Stop Buying Gold!!!

baby_boomer

Yant1 wrote: »

for the sake of the country take the 1 billion pound you have under your mattresses and pop it into your British bank (50K limits providing for the ultra paranoid

And in the meantime lobby to change our daft FSCS scheme.

Observer

At the moment if First Bank of Nigeria (credit rating only BB) is a victim of the credit and currency crisis, it will be British banks and building societies which will have to pay for the mess it makes for UK savers.

ICICI is only BBB and if it got into trouble, the same would apply and the rest of us would again have to pick up the tab, via poorer rates in future, for those who currently chase the top rates with foreign banks.

Count_Dante

Sapphire wrote: »

I've been thinking this way for a while now. I am avoiding buying imported food wherever possible, and have in fact found that the quality of some British fruit especially is much better than that of imported fruit. I'm thinking of the applies I've been buying in quite good value big bags in Sainsbury's recently – the fruit is really tasty, perhaps because it is fresher than imported applies?

As for holidays in Britain – I remember from my childhood how much fun they were, even when the weather was nothing much to speak about. Long walks in the most beautiful countryside in Devon and Herefordshire, with not a person in sight, rock-pooling on the south coast... It was really fun – children do not need (or even like) very hot weather.

As an adult, I find that the British countryside is still in many places quite heavenly – we just don't appreciate it because it is familiar, perhaps...

That's because British apples are in season now. If you were unlucky enough to buy British apples a few months ago they would have tasted vile.

Count_Dante

baby_boomer wrote: »

And in the meantime lobby to change our daft FSCS scheme.

Observer

At the moment if First Bank of Nigeria (credit rating only BB) is a victim of the credit and currency crisis, it will be British banks and building societies which will have to pay for the mess it makes for UK savers.

ICICI is only BBB and if it got into trouble, the same would apply and the rest of us would again have to pick up the tab, via poorer rates in future, for those who currently chase the top rates with foreign banks.

I would like to know if dodgier banks have to pay more to the FSCS scheme. If they don't then there is a big problem.

Baldur

Count_Dante wrote: »

I would like to know if dodgier banks have to pay more to the FSCS scheme. If they don't then there is a big problem.

FSCS funding is outlined here - http://www.fscs.org.uk/industry/funding/

baby_boomer

Can a bank ever leave the scheme, and in what circumstances - apart from bankruptcy?

Would it have to have to hand of its UK savers to the government or transfer them to another protected institution a la Kaupthing to ING?

tradetime

Stop Buying Gold!!!

Absolutely agree, I need an entry price so let it fall

mymatebob

There was a chap on the radio the other day doing his buy British rant.
He was advocating the Land Rover Discovery as an example of a well built, quality, reliable, if pricey, British product.

how helpful I thought.
Poor mpg, wont fit into my garage and entry level price of over 4 times as much as a small practical economical car.

Masomnia

My concern with gold is this. Do correct me if I'm incorrect.

We've seen high inflation, markets falling, so investors retreat to commodities ie gold. Presumably for the first time this has included 'amateur' investors such as you and me on this kind of scale. Surely this pushes the price artificially high? ie. speculation on the increasing value, as happened with oil.

So in a few months, we go into recession, inflation comes back under control and markets begin to recover. At this point won't the professionals pull out of gold, going back into equities? Taking their billions of dollars with them. Price plummets, and the little guy (you and me) loses out as we didn't pull out in time.

N'est pas?

tradetime

Masomnia wrote: »

My concern with gold is this. Do correct me if I'm incorrect.

We've seen high inflation, markets falling, so investors retreat to commodities ie gold. Presumably for the first time this has included 'amateur' investors such as you and me on this kind of scale. Surely this pushes the price artificially high? ie. speculation on the increasing value, as happened with oil.

So in a few months, we go into recession, inflation comes back under control and markets begin to recover. At this point won't the professionals pull out of gold, going back into equities? Taking their billions of dollars with them. Price plummets, and the little guy (you and me) loses out as we didn't pull out in time.

N'est pas?

Just some observations, no recommendations we have seen above normal inflation, not high inflation take look at the late 70's early 80's for high inflation RPI running in double figures. Yes the little guys as you put it probably have been running into gold, but not pushing it up much just holding it up as the hedge funds liquidate prices are down 40% from the highs, and may go a little lower to just north of $500 I hope

dobefan

I've been considering Gold Eagle coins for too many years and never bought... If gold drops to these levels you're talking about, I might just be tempted this time.

Can anyone reccomend who to buy from in the uk? Someone you've dealt with would be best.

Cheers

:beer: