftse is down a lot today so its not surprising.  no doubt there will be a retrace once/if there is a more positive news released

[freefall]

3 hours ago, MancunianStacker said:

Or maybe all of these for good measure 

Now there's a shortage of physical in London as well as New York.

https://www.bullionstar.com/blogs/ronan-manly/amid-london-gold-turmoil-hsbc-taps-bank-of-england-for-gld-gold-bars/

This is like the jimmy Saville case. It can only be hushed for so long. The truth will out eventually.

[Foster88]

2 hours ago, JosephM said:

Im tempted 😂 the last one is out in september at this rate itll be about 2k.

£2k and that’s if you’re lucky. 🤷🏻‍♂️ 😂

[Midasfrog]

2 hours ago, JosephM said:

Im tempted 😂 the last one is out in september at this rate itll be about 2k.

I cant see the Royal Mint Bullion selling them under spot price in September 🤯

[Guybrush]

3 hours ago, TheApe said:

Panic buy now before its 5000!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

I did that last year and purchased a load of spare 1/4oz queens beasts so I could trade for future ones for the set.  Worked out really well, I purchased them at £320 per 1/4oz QB coin