Gold Monitoring Thread £ GBP only

[Earthmetal]

15 hours ago, Coverte said:

I finally just got my a/c unlocked - 24 hours hard graft and 7 calls in total today - bl00dy absurd.

Mind you, I don't think I helped my cause by telling one of the fraud team to look at Tavex on Trustpilot where they have a 9.4 = 94% approval rating and then saying now lets look at you;

Oh dear, I'm sorry to tell you that your bank only have a rating on Trustpilot of 1.6 = 13% - do you really think your qualified to advise me on how to spend my own hard earned money - he hung up ..... 

Brilliant!

[ant1882]

4 hours ago, SidS said:

Regarding the locking out of accounts. Ive had it myself before now. For the past few years I've rarely paid straight from my balance, what I tend to do now is pay by credit card and then clear my credit card by using the balance from my account, if that makes sense?

This is the way, they are more than happy for you to spend on credit cards usually no questions asked.

Paying your credit card back will raise no red flags.

[Earthmetal]

4 hours ago, SidS said:

Regarding the locking out of accounts. Ive had it myself before now. For the past few years I've rarely paid straight from my balance, what I tend to do now is pay by credit card and then clear my credit card by using the balance from my account, if that makes sense?

It does, but they sometimes apply 'cash advance' charges, I've had it myself. Plus I'm slowly trying to ditch the credit card altogether (I always pay in full, zero interest, but even so I don't want any part of their credit system)

[ant1882]

1 minute ago, Earthmetal said:

It does, but they sometimes apply 'cash advance' charges, I've had it myself. Plus I'm slowly trying to ditch the credit card altogether (I always pay in full, zero interest, but even so I don't want any part of their credit system)

Think it depends who you buy from and how they have their payment system set up, never had a problem buying from Atkinsons via CC, price you see is what you pay.

I would prefer to ditch the CC, but like yourself I always pay to avoid the interest and they can be useful in a pinch if cash flow is an issue.

[ant1882]

And back to the price, quite a flat week, looks to be a lot of support at this level... we have been on the way down since mid May so I expect some consolidation.

[CANV]

2 hours ago, ant1882 said:

And back to the price, quite a flat week, looks to be a lot of support at this level... we have been on the way down since mid May so I expect some consolidation.

All about the exchange rate at the moment ..   conversely higher uk inflation means a lower gold price in sterling 

[jultorsk]

1 hour ago, CANV said:

All about the exchange rate at the moment ..   conversely higher uk inflation means a lower gold price in sterling 

This is a very likely explanation. Do you see Britain joining the CPTPP having any marked impact to inflation (lowering)? I mean, I don't think it'd happen overnight, but perhaps towards the end of the year...? 🤔 

[Coverte]

32 minutes ago, jultorsk said:

This is a very likely explanation. Do you see Britain joining the CPTPP having any marked impact to inflation (lowering)? I mean, I don't think it'd happen overnight, but perhaps towards the end of the year...? 🤔 

No, minimal impact, we already had trade agreements with all members except Brunei and Malaysia, so hard to see anything meaningful for inflation, or anything as those 2 extra countries account for less than 1/2% of UK trade at best.

[Bratnia]

12 hours ago, Earthmetal said:

It does, but they sometimes apply 'cash advance' charges, I've had it myself. Plus I'm slowly trying to ditch the credit card altogether (I always pay in full, zero interest, but even so I don't want any part of their credit system)

Just to confirm, you're saying that sometimes a credit card will levy 'cash advance' charges as you bought legal tender (gold coins) with the credit card? The same as if you'd used the card to draw out £1500 (whatever) in cash. I don't usually use my credit card to get cash, but believe its quite a high interest rate if you do.

[Coverte]

On 15/07/2023 at 11:31, Earthmetal said:

It does, but they sometimes apply 'cash advance' charges, I've had it myself. Plus I'm slowly trying to ditch the credit card altogether (I always pay in full, zero interest, but even so I don't want any part of their credit system)

I fully agree with your sentiment, but I do use a credit card because of the much higher level of protection it affords under Section 75 of UK consumer protection law;

basically if any fraud is attempted, you can pass the responsibility to the CC Company - plus I get cashback - every little helps!!

[Earthmetal]

I agree, and I used to use mine as much as possible for those reasons (Tesco points).
The trouble is, I'm trying to minimise the fiat bank account, and it's hard to do that when you get random large credit card bills every month that have to be paid off in full.
Also, I'd rather shop local, stuff Tesco.

[CaptCaveMan]

3 minutes ago, Earthmetal said:

I agree, and I used to use mine as much as possible for those reasons (Tesco points).
The trouble is, I'm trying to minimise the fiat bank account, and it's hard to do that when you get random large credit card bills every month that have to be paid off in full.
Also, I'd rather shop local, stuff Tesco.

I've been the same re: Tesco points @Earthmetalbut the fact they've watered them down to only x2 value 🤔  Even though the CC is paid off in full each month, this is now our only debt except the mortgage so I want to wean us off.

As @Coverte mentions excluding bullion, bigger or emergency purchases due to the safety net with Section 75 UK consumer protection.

I'll be taking on a 2nd evening/weekend job in the lead up to Xmas as I have done the last couple of years in helping my lad earn some extra, rather than buying bullion as usual, it will knock any remaining 'credit' on the head to start 2024 with a clean slate so to speak and will enable me to continue converting fiat into real savings...

[EdwardTeach]

8 hours ago, Earthmetal said:

I agree, and I used to use mine as much as possible for those reasons (Tesco points).
The trouble is, I'm trying to minimise the fiat bank account, and it's hard to do that when you get random large credit card bills every month that have to be paid off in full.
Also, I'd rather shop local, stuff Tesco.

**** Tesco! Support your local farmers.

Visit your nearest farm and ask if they have a farm shop on their premises. Either they will say that yes they do have one or they will point you in the direction of another local farm which does.

Many of the farms near me have a self-serve shop on site where they leave out a few trays of whatever is currently in season. There's never anybody there serving; I just go in, take what I want and pay by dropping a few coins in the honesty box. I buy most my fruit, veg, milk, eggs and firewood this way. It tastes better because it's fresh and occasionally they have dirt cheap bargains because some fruit, veg or eggs are too ‘ugly’ for supermarket shelves but they’re still great to eat.

Also if you regularly shop this way you’re bound to bump into the farmers from time to time and get to know them. This might come in handy if ever there’s a SHTF situation and food becomes scarce. If food ever runs short which people do you think farmers will give first dibs to? The complete strangers visiting for the first time or their long-term regular customers who the farmers already know and have become friends with?

Edited July 16, 2023 by EdwardTeach

[Upsidedown]

I hate when you accidentally click the banner without noticing, then for like a split second you're thinking MOOON??!

But then..

[SidS]

Lol.

More Columbus than moon... currency depending.

[Coverte]

The fact that Jeff Bezos, Richard Branson, Bill Gates, Marc Andreesson and Ben Horowitz are all making a billion-dollar play into the mining industry;

albeit not necessarily, specifically Gold/Silver, gives me some confidence the trajectory will be both upward and in the stackers favour in due course - Bill Gates FA in particular has an epic track record.

[Upsidedown]

22 minutes ago, Coverte said:

The fact that Jeff Bezos, Richard Branson, Bill Gates, Marc Andreesson and Ben Horowitz are all making a billion-dollar play into the mining industry;

albeit not necessarily, specifically Gold/Silver, gives me some confidence the trajectory will be both upward and in the stackers favour in due course - Bill Gates FA in particular has an epic track record.

I think everything they do now is for legacy rather than money, although profit would be apart of that legacy.

All of them together have more money already than I would know what to do with in 100 lifetimes. But I'd certainly start with a toilet made out of solid gold.

[flyingveepixie]

23 minutes ago, Coverte said:

The fact that Jeff Bezos, Richard Branson, Bill Gates, Marc Andreesson and Ben Horowitz are all making a billion-dollar play into the mining industry;

albeit not necessarily, specifically Gold/Silver, gives me some confidence the trajectory will be both upward and in the stackers favour in due course - Bill Gates FA in particular has an epic track record.

There are definitely interesting times ahead for gold.

https://www.fxstreet.com/analysis/brics-countries-planning-new-gold-backed-currency-202307101739

[Coverte]

48 minutes ago, flyingveepixie said:

There are definitely interesting times ahead for gold.

https://www.fxstreet.com/analysis/brics-countries-planning-new-gold-backed-currency-202307101739

I rather suspect this will not cause as much impact as the press are hyping it to have, they have to fill columns whilst on youtube pundits want stories for their affiliate links and also adsense money.

Having worked in more than one of the BRIC countries, I and others have observed, that much as they mistrust USA and the $ - they mistrust each other more !!

That is not to say barter trading in Gold will not happen, it already is, but currently for example, China are getting a mighty discount on Russian oil bought with gold, as an example.

[Bratnia]

4 hours ago, Coverte said:

I rather suspect this will not cause as much impact as the press are hyping it to have, they have to fill columns whilst on youtube pundits want stories for their affiliate links and also adsense money.

Having worked in more than one of the BRIC countries, I and others have observed, that much as they mistrust USA and the $ - they mistrust each other more !!

That is not to say barter trading in Gold will not happen, it already is, but currently for example, China are getting a mighty discount on Russian oil bought with gold, as an example.

I also see the two running alongside each other, that mitigates the US being able to block settlements (sanction via SETS).

A gold backed currency is fine whilst you still have gold to trade with, if a country runs a trade deficit that exhausts its gold then all hell breaks out (raging inflation etc.), with paper money debts are 'restructured', still unpleasant but nowhere near as severe, more controlled.

Once the alternative is more established the FX costs of conversion will be a burden, as will the price volatility, and many who transition over to the alternative may soon drift back to settling in US dollars for the ease/lower cost and better (prices) stability.

[ant1882]

£1504! To da moon!

[Paul]

2 minutes ago, ant1882 said:

£1504! To da moon!

    

 

[ant1882]

£1515!

[EdwardTeach]

So what happened? Why has gold suddenly spiked?

[Coverte]

I would like to think that maybe it's because traders have been locking in some profits after two weeks of gains, but anyone's guess TBH.

The interesting part will be if it can hold onto these gains overnight, I don't think currency has played much of a part as £/$ is still relatively rangebound.