Gold Monitoring Thread £ GBP only

[modofantasma]

2 hours ago, Midasfrog said:

Anyone still buying ?

Gold? Christ can't afford that stuff. Do you think we're made of money 

[Midasfrog]

3 minutes ago, modofantasma said:

Gold? Christ can't afford that stuff. Do you think we're made of money 

Gold is money 🤫

[MrStacker]

I'm buying! I don't care about food anymore. Chewing gum will do. I need my sovereigns!

 

I have a batch of quarter sovereigns. They look cute in blister packs! 😎

[AuricGoldfinger]

I don’t want my gold cute, i want it terrifying

[Tortoise]

22 hours ago, GoldDiggerDave said:

Once you buy gold you want it to go to the moon, the second you want to buy some more you hope for a 24 hour crash.  
 

question to all what highs can you see for both silver and gold in 2023? 

Yep, so true.  And all caused by me. I sold some last week, so it was bound to take off just afterwards!

Not sure if this is the correct place to ask, but that happened to @LawrenceChard ?  Havn't seen him around for a while now.

 

[GoldDiggerDave]

26 minutes ago, Tortoise said:

Yep, so true.  And all caused by me. I sold some last week, so it was bound to take off just afterwards!

Not sure if this is the correct place to ask, but that happened to @LawrenceChard ?  Havn't seen him around for a while now.

 

Mate thats always the case with gold, I've leaned my lesson last year I gold is the last thing I will sell (Gresham's Law)   I think he's still on holiday 

[Paul]

Coming to the end of week and we are still over £1600oz 

Building a new bottom in price 

I wonder what the next domino to fall will be to set us away higher ?? 

[Squashie]

17 minutes ago, Paul said:

Coming to the end of week and we are still over £1600oz 

Building a new bottom in price 

I watch lots of YouTube videos and read the comments. I am surprised how many have said how they are stopping buying for the moment while prices are high, while also highlighting how bad inflation has been and discussing the wealth preserving properties of gold.

In my mind, if gold is a means to preserve purchasing power, and inflation has been consistently >10%, it only makes sense that gold catches up at some point, stabilising at a higher price. 

I agree, £1600 could be the new low

[GoldDiggerDave]

9 minutes ago, Squashie said:

I watch lots of YouTube videos and read the comments. I am surprised how many have said how they are stopping buying for the moment while prices are high, while also highlighting how bad inflation has been and discussing the wealth preserving properties of gold.

In my mind, if gold is a means to preserve purchasing power, and inflation has been consistently >10%, it only makes sense that gold catches up at some point, stabilising at a higher price. 

I agree, £1600 could be the new low

The same people were saying the same thing when gold hit £1000 per oz…..I do agree it will shake some people out of the market as it’s perceived to be too expensive.  
 

look at it another way, gold does not change in price, you just need more Fiat to buy it as it loses its value.

Slightly off topic, but we would get a lot more people interested in the economy if prices never changed, but what you get paid every month is reduced as the pound  becomes evermore worthless.  “ I know last month you got paid £2000 but due to economic pressure you are only now getting £1,600 from now on, oh and if you are coming out a mortgage soon, you will only be paid £1,200 per month now…….this is what effectively is happening every month but most are not catching on. The pound has lost easy 40% in the the last 14-18 months. 

[CazLikesCoins]

10 minutes ago, GoldDiggerDave said:

The same people were saying the same thing when gold hit £1000 per oz…..I do agree it will shake some people out of the market as it’s perceived to be too expensive.  
 

look at it another way, gold does not change in price, you just need more Fiat to buy it as it loses its value.

Slightly off topic, but we would get a lot more people interested in the economy if prices never changed, but what you get paid every month is reduced as the pound  becomes evermore worthless.  “ I know last month you got paid £2000 but due to economic pressure you are only now getting £1,600 from now on, oh and if you are coming out a mortgage soon, you will only be paid £1,200 per month now…….this is what effectively is happening every month but most are not catching on. The pound has lost easy 40% in the the last 14-18 months. 

I think I'd be happy buying a 1/10 coin now and again if gold reaches the moon. Once the shiny shiny gets into you there's no escape lol.

[GoldDiggerDave]

2 minutes ago, CazLikesCoins said:

I think I'd be happy buying a 1/10 coin now and again if gold reaches the moon. Once the shiny shiny gets into you there's no escape lol.

Even buying 1/10 gold at 16-18% premium is still light years better than paying 20% vat and 15-20% dealer premium on silver.

I worked out even buying 1g of gold works out better (you retain more of your wealth)  than spending the equivalent money on a few silver 1oz coins. 

[CazLikesCoins]

12 minutes ago, GoldDiggerDave said:

Even buying 1/10 gold at 16-18% premium is still light years better than paying 20% vat and 15-20% dealer premium on silver.

I worked out even buying 1g of gold works out better (you retain more of your wealth)  than spending the equivalent money on a few silver 1oz coins. 

Exactly how I feel. Also thinking about it, what does if matter if gold prices increase? They'll always be some affordable weight to suit most pockets. I buy the odd sovereign because I can't afford a 1oz Britannia and I imagine some people buy Britannias because they can't afford 100 gram bars. So as long as there's some gold to buy what does it matter? Gold will aways be worth saving above fiat, imo at least. Perhaps one day I'll be buying 1 gram bars at £400 a pop but I'm sure even then it'll be worth the investment. 

Edited April 7, 2023 by CazLikesCoins

[SidS]

30 minutes ago, GoldDiggerDave said:

“ I know last month you got paid £2000 but due to economic pressure you are only now getting £1,600 from now on, oh and if you are coming out a mortgage soon, you will only be paid £1,200 per month now…….this is what effectively is happening every month but most are not catching on. The pound has lost easy 40% in the the last 14-18 months. 

OT in a way, but also not in another.

I'm in the middle of a Charles Dickens book at the moment and one character was turning over £800 per annum (an impressive salary in 1844). So a little maths I thought:

For me to be able to afford 800 sovereigns per year I'd have to be earning over £26000 per month as disposable income - based on a sovereign at £400.

In 2003 sovereigns were about £80 a piece - meaning in 2003 I would have to be earning over £5000 per month as disposable.

Assuming gold holds value (and is an accurate reflection of worth). Then I've lost 4/5ths of my purchasing power over 20 years. Even though in fiat terms I'm earning the most I've ever earned!

A sobering thought.

Edited April 7, 2023 by SidS

[CazLikesCoins]

10 minutes ago, SidS said:

OT in a way, but also not in another.

I'm in the middle of a Charles Dickens book at the moment and one character was turning over £800 per annum (an impressive salary in 1844). So a little maths I thought:

For me to be able to afford 800 sovereigns per year I'd have to be earning over £26000 per month as disposable income - based on a sovereign at £400.

In 2003 sovereigns were about £80 a piece - meaning in 2003 I would have to be earning over £5000 per month as disposable.

Assuming gold holds value (and is an accurate reflection of worth). Then I've lost 4/5ths of my purchasing power over 20 years. Even though in fiat terms I'm earning the most I've ever earned!

A sobering thought.

Sobering indeed. I used to save pound notes as a child without realising they were losing value the longer I saved them. As an adult I understood the concept of inflation and lost faith in the currency system. Oh well I won't have to worry when social credits roll in with built in expiry dates lol. 

Edited April 7, 2023 by CazLikesCoins

[SidS]

5 minutes ago, CazLikesCoins said:

Sobering indeed. I used to save pound notes as a child without realising they were losing value the longer I saved them. As an adult I understood the concept of inflation and lost faith in the currency system. Oh well I won't have to worry when social credits roll in with built in expiry dates lol. 

I'm starting to think fiat pretty much has an expiry date as it is. Maybe not formally so, but the value is plummeting. I guess this is what it was like in the 1960s when the pound was devalued several times. Decimalisation was also a massive inflation smokescreen.

Although it may seem OT to state all this, it will no doubt impact the floorprice for gold.

I don't think it'll fall much below £1600 from this point on. It may retrace occasionally down to the £1550 mark, but I think it'll be £1600 and over as a new normal. Deflation is needed to get back down below £1500 I would think.

Edited April 7, 2023 by SidS

[flyingveepixie]

51 minutes ago, CazLikesCoins said:

Sobering indeed. I used to save pound notes as a child without realising they were losing value the longer I saved them. As an adult I understood the concept of inflation and lost faith in the currency system. Oh well I won't have to worry when social credits roll in with built in expiry dates lol. 

I still save pound coins and have about £100 worth in a wickerwork basket in my room..🙄

[SidS]

4 minutes ago, flyingveepixie said:

I still save pound coins and have about £100 worth in a wickerwork basket in my room..🙄

Give it another 20 years and they'll be worth more than that as scrap. Not that they can be scrapped.

[EdwardTeach]

2 hours ago, Paul said:

I wonder what the next domino to fall will be to set us away higher ?? 

Give it some time. More banks will collapse soon.

[Earthmetal]

45 minutes ago, SidS said:

Give it another 20 years and they'll be worth more than that as scrap. Not that they can be scrapped.

Not legally no... I know the bronze farthing, ha'penny, penny, 1/2p, 1p & 2p (pre-1992) have a scrap value due to their copper content, something I have no idea about is all the other cupro-nickel, zinc etc content coins.

[flyingveepixie]

3 hours ago, EdwardTeach said:

Give it some time. More banks will collapse soon.

The Saudis turning their backs on the US, both in terms of oil production and militarily, is a pretty big thing which isn't really being reported.  BRICS is also becoming ever more prominent which is another big thing, and ongoing.

ANZ bank in Australia is also making moves to try to ban cash..

Edited April 7, 2023 by flyingveepixie

[FriedrichVonHayek]

2 hours ago, Earthmetal said:

Not legally no... I know the bronze farthing, ha'penny, penny, 1/2p, 1p & 2p (pre-1992) have a scrap value due to their copper content, something I have no idea about is all the other cupro-nickel, zinc etc content coins.

I did roughly work out that a pre-decimal Pound made up of 240 Copper Pennies was worth around £13 in scrap Copper a few months ago.

[Earthmetal]

55 minutes ago, FriedrichVonHayek said:

I did roughly work out that a pre-decimal Pound made up of 240 Copper Pennies was worth around £13 in scrap Copper a few months ago.

That's interesting, so about 5p per penny. I think that still may be less than their numismatic worth though, unless knackered.

Also, are you aware they're only copper up to 1860? From the 1860 veiled head onward they are bronze, so worth less (intrinsically).

[FriedrichVonHayek]

8 minutes ago, Earthmetal said:

That's interesting, so about 5p per penny. I think that still may be less than their numismatic worth though, unless knackered.

Also, are you aware they're only copper up to 1860? From the 1860 veiled head onward they are bronze, so worth less (intrinsically).

The Bronze Pennies were still 97% Copper until 1992.

[SidS]

1 hour ago, FriedrichVonHayek said:

I did roughly work out that a pre-decimal Pound made up of 240 Copper Pennies was worth around £13 in scrap Copper a few months ago.

Excellent. I've got 360 of them.

I'd love a quid worth of pre-1860, preferably George IV - Victoria. No green coins though.

I'm only on about 5 shillings of those and they're nearly all George III.

Edited April 7, 2023 by SidS

[Earthmetal]

2 minutes ago, FriedrichVonHayek said:

The Bronze Pennies were still 97% Copper until 1992.

Yes I'm aware of that, but 97% copper bronze is probably worth about 75% of what 999 copper is worth