Gold SIPP

greatkingrat

If there is a global economic collapse, good luck trying to get hold of the gold that the SIPP provider is supposedly holding for you. 

Albermarle

greatkingrat said:

If there is a global economic collapse, good luck trying to get hold of the gold that the SIPP provider is supposedly holding for you. 

Or even good luck getting hold of the provider at all !

Bostonerimus1

OP has not come back which is to be noted. However, if they truly have their pension money split between Fisher and a single company stock then investing in a "Gold SIPP" continues a pattern of dubious decisions.

leosayer

I'm not saying this is the case here but I've seen other forum posts follow a similar pattern with an OP lining up a question including reference to gold / bitcoin etc. to be followed by a series of posts from new posters talking about how they're a perfect solution to the upcoming economic apocalypse.

grumpsthegit

Wow that post by DonSmith scared the crap out of me - it seems well thought through and worded so could there be something in this? 

Moonwolf

grumpsthegit said:

Wow that post by DonSmith scared the crap out of me - it seems well thought through and worded so could there be something in this? 

No.  If you are genuinely worried about an apocalypse then tins of beans kept dry at 4C will be much more valuable and perhaps a bunker.  You might find a tinfoil hat helpful as well.

vacheron

Moonwolf said:

grumpsthegit said:

Wow that post by DonSmith scared the crap out of me - it seems well thought through and worded so could there be something in this? 

No.  If you are genuinely worried about an apocalypse then tins of beans kept dry at 4C will be much more valuable and perhaps a bunker.  You might find a tinfoil hat helpful as well.

Every time I hear something relating to the value of an asset in an apocalypse I remember the scene in The Pianist where the Jewish family are about to be shipped away by the Nazis, they are all being held in a compound and there is a boy (also captive in the compound) walking around selling caramels. The father decides to buy a single caramel sweet for his family to share. 

The price asked was astronomical (20 Zlotys) and the father protests saying:
"What? For one caramel? What d'you think you're going to do with the money?"

In the event of a collapse of a paper money economy (local or global), you need to have the physical asset you are relying on in your hand, and that asset own has to have worth (or at least perceived worth) to the buyer at that exact moment in time. Even gold is worthless compared to food if you are starving to death.

This is why, if I was ever to hold any substantial amount of gold, I would want it in my physical posession.
I doubt the father of the the Family would have been paying 20 Zlotys for a share in a fund which probably holds a derivative based on some hypothetical caramel that may be physically held by someone else in a vault in Singapore!

barnstar2077

The bit about America's debt is definitely of interest though.  I can't see how, arguably, the most advanced country on the planet can't even balance the books every year.  And what they are going to do about it?

I do not see the end of the financial sector as we know it, but it would be good to know that someone has a plan of sorts to reduce America's debt.

They could be in a situation similar to us with the triple lock.  Everyone knows it isn't sustainable in the long term, but who wants to be the one to end the party and take the flak by doing something about it.

booneruk

barnstar2077 said:

The bit about America's debt is definitely of interest though.  I can't see how, arguably, the most advanced country on the planet can't even balance the books every year.  And what they are going to do about it?

I do not see the end of the financial sector as we know it, but it would be good to know that someone has a plan of sorts to reduce America's debt.

They could be in a situation similar to us with the triple lock.  Everyone knows it isn't sustainable in the long term, but who wants to be the one to end the party and take the flak by doing something about it.

I always wonder, if rising national debt is a huge no-no, how Japan isn't in trouble. 250%+ debt vs GDP I believe, which is massive compared with nearly all other nations.

grumpsthegit

Moonwolf said:

grumpsthegit said:

Wow that post by DonSmith scared the crap out of me - it seems well thought through and worded so could there be something in this? 

No.  If you are genuinely worried about an apocalypse then tins of beans kept dry at 4C will be much more valuable and perhaps a bunker.  You might find a tinfoil hat helpful as well.

Ha ha yes I do like beans so win win.

However I was not thinking in terms of a WW3 apocalypse event, more of the potentially unsustainable levels of debt that exist in USA causing a significant and prolonged crash that might see my investments hit. Would some Gold not play a role in diversifying of assets. You all seem to be regarding it as totally foolish but (and granted 50% in gold seems too high) but how about 5 or 10%?