Sovereign stacking success

[SidS]

44 minutes ago, ant1882 said:

Then he sold it all for next to nothing.

He ****ing did! Still I'm not bitter about it... 😖

[Britannia47]

Gordon Brown - Best Chancellor ever!  Typical Socialist raiding the Nations Piggy Bank.

In 1999 sold off 401 tonnes (58% of our gold) for a few piddling $s, €s and Yen. At average of $275 per oz

Lost Billions. Nice one Gordon!  Thanks SIDS for getting me going!!😤

[SidS]

4 minutes ago, Britannia47 said:

Gordon Brown - Best Chancellor ever!  Typical Socialist raiding the Nations Piggy Bank.

In 1999 sold off 401 tonnes (58% of our gold) for a few piddling $s, €s and Yen. At average of $275 per oz

Lost Billions. Nice one Gordon!  Thanks SIDS for getting me going!!😤

It used to annoy me too, but on reflection that big sell off kept gold low, and I was buying in those days. So he helped me get the PM ball rolling.

Edited October 3, 2022 by SidS

[Stackem]

9 minutes ago, Britannia47 said:

Gordon Brown - Best Chancellor ever!  Typical Socialist raiding the Nations Piggy Bank.

In 1999 sold off 401 tonnes (58% of our gold) for a few piddling $s, €s and Yen. At average of $275 per oz

Lost Billions. Nice one Gordon!  Thanks SIDS for getting me going!!😤

By this calculation our reserves would hold enough gold to (very approximately) produce another 34 million sovereigns. Then assuming 500k sovs or gold equivalent produced a year from 1999 to 2022 would mean approx 11.5million sovs gone. Therfore our reserves would currently only contain another 22.5million sovs equivalent or roughly 50 years at 500k gold sovs or equiv a year until we run out of gold 🤔 

 

As I said very rough calcs there but interesting to think about. What will we do when it's gone and how will that affect our gold prices. Particularly looking at national debt increasing removing likelihood of more gold coming in

[SidS]

3 minutes ago, Stackem said:

By this calculation our reserves would hold enough gold to (very approximately) produce another 34 million sovereigns. Then assuming 500k sovs or gold equivalent produced a year from 1999 to 2022 would mean approx 11.5million sovs gone. Therfore our reserves would currently only contain another 22.5million sovs equivalent or roughly 50 years at 500k gold sovs or equiv a year until we run out of gold 🤔 

 

As I said very rough calcs there but interesting to think about. What will we do when it's gone and how will that affect our gold prices. Particularly looking at national debt increasing removing likelihood of more gold coming in

I don't think they use the reserve gold for sovereigns (I may be wrong of course) - the reserve gold is held by the Bank of England, not the Royal Mint.

I assume the RM source gold every year for the sovereigns they mint.

[Stackem]

11 minutes ago, SidS said:

I don't think they use the reserve gold for sovereigns (I may be wrong of course) - the reserve gold is held by the Bank of England, not the Royal Mint.

I assume the RM source gold every year for the sovereigns they mint.

Even if this is the case, surely the RMs only supplier would be the bank of England? Sourcing elsewhere would require large premiums to pay for the import. This could be the case with higher premium coins such as brits but with the low premiums on sovs surely they would lose money if sourced elsewhere 

[GoldStatue]

1 hour ago, Stackem said:

Even if this is the case, surely the RMs only supplier would be the bank of England? Sourcing elsewhere would require large premiums to pay for the import. This could be the case with higher premium coins such as brits but with the low premiums on sovs surely they would lose money if sourced elsewhere 

RM don't even make the gold planchets anymore, I believe they buy them off of the Perth Mint.

They always go on about the Labour government of the 2000's and the war in Iraq but Gordon Brown selling off the nations gold is hardly ever mentioned, that was a travesty.

Great lets hold a load of different currencies all inflating away to zero at differing rates instead of gold, future generations will really thank you for doing that!

 

[SidS]

1 hour ago, GoldStatue said:

RM don't even make the gold planchets anymore, I believe they buy them off of the Perth Mint.

They always go on about the Labour government of the 2000's and the war in Iraq but Gordon Brown selling off the nations gold is hardly ever mentioned, that was a travesty.

Great lets hold a load of different currencies all inflating away to zero at differing rates instead of gold, future generations will really thank you for doing that!

 

Canada really went all in on selling the gold, and their government was proud of it!

[GoldStatue]

14 minutes ago, SidS said:

Canada really went all in on selling the gold, and their government was proud of it!

To be fair the Canadians can probably afford to sell their gold reserves and not sweat too much, they're one of the biggest producers in the world. I'm not sure if the UK gold panning clubs could really fill up the BoE storage vault with much 😀

 

Anyhow to answer the OPs original question, probably the two biggest hurdles to stacking sovereigns for me has always been the nagging feeling I'm always buying at the top of the market and how easily I'm distracted from my primary intention of filling up tubes of sovereigns and veering off and buying proofs.

 

[Stackem]

4 hours ago, GoldStatue said:

RM don't even make the gold planchets anymore, I believe they buy them off of the Perth Mint.

They always go on about the Labour government of the 2000's and the war in Iraq but Gordon Brown selling off the nations gold is hardly ever mentioned, that was a travesty.

Great lets hold a load of different currencies all inflating away to zero at differing rates instead of gold, future generations will really thank you for doing that!

 

🤣🤣

[CANV]

In the overall scheme of UK governments spaffing  our money away. The gold fiasco was one of the smaller ones .  
but it’s easily the one that makes you want to punch him in the face the most 

[MonkeysUncle]

On 02/10/2022 at 21:04, modofantasma said:

None of us here own any precious metals. Even those that might have a history of buying it... All been lost

I will admit to having some Iron Maiden records from my yooof in the loft. Not sure if they're precious metals?

May be relatively safe in a boat, they might float...

Edited October 11, 2022 by MonkeysUncle
Damn you autocorrect!

[MonkeysUncle]

On 03/10/2022 at 10:07, Britannia47 said:

Gordon Brown - Best Chancellor ever!  Typical Socialist raiding the Nations Piggy Bank.

In 1999 sold off 401 tonnes (58% of our gold) for a few piddling $s, €s and Yen. At average of $275 per oz

Lost Billions. Nice one Gordon!  Thanks SIDS for getting me going!!😤

Second best Chancellor ever.

Someone needs to get the current eejit a Casio calculator and a GCSE maths tutor before he collapses this country. Twice in a fortnight the BoE had had to try an undo his sh£%&#£%#ry!

[SidS]

10 hours ago, MonkeysUncle said:

I will admit to having some Iron Maiden records from my yooof in the loft. Not sure if they're precious metals?

May be relatively safe in a boat, they might float...

I've got a few of those too! However, I'm not sure they're worth any more than I paid for them to be honest.

[Stuntman]

My first ever gig was Iron Maiden, back in 1984.  And I saw them at the Hammersmith Odeon in 1986 and caught one of Nicko McBrain's drumsticks.  I still have it, in my study.

Apologies for the thread derailment. 

Up until now I have mostly been a collector of specific modern bullion coins and bars, but I would stack bullion sovereigns and double sovereigns.  I have a few spares as part of my stack and will possibly look to add some more next year.  Thus far I have only bought the current year coins for my stack, new from reputable dealers.