Gold

el diablo · 14-01-2017 04:35AM

amens wrote: »

Anyone predicting the exact timing of a collapse is a fool. The fundamentals of the current system are unsound but it has lasted already far longer than many have predicted. Confidence is lost gradually at first and then rapidly. Unfortunately for most physical gold will not be affordable or available in the rapid phase. So stock up now and wait. What are you going to do instead? Buy overvalued stocks or put money in savings accounts offering low interest? Unlike these gold has no counter party risk.

Are you one of these "gold will reach $10,000/Oz" people?

amens · 14-01-2017 06:00AM

Gold could have any value in nominal terms. What that $10k in an inflated currency would buy you at that stage is another matter. Gold is about preserving current purchasing power into the future beyond the capital destruction that is to come rather than a way to get rich.

el diablo · 14-01-2017 03:58PM

amens wrote: »

Gold could have any value in nominal terms. What that $10k in an inflated currency would buy you at that stage is another matter. Gold is about preserving current purchasing power into the future beyond the capital destruction that is to come rather than a way to get rich.

Yes, you're right. The fiat currencies will eventually collapse. They can only be artificially propped up for so long.

Roonbox · 22-01-2017 06:51PM

el diablo wrote: »

Yes, you're right. The fiat currencies will eventually collapse. They can only be artificially propped up for so long.

That may be true but I have been hearing people say this i the year since 2008. In the mean time there are other ways to make money

worded · 22-01-2017 06:59PM

A lot of pro gold people are extreme thinkers and some conspiracy entuasists.
Currencies will collapse etc ... Trump goes mad

I can see how it could be an idea to hold some physical gold along with beans and shotguns but there has been a lot of scaremongering for years now

worded · 22-01-2017 07:03PM

amens wrote: »

Gold could have any value in nominal terms. What that $10k in an inflated currency would buy you at that stage is another matter. Gold is about preserving current purchasing power into the future beyond the capital destruction that is to come rather than a way to get rich.

Currency Debasement. Inflation destroys value and it good to have € in something that keeps its value. But is it gold? It's hasn't done well in recent years. long term investment perhaps / perhaps not, no one knows

James Bond Junior · 10-05-2017 03:11PM

Having recently bought into a AVC pension scheme in addition to my public service pension it's got me thinking on how to maybe diversify my pension going forward. I was thinking about buying physical gold as opposed to holding a dedicated savings account. I've a fair few Irish contacts in the Middle East whom want to get money home ie from dirhams into Irish euro accounts. Would them getting me small amounts of gold twice a year in exchange for euro at home be a prudent way to use my long term savings a little differently?

Empty_Space · 19-03-2020 05:25PM

Where is the best place to buy gold?

I was looking at Goldmoney to store remotely and maybe Europeanmint to buy physical.

el diablo · 20-03-2020 02:35AM

Empty_Space wrote: »

Where is the best place to buy gold?

I was looking at Goldmoney to store remotely and maybe Europeanmint to buy physical.

Maybe check out these guys:
https://www.goldcore.ie/

Or Bullion Vault are reputable for storing remotely.

amens · 20-03-2020 10:30AM

By the time you have a crisis it's always more difficult to get your hands on the gold and the premia are going to be much higher. It's interesting to see that in a crisis the paper price of gold can fall while there is enormous demand for the physical metal. I've only bought gold from german dealers as you can always see their prices on the website and the premium was typically about 3%. You'd have to ring up many of the irish ones to make an order and they were way dearer. The german ones are sold out anyway for the moment. I've some silver with bullionvault. It's of course much easier to buy metals that way but if you don't have it in your vault do you really have it is the question.

Empty_Space · 20-03-2020 10:31AM

amens wrote: »

By the time you have a crisis it's always more difficult to get your hands on the gold and the premia are going to be much higher. It's interesting to see that in a crisis the paper price of gold can fall while there is enormous demand for the physical metal. I've only bought gold from german dealers as you can always see their prices on the website and the premium was typically about 3%. You'd have to ring up many of the irish ones to make an order and they were way dearer. The german ones are sold out anyway for the moment. I've some silver with bullionvault. It's of course much easier to buy metals that way but if you don't have it in your vault do you really have it is the question.

You can still buy gold at goldmoney.com though. Yes, its stored in their vault but only .5 percent premium.

amens · 20-03-2020 10:44AM

Empty_Space wrote: »

You can still buy gold at goldmoney.com though. Yes, its stored in their vault but only .5 percent premium.

So they say, so they say. I meant your vault at home or a hole in the ground. Bullionvault are 0.5% to buy and 0.12%/year storage fee over a minimum amount.

Empty_Space · 21-03-2020 01:52PM

amens wrote: »

So they say, so they say.

Can you explain what you mean?, vague answers really arent helpful.

Murts-Rig · 21-03-2020 08:12PM

Anyone taking a punt on Gold once the Market bottoms out and the margin calls calm down?

Could be a solid hedge against the trillions of QE dollars/euros coming our way over the next few months

Lex Luthor · 22-03-2020 09:53AM

el diablo wrote: »

Maybe check out these guys:
https://www.goldcore.ie/

Have you used them or anyone else you know of?

Not that many reviews online about them, their price at the moment for 1oz Perth Mint bars seems to be a good bit cheaper than others in Dublin

Mach 3 · 22-03-2020 10:41AM

Dubai airport duty free sells gold, the trays of coins and bars are a novel experience.
Just over $200 an ounce premium on spot price the last time I passed through.
Some will pay the premium just to sleep better at night.

Lex Luthor · 22-03-2020 02:12PM

Murts-Rig wrote: »

Anyone taking a punt on Gold once the Market bottoms out and the margin calls calm down?

Could be a solid hedge against the trillions of QE dollars/euros coming our way over the next few months

there is a big possibility of hyper inflation over the next few years

I thought about this for an idea...say you have a mortgage of 100k outstanding

You buy 10k of gold at todays prices and after many years of high inflation the gold is valued a lot more but your mortgage balance stays at 100k less your payments

You could potentially pay off a lot more of your mortgage with the inflated gold price price than you would with the 10k

any thoughts?

dxhound2005 · 22-03-2020 02:20PM

Hyperinflation is defined as prices rising by 50% or more every month.

Mach 3 · 22-03-2020 02:29PM

Lex Luthor wrote: »

there is a big possibility of hyper inflation over the next few years

I thought about this for an idea...say you have a mortgage of 100k outstanding

You buy 10k of gold at todays prices and after many years of high inflation the gold is valued a lot more but your mortgage balance stays at 100k less your payments

You could potentially pay off a lot more of your mortgage with the inflated gold price price than you would with the 10k

any thoughts?

The interest rate on the 10k will be huge if you get hyperinflation.

el diablo · 22-03-2020 04:32PM

Lex Luthor wrote: »

Have you used them or anyone else you know of?

Not that many reviews online about them, their price at the moment for 1oz Perth Mint bars seems to be a good bit cheaper than others in Dublin

I haven't used them but they've been around for a long time and appear to be reputable.

adam88 · 22-03-2020 11:17PM

Mach 3 wrote: »

Dubai airport duty free sells gold, the trays of coins and bars are a novel experience.
Just over $200 an ounce premium on spot price the last time I passed through.
Some will pay the premium just to sleep better at night.

New to all of this and curious,,,, why would they sleep easier having paid a premium??? Is it because they have the physical product

adam88 · 22-03-2020 11:18PM

Lex Luthor wrote: »

Have you used them or anyone else you know of?

Not that many reviews online about them, their price at the moment for 1oz Perth Mint bars seems to be a good bit cheaper than others in Dublin

Hi, quick question. Why would you sleep easier ??

Mach 3 · 23-03-2020 07:25AM

adam88 wrote: »

New to all of this and curious,,,, why would they sleep easier having paid a premium??? Is it because they have the physical product

Because most gold bugs are nutters students of monetary history.

Lex Luthor · 23-03-2020 07:57AM

adam88 wrote: »

Hi, quick question. Why would you sleep easier ??

I didnt mention anything about sleeping easier

Low Energy Eng · 23-03-2020 12:11PM

Lex Luthor wrote: »

Have you used them or anyone else you know of?

Not that many reviews online about them, their price at the moment for 1oz Perth Mint bars seems to be a good bit cheaper than others in Dublin

I've used them to store the pms in the perth mint. They were very professional.
You can get free unallocated storage in Perth mint.

Klaudia. · 23-03-2020 08:11PM

goldcore doesn't have any stock of gold left. I tried to buy today.

pearcider · 23-03-2020 09:15PM

Mach 3 wrote: »

Because most gold bugs are nutters.

Gold bugs are usually students of monetary history. I always ask people who don’t understand gold why the US treasury holds 8000 tonnes of it in Fort Knox literally under guard by the oldest and longest established field army (1st Army) in the US... Never get a good answer...Ben Bernanke said it was because of “tradition”. Now if you believe that you’ll believe anything.

Mach 3 · 23-03-2020 10:49PM

pearcider wrote: »

Gold bugs are usually students of monetary history. I always ask people who don’t understand gold why the US treasury holds 8000 tonnes of it in Fort Knox literally under guard by the oldest and longest established field army (1st Army) in the US... Never get a good answer...Ben Bernanke said it was because of “tradition”. Now if you believe that you’ll believe anything.

Apologies, I didn't know. My bad.

Why do they keep gold in Fort Knox? Always baffled me that one.

Lex Luthor · 24-03-2020 04:19PM

Mach 3 wrote: »

Why do they keep gold in Fort Knox? Always baffled me that one.

If you think there's gold in Fort Knox..........

The security is basically to stop people finding out the place is empty

pearcider · 27-03-2020 02:28PM

Mach 3 wrote: »

Apologies, I didn't know. My bad.

Why do they keep gold in Fort Knox? Always baffled me that one.

Read up on Exters pyramid named after the famous central banker John Exter. Basically gold is the foundation of the financial system and when the credit bubble pops, which it always does, there will be a rush to gold. This happened twice in the 20th century once in 1930-1935 and again in 1970-1980 coinciding with the two major devaluations of the USD by Roosevelt and Nixon respectively.

In 1980 at the peak of the last gold bull market the monetary base of the US was backed by its gold reserves by 130%...today the backing is around 15% this implies a true valuation of gold of around 10,000 USD with a 100% backing.

Gold

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