Gold Monitoring Thread £ GBP only

[Leonmarsh]

Just now, GoldenGriffin said:

It would cost £322 for 1 gram of gold bullion, which would be affordable for the majority of people.

Having 322 per month spare on the UK average wage to buy 1 gram of gold per month would put you in the elite higher earnings 

People can't afford sovs now at a similar price 

[Paul]

3 hours ago, EdwardTeach said:

It all about priorities. Before you start stacking gold and silver you should have at least two to three months worth of food stored and a few camping style water filters. This should be enough to see you through most emergencies which last for a few weeks or months.

Also worthy of consideration in case of a more prolonged emergency are:
- Tools and knowledge to grow your own food with.
- Tools to chop firewood with.
- A large ferro rod and striker capable of starting thousands of fires.
- Learn how to make a 'rocket stove' (cook efficiently using very little firewood).
- Learn how to make a water filter using common everyday readily available items.

On paper it sounds fine and nice to prep - but if a true Mad Max societal breakdown occurs, you are just gathering the best supplies for the biggest mob on the block  

[GoldenGriffin]

8 minutes ago, Leonmarsh said:

Having 322 per month spare on the UK average wage to buy 1 gram of gold per month would put you in the elite higher earnings 

People can't afford sovs now at a similar price 

The cost of living will be addressed, and this will enable people to buy it, if they wish.

 

As per my previous post about wiping out the global debt for gold to revalue at £10k +, this in itself would enable higher wages, as government has a clean slate. 

Edited May 3, 2023 by GoldenGriffin

[Paul]

27 minutes ago, GoldenGriffin said:

Back in March 2020, I calculated 190,000 tonnes of gold (oz's = 6,108,633,000) were mined globally with a global debt of:

$260,000,000,000,000

Exchange rate of 0.77 used to covert to £...

£200,200,000,000,000

So, to wipe out global debt (the reset) if we purely used gold to do that, gold would have to be revalued at £32,773 per oz.

This doesn't include any shadow banking debt, which are non-high street, lending to Joe public banks, which I believe have a debt of the same, going by a video I watched years ago by George Gammon I believe.

so, in March 2020 1 oz of gold would have to revalued to £65,546 per oz, which includes shadow banking debt at the time.

The more debt that is created, the more coiled up the spring for the gold rocket becomes (maybe go past the 'moon' for some people!).

I think gold will go to at least £10,000 in my lifetime and more. There doesn't have to be armageddon at all to reach that level - policy will drive that level and people will get on with their lives using a digital currency.

Gold has very high potential.

It will be interesting to see what unfolds and how high the debt levels rise, which is, remember, very good for the golden coiled spring, which will release overtime, more so at certain points over the next decade.

@James32 will leapfrog Bezos, Buffet and Musk in the rich list with one hop when that day comes  

[HonestMoneyGoldSilver]

10 minutes ago, SeverinDigsSovereigns said:

There was a time when a sovereign would sell for £4, and many still have living memory of that. I guess the world is changing at a pace faster than ever before seen, and past performance certainly doesn't indicate future trends in investment, but gold to 10k is like a 5-6x increase compared to the 100x over the past half century

7 minutes ago, Leonmarsh said:

Having 322 per month spare on the UK average wage to buy 1 gram of gold per month would put you in the elite higher earnings 

People can't afford sovs now at a similar price 

Both of those are true. On reflection I guess $10K/oz is feasible within our lifetimes but it would necessitate the dollar being obliterated. Excluding rampant inflation or currency crises I don't believe it's possible. Of course it depends how old you are, I don't expect to still be here in 50 years 🤣

 @GoldenGriffin "The cost of living will be addressed, and this will enable people to buy it, if they wish"

That is absurdly optimistic. AI is going to take most of the jobs and the majority of the population will be on UBI within my lifetime, not buying gold!

[Frenchie]

2 hours ago, EdwardTeach said:

Out of interest what would you consider 'the moon' to be?

£2,000?

£20,000?

£2,000,000,000?

The question is not how high gold can go, but how low the money can go...I would say the value of a paper sheet,...and I think that toilet paper would even be more expensive and useful in that case 

Edited May 3, 2023 by Frenchie

[Happypanda88]

3 hours ago, HonestMoneyGoldSilver said:

some countries especially China where religion is banned and you will be disappeared or arrested for practicing it.

Are you sure what you have stated is factual and that you are not an echo chamber for the mainstream propaganda media ?

If you have travelled widely into China or have friends and relatives that lives in the country, then you'll know this is a lie.

Back on topic, the price of gold is too high for my liking so I'm holding back on purchases.

Secretly, I'm hoping for a Wonger dip ! 😁

Edited May 3, 2023 by Happypanda88

[Upsidedown]

You know thinking about it, wonga might actually be right and here's why.

Money will continue to depreciate, in a hyperinflationary scenario, some countries in the past have simply cut some zeros off the end of their currency to simplify things.

Maybe gold will hit 40,000 then have 2 zeros cut off? 🤣

[HonestMoneyGoldSilver]

4 minutes ago, Happypanda88 said:

Are you sure what you have stated is factual and that you are not an echo chamber for the mainstream propaganda media ?

If you have travelled widely into China or have friends and relatives that lives in the country, then you'll know this is a lie.

Back on topic, the price of gold is too high for my liking so I'm holding back on purchases.

Secretly, I'm hoping for a Wonger dip ! 😁

I won't even discuss that on the internet, that is how seriously I take it:

In China, they’re closing churches, jailing pastors – and even rewriting scripture | China | The Guardian

"The church in south-west China has been shuttered and Wang and his wife, Jiang Rong, remain in detention after police arrested more than 100 Early Rain church members in December. Many of those who haven’t been detained are in hiding. Others have been sent away from Chengdu and barred from returning. Some, including Wang’s mother and his young son, are under close surveillance. Wang and his wife are being charged for “inciting subversion”, a crime that carries a penalty of up to 15 years in prison"

China (Includes Tibet, Xinjiang, Hong Kong, and Macau) - United States Department of State

"According to Minghui, a Falun Gong-affiliated publication, 101 Falun Gong practitioners died during the year as a result of persecution of their faith, compared with 107 in 2020, and both Minghui and the Falun Dafa Infocenter reported police arrested more than 5,000 practitioners and harassed more than 9,000 others.  According to the annual report of The Church of Almighty God (CAG), authorities arrested more than 11,156 of its members and subjected them to physical abuse, including beatings, sleep deprivation, and being forced into stress positions, resulting in the death of at least nine individuals"

The State of Religion in China (cfr.org)

"While China’s constitution allows religious belief, adherents across all religious organizations, from state-sanctioned to underground and banned groups, face intensifying persecution, repression, and pressure to adhere to Chinese Communist Party (CCP) ideology."

[HonestMoneyGoldSilver]

In other un-related news, gold is holding steady at £1613.30 !!!

Let's check back after 1800 GMT and see what the Fed has done. The majority are still expecting a 25 basis points hike

[Happypanda88]

2 hours ago, EdwardTeach said:

Out of interest what would you consider 'the moon' to be?

£2,000?

£20,000?

£2,000,000,000?

To da moon ....... something like this .......

 

 

[Happypanda88]

8 minutes ago, HonestMoneyGoldSilver said:

I won't even discuss that on the internet, that is how seriously I take it:

In China, they’re closing churches, jailing pastors – and even rewriting scripture | China | The Guardian

"The church in south-west China has been shuttered and Wang and his wife, Jiang Rong, remain in detention after police arrested more than 100 Early Rain church members in December. Many of those who haven’t been detained are in hiding. Others have been sent away from Chengdu and barred from returning. Some, including Wang’s mother and his young son, are under close surveillance. Wang and his wife are being charged for “inciting subversion”, a crime that carries a penalty of up to 15 years in prison"

China (Includes Tibet, Xinjiang, Hong Kong, and Macau) - United States Department of State

"According to Minghui, a Falun Gong-affiliated publication, 101 Falun Gong practitioners died during the year as a result of persecution of their faith, compared with 107 in 2020, and both Minghui and the Falun Dafa Infocenter reported police arrested more than 5,000 practitioners and harassed more than 9,000 others.  According to the annual report of The Church of Almighty God (CAG), authorities arrested more than 11,156 of its members and subjected them to physical abuse, including beatings, sleep deprivation, and being forced into stress positions, resulting in the death of at least nine individuals"

The State of Religion in China (cfr.org)

"While China’s constitution allows religious belief, adherents across all religious organizations, from state-sanctioned to underground and banned groups, face intensifying persecution, repression, and pressure to adhere to Chinese Communist Party (CCP) ideology."

Better to see the place for yourself at first hand rather basing your "facts" on some websites.

[Paul]

It'll only stop if they run out of zeros ! 

[LemmyMcGregor]

17 minutes ago, Upsidedown5318008 said:

You know thinking about it, wonga might actually be right and here's why.

Money will continue to depreciate, in a hyperinflationary scenario, some countries in the past have simply cut some zeros off the end of their currency to simplify things.

Maybe gold will hit 40,000 then have 2 zeros cut off? 🤣

On 19/04/2023 at 17:18, LemmyMcGregor said:

At some point we'll go the Turkish way due to inflation, they'll cut a few zeros, gold will be all the way down below 400 and Wonga will be right. Just have faith in the system.

 

[GoldenGriffin]

2 hours ago, HonestMoneyGoldSilver said:

AI is going to take most of the jobs and the majority of the population will be on UBI within my lifetime, not buying gold!

That's a very pessimistic view.

AI will help with tasks that us humans find repetitive and not reaching their full potential.  New jobs will definitely be created in areas that will test limits and potential and probably find more rewarding.

Would any government want to stop productivity... no, of course not.

It's about changing the types of roles to continue to benefit society.

Edited May 3, 2023 by GoldenGriffin

[EdwardTeach]

1 hour ago, Paul said:

On paper it sounds fine and nice to prep - but if a true Mad Max societal breakdown occurs, you are just gathering the best supplies for the biggest mob on the block  

In that type of situation anyone sensible would get out of the towns and cities where the mobs are.

[HonestMoneyGoldSilver]

1 minute ago, GoldenGriffin said:

That's a very pessimistic view.

AI will help with tasks that us humans find repetitive and not reaching their full potential.  New jobs will definitely be created in areas that will test limits and potential and probably find more rewarding.

Would any government want to stop productivity... no of course not.

It's about changing the types of roles to benefit society.

I have replied in PM we are going too far off-topic. Let's talk about GOLD PRICE ACTION. The countdown to 1800 GMT and the Fed .... is gold going up, down or sideways after the meeting?

[Upsidedown]

7 minutes ago, LemmyMcGregor said:

 

Great minds! 🤣

[Leonmarsh]

9 minutes ago, HonestMoneyGoldSilver said:

I have replied in PM we are going too far off-topic. Let's talk about GOLD PRICE ACTION. The countdown to 1800 GMT and the Fed .... is gold going up, down or sideways after the meeting?

Agreed good convo though chaps and some interesting healthy debates 

I still think ye olde oak sausages are they way forward they will outlast a nuclear bomb

Mad Max and ye olde oak are what dreams are made of 

Edited May 3, 2023 by Leonmarsh

[GoldDiggerDave]

@Frenchie for a second I thought that was the new lidi advert.  

[Earthmetal]

3 hours ago, flyingveepixie said:

And here was me thinking that was a line from an old Rush song.....  sigh....🤣

From an album mainly concerned with a future where freedom, pleasure, and arts are banned. 🤔

[Upsidedown]

Fed hiked rates .25% (as expected)

Gold not really reacting yet

Still ~1610

[modofantasma]

Oh look £1608.74 an oz

[Thelonerangershorse]

And back to £1610, Damn @modofantasma, I wish I'd bought that dip.

[HonestMoneyGoldSilver]

9 minutes ago, Thelonerangershorse said:

And back to £1610, Damn @modofantasma, I wish I'd bought that dip.

You're out of date by 3 mins - down to £1607.52 ..... BTD 

Too late you missed that one too, back up to £1612 now

Seriously though is anyone else excited we haven't been hammered today? Exciting for gold, terrible for the economy I guess

Edited May 3, 2023 by HonestMoneyGoldSilver
price action