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Spadesasspade comment are a little perplexing? It's like saying shut up about buying iphones on a Apple share discussion board?
Isn't it reported that JPM are one of the biggest holders of physical silver, so if they could have shorts for a time and then buy cheap physical and win on the shorts too and then stop the shorts and benefit from the possible price rise thereafter? They have been prosecuted for fixing so you can only argue it's no longer happening not that all the talk here is BS https://www.justice.gov/opa/pr/jpmorgan-chase-co-agrees-pay-920-million-connection-schemes-defraud-precious-metals-and-us
Hi SAS. My post was in response to a question from another poster. My posts are usually headed under POG giving everyone the opportunity to skip past if not interested. My involvement with GGP is not due to my interest in mining but my faith in the fact that gold is the real deal as far as a currency is concerned. Gold is our main asset so its price is of paramount importance, CU is looking rather interesting as well (wonder where all my old copper pennies are). ATB Speedy
Not sure what side of the bed SaS got out of this morning, but I for one have no problem with Speadie providing information of the PM market when asked. Carry on regardless Speadie, your posts are appreciated by many on this board and visitors as far as I can tell.
ATB
Carry on Speedie, it's all relevant one way or another re the POG and GGP, enjoy your posts, find the whole concept of Basel 111 very interesting . Let's hope despite the London Bullion markets recent stance to wriggle out of Basle 111 for now, the rest of the world begin to address the problem re 'Paper Gold' :O)
Same, keep doing what you are doing speedie, you add far more value than most of the chaff i have to sift through every evening.
I'll second that Midnight.toker!
I enjoy speedy's posts, makes a change from some of the drivel posted here
Tip: I have learned over the years how to ignore things I am not interested in and concentrate on things that I am
Oh another pet hate I have is checking my stupid post AFTER I have posted and noticing all the errors! Why do we do this?
To be fair to speedy I was the the one who originally started this thread due to it beind a mainly gold base company I assumed it would be ok to do so? Not actually sure what the issue is tbh as I'd rather read these types of threads than some of the other rubbish posted? Obviously people want to talk about GGP due to it being GGP's board but surely its ok to go off topic as such now and again?
Spadesaspade. I made the same comment 9 months ago. No disrespect Speedy but it changed nothing as such certainly this year the BB is nothing more than a social club and some to seek admiration
Speedymeadie - I'm sure I am not the only one here, whether being a LTH or not, but after almost 3 years of you constantly chatting about gold & silver coins, I for one have had enough. Anyone would think you were a salesman for Atkinsons or some other bullion establishment on commission for the amount of time you speak about coins etc.
This BB is supposed to be about GGP and topics associated with them.
I have nothing against you personally, but can't you do as zoros does, and chat directly with the people who are interested in purchasing coins that you so very very often post about on here.
ATB
I agree speedy, these convos are interesting, I dont understand much of it but its far better than constantly reading people argue and mention that effing green bin! Have some poeple not got it in them to just ignore? Ah well we are all different but the more convos like this the better along with the GGP info based convos even if the vast majority are just speculaltion and assumptions. A pet hate of mine is price predictions, I admit to doing it myself in the past but its a fools game imo.
Hi Starbright. I would just like to add that it is a pleasure to have an open and civilised debate with you. It is a shame that others find it impossible to share their opinions and thoughts without conflict. ATB Speedy
Hi Starbright. If you study the COT report for the COMEX it is there for all to see in black and white and is 100% not debatable. JPM. HSBC. Standard Charter. GS are the 4 big shorts holding $30 billion plus naked shorts. The LBMA is 10 times bigger than the COMEX and is run by these same banks. Bank of America alone are $150billion in hock to JPM. This is small fry compared to the banks assets. All these positions will carry a 15% haircut if not cleared in the new year and will be uneconomical to maintain in the future. This is not PI stuff this is backed up by discussion at the highest level in the PM space. The last thing i want is to accept your humble pie, that is not what i am about. The changes coming in the derivative market place will be game changing not just for gold and silver but all forms of trading. The changes coming may or may not result in a higher price for our asset, you know where my bet is placed. ATB Speedy
@speedymeadie - the conjecture is your statement that the "...gold/silver price is being held down to help...". This is only a hypothesis as to price action in PM's. It is a hypothesis repeated often in the PI world, but the plural of anecdote is not fact. The hypothesis attracts little support from professional investors other than those who also happen to be salespeople for PM businesses. It's too great a stretch for me because I don't believe that the mainstream banks cited have aggregate unhedged & undisclosed exposures remotely approaching the magnitude required for it to hold true. Nor do I believe that the level of capital and collusion that would be required is achievable.
If you are correct, we'll find out in early next year and I will eat a humble pie hat for you..!
Hi Starbright. My statement that bullion banks "are trying to close their shorts" has been proven over and over again. The action in the gold market is counter intuitive to such an extent that there is no other explanation. Many banks have been fined millions for price rigging. With the implementation of Basel111 in the UK (the biggest gold market LBMA) by Jan 2022 it will be unprofitable for the banks to trade naked, PROBABLY leading to the end of the price fixing. It is up to you to act on this or not. My money is on a much higher price and i see a reaction in our SP and a significant uplift to my physical PMs. Place your bets. ATB Speedy
@speedymeadie - I enjoy your contributions here, but wish you would distinguish more clearly between fact and conjecture. Especially when responding to (obviously) inexperienced posters.
Your first three sentences are conjecture. They represent your opinion, and could have been flagged to indicate this. “MANY BELIEVE that the gold/silver price is being held down to help the bullion banks reduce their short exposure($450billion ). This MAY be resolved early in the new year and all pointers are for a much higher price. To take advantage of the coming profit potential, ANOTHER OPTION MIGHT BE to invest in GGP.”
The remainder of your response is very factual and contains some good advice.
Please don’t take this as a criticism. It’s really just an illustration of a general point - that experts should always distinguish clearly between facts (what they know) and conjecture (what they think). This discussion board is full every day of posters presenting entirely unevidenced claims as cast-iron facts. The endless posts on “shorters closing” are a prime example. All it takes is a little precision with language.
Thanks for the replies
As above really, I hold physical coins for the longterm, I have these as either fall back money (emergency etc) or hopefully to pass down.
They are a definite solid investment, I've been holding them over 20 years and have seen much upside to recognise the importance of holding. I'd sell my house before these incase of financial difficulty.
Hi Spoonkey. The gold/silver price is being held down to help the bullion banks reduce their short exposure($450billion ). This will be resolver early in the new year and all pointers are for a much higher price. To take advantage of the coming profit potential the best way is, by far, to invest in GGP. The main reason for holding physical PMs is to protect purchasing power and reduce counterparty risk. Silver brits are a good way to get exposure to this market but entry prices make it a long term hold due to the VAT and high premiums (40% in some cases) Gold brits and sovs are much better shorter term. Avoid bars and any other coins for tax reasons. Regular purchases weekly, monthly or yearly and storing at place of purchase is highly recommended. ATB Speedy
I never thought about buying in tranches throughout the year, my idea was to buy so many per each year but your point makes more sense due to price fluctuations so thanks for that. I had a chance to buy 4 Krugerrands a few years back but didn't have the spare money to do so! I may go the route of 1 sovereign and 1 Brittania over the year and maybe mix in a few silvers? Ty
speedy is the expert here, so he will probably be more helpful than me.
However, bars are less expensive per oz. (the bigger the cheaper per oz) but if you need quick cash at any point in time and do not want to go around with a bar, then coins are more adequate. Same logic with gold vs. silver.
Also, best to not keep them at home if you are planning to buy a substantial amount. If you keep some at home, hide in different places and do not tell anyone you got some. Do not do too many places though, you will forget. Better good places than too many.
In regards to the current price, perhaps divide your investment in a few tranches. I.e if you are planning to put 1000 GBP, buy 100 GBP worth every month, or 300 a quarter, etc.
One last thing: Britannias 2021 are a beauty.
I've got quite a bit of "Scrap" Gold such as chains rings etc which I bought from various people back around 2013 and also a sovereign which I paid £215 I think? I just wanted an idea if its worth actually buying silver coins or bars as I'll be buying gold coins more now but with the VAT on silver its not overly attractive. I do understand your price variation comment though, I think I'm just to greedy or overly cautious! :)
Spoon, l don’t have any but l do know people who buy physical to hang onto as a long term hedge, so you can’t pay too much attention to daily price variations, lf you buy it’s because you believe it it will be higher in a year or two
To try and change the tone does anyone have any thoughts on buying silver and gold coins now? I was going to buy some, my basket was £536 but decided not to press buy, within hours it was £524 so it made me hold off which I seem to have a bad habit of doing lately!
The coins were:-
5 x Mixed Dates 1oz Britannia Silver Coins
2021 1oz Britannia Silver Coin
2022 1oz Britannia Silver Coin
1 x Mixed Dates 1oz Canadian Maple Leaf Silver Coin
2021 Sovereign Elizabeth II Gold Coin
Thoughts and tips on best things to buy coin wise would be appreciated.
Tyia