Where to buy physical Gold/Silver Bullion at Market price?

port_of_spain

markj113 said:

Are you not aware of the complete shortage of physical gold globally in the market with most dealers quoting several weeks lead times.  Bullionvault are currently experiencing huge demand for new accounts and are struggling to verify within reasonable timeframes.

If these statements are true, and they're relevant to the gold price, and it's publicly available information, then it would already have gone up to reflect this information. This is the third time in a row I've made this point. I expect you'll ignore it again.

(Also, not sure what you mean by a "shortage of physical gold", but it sounds like the kind error gold nuts sometimes make, when they add up the value of all gold futures contracts or whatever, which gives you a  meaningless number, not a near-term demand for physical gold.)

EdGasketTheSecond

port_of_spain said:

(Also, not sure what you mean by a "shortage of physical gold", but it sounds like the kind error gold nuts sometimes make,

Have you tried to buy a gold coin lately? You can't because there is a shortage of physical gold. The mines are shut and there is a huge demand. Try and order a gold soveriegn. You will either pay a huge premium or be quoted a delay of months.

port_of_spain

EdGasketTheSecond said:

port_of_spain, Markets are notoriously short-sighted; you are lucky if they move to where they should be in two weeks let alone two years. Fund managers can't just dump all their shares on the market like you or I can, there would not be the liquidity to get a sensible price. Fund managers are also constrained within limits specified by the fund as to what they can do and maybe they have to be 90% invested to track whatever they are tracking. There is huge inertia in the market which takes time to unwind. The forthcoming economic tsunami has not at all been priced in yet by either the markets or gold although gold is starting to price in some inflation.

Look, I don't believe markets always price everything perfectly rationally. I think they usually price things pretty rationally. There can be mis-pricings.

However, in this case it's your dislike of what you would call fiat money, and sensible people would just call modern money, that is irrational. It is not going to become worthless just because it isn't backed by gold.

The monetary system works better when it isn't backed by gold. The currencies of countries which have other severe economic problems can indeed become worthless. But there is no reason to fear about the currencies of more stable economies (and this includes the UK and USA), especially when they have effective tax systems; because it is by reclaiming excess money creation through taxation that excessive inflation can be prevented.

I do think there is a real problem with excessively high household debt in the UK (and in the USA). That has negative effects on the real economy, as well as (which should be more important) causing unnecessary suffering for people carrying that debt burden. But those negative effects won't include the collapse of the currency.

EdGasketTheSecond

port_of_spain said:

EdGasketTheSecond said:

port_of_spain, Markets are notoriously short-sighted; you are lucky if they move to where they should be in two weeks let alone two years. Fund managers can't just dump all their shares on the market like you or I can, there would not be the liquidity to get a sensible price. Fund managers are also constrained within limits specified by the fund as to what they can do and maybe they have to be 90% invested to track whatever they are tracking. There is huge inertia in the market which takes time to unwind. The forthcoming economic tsunami has not at all been priced in yet by either the markets or gold although gold is starting to price in some inflation.

The monetary system works better when it isn't backed by gold.

That is just so funny.

Look what happened to the Greek Empire, the Roman Empire, and more recently Weimar Germany, Zimbabwe, Venezuela when their currencies were no longer backed by anything meaningful. You obviously don't have a clue.

port_of_spain

EdGasketTheSecond said:

Try and order a gold soveriegn. You will either pay a huge premium or be quoted a delay of months.

Wow, it's almost like there's currently a huge disruption to distribution chains.

port_of_spain

EdGasketTheSecond said:

port_of_spain said:

The monetary system works better when it isn't backed by gold.

That is just so funny.

Look what happened to the Greek Empire, the Roman Empire, and more recently Weimar Germany, Zimbabwe, Venezuela when their currencies were no longer backed by anything meaningful. You obviously don't have a clue.

Come back when you've read David Graeber's Debt: the first 5000 years. Then you might be ready for this discussion. I can't teach you the whole of monetary history in forum posts. And Graeber does it much better than I could, anyway.

EdGasketTheSecond

http://numismatics.org/the-matter-of-inflation/

bery_451

Its like theres always 2 sides of opinion to a debate on any subject or anything. Whether its science, finance, health, religion, history and the way you hold a fork & knife to eat. Theres so called experts and doctors saying this way is right and the other alternative side there are so called experts and doctors saying that way is right. For example theres scientists that come on mainstream media that say Carbon Dioxide Co2 is bad for the planet yet on the Alternative other side of the debate theres Scientists that say Co2 is good for plants and trees and plants & trees cant survive without Co2.

However I noticed the mainstream media otherwise promote their official narrative as suggesting its the truth to the public when the mainstream media like bbc news, itv news etc. should present their findings in a way that the suggestion should be that let the viewers decide whether its truth or BS instead of imposing their findings by so called journalists as truth/belief on the public.

I do know as a fact that Gold has been around for 1000s of years and fiat paper money does not have that long reliable established record. This is a fact that cannot be debated.

Also the Government wants a cashless society as they say cash spreads viruses so I wont be surprised if the Government come up soon with a Centralised Digital National £ Crypto Currency similar to Bitcoin where the public can redeem their paper cash for the digital version. I dont think this digital version of the £pound will be backed by gold/silver either.

So like I said before its up to the viewers reading this thread to come up with their conclusions and decisions and what they believe their monetary system really is.

EdGasketTheSecond

If people lose faith in fiat GBP, why would they have any more faith in an unbacked digital version unless the digital version is guaranteed to be limited in some mathematical way? The digital currency idea is very appealing for governments to control its people. They would know everything you do and could tax you accordingly. If you misbehave they could switch off your digital wallet so you can't do buy anything or go anywhere.

George_Michael

bery_451 said:

I do know as a fact that Gold has been around for 1000s of years and fiat paper money does not have that long reliable established record. This is a fact that cannot be debated.

1000s of years?
Gold has "been around" on earth for about 4.35 billion years (give or take a few million).