Gold Monitoring Thread £ GBP only

[Hunter87]

5 minutes ago, Nick1368 said:

are you joking or being serious ? of course they buy , dealers always buy from people regardless of the price of gold , that's what they are there for , they buy a little bit under spot and sell a little bit over spot .

in September 2020 I sold almost half of my stack ( nearly 20 oz) , almost 10 oz was sold here on the forum and another 11-12 oz sold to sharps Pixley all in one go at £1520 per oz , money was in my account in 30 minutes .

It was a genuine question as I wasn’t sure of the answer. 

[Nick1368]

1 minute ago, Hunter87 said:

It was a genuine question as I wasn’t sure of the answer. 

oh okay sorry , yes dealers normally buy % 1 or %2 below spot and and sell %3-5 above spot , that's how they make money but you can always rely on them to give you cash for your gold almost instantly no matter what's the spot price .

 

[Hunter87]

15 hours ago, Nick1368 said:

oh okay sorry , yes dealers normally buy % 1 or %2 below spot and and sell %3-5 above spot , that's how they make money but you can always rely on them to give you cash for your gold almost instantly no matter what's the spot price .

 

Thank you for educating me. 

[Nick1368]

1 hour ago, Hunter87 said:

Thank you for educating me. 

are you joking or being serious ?

[Nick1368]

On 03/06/2021 at 14:44, Robda1986 said:

Not if the current hammering continues 

back on track again , soon we will see $2000 , I just don't see why not .

[Minimalist]

On 05/04/2021 at 15:37, sixgun said:

Fiat bank notes are only worth anything if someone believes they are and they will accept them in payment for whatever it is. When that belief is lost widely enough a currency will collapse and you see hyperinflation. Then it really doesn't matter what the font, case are, inside or outside a box.

Inadvertently most people within the United Kingdom play ball and use currency due to the coercion thats systematically involved.

Wholeheartedly agree with the philosophical commitment. But we are forced to barter with it under the UK gov. We dont want to, but we cannot settle our taxes in another means of payment. Its GBP or the threat of force/imprisonment.

Not many people will stand up. 99.9% are slaves and they know it and most of them actually love it.

Edited June 10, 2021 by Minimalist

[HawkHybrid]

https://www.youtube.com/watch?v=mslYH77OPsQ

igold on historically what effect higher interest rates and higher inflation has on the gold price.

 

HH

[LawrenceChard]

On 04/06/2021 at 16:31, Hunter87 said:

If it does go that night I wonder will dealers buy buying from people or only selling there own stock. 

I presume you meant "If it does go that high".

Although I can't speak for all dealers, yes of course!

It's what dealers do - "deal", that is buy and sell, trade, make a market. In theory, and in essence, it is a very simple business model.

Only very small, or perhaps small-minded, dealers would just sell their own stock, and refuse to buy.

Most bullion dealers of a reasonable size operate by buying and selling quite competitively on quite small spreads.

Typically this might mean buying at 99% (of intrinsic). and selling at 101%. If the market turned so that most investors were selling, then we, for example, would simply shift our buy-sell spreads slightly, perhaps to buy 98%, sell 100%, and when demand exceed supply, mover them the othr way, perhaps to buy 100%, sell 102%.

In these example, I have assumed a buy-sell spread of 2%, but this is only as an example. If there were big volumes of trade to be done, then we might find ourselves buying at 101%, selling at 101.5%.

In "paper" financial markets, speads are much smaller, down to a few parts per thousand, but in may examples, I assume we are dealing with "physical", so coins and bars, need to be delivered, checked, tested, stored, and the same again in the opposite direction, so spreads need to be slighly wider to pay for the handling costs.

Spreads on small deals will typically be wider than I have indicated, to cover the time and admin costs.

i hope this helps. 🙂

[LawrenceChard]

On 04/06/2021 at 17:05, Nick1368 said:

oh okay sorry , yes dealers normally buy % 1 or %2 below spot and and sell %3-5 above spot , that's how they make money but you can always rely on them to give you cash for your gold almost instantly no matter what's the spot price .

 

I don't think many bullion dealers manage to work on those huge spreads, making 5% to 7% margin, except for very small deals in low volume.

To be competitive, margins and spreads need to be about half those figures.

Sure, there will be many small "local" dealers, who do have that sort of margin and spread, or even higher, but would anyone want to do any business with them, except for very small deals.

[Spark268]

a bit of volatility has returned after a period of calm, red across the board. The volatility looks set to continue, and hopefully the fall in silver/gold will be offset by a rising dollar...

[Stacktastic]

Whats going on here then??

 

[EdwardTeach]

21 minutes ago, Stacktastic said:

Whats going on here then?

A good buying opportunity? 🤔

Seriously though I have no idea. Basel III beginning to take effect in the EU doesn’t seem to have had much effect on the price so far. I’m not sure what I expected to happen but I did expect something.

[FlorinCollector]

Buy the dip 😂

[Stacktastic]

6 hours ago, EdwardTeach said:

A good buying opportunity? 🤔

 

Must have been a big dump of gold I think - probably paper maybe physical order.
Given the timing I would hypothesise manipulation. fine by me

Buying op - I dont think so not yet - I recon it will test the previous double bottom.
$1677 but £$1700 is more phycological. Not sure it will last as long as the last one though. 

If thats gets hit (ie strong dollar / bond yields) then it will probably drop to $1600 and have a strong recovery. 
If it breaks $2000 then it will probably rally like last year to higher highs. 

Thats my opinion & as I keep saying no expert, but I will be buying at these levels if that occurs. 
The money printing and inflation is in the eyes of mainstream media now. 
All it needs it a catalyst & news / attention (ie bitcoin crashing or inflation increasing)
Fabulous opportunity really, I did not expect it after the last down turn.

Got my eyes on Kinross Gold - on sale ATM due to a mine fire (all dealt with now)
Should perform well by all accounts & a solid gold stock. 
& GDXJ if that slips down enough + a few sovs, but i have limited funds. 
 

Edited June 29, 2021 by Stacktastic

[Murph]

On 19/05/2021 at 16:38, Stacktastic said:

My friend is down 12k today. I told him to sell last week, but he bought a Harley with some of his profits, thats more than I have managed this year LOL. 
 

I sold my bitcoins when they were in the hundreds of dollars each to buy silver.  Imagine how disappointed I am.  I also misplaced a paper wallet with a bitcoin in it.

I mined lots of other crypto and gave up on them.  Doge which was a joke to start with so left hundreds of thousands in the online wallet that disappeared.

[Spark268]

2 hours ago, Murph said:

I sold my bitcoins when they were in the hundreds of dollars each to buy silver.  Imagine how disappointed I am.  I also misplaced a paper wallet with a bitcoin in it.

I mined lots of other crypto and gave up on them.  Doge which was a joke to start with so left hundreds of thousands in the online wallet that disappeared.

I can imagine that you feel as half as bad as Isaac Newton eventually did, who after making a small fortune in the earlier stages of the South Sea bubble, went all in at the later stages and proceeded to lose everything in the eventual collapse. Its the nature of the beast.

[EdwardTeach]

3 hours ago, Murph said:

I sold my bitcoins when they were in the hundreds of dollars each to buy silver.  Imagine how disappointed I am...

A common story. I have a friend who spent his bitcoins downloading computer games from Steam for his PC. Now when he looks at his Steam games list it fills him with sorrow because if he hadn’t bought those games he could have bought a house and retired now.

[Stacktastic]

4 hours ago, Murph said:

I sold my bitcoins when they were in the hundreds of dollars each to buy silver.  Imagine how disappointed I am.  I also misplaced a paper wallet with a bitcoin in it.

I mined lots of other crypto and gave up on them.  Doge which was a joke to start with so left hundreds of thousands in the online wallet that disappeared.

Your not alone, I think a lot of people are in that position. You still have a lot of time. 
Pick it up at £13k and sell it IF it goes to 100k & do better.

At least 20 years of investment potential in this space as it evolves, especially the tech stocks behind it all. 

Stick in there I think gold will do well at some point soon. It wont be bitcoin levels, but I think some of the mining stocks could easily quadruple. 
Yesterday hit a death cross apparently. I cant find any info on that sudden drop, must have been a bank selling.

Edited June 30, 2021 by Stacktastic

[HerefordBullyun]

Anybody think the small rise today could be for the Basel III implementation tomorrow...?

[EdwardTeach]

10 minutes ago, HerefordBullyun said:

Anybody think the small rise today could be for the Basel III implementation tomorrow...?

What happens tomorrow?

I thought Basel III had already started on June the 28th for EU banks.

Edited June 30, 2021 by EdwardTeach

[Stacktastic]

37 minutes ago, HerefordBullyun said:

Anybody think the small rise today could be for the Basel III implementation tomorrow...?

Yeah its FOMO buying I think. Probbaly mainly uneducated traders & news reactive investors / ai traders
I was slightly tempted to pull the trigger earlier but the volume is quite low on most stocks even the GDX. 
I am waiting as it has a leg lower I think if its an artificial increase. 

I dont see Basell 3 doing anything for at least 2 years officially as its voluntary
& banks aren't going to just lay down.

Todays buyers will drop it like a rock in a few weeks if it does not perform - sending it a lot lower than it would have gone.  

Next week it might carry on down, Im a buyer at $1,250. Or $5.70 a share of Kinross. 
If it carries on up this week i might make an initial position as its still cheap as a $14 target this year is very bullish. 

I have sent the miises to Costco to get a SOV or two as it will be based on yesterdays spot.

Edited June 30, 2021 by Stacktastic

[HerefordBullyun]

I though Basel III was 01 jul and I also thought its not voluntary for EU banks. So the big players LMBA and US are out the woods for now, if you are european bank its mandatory thats my understanding.

 Dont forget July and August are the best months for metals - why you ask, Indian weddings - they swallow gold for breakfast and they go in thier tribes also!

So there is some positivity out of this.

[Martlet]

25 minutes ago, HerefordBullyun said:

Anybody think the small rise today could be for the Basel III implementation tomorrow...?

I start reading around the Basel III change though got lost in the weeds.  Suffice to say gold bugs talked up the impact, on the understanding that banks must increase collateral against unallocated gold holdings.  This over looks that banks dont need to hold gold on their balance sheets, they simply drop their unallocated gold position rather than meet the collateral requirement.  The major bullion dealing banks hold gold for clients, not on their own balance sheets, so shouldn't be affected.  

[HerefordBullyun]

1 minute ago, Martlet said:

I start reading around the Basel III change though got lost in the weeds.  Suffice to say gold bugs talked up the impact, on the understanding that banks must increase collateral against unallocated gold holdings.  This over looks that banks dont need to hold gold on their balance sheets, they simply drop their unallocated gold position rather than meet the collateral requirement.  The major bullion dealing banks hold gold for clients, not on their own balance sheets, so shouldn't be affected.  

That does make alot of sense tbh

[Stacktastic]

7 minutes ago, HerefordBullyun said:

Indian weddings

Yeah my gut says they are staggering it until they geta digital dollar and will stall and create delays until that happens. They will profit well when the reset happens & all that debt is washed away. 

Indian weddings!! Aha I was wondering that today as it happens as I am planning an investment to sell for Aug depending on performance. I thought it was because of weather and an ability to mine easier, not to mention mid year finance wise, as they sell off in Jan. 😛

I think it will hold the 1,280's, but it rallys over 1,290 im in with an initial offering. 
Learnt a lot this yearend patience is key. Even my worst mistake Alba has gone up 8% today

Edited June 30, 2021 by Stacktastic