Gold Prices Rally on Safe Haven Buying. gold hit a new record of £767

MacsReturns

MrEnglish wrote: »

What have you found to be the best way to buy silver?

For my purposes, and purely IMHO, in cash from jewellers - with silver or gold I only buy bullion coins - I've been able to get Au at premiums as low as 1% over spot, and once picked up 5 silver rounds for £20 (spot would have been £50 at the time ) It helps to make friends with a local jeweller who's buying off people cashing in the family heirlooms :beer:

@abaxas: It's all relative.

Indeed, I see PMs as insurance, not investment ;-)

purch

Indeed, I see PMs as insurance, not investment ;-)

Yes, which is a point that the OP clearly does not understand.

The value of Gold does not change, it stay's constant.

It is the value of the 'currency' you chose to value Gold with, that goes down or up.

Bullfighter

MrEnglish wrote: »

What have you found to be the best way to buy silver?

bullionuk.com is pretty good.

MrEnglish

Bullfighter wrote: »

bullionuk.com is pretty good.

The thing is with silver, they are doing everything they can to stop people buying it.

17.5% VAT on silver but not gold. Soon it could go up to 20%, that will mean all my silver will go up 2.5%;)

Masomnia

purch wrote: »

Yes, which is a point that the OP clearly does not understand.

The value of Gold does not change, it stay's constant.

It is the value of the 'currency' you chose to value Gold with, that goes down or up.

I suspose it's like the Oscar Wilde thing about knowing the price of everything but the value of nothing

MrEnglish

Just out of interest Purch, why do you hate precious metal investing so much?

If you try and deny it can you quote one positive thing ever you have said?

Every post you seem to try to talk people out of investing in PM`s.

Asheron

Mr English makes you wonder who Purch works for? He would make a great Dis-Info agent.

MacsReturns

Well, I don't recall any of Purch's other posts (and admit to being too lazy to go look them up... ) but in this thread he does have a point. The utility of gold is as a hedge against currency devaluation - that's where most of my 'gains' have come from, and that's why I started buying PMs in the first place, because my 'doomometer' was pointing towards currency troubles. Against sterling my 'holdings' show a notional 40%+ 'gain'. But over the timespan I've been buying (note, I'm still not saying 'investing'), how much buying power has sterling lost? That's why I call it insurance, and not investment. It's a defensive play, IMHO.

@MrEnglish - I really don't understand the VAT situation on silver vs. gold. It does seem odd - unless it's about the relative levels of wealth of people who buy the two metals, of course Let's face it, the big spenders seem to get all the tax-breaks...

Personally, I still think there's way more upside to silver. Given the current gold spike, silver seems positively sluggish. Now I have read that there are big short positions on silver on the part of one or two of the big investment banks. This may or may not be true - I'm tending towards filing it in tinfoil-hat category - BUT if it is true, and the currency situation worsens, I'd have thought there would come a point when such positions become untenable and something will have to give. When it does, then hold on to your seat... of course, I might just be in denial over the extravagent premiums I paid on silver and indulging in wishful thinking

chucky

Asheron wrote: »

Gold Prices Wednesday were rallying to their 2010 highs after investors bought gold as a safety net against a euro crash and Greek debt.

http://www.telegraph.co.uk/finance/personalfinance/investing/gold/7645903/Gold-hits-four-month-high.html

:rotfl:

do you have an update on this Asheron - is gold still rising?

JamesRoberts

Bit of a newbie in here. As silly as this might seem, but is it just me that thinks that Gold is;

(a) Way overpriced?
(b) Surely due for a crash sooner rather than later?

The reasoning for my thoughts are that last time gold was at a low, when Gordon Brown decided to auction off the UK gold hoard, it was around $250 an ounce - a price that was so low it caused miners in South Africa to close their mines. I don't doubt mining is more expensive than it was, and I understand the rush to hedge using gold. It just strikes me that the current gold price is ridiculously high and a crash (as opposed to a sedate decline) is inevitable.

I'm not suggesting I have the answers, but would be intrigued to see others opinion.