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Buying gold and silver

  • 07-08-2011 9:12am
    #1
    Registered Users, Registered Users 2 Posts: 617
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    Hey,

    So I'm just about to buy some gold and silver using Goldmoney.com. basically I'm thinking of putting about 10% of my saving into this. The main reason is to put a bit of strength into my savings with all the uncertainty with the euro and the dollar.

    I know gold prices are higher than they have ever been.

    What do people think? Good idea or not?


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Comments

  • Closed Accounts Posts: 2,948 gizmo555
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    Dapos wrote: »
    Hey,

    So I'm just about to buy some gold and silver using Goldmoney.com. basically I'm thinking of putting about 10% of my saving into this. The main reason is to put a bit of strength into my savings with all the uncertainty with the euro and the dollar.

    I know gold prices are higher than they have ever been.

    What do people think? Good idea or not?

    Well, gold surpassed it's long-standing previous nominal dollar high of $850 from the 1980s early in 2008. Since then it has almost doubled in price, in both dollars and euros. If you said in 2008 that you shouldn't buy because it was higher than it had ever been, you'd have missed out on that 100% gain.

    In inflation-adjusted terms, the current price of about $1,660 is well below the 1980s high.

    So, IMO, there is plenty of scope for further upside and it would be sensible to allocate some of your investment funds to precious metals. 10% in gold was always the traditional advice. As for silver, you could do very well there too, but bear in mind its price is always much more volatile than gold's. Be sure you can tolerate the roller coaster ride if you do buy silver.


  • Closed Accounts Posts: 5,700 irishh_bob
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    Dapos wrote: »
    Hey,

    So I'm just about to buy some gold and silver using Goldmoney.com. basically I'm thinking of putting about 10% of my saving into this. The main reason is to put a bit of strength into my savings with all the uncertainty with the euro and the dollar.

    I know gold prices are higher than they have ever been.

    What do people think? Good idea or not?


    good idea for the simple reason that 10% is a relativley small amount of your net worth , at any time ( not just a crisis ) its a good idea to have at least 10% of your wealth in metals , you should be willing to leave it there for at least ten years ( if not twenty ) and should be prepared for big sell offs along the way


  • Registered Users, Registered Users 2 Posts: 84 aonoco
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    What about copper as an investment? I have heard the Chinese government are buying this like it is going out of fashion and apparently all the copper in the world could still not get every household in China on the electricity grid

    seems to be on the up 3.25 to 4.25 in the past 10 months

    i am thinking too about some savings in metal and whilst imagine gold will go up, think everyone is jumping onto that and that may have a balloon impact..is there any other metals out there that are critical to the next 20 years or so of technology and building, is there something in smart phones that is worth a fortune, hence the trading in old and broke phones


  • Registered Users, Registered Users 2 Posts: 60 RR2026
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    Where is the best place to buy Gold or Silver ?


  • Closed Accounts Posts: 5,700 irishh_bob
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    RR2026 wrote: »
    Where is the best place to buy Gold or Silver ?


    any of the following have offices in ireland

    goldcore
    goldbank
    goldbullion direct


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  • Closed Accounts Posts: 2,948 gizmo555
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    aonoco wrote: »
    What about copper as an investment? I have heard the Chinese government are buying this like it is going out of fashion and apparently all the copper in the world could still not get every household in China on the electricity grid

    Copper and other industrial metals are in a completely different category to precious metals and especially gold.

    Their prices are strongly correlated with overall economic performance in a way that gold in particular isn't.

    For an investment that's part precious metal, part industrial, you might consider platinum. The price of gold and platinum are as near as makes no difference at parity right now (Gold $1,709, Platinum $1,715). Historically, this has been a good entry point for platinum.

    plgc.png


  • Closed Accounts Posts: 4,678 I Heart Internet
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    I gotta agree with Gizmo555 here. Precious metals (gold, silver, palladium, platinum) have a different set of drivers to industrial metals (copper, iron). BUT many precious metals have significant industrial uses too - especially platinum. That they have different drivers is not to say that both can't advance together but economic turmoil tends to see precious metals emerge as attractive stores for wealth while industrial metals drift downwards and vice versa. That's a generalisation but you get the picture.

    Platinum at 1:1 with gold can be read in three ways
    a) It's a great time to buy platinum and watch as it is dragged up to 1.5:1 or circa 2.5:1 against gold (as it was in 2008) or
    b) Gold is overvalued and will fall to restore a "reasonable" level with platinum
    c) We are entering a new world order ;) where platinum will tend to be roughly the same price (or less than gold).

    A big proportion of platinum mined every year (60%?) goes into catalytic converters on vehicles. When vehicle sales pick up again (or sentiment changes and declares that even a minor pickup signals a recovery) then platinum could reap the benefits.

    My own opinion tbh (dyor, etc) is that platinum is a good buy now - a combination of a) and b) above are true/will happen.


  • Closed Accounts Posts: 3,010 Tech3
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    I would wait for the dip before jumping in on Gold at the minute.


  • Closed Accounts Posts: 5,700 irishh_bob
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    Tech3 wrote: »
    I would wait for the dip before jumping in on Gold at the minute.

    its noticable how silver is actually falling in value this past few days , usually tracks gold , could be a sign that the recent surge in gold stems from terrified johnny comelatley bandwagon jumpers entering the field , those kind of people tend to be fickle and could get off again anytime soon , i see a pull back of 100 euro an ounce on gold , levelling off around 1150 , it hovered around 1050 for the 1st eight months of the year


  • Closed Accounts Posts: 4,029 shedweller
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    JP Morgan would think otherwise:http://www.cbc.ca/fp/story/2011/08/08/5223337.html
    But then, it's speculation so we'll have to see.


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  • Closed Accounts Posts: 2,948 gizmo555
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    irishh_bob wrote: »
    i see a pull back of 100 euro an ounce on gold , levelling off around 1150 , it hovered around 1050 for the 1st eight months of the year

    Could easily happen - there's been a trading range of $93 this week alone, and we're only three days into it . . .

    That said, the summer months are traditionally when seasonal lows are seen, with prices tending to rise into the autumn & winter. I'd say it's just as likely that people waiting for that seasonal pullback for an entry point will give up and buy.


  • Closed Accounts Posts: 5,700 irishh_bob
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    gizmo555 wrote: »
    Could easily happen - there's been a trading range of $93 this week alone, and we're only three days into it . . .

    That said, the summer months are traditionally when seasonal lows are seen, with prices tending to rise into the autumn & winter. I'd say it's just as likely that people waiting for that seasonal pullback for an entry point will give up and buy.


    used to be the case that a stock market rally would coincide with a drop in old price , hasnt happened today , gold well up again


  • Closed Accounts Posts: 1 KILLANNY


    Hey i had some dealings with goldbank.ie .
    The items did eventually arrived three weeks after the agreed date, even though the price had being set they insisted on being paid extra, The salesman i had dealings with was both rude and condescending.

    Buyer beware.!


  • Registered Users, Registered Users 2 Posts: 1,145 lolo62
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    anyone bought silver outside ireland avoiding 21% vat?


  • Closed Accounts Posts: 620 SyntonFenix
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    It's 7% in Germany.


  • Closed Accounts Posts: 2,948 gizmo555
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    lolo62 wrote: »
    anyone bought silver outside ireland avoiding 21% vat?
    It's 7% in Germany.

    If you're content not to hold physical silver, products like the Perth Mint Certificate or the various silver ETFs such as SLV are not subject to VAT.


  • Registered Users, Registered Users 2 Posts: 1,145 lolo62
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    @ SyntonFenix so if i buy silver from germany ill pay 7% vat and post wtih no further surprise charges?

    @gizmo555i like the sound of paying no vat at all but i dont know if i could live with not having it in my possession...do you know anyone who has gone this route and found it to be ok?

    thanks guys :)


  • Closed Accounts Posts: 620 SyntonFenix
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    Other people in this forum imported silver. I haven't bought and imported silver so I couldn't tell you.


  • Closed Accounts Posts: 2,948 gizmo555
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    lolo62 wrote: »
    @gizmo555i like the sound of paying no vat at all but i dont know if i could live with not having it in my possession...do you know anyone who has gone this route and found it to be ok?

    I don't personally know anyone invested in the ETFs or Perth Certs, but many people do use them - for example, SLV has a market cap of about US$9bn.

    Whether they are for you depends on your aims. If you want silver as insurance against really extreme financial turmoil, maybe only physical possession would suit you. Don't forget though, that brings its own risks in terms of securely storing your investment.


  • Closed Accounts Posts: 620 SyntonFenix
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  • Registered Users, Registered Users 2 Posts: 89 Corkboi
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    I bought 150 Ounces of Silver (American Silver Eagles) from thesilvermountain and had them shipped home with no VAT. 31euro an ounce. 57 euro shipping and handling and 10euro tax.


  • Registered Users, Registered Users 2 Posts: 836 uberalles
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    Corkboi wrote: »
    I bought 150 Ounces of Silver (American Silver Eagles) from thesilvermountain and had them shipped home with no VAT. 31euro an ounce. 57 euro shipping and handling and 10euro tax.

    Whats their www?

    Thanks


  • Registered Users, Registered Users 2 Posts: 89 Corkboi
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    uberalles wrote: »
    Whats their www?

    Thanks

    www.thesilvermountain.nl

    Sorry, I didnt put it up earlier not sure what the rules are for links.....:o


  • Registered Users, Registered Users 2 Posts: 113 bogwarrior
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    corkboi , thanks for posting that link , was looking for something like that .
    great for small amounts .
    you can buy small amounts from gold bank.ie , but only phillies .
    :)


  • Registered Users, Registered Users 2 Posts: 784 bacon?
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    I'm pretty sure you're not charged VAT if you buy online, from bullionvault for example.

    There's also goldmoney, but I've found bullionvault cheaper.


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