Gold Monitoring Thread £ GBP only

[Petra]

Not a massive gold buyer, however, I look at past purchases and then look at what similar coins etc. are being priced at now, despite potentially having made some money it is natural to think ‘ that’s expensive now, should I wait for it to come back down?’, however, people probably were thinking that a year or so back. Is the price of gold going to continue on an upward spiral or not? mmmm…. where’s the crystal ball?🤔😮

[GoldDiggerDave]

10 hours ago, scotwasp said:

I know buying gold now is probably nuts, but if your strategy is to buy every month to flatten your risk curve then you have to hold your nose and buy I guess, or should I abandon the strategy this month? 
what your views?
 

In simple terms mate, if you can still afford to buy gold then keep on buying it, even over a short period of time it really makes no difference what you paid for it, I saw loads belly aching when it hit £1000 per oz and they said they would wait until it went back down, we are now at £1,600 looking at longer term projections even £1,600 will look cheap in the coming years. 
 

 

[Earthmetal]

25 minutes ago, CazLikesCoins said:

I think most people will leave their capital alone due to their entire financial life centred around direct debits, standing orders and overwhelming urges to buy landfill off amazon via debit cards. Not forgetting the Costco contactless coffee treats during work breaks. Who'd want to give all that up just to save your life savings? 

Best thing I've read this year. Sublime.

[SidS]

8 hours ago, Happypanda88 said:

🤣🤣🤣 

 

So much cruelty to cats...

[Bigmarc]

4 hours ago, apachebleu said:

So, what price would turn you in to a seller? What's the £/oz that makes you dump your physical gold?

Not necessarily the price, more the sentiment. Over the last week I've tried bringing up the conversation about the banks with my people in my social circle (family and work) and they know nothing. Once they start talking about it and we get heaps of new members here asking where where they can get gold for under spot, then I will probably start layering out. 

As for gauging the sentiment by the price of bitcoin. Anyone involved the market can see the altcoins bleeding against bitcoin (this means people dumping risk assets within the space for a flight to bitcoin). It's best to keep an eye on the whole market cap of crypto to see what new money is coming in. Currently it's at 1.2 trillion Which is where it was 60 days ago, ish. Bitcoin itself is at 530 billion not sure it would be viewed as a flight to safety for volatility rather but more to do with being out of the system. 

[AurumArgenti]

Janet Yellen ....🙄

 

[EdwardTeach]

5 hours ago, apachebleu said:

  So, what price would turn you in to a seller? What's the £/oz that makes you dump your physical gold?

You’re thinking about it all wrong. With a devaluing fiat currency there is no point converting gold into pounds at any price. “At what point would you exchange your gold for real assets?” should be your question here.

For example at the current conversion ratio you could swap about 100 oz of gold for a small two bedroom house. That’s a lot of gold for only a small house. As asset prices drop and gold prices go up that ratio will improve considerably. At it’s peak we are likely to reach a point where we will be able to swap just 10 oz of gold (or less!) for a small two bedroom house. This means that at the current price gold is still a long way off its peak ‘real world asset’ to gold ratio value.

The gold price to fiat currency ratio is irrelevant. The gold price in real asset terms is all that matters. How much ‘real stuff’ can I buy with gold. When I think we’ve reached the peak gold to asset exchange ratio that is when I will sell my gold and not before. Wait until that ratio peaks then temporally exchange your gold into a currency and use that currency to buy the real assets that you want at a massive discount.

This global currency collapse is a once in a lifetime opportunity. Don’t waste it be selling your gold early before everything has crashed.

Edited March 18, 2023 by EdwardTeach

[apachebleu]

1 hour ago, CazLikesCoins said:

Never give in, never give up, no retreat, no surrender! Watch a Rocky film or 80s Kung fu for inspiration! Now is the time to buy buy buy!

On a semi serious note, could you stop buying even if you wanted to? Those endless sleepless nights without a recent gold fix? Is that pain really worth it? Even if you're down to a gram a month, it'll stop your head imploding. There no escape once the gold's got you .... none  

None 😜🤪

 

 And theres the problem, I strongly suspect that many here, myself included, got in to gold just to keep a bit of money aside, you know something for a rainy day.... maybe it will make a few quid.

 But it gets you doesn't it, you start of a little curious, buy that first soverign or brittania. You like it, you don't know why but you do then if your really unfortunate you find this place. Then it's maybe a harmless bullion run of something, you get drawn to a proof or two and before you know it you're a disgusting, degenerate collector.

  We are all here craning our necks at the prices getting excited but most know that sadly we are afflicted with being collectors and it's going to be very difficult to part with a lot of the stack.

 We all have bits and pieces we move around (there's a beautiful centenario in the uk ungraded section today 😉) but really as caz said, yeah, it's got you.

[apachebleu]

7 minutes ago, EdwardTeach said:

You’re thinking about it all wrong. With a devaluing fiat currency there is no point converting gold into pounds at any price. “At what point would you exchange your gold for real assets?” should be your question here.

For example at the current conversion ratio you could swap about 100 oz of gold for a small two bedroom house. That’s a lot of gold for only a small house. As asset prices drop and gold prices go up that ratio will improve considerably. At it’s peak we are likely to reach a point where we will be able to swap just 10 oz of gold (or less!) for a small two bedroom house. This means that at the current price gold is still a long way off its peak ‘real world asset’ to gold ratio value.

The gold price to fiat currency ratio is irrelevant. The gold price in real asset terms is all that matters. How much ‘real stuff’ can I buy with gold. When I think we’ve reached the peak gold to asset exchange ratio that is when I will sell my gold and not before. Wait until that ratio peaks then temporally exchange your gold into a currency and use that currency buy the real assets that you want at a massive discount.

This global currency collapse is a once in a lifetime opportunity. Don’t waste it be selling your gold early before everything has crashed.

 I have no idea where you get those ratios of gold to property but I'm rooting for you and it would be great if it happened. Well for us here anyway, think most people would be fu@#£%d

[SlugForAButt]

With the constant devaluation of fiat currency and the potential upcoming devaluation of assets, I don't think I'm going to be selling any silver or gold in the near future.

If we hit £1650 Oz gold, I think we could be looking at a breakout of the price channel we've been sitting in for the last couple of years. We'll probably see in the next month.

ting-popcorn-42/

[EdwardTeach]

28 minutes ago, apachebleu said:

 I have no idea where you get those ratios of gold to property but I'm rooting for you and it would be great if it happened. Well for us here anyway, think most people would be fu@#£%d

The house was just an example. You can work out a gold to asset exchange ratio yourself for any asset you want. It’s easy.

Step 1 - What is the current price of gold in pounds.
Step 2 - What is the current price of the specific asset you want to buy in pounds.
Step 3 - Divide answer 2 by answer 1 and you get the current gold to asset exchange ratio for that specific asset (this ratio will vary for different assets).

The exchange ratio will change over time too as the price of gold and the asset fluctuate. No one knows what the peak gold to asset exchange ratio will be so just use a bit of common sense and guess work here. When you think/guess it’s at or near the peak exchange ratio sell your gold for currency and buy the asset with the currency straight away.

Edited March 18, 2023 by EdwardTeach

[CazLikesCoins]

5 minutes ago, apachebleu said:

 And theres the problem, I strongly suspect that many here, myself included, got in to gold just to keep a bit of money aside, you know something for a rainy day.... maybe it will make a few quid.

 But it gets you doesn't it, you start of a little curious, buy that first soverign or brittania. You like it, you don't know why but you do then if your really unfortunate you find this place. Then it's maybe a harmless bullion run of something, you get drawn to a proof or two and before you know it you're a disgusting, degenerate collector.

  We are all here craning our necks at the prices getting excited but most know that sadly we are afflicted with being collectors and it's going to be very difficult to part with a lot of the stack.

 We all have bits and pieces we move around (there's a beautiful centenario in the uk ungraded section today 😉) but really as caz said, yeah, it's got you.

Absolutely, and when you include the fun aspect of buying and collecting it's all the more compelling to allow gold fever to run amok. In the back of one's mind there's always the little voice saying "Its perfectly sensible to invest in gold!" and then there's the other one going Stoppit stoppitt now you've gone mad! "No, shurrup, I need to give a home to a Tudor Lion this week, it needs me!"

I often look in the mirror expecting to see Gollum. 🤪

[SlugForAButt]

Indeeed. In the last 10 years we've gone from 355oz to 183oz gold to buy the average UK home.

Irrespective of fiat currency price, that's quite a gain.

[dicker]

Credit Suisse is in takeover talks with UBS (no surprise there).  We have been here many times before with talks collapsing.

Blackrock saying they wont touch CS with a bargepole.

Im guessing that if a takeover or partial takeover is agreed this weekend, Gold price in GBP will soften.

 

[Zhorro]

It's easy to forget how unusual it is for gold to be operating at all time high levels (ATH).

I became interested in gold in late-2017 and at the time gold had been in the doldrums for about six years.  It was not until August 2019 that 2011's ATH was surpassed driven by concerns about global economic health.  The next boost to gold came in the early stages of the pandemic.  So, this excitement about gold hitting ATHs is a fairly rare phenomenon. 

[SlugForAButt]

Interestingly, gold hs been on a downward trend since not long after it peaked nearly 3 years ago.

That's why I'm not getting caught up in any hysteria about rising prices yet. As I said earlier, if we break £1650, I'll become more optimistic.

 

[Smiler999]

My name is Smiler, I am addicted to purchasing ½ sovereigns.

[GoldDiggerDave]

The silver monitoring thread is a bit quiet🤣

[Zeuk]

11 minutes ago, SlugForAButt said:

Interestingly, gold hs been on a downward trend since not long after it peaked nearly 3 years ago.

That's why I'm not getting caught up in any hysteria about rising prices yet. As I said earlier, if we break £1650, I'll become more optimistic.

 

I guess that depends on your time frame?

[SidS]

17 minutes ago, GoldDiggerDave said:

The silver monitoring thread is a bit quiet🤣

Do you want to rub salt into that wound?

Edited March 18, 2023 by SidS

[dicker]

20 minutes ago, SlugForAButt said:

Interestingly, gold hs been on a downward trend since not long after it peaked nearly 3 years ago.

That's why I'm not getting caught up in any hysteria about rising prices yet. As I said earlier, if we break £1650, I'll become more optimistic.

 

I like this analysis which finds that we are basically in 2 year of a commodities supercycle.  The shortest super cycle has been 8 years.

Who is right - I don’t claim to know, but it’s just another slant on where gold is likely to be headed.

https://www.goldmansachs.com/insights/pages/gs-research/2023-commodity-outlook-an-underinvested-supercycle/report.pdf
 

[dicker]

12 minutes ago, SidS said:

Do you want to run salt into that wound?

To be fair Ag did well this week.

[CazLikesCoins]

30 minutes ago, SlugForAButt said:

Interestingly, gold hs been on a downward trend since not long after it peaked nearly 3 years ago.

That's why I'm not getting caught up in any hysteria about rising prices yet. As I said earlier, if we break £1650, I'll become more optimistic.

 

Where will it end! Where once a sovereign seemed attractive I'm now eyeing 1/10th Britannias as my next favourite squeeze. Eventually I'll be staring at the jewellery counter in Argos trying to fall in love with their Elizabeth Duke range.  😅 

[flyingveepixie]

1 hour ago, dicker said:

Credit Suisse is in takeover talks with UBS (no surprise there).  We have been here many times before with talks collapsing.

Blackrock saying they wont touch CS with a bargepole.

Im guessing that if a takeover or partial takeover is agreed this weekend, Gold price in GBP will soften.

 

But will a takeover or partial takeover be enough to stop the asset withdrawal which is going on..?   It's still an open question.

Edited March 18, 2023 by flyingveepixie

[CazLikesCoins]

36 minutes ago, GoldDiggerDave said:

The silver monitoring thread is a bit quiet🤣

There's a silver monitoring thread? 😮