How Many People Own Gold?

[5huggy]

On 15/10/2019 at 18:16, Serendipity said:

Looks like you’ve seen the best ones! I don’t think it’s a prank but most people really are clueless about gold bullion coins.

Does this mean that those of us on this Forum are 

1/ weird  or

2/different thinkers   or

3/ educated in fiscal matters   or

4/ Elitists   or

JUST Smart ass z that can see through the smoke and mirrors!😉

[TheGeneral]

Has anyone else considered the echo chamber that we are in? 

Due to my research on gold, on both Google and you tube I now get a lot more suggestions that are pro gold/silver. Also a lot of suggestions that the economy is about to crash which further encourage me to buy gold.

I don’t regret my PM stacking but am conscious of the one sided opinions I now get thanks to the forum/YouTube/google. 

Thoughts?  

 

[5huggy]

5 minutes ago, TheGeneral said:

Has anyone else considered the echo chamber that we are in? 

Due to my research on gold, on both Google and you tube I now get a lot more suggestions that are pro gold/silver. Also a lot of suggestions that the economy is about to crash which further encourage me to buy gold.

I don’t regret my PM stacking but am conscious of the one sided opinions I now get thanks to the forum/YouTube/google. 

Thoughts?  

 

IMHO - "AUSTRIAN"  - - "CONTRARIAN" thinking /economics will win the day - I DONT follow the "HERD" - 

By way of example - - - >>

https://www.youtube.com/watch?v=KHbzSif78qQ

[TheGeneral]

9 minutes ago, 5huggy said:

IMHO - "AUSTRIAN"  - - "CONTRARIAN" thinking /economics will win the day - I DONT follow the "HERD" - 

By way of example - - - >>

https://www.youtube.com/watch?v=KHbzSif78qQ

😂😂 for a second they’re i thought you were posting and educational video. 

Still makes a valid point all the same. 

However my concern is more the influence  we get from internet algorithms, often without knowledge of it.

Not to be rude, but how many of the older users are aware of the algorithms that show you more of what you want to see?    

I know the majority of my generation (36 years old) are blissfully unaware of this.

[RacerCool]

6 hours ago, 5huggy said:

Does this mean that those of us on this Forum are 

1/ weird  or

2/different thinkers   or

3/ educated in fiscal matters   or

4/ Elitists   or

JUST Smart ass z that can see through the smoke and mirrors!😉

Or

5/ Other 

🤔

4 hours ago, TheGeneral said:

😂😂 for a second they’re i thought you were posting and educational video. 

Still makes a valid point all the same. 

However my concern is more the influence  we get from internet algorithms, often without knowledge of it.

Not to be rude, but how many of the older users are aware of the algorithms that show you more of what you want to see?    

I know the majority of my generation (36 years old) are blissfully unaware of this.

I'm 40-something and I'm aware of the algorithms of the google-bot. But I consider that to be the counter argument to all the controlled "opinion" and political shilling I hear in the other media, since I still listen to talk radio. (Its either that or music while I'm driving)

[TheGeneral]

21 minutes ago, RacerCool said:

Or

5/ Other 

🤔

I'm 40-something and I'm aware of the algorithms of the google-bot. But I consider that to be the counter argument to all the controlled "opinion" and political shilling I hear in the other media, since I still listen to talk radio. (Its either that or music while I'm driving)

@RacerCool I don’t doubt that like you, many other forum members are clued up on the ways of the internet. However I find that the vast majority of people don’t understand how it works. This leads to 

a) people never seeing alternative opinions  on both sides 

b) people going down the rabbit hole and losing balance due to the echo chamber effect. 

C) people thinking they have an alternative opinion but actually their opinions are still formed by strong influence of the algorithm. 

It’s something I have been conscious of since I watched a good ted talk by Theo Wilson 

Also I think 40 something is still the younger audience of this forum 😂

[RacerCool]

1 hour ago, TheGeneral said:

@RacerCool I don’t doubt that like you, many other forum members are clued up on the ways of the internet. However I find that the vast majority of people don’t understand how it works. This leads to 

a) people never seeing alternative opinions  on both sides 

b) people going down the rabbit hole and losing balance due to the echo chamber effect. 

C) people thinking they have an alternative opinion but actually their opinions are still formed by strong influence of the algorithm. 

It’s something I have been conscious of since I watched a good ted talk by Theo Wilson 

Also I think 40 something is still the younger audience of this forum 😂

I *know* I have an alternate opinion because almost no one I know or talk to shares my opinion.  That could mean I'm just way off and am being stubborn, or that I actually do have a valid alternate view of things.

[TheGeneral]

7 hours ago, RacerCool said:

I *know* I have an alternate opinion because almost no one I know or talk to shares my opinion.  That could mean I'm just way off and am being stubborn, or that I actually do have a valid alternate view of things.

Rodger. 👍

[Guest]

On 14/10/2019 at 20:25, Serendipity said:

I suspect many people own no gold at all on account of its rarity. Some of my favourite YouTube videos are the ones involving someone attempting to sell a 1oz gold bullion coin to unsuspecting members of the public for next to nothing. Most of the people are totally clueless about gold coins in general and their value.

mark dice troll videos or whatever? trolling the public? saw that one like 3-5 years ago for the first time if it's that one or some long time ago. at least in that video I think it was either a free gold coin or a free candy bar. can't recall though. I do like those ones at least. even though I don't follow / watch mark dice at all really.

I'm kind of nervous to get into gold myself since the price is so high alone. I think I'd be buying an overpriced item and I don't think it will just plunge in price. I just can't wrap my head around it for now alone at least. I'm new / newer to precious metals though myself. I'm one of the young / younger white guys in this realm to as well so sometimes it's just guess work at best and I don't want to guess and get it wrong.

I don't own any gold yet.

[KitboyE17]

23 minutes ago, E23 said:

I'm kind of nervous to get into gold myself since the price is so high alone. I think I'd be buying an overpriced item and I don't think it will just plunge in price. I just can't wrap my head around it for now alone at least. I'm new / newer to precious metals though myself. I'm one of the young / younger white guys in this realm to as well so sometimes it's just guess work at best and I don't want to guess and get it wrong.

 

At your age, you are in the right place to buy gold even at today’s prices. Look at the gold price chart over the last 30+ years and you will see it has steadily grown. The dips and rises all spread out evenly in the end. Don’t look at PM’s as a quick rich scheme, but look at PM’s as long term wealth management. That way you can take advantage of quick rises like we saw this year. Buy a small amount when you have the funds, hold on to it - enjoy it - and watch it ver the long term. Start small - perhaps a 1/4 oz or even a 1/10 coin. Keep a record of your purchases.

Enjoy stacking! 

[LiquidMetalsUK]

I don't know anyone outside the forum that stacks/collects gold/silver. Only a couple of people (close friend and my dear ole mother) know my wife and I stack and when speaking to them about it they look at me as if I'm nuts. It's not for me to try and convince them that what I'm doing is right but for them to come to there own conclusion as I did. There could be more peeps I know but as its a subject I don't openly talk about I wouldn't know if that makes sense 😁 I'll continue stacking silver, gold I buy as and when funds allow. To be honest I just love the shiny stuff 😜😜

 

[goldbug1992]

Hi all.. new user here.

Intersting to see the different types of gold ownership.. anyone own physical bars via app? traded CFDs and ETFs in the past and just started with physical bars via app :) .. Quite similar to contract gold in that there is no delivery .. rather physical gold is stored in a vault for me!

Anyone out there do similar?

 

 

[StackemHigh]

1 hour ago, goldbug1992 said:

Hi all.. new user here.

Intersting to see the different types of gold ownership.. anyone own physical bars via app? traded CFDs and ETFs in the past and just started with physical bars via app .. Quite similar to contract gold in that there is no delivery .. rather physical gold is stored in a vault for me!

Anyone out there do similar?

 

 

Seen all these schemes. If you don't hold it, You don't own it!!!

[goldbug1992]

9 minutes ago, StackemHigh said:

Seen all these schemes. If you don't hold it, You don't own it!!!

Hmm. gaining exposure to gold via the digital asset gives me proof of ownership in the sense that i can liquidate at any time etc (i would see the profit and loss % in my app or trading terminal) but the company holds the gold in trust, for me. Again, proof of ownership can be provided to me.. Anyone think that this is going to be big moving forward considering that there are so many cowboys when it comes to buying physical gold??

[goldbug1992]

Great advice.. also a young investor in many senses.. new to gold but invested in stocks in the past! any tips welcome. 

[5huggy]

1 hour ago, goldbug1992 said:

anyone own physical bars via app?

I did until I flogged to "GUY" in pub - - "ANONYmonity"!! -- - 

[RacerCool]

22 minutes ago, goldbug1992 said:

Hmm. gaining exposure to gold via the digital asset gives me proof of ownership in the sense that i can liquidate at any time etc (i would see the profit and loss % in my app or trading terminal) but the company holds the gold in trust, for me. Again, proof of ownership can be provided to me.. Anyone think that this is going to be big moving forward considering that there are so many cowboys when it comes to buying physical gold??

If your intent with gold is to buy and sell on the market to make profits, then that's probably the way to do it, with the app. I've actually considered doing some of that myself. 

But if it's to turn paper money into gold as a hedge against inflation or whatever, then you want to buy physical gold and hold onto it yourself. Not in someone else's vaults.

[Goldrushkid]

On 22/10/2019 at 19:29, RacerCool said:

If your intent with gold is to buy and sell on the market to make profits, then that's probably the way to do it, with the app. I've actually considered doing some of that myself. 

But if it's to turn paper money into gold as a hedge against inflation or whatever, then you want to buy physical gold and hold onto it yourself. Not in someone else's vaults.

Hi, new to the forum here. Enjoyed reading this chat.

I find it quite interesting what Goldbug1992 has to say. What's the difference in hedging yourself against inflation with gold held in a vault vs in person?

As Goldbugg mentioned, you can liquidate your investment at any time. Attempting to sell physical gold yourself, essentially pawning it off, seems extremely risky. My assumption is that you'd be cut a bad deal. I think i'd rather have my gold stored and entrusted knowing it has been quality checked. Piggybacking off the reputation of a vault / bullion provider seems much easier.

[trp]

On 22/10/2019 at 19:07, goldbug1992 said:

Hmm. gaining exposure to gold via the digital asset gives me proof of ownership in the sense that i can liquidate at any time etc (i would see the profit and loss % in my app or trading terminal) but the company holds the gold in trust, for me. Again, proof of ownership can be provided to me.. Anyone think that this is going to be big moving forward considering that there are so many cowboys when it comes to buying physical gold??

I think if there were ever some sort of mass crisis a electronic statement of what you owned would be worth far less than having the physical in your hand. It’s something you can prove instantly. Its pretty much the same way I feel over digital currency, I know we aren’t Iran, but look how they just turned the internet off recently! ...what do you do then? ...that’s way to doom and gloom for a Monday 😂 

[Abyss]

2 hours ago, Goldrushkid said:

As Goldbugg mentioned, you can liquidate your investment at any time. Attempting to sell physical gold yourself, essentially pawning it off, seems extremely risky. My assumption is that you'd be cut a bad deal. I think i'd rather have my gold stored and entrusted knowing it has been quality checked. Piggybacking off the reputation of a vault / bullion provider seems much easier.

How can selling Gold be risky, sell it on eBay, Silver Forum, various dealers around the world. I have my Gold stored private non-banking safety deposit box. Yes selling is harder if you have not built up a reputable seller profile and dealers will offer couple percent below spot but that is the price of insurance and having no counter party risk. Are you aware of how many paper contracts floating about vs the physical metal. Are you aware that how long it took Germans to get back their Gold (https://www.ft.com/content/4edf00ee-a43c-11e7-8d56-98a09be71849) and when it arrived it was in the form of newly minted bars. If it has taken the German government years on end to repatriate its Gold and still does not have all of it back in an economic and politically stable world what chances will you have as an individual when pillars of stability in the world become unhinged. By all means have paper gold want to speculate on the price but want to save for decades to come and preserve purchasing power with no counter party risk then you will need to own the physical Gold.

[Goldenbear]

On 22/10/2019 at 19:07, goldbug1992 said:

Hmm. gaining exposure to gold via the digital asset gives me proof of ownership in the sense that i can liquidate at any time etc (i would see the profit and loss % in my app or trading terminal) but the company holds the gold in trust, for me. Again, proof of ownership can be provided to me.. Anyone think that this is going to be big moving forward considering that there are so many cowboys when it comes to buying physical gold??

Trading gold for short to medium term speculation - learn about technical analysis and develop macro thesis. Then learn about futures contracts and or gold miners and or cfds etc.

Protecting your wealth against inflation long term or sudden economic shock/ systemic failures - physical gold. 

Not one or the other but each for different purposes. If you are not a trader or do not plan to be stay physical or at least some physical some vaulted outside of the banking system.

And in terms of liquidity, jeez, gold is the most liquid material on the planet! There are never any issues selling gold and there hasn’t been for 5 thousand years, you are safe!

 

[Goldenbear]

3 hours ago, Goldrushkid said:

Hi, new to the forum here. Enjoyed reading this chat.

I find it quite interesting what Goldbug1992 has to say. What's the difference in hedging yourself against inflation with gold held in a vault vs in person?

As Goldbugg mentioned, you can liquidate your investment at any time. Attempting to sell physical gold yourself, essentially pawning it off, seems extremely risky. My assumption is that you'd be cut a bad deal. I think i'd rather have my gold stored and entrusted knowing it has been quality checked. Piggybacking off the reputation of a vault / bullion provider seems much easier.

I am not sure where this idea came from but gold is more liquid then pretty much anything a person can own, period. You can literally go online right now and lock in a price a few percent below spot for as many hundreds of ounces as you like and sell them instantly...its THAT liquid. It has been for over 5000 years. If your currency is getting weaker gold is getting stronger (see GBP vs Gold since brexit), in this way gold is even more liquid then your cash! If you had bought an ounce of gold at spot just before brexit and had the same amount in cash in a little pile and saved them both...and then offered me one or the other....id take your gold one ounce coin over your money any day of the week! As would anyone.

Now repeat this little experiment over the course of history and see that at virtually no point would this same scenario not make gold the better choice over a 10-15 year time frame and be more appealing to you. THAT is why gold is so liquid. It retains value against devalued currencies. They devalue over time and as such the price of gold in that currency goes up. Its why gold is so special. There is never a liquidity issue with physical gold...currencies however, well history has shown that all currencies eventually become illiquid or worth so little that they can no longer be exchanged freely anymore.

Right now, take Venezuela or Turkey for example, you wanna trade your gbp for the bolivar or the lira? I think not.

Trade it for gold and sit back in your armchair for 20 years whilst your pounds disintegrate into pennies. And then feel smug and have a little gold party where you play Spandau Ballet all night long and eat chocolate gold coins. Just be warned, do it quietly as the starving mobs roving the streets in mad max fashion may overhear it and come a calling.

Or perhaps you just end up with lots of savings that inflation didn’t cannibalise...either way, you will be glad you bought gold.

[Goldrushkid]

2 hours ago, Abyss said:

How can selling Gold be risky, sell it on eBay, Silver Forum, various dealers around the world. I have my Gold stored private non-banking safety deposit box. Yes selling is harder if you have not built up a reputable seller profile and dealers will offer couple percent below spot but that is the price of insurance and having no counter party risk. Are you aware of how many paper contracts floating about vs the physical metal. Are you aware that how long it took Germans to get back their Gold (https://www.ft.com/content/4edf00ee-a43c-11e7-8d56-98a09be71849) and when it arrived it was in the form of newly minted bars. If it has taken the German government years on end to repatriate its Gold and still does not have all of it back in an economic and politically stable world what chances will you have as an individual when pillars of stability in the world become unhinged. By all means have paper gold want to speculate on the price but want to save for decades to come and preserve purchasing power with no counter party risk then you will need to own the physical Gold.

I think you've made some good points. Although, how can you truly sell an ample amount of gold on ebay without the buyer firstly checking the quality? The seller also adopts the risk of failed delivery. Who would entrust thousands worth of gold to be delivered by anyone other than themselves? You want to use delivery, then incur the extra costs of some kind of third party secure delivery which would most likely eat into your profit. This is why your gold being stored securely in a vault where you can execute a buy/sell at any time is handy.

Secondly, if you wish to sell your gold prior to the value dropping, building a reputation feels like a very slow method of cashing in. I am assuming that building a reputation takes months or maybe years. You run the risk of not being able to efficiently cash in on your gold investment prior to the value once again dropping. How do you build a reputation when you are a long term gold investor who stores physical gold under your mattress? A conversation at face value does not compete with a quality checked gold bullion bar stored and backed by something like brinks. 

[Abyss]

4 hours ago, Goldrushkid said:

Although, how can you truly sell an ample amount of gold on ebay without the buyer firstly checking the quality? The seller also adopts the risk of failed delivery. Who would entrust thousands worth of gold to be delivered by anyone other than themselves?

Want a quick exit strategy then sell to a dealer like Chards who are currently paying 2% below spot for Gold bullion. If I wanted to sell all my Gold right now I would phone Chards (already have an account with them) and inquire if they are willing to buy closer to spot value. When we have negotiated and locked in a price I could drive to the location of my safety deposit box collect all the Gold and drive straight to Chards all in less than 2 hours. The next working day funds deposited into bank account of my choosing. Bullion dealer have XFR machines take them seconds to verify purity of Gold bullion.

https://www.chards.co.uk/sellgoldandsilver

Very few assets in this world where you can liquidate your physical position as quickly and efficiently has having physical Gold. It would be a real shame for those who have chosen to invest in correct asset that has stood the test of time only to be left holding a claim on the asset in some vault rather than in their possession. In the next 5 -20 years holding Gold in third party vault maybe easier, quicker, better and faster but when circumstances in your life and you need the Gold to save your life or members of your family hopefully these circumstances not affecting large amount of population and the vault will honor paper contract you hold.

Couple of years ago united utilities had an issue and shutdown the water in our area for less than a week all the supermarket shelves water bottles were gone people getting upset and angry. Shortage of single commodity for short time frame you can first hand see insight into what a real SHTF scanario would unfold. Having physical Gold is the ultimate insurance policy but more than that, @Goldrushkid have you even held 1 oz Silver or Gold coin in your hand? Symbol of what real money represents and in this consumerism keeping up with the Joneses society may incentivise look at money and spending habits differently.

[5huggy]

2 hours ago, Abyss said:

What a quick exit strategy then sell to a dealer like Chards who are currently paying 2% below spot for Gold bullion. If I wanted to sell all my Gold right now I would phone Chards (already have an account with them) and inquire if they are willing to buy closer to spot value. When we have negotiated and locked in a price I could drive to the location of my safety deposit box collect all the Gold and drive straight to Chards all in less than 2 hours.

YEP - me too! 😉👍 and the Staff at @ChardsCoinandBullionDealer even make a cracking cup of coffee too!!