Gold Monitoring Thread £ GBP only

[Petra]

3 hours ago, HonestMoneyGoldSilver said:

If Biden can issue $4 trillion+ in spending plans and the USA can be $35 trillion in debt, then the Treasury can have $600 billion in gold, it's basically a rounding error. There are black budget agencies with bigger budgets than that. Put yourself in the position of a global puppet master able to print your own money with zero oversight. Would you leave yourself poor or would you own a monster stack of gold and every other asset on the planet? 

China is a poor country. The GDP per capita is $12,500 (IMF, 2023) and the lion's share of that is concentrated on the East Coast, where the GDP per capita is similar to Japan or South Korea ($30-35K). The west of China is one of the poorest regions anywhere on earth. China has only been an economic powerhouse for about 30-40 years. The European dynasties were powerhouses for centuries.

The USA essentially took most of the gold from the two most powerful Empires - Britain and France (also Germany) - during WWI & WWII. That's why the USA was given global reserve currency status at Bretton Woods - they took most of our gold and their manufacturing base existed in splendid isolation from war damages while Europe, China and Japan were reduced to rubble. Both Britain (Canada) and France (USA) transferred the majority of their gold, several thousand tons, to North America circa 1940 before the fall of France.

Under the USA's terms of neutrality, which lasted until after December 1941 (Pearl Harbor) no credit could be used to fund the war efforts of the UK or France - gold and USD (convertible to gold) were the only acceptable forms of payment. Thus all the gold the French and British transferred to North America ended up in the pockets of the Americans, along with the USD reserves. By the conclusion of WWI and WWII the USA had control over global finance and held a substantial chunk of the hard currency accrued by the Europeans over centuries, including the gold the Europeans took from China and India

China is on a desperate gold buying spree not because China has the biggest stack in the world but because their stack is basically non-existent relative to the size of their population - about 1g per capita compared with India's approx 17g per capita.

China needs the gold to hedge against their property market (the largest physical market in the world), their manufacturing sector and currency risk, while also signalling to the world that no matter what happens, China has the means to stabilise its economy. When the size of China's property market is roughly $50 trillion compared to the USA's $30ish trillion, China has a lot more gold to buy before it can effectively hedge anything. 

Well China’s property bubble is well and truly burst … 🤔🤔

[Gruff]

Just now, Petra said:

Well China’s property bubble is well and truly burst … 🤔🤔

Is it though? They've had less time to accumulate bad debt no? Or do you think it is that that's all they've accumulated? 

[Gruff]

This is why we stack!

[Petra]

1 minute ago, Gruff said:

Is it though? They've had less time to accumulate bad debt no? Or do you think it is that that's all they've accumulated? 

Not too long ago their biggest property company was threatening to go under and all sorts was happening…🤔

 

2 minutes ago, Gruff said:

Is it though? They've had less time to accumulate bad debt no? Or do you think it is that that's all they've accumulated? 

 

[Chronos]

1 minute ago, Gruff said:

This is why we stack!

Color blind person: They are the same picture.

[Gruff]

Just now, Chronos said:

Color blind person: They are the same picture.

No mate, the one is a nice plump burger, the other is a cesspit with puss, pimples and mold

[HonestMoneyGoldSilver]

2 minutes ago, Petra said:

Not too long ago their biggest property company was threatening to go under and all sorts was happening…🤔

[theman73]

58 minutes ago, HonestMoneyGoldSilver said:

the Jesuits - who control the Masons and the Illuminati. Yep I'm slightly crazy, I know. I believe in secret societies and interdimensional aliens.

Me too I'm with you on this! 

[ZRPMs]

59 minutes ago, HonestMoneyGoldSilver said:

There is one group who operates over decades and centuries - the Jesuits - who control the Masons and the Illuminati. Yep I'm slightly crazy, I know. I believe in secret societies and interdimensional aliens. So does Elon Musk FWIW

I think I'd be more inclined to believe the aliens have more control than the others  First time I think I've seen the Masons or the Illuminati on any of the conspiracy threads. They just don't seem to be what they used to be. Control is in the hands of the political class. The rest only pretend or dream of it.

[bobski]

Live Gold Price

Au

Current Price

£1,848.25

Live Change

0.02% £+0.27

Live high £1,848.27

 

Live low £1,847.80

[bobski]

We've had a few steady days this week. What are the predictions for close on Friday?

What's our new low?

£1830?

£1840?

[bobski]

£1810??

[James32]

1 hour ago, bobski said:

£1810??

I think £1840 is looking good.

[bobski]

6 minutes ago, James32 said:

I think £1840 is looking good.

I quite like the sound of that mate

[HonestMoneyGoldSilver]

Use your feelz and enter random digits with zero reasoning here:

[HonestMoneyGoldSilver]

Most likely it will close between $2302 - 2330 (£1841 - 1864). My pick at the start of the week was £1864 as the top end. I used technical analysis and logic though so probably wrong

[Roy]

My tea leaves spoke to me...

Statement from BOE tomorrow?

 

 

[bobski]

4 minutes ago, Roy said:

My tea leaves spoke to me...

Statement from BOE tomorrow?

 

 

If it's anything like my bank statement, It will be terrible news

£1,848.21

[Happypanda88]

7 hours ago, kimchi said:

Out of the dollar, and yes (sorry!) I am expecting the US to be the first domino to fall.

On the contrary, the dollar (USD) will be the prettiest out of all the ugly sisters. People will haul it when all the other ugly sisters are left unwanted.  The dollar is still the global reserve currency and has been since the 1944 Bretton Woods Conference.  All commodities are still priced in USD.  It will be the last of the dominos to fall ........ IMHO. 🙃

[NGMD]

3 hours ago, bobski said:

We've had a few steady days this week. What are the predictions for close on Friday?

What's our new low?

£1830?

£1840?

£1817. I know this for a fact because of some click bait YouTuber said so. Apparently he heard it from Warren Gates or someone like that.

[bobski]

Live Gold Price

Au

Current Price

£1,849.51

Live Change

-0.01% £-0.10

Live high £1,850.12

 

Live low £

[katyc]

3 hours ago, Happypanda88 said:

On the contrary, the dollar (USD) will be the prettiest out of all the ugly sisters. People will haul it when all the other ugly sisters are left unwanted.  The dollar is still the global reserve currency and has been since the 1944 Bretton Woods Conference.  All commodities are still priced in USD.  It will be the last of the dominos to fall ........ IMHO. 🙃

Good point. If (when) the Global economy tumbles, many countries will fail before America (several currencies are already failing). They panic and turn to the dollar (which they see as "safe") this makes the dollar strong. 

Until eventually, one day, when everyone realises it's worthless trash. Then it'll be the end for USD as the global reserve (probably resulting in nuclear war because they will do anything to protect their ego).

But when that is, is anyone's guess. Tomorrow? 2040? Who knows! Just buy gold and hope for the best 😬

Edited May 9 by katyc

[Happypanda88]

8 hours ago, HonestMoneyGoldSilver said:

If Biden can issue $4 trillion+ in spending plans and the USA can be $35 trillion in debt, then the Treasury can have $600 billion in gold, it's basically a rounding error. There are black budget agencies with bigger budgets than that. Put yourself in the position of a global puppet master able to print your own money with zero oversight. Would you leave yourself poor or would you own a monster stack of gold and every other asset on the planet? 

China is a poor country. The GDP per capita is $12,500 (IMF, 2023) and the lion's share of that is concentrated on the East Coast, where the GDP per capita is similar to Japan or South Korea ($30-35K). The west of China is one of the poorest regions anywhere on earth. China has only been an economic powerhouse for about 30-40 years. The European dynasties were powerhouses for centuries.

The USA essentially took most of the gold from the two most powerful Empires - Britain and France (also Germany) - during WWI & WWII. That's why the USA was given global reserve currency status at Bretton Woods - they took most of our gold and their manufacturing base existed in splendid isolation from war damages while Europe, China and Japan were reduced to rubble. Both Britain (Canada) and France (USA) transferred the majority of their gold, several thousand tons, to North America circa 1940 before the fall of France.

Under the USA's terms of neutrality, which lasted until after December 1941 (Pearl Harbor) no credit could be used to fund the war efforts of the UK or France - gold and USD (convertible to gold) were the only acceptable forms of payment. Thus all the gold the French and British transferred to North America ended up in the pockets of the Americans, along with the USD reserves. By the conclusion of WWI and WWII the USA had control over global finance and held a substantial chunk of the hard currency accrued by the Europeans over centuries, including the gold the Europeans took from China and India

China is on a desperate gold buying spree not because China has the biggest stack in the world but because their stack is basically non-existent relative to the size of their population - about 1g per capita compared with India's approx 17g per capita.

China needs the gold to hedge against their property market (the largest physical market in the world), their manufacturing sector and currency risk, while also signalling to the world that no matter what happens, China has the means to stabilise its economy. When the size of China's property market is roughly $50 trillion compared to the USA's $30ish trillion, China has a lot more gold to buy before it can effectively hedge anything. 

I would encourage you to spend 2 or 3 ounces of your yellow metal and travel around China to see things for yourself. lt'll enable you to view things from a different angle.  Being on the ground to observe with your own eyes will likely even change your perception.

I have travelled much in the last 6 months around China and SE Asia, namely Vietnam, Thailand, Singapore. My last trip was to Hohhot and surrounding areas in Inner Mongolia last month. There were four of us travelling independently. None of us have been. Before going there, my perception of the place was it is old, rustic, rural, dusty and far less developed then other parts of the country.  But when we landed and saw the number of planes on the tarmac, a large modern airport and high rise buildings in the distance, it changed my mind and I was eager to explore.

After 7 days, I got a good idea of the area. Taxi drivers are the best people to get information - whether it be the cost of living, price of houses, people's wages, places to visit etc. 

Everything was so affordable, from food, hotel, transport. Our hotels (international 3 star equivalent) ranged from 200-230RMB (approx. £23-26) per room. The journey (22km) by taxi from airport to hotel was 47RMB (£5.10). Local buses were 1 or 2 RMB (11p or 22p) depending on route. Petrol was 8.8RMB (97p) a litre, LPG about half the price. 

A very nice meal with lamb skewers, other meat dishes and veg for four of us rarely exceed 200RMB, so 50RMB per person. Cheap meals like a noodle or rice dish range from 12-17RMB.  Most locals tend to eat out and restaurants are everywhere in the city. 

So with the relatively low cost of living, an unskilled manual worker earning around 4000 RMB (£440) per month aren't so poor because everything is so affordable.

With this in mind, using GDP as measurement of a country's wealth is non-sense. What matters is the standard of living and the cost of living for the general public. If someone in the UK earn 5 times as much as an average chinese worker but his salary is eaten by the high cost of fuel, food, taxes, accommodation then what the **** does it mean ?  Who is poorer ?

Now a bit on gold.  What surprised me the most was the number of gold jewellery stores in Hohhot. They sell a variety of .999 jewellery just like those stores found in the south of the country. I thought the people there would be less well-off.  Later I found out that some people have land that sits on mineral and coal.  So they are very well off. Which explains the number of high end German SUVs I saw on the road.

China has a five thousand years continous history. A written history of 3,500 years. Gold plays a big part in weddings as gifts. To say that China has 1g of gold per capita is laughable and I don't know if I should take you seriouly. But I don't anyway.  Especially when you made a remark that all religions are banned in China. 

As I say, I would encourage you to get off your comfortable armchair, stop being an armchair expert, spent a bit of money and travel around China if it certains you so much.

[Petra]

Still a good day to buy…. obviously gold is bobbling around mid £1800s, be round this mark for a while🤔

whatever you buy … be careful, see the news about homes being raided specifically for their gold😮🤔😕get it stored elsewhere 😮

[bobski]

Live Gold Price

Au

Current Price

£1,851.70

Live Change

-0.02% £-0.34

Live high £1,852.96

 

Live low £1,851.70