www.goldpricecrash.co.uk!

ruggedtoast

South Asians like to invest in gold jewelry, which they either keep in their house or wear. Typically they will do this rather than put money in the bank or choose another type of investment vehicle.

Indian families in India apparently have some $950 billion knocking about in their houses:

http://articles.economictimes.indiatimes.com/2011-12-05/news/30474783_1_gold-imports-tonnage-terms-gold-demand

It seems barmy to us, but in India burglaries and muggings are practically unheard of in most places, whereas banks are still a long way from being trusted by most people, and they've bought that culture here.

Some of the items are very beautiful and will be worn on special occasions. I believe they often add extra bits to pieces as the years go by, ending up with enormous necklaces and so forth.

There was a long item on the local (to me) news today , and a quick google search brings up a ton of web pages about it:

https://www.google.co.uk/search?q=asian+gold+jewelry+theft&oq=asian+gold+jewelry+theft&sugexp=chrome,mod=0&sourceid=chrome&ie=UTF-8

The reporter held up a gold bracelet and said 5 years ago it would have been worth £50, and now its worth £350.

It seems amazing gold has gone up so much, maybe the gold bugs have a point, though it seems like the real gold bugs are south asians, many of whom could be sitting on very large gains now. Hopefully they'll start transporting them to safety deposit boxes.

Why is gold so high, will it keep going up? It certainly does look like a bubble.

It doesnt seem fair. If I'd have known about this 5 years ago I would have literally bought several hundred pounds worth of gold, and now I'd have, like £200 grand or something.

I'm going to set up a new website called https://www.goldpricecrash.co.uk where I can !!!!! and moan about these high prices.

paddyrg

Heresy! You know it isn't permitted to have opinions about future prices of anything based on your own appraisals of hideously complex and poorly understood social systems and consumer irrationality.

Of course my personal opinion is that it is a fairly useful yellow metal, quite good for coating contacts in electronics, quite good for making jumbo jet windscreens ultra violet proof, but beyond that the entire value is based on belief, much like any other asset. Its inherent worth is debatable. If you want to invest in a metal with important uses uranium might be worth a go.

System

Someone should make this site, make it look just like hpc and then ban anyone who had anything positive to say about gold. The uproar would be worth a chuckle.

tyllwyd

Did you see a programme about India few weeks ago - in the streets where there are a lot of gold workshops, there are guys who go out at night and climb down into the sewers to get out buckets of sludge because it contains tiny specks of gold and they can sell it.

http://channelhopping.onthebox.com/2012/10/03/welcome-to-india-episode-1-review/

Rotor

tyllwyd wrote: »

Did you see a programme about India few weeks ago - in the streets where there are a lot of gold workshops, there are guys who go out at night and climb down into the sewers to get out buckets of sludge because it contains tiny specks of gold and they can sell it.

http://channelhopping.onthebox.com/2012/10/03/welcome-to-india-episode-1-review/

Yea i did that. Thought I was rich rich rich.
Turned out to be sweetcorn.:(

ruggedtoast

tyllwyd wrote: »

Did you see a programme about India few weeks ago - in the streets where there are a lot of gold workshops, there are guys who go out at night and climb down into the sewers to get out buckets of sludge because it contains tiny specks of gold and they can sell it.

http://channelhopping.onthebox.com/2012/10/03/welcome-to-india-episode-1-review/

No, I'll look that up. I have been to India more times than I care to mention for work this year so sometimes watching prohrammes on it feels like work too. But that sounds interesting.

tyllwyd

ruggedtoast wrote: »

No, I'll look that up. I have been to India more times than I care to mention for work this year so sometimes watching prohrammes on it feels like work too. But that sounds interesting.

It was actually an amazing programme - the young blokes were living in terrible conditions, and did an incredibly dirty and dangerous job, but they came across as upbeat and ambitious. But I came away wondering what happens when you lose your health and strength - I can't imagine that they were looking at living to an old age.

paso11

Gold has been considered money for centuries by many cultures.

Now all we have is Uncle Merv

paso11

And it seems ludicrous to say that gold is in a bubble when it comprises about 1% or less of peoples portfolios worldwide...

Compare that to the tech bubble for example.

sabretoothtigger

This seems slightly pointless. Gold never changes, its inert thats the whole point, everything else which does react validates golds worth.

The greater world instability the more gold appears worth meanwhile its done nothing

Your website is British domiciled so that is the only valid commentary, you believe gold will crash and Sterling will appreciate vastly.
At 0.5% base returns you are almost immediately wrong and probably continually in future.

If you register in Australia or anywhere that returns greater then zero to its nations currency holders, it could be true.
I guess it depends where lost money washes up on these foreign shores

Generali

tomsanderson617 wrote: »

Well if you are right and global instability makes gold and silver go up then that site should be called goldpriceEXPLOSION.com.

But yes you are right goldand silver are world markets, all the worlds currencies are in freefall in relation to gold and silver.

The Aussie dollar isn't. Gold is lower than this time last year in Aussie dollars, i.e. gold is in freefall vs the Aussie dollar.

For the last 50 years all sorts of people in Australia have used the Aussie dollar as money.