Gold confiscated

[Prophecy]

I think a lot of people in here forget WHY a government would want to confiscate, restrict, tax the hell out of gold. It's not like 1934 USA, it's more around releasing the value stored in the gold to get it into the economy. Also, democratic governments are more likely to go after whatever asset that they feel the population will give them the most permission to do so. Gold will come before real estate in that regard. No one will care if gold coins are banned.

[Prophecy]

1 hour ago, GoldenPhil said:

My wife has a 24k ring. It's as soft as chocolate on a summers day. The necklaces wouldn't be for use just to keep away from the government gold snatchers lol

I've heard a Kerry Gold wrapper is great for bars.

[GoldenPhil]

1 hour ago, Prophecy said:

I think a lot of people in here forget WHY a government would want to confiscate, restrict, tax the hell out of gold. It's not like 1934 USA, it's more around releasing the value stored in the gold to get it into the economy. Also, democratic governments are more likely to go after whatever asset that they feel the population will give them the most permission to do so. Gold will come before real estate in that regard. No one will care if gold coins are banned.

Very true. Also by targeting gold coins and bars but not jewelry it means that very few people we be affected by it so it will pass into legislation easily. 

[Pete]

You can always exchange your precious soft gold ( that you fear might be taken by the state ) for silver with a great rate of exchange at the moment.
Even platinum if you can avoid the UK rip-off 20% VAT with both metals.

😎

 

[GoldenPhil]

A good point 

[Foster88]

I only have sovereigns and they’re only worth face value of £1 each. 😂

[GoldenPhil]

Do you have gold Sir?

All I have is £1 coins

[Goldhooked]

On a more serious note let’s say they did confiscate people’s gold but some people managed to hide theirs.  Would it actually be worth anything because who would risk buying it or taking it in trade?  Or would it be worth more because supply, albeit effectively on the black market, be scarce?

[GoldenPhil]

6 minutes ago, Goldhooked said:

On a more serious note let’s say they did confiscate people’s gold but some people managed to hide theirs.  Would it actually be worth anything because who would risk buying it or taking it in trade?  Or would it be worth more because supply, albeit effectively on the black market, be scarce?

Most likely a risky business 

 

[Goldhooked]

1 minute ago, GoldenPhil said:

Most likely a risky business 

 

So it’s likely that anyone risking keeping hold of theirs is more likely properly hiding it and hoping it’s still there when/if things return to normal!

[GoldenPhil]

Hence the gold jewellery diversification idea. Previously only bars and coins have been targeted. 

[Melon]

I'm not sure enough people hold gold bars/coins to make this a worthwhile policy. What may seem like a massive hoard to us would be a drop in the ocean to a government. 

[GoldenPhil]

To start with add up all the sovereigns ever issued

[MancunianStacker]

Keep to coins of your own realm, they won’t touch it says Jim Sinclair

 

[Prophecy]

I believe only one person was actually charged after the 1934 US act on gold. Most of the rest just stayed put or was sold overseas.

[Arganto]

13 hours ago, MancunianStacker said:

Keep to coins of your own realm, they won’t touch it says Jim Sinclair

 

What a fascinating assessment of the global debt problem and what the current circumstance has done for it. Interesting to see other perspectives, thanks for the post.

[silvernewbie]

24kt jewellery is too soft, but 22ct ie Asian Gold, is durable and a great investment.  The problem is UK jewellers charge VAT and high labour charges whereas places like Dubai and Asia are much cheaper to buy Gold, so a trip will pay for itself.  

[freefall]

The UK government has been seizing gold, tonnes of it. The Bank of England refused to release Venezuela's gold because they don't like the incumbent president and prefer to opt for the US backed coop leader. There is thousands of tonnes of other peoples gold in vaults in London and New York. Whilst I don't think nations that are allies would ever get the Venezuela treatment its possible in dire straights the UK government could seize gold from ETF'S or other financial institutions and settle in cash or bonds.

https://www.cityam.com/going-gold-bank-england-became-battleground-venezuela/

"Initially, the Bank cited “operational reasons”, saying the necessary insurance and shipping arrangements could not be put in place"

Considering this article was written in February 2019 the above quote sounds eerily similar to the soundbites being put out right now as to why there's a shortage of physical gold right now. Funny that, makes you wonder. 

[freefall]

Just now, silvernewbie said:

24kt jewellery is too soft, but 22ct ie Asian Gold, is durable and a great investment.  The problem is UK jewellers charge VAT and high labour charges whereas places like Dubai and Asia are much cheaper to buy Gold, so a trip will pay for itself.  

If you want to buy gold jewellery in the UK head to an area that has a large Indian or Pakistani population and you'll find some of the most stunning 22 carat jewellery sold by the gram for a reasonable mark up. Obviously you have to pay for the labour cost, overheads and VAT but I managed to buy a chain for 58% over spot 18 months ago from this London jewelers. https://www.minarjewellers.com/

I also bought some gold jewellery in Jaipur, India recently. Proceed with caution in India though, stick to the big names and know what your buying. The spot price of gold in India is always higher due to gold import tax (~10% I think) and it also varies by region. Even accounting for that, the cost of labour is lower so its still a bargain. Haggle hard every time and pay with foreign currency and you'll get a decent discount from the initial price. 

[OriginalS]

Couldn't you just put your sovereigns in pendant mounts, instantly turn bullion into jewelry

[Arganto]

Time to start trawling eBay for some cheap ass pewter mounts...maybe lash together a load of old scrap with a soldering iron to hold a bunch of 1oz'ers

😉

[GoldenPhil]

If I was writing the law I would say "all unhallmarked gold" 

[silvernewbie]

1 hour ago, freefall said:

If you want to buy gold jewellery in the UK head to an area that has a large Indian or Pakistani population and you'll find some of the most stunning 22 carat jewellery sold by the gram for a reasonable mark up. Obviously you have to pay for the labour cost, overheads and VAT but I managed to buy a chain for 58% over spot 18 months ago from this London jewelers. https://www.minarjewellers.com/

I also bought some gold jewellery in Jaipur, India recently. Proceed with caution in India though, stick to the big names and know what your buying. The spot price of gold in India is always higher due to gold import tax (~10% I think) and it also varies by region. Even accounting for that, the cost of labour is lower so its still a bargain. Haggle hard every time and pay with foreign currency and you'll get a decent discount from the initial price. 

yeh I have been to those asian gold shops in the past but prices are too high.  I got a thick chain from Dubai a few years back for 15% markup and am looking for a 130g Gold curb chain so it will be worth going abroad for the saving.  Im hoping Gold prices fall a bit as currently they are through the roof.  

[MancunianStacker]

Thai gold (around 23k) is a great buy as jewelry since the prices are fixed based off spot at all gold jewelers so you can find great deals. Much better than the 22k Asian jewelers in 🇬🇧.

Of course if you wanted them hallmarked in 🇬🇧 they would be marked as 22k even though they are closer to 24k.

Take your better half’s to Thailand next year and hit China town’s gold area.

All explained here - https://thailand505.com/ultimate-guide-to-buying-gold-in-thailand/

Most jewelry at the best prices are 2nd hand and have just been bought and sold as semi-bullion pieces themselves for weddings over the last hundred years.

Wifey has a few nice pieces but she never wears them unless for a very special occasion. 

 

[silvernewbie]

6 hours ago, MancunianStacker said:

Thai gold (around 23k) is a great buy as jewelry since the prices are fixed based off spot at all gold jewelers so you can find great deals. Much better than the 22k Asian jewelers in 🇬🇧.

Of course if you wanted them hallmarked in 🇬🇧 they would be marked as 22k even though they are closer to 24k.

Take your better half’s to Thailand next year and hit China town’s gold area.

All explained here - https://thailand505.com/ultimate-guide-to-buying-gold-in-thailand/

Most jewelry at the best prices are 2nd hand and have just been bought and sold as semi-bullion pieces themselves for weddings over the last hundred years.

Wifey has a few nice pieces but she never wears them unless for a very special occasion. 

 

I have bought 1 baht Gold bars in China Town in Bangkok, but their Gold jewellery is thrash.  Aesthetically are are not great designs and scratched from being thrown around, as Thai's see it more as an investment rather than how it looks.  Also its hard to find sizes and specific weights.