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Goldmoney
Bob Jones
Posted: 18 February 2017 05:09:49(UTC)
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Do people know about Goldmoney? Ive been using it to buy incremental gold to enhance my savings.
Jim Reynolds
Posted: 28 February 2017 15:49:03(UTC)
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Gold is a "special investment" it depends what are the reasons for buying it.

Insurance (and for what kind of events)
Diversification

There are many ways to hold gold.
  • Physical at home
  • Physical in a vault (In a vault it can be either allocated and segregated or segregated but not allocated)
  • A gold holding firm
  • Buying gold miners ETF
  • Buying gold stocks
  • Buying GLD or SLV ETFs which are supposed to store physical gold.


In addition there are two types of vaults.
  • Accessible and inaccessible.
  • Inaccessible vaults such as the firm you mention above have their pros and cos. (I have recently interviewed an Irish PM vault provider) which might give you some insights things like into testing PMs (precious metals)
  • Accessible vaults or safety deposit boxes
  • A vault or a safety deposit box.


There are three schools of thought on gold
  • Gold is money
  • Gold is a commodity
  • Gold is an outdated relic


Personally the biggest challenge with Gold and Silver is that it does not deliver yield, and thus does not benefit from the power of compound interest.

2 users thanked Jim Reynolds for this post.
Bob Jones on 28/02/2017(UTC), Ron Dawes on 01/03/2017(UTC)
Bob Jones
Posted: 28 February 2017 16:30:23(UTC)
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Great analysis!

Are you specifically with Goldmoney by any chance? I dont see it as one of the options listed?
Keith Cobby
Posted: 28 February 2017 20:57:41(UTC)
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Gold is an outdated relic - a mere speculation.
Bob Jones
Posted: 28 February 2017 21:26:13(UTC)
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Perhaps. But gold is used in many cultures around the world as a store of wealth
Jon Snow
Posted: 01 March 2017 00:26:56(UTC)
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I'm not so sure it's used as a store of wealth, more as a sign of wealth, in those countries.

You can't eat it and you can't bribe a bloke with a rifle with it, you might throw it at his head though.

Hedging against armageddon, hmm..

On the other hand -

http://www.zerohedge.com...order-its-investment-it
King Lodos
Posted: 01 March 2017 09:01:58(UTC)
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Like that article says, cash can be a very useful thing to have .. "I don't want to tell people I used to be rich".

Cash is insurance against losing big, and an unlimited option to buy whenever there are opportunities ... So far this century, it's been better to hedge and hold cash than not to – and that could well be the case for the rest of the century...

Gold is basically another currency ... I'm not sure I'd call it an investment, but it's certainly been a better currency to hold than Sterling in recent times ... I think what's nice about gold is when you've got central banks trying to devalue their currencies, and the potential for disaster, there is a degree of safety in currency you can hold and touch.
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Bob Jones on 01/03/2017(UTC), J Thomas on 04/03/2017(UTC)
Bob Jones
Posted: 01 March 2017 15:18:00(UTC)
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Agree completely. Cash is a great tool especially now. You put it perfectly "unlimited option."

The ancient "cant eat gold" argument that is repeated over and over does not make sense as you describe gold is better considered a currency.

You can't eat a $100 bill, or a 401k either. Money is not meant to be eaten.

Thank you for your thoughts
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King Lodos on 01/03/2017(UTC)
Alan Selwood
Posted: 01 March 2017 15:18:00(UTC)
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Keith Cobby;43819 wrote:
Gold is an outdated relic - a mere speculation.


A better 'relic' to hold than junk and other bonds, lottery tickets, football pool coupons......! Also ultimately much safer than derivatives.

Also a good insurance against sudden political manoeuvres to devalue the fiat currency you might be holding instead.

Of course nobody on either side of the arguments about the merits or otherwise of gold will ever take any notice about what the other side says in its own defence, so we'll all argue for ever and never reach a consensus!
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Bob Jones on 01/03/2017(UTC), J Thomas on 04/03/2017(UTC)
Bob Jones
Posted: 01 March 2017 15:20:55(UTC)
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Excellent points.

However I do think different opinions can come closer to a consensus with new information and understanding of gold. Gold is widely misunderstood as money as it has been removed from the monetary system for many decades now.

Once it is understood again as the ultimate form of money opinions may change to become more favorable..

Thank you
Pamela Neal
Posted: 23 June 2017 00:31:49(UTC)
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How does Goldmoney work?
King Lodos
Posted: 26 June 2017 05:49:47(UTC)
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Very strange experience with goldmoney recently..

I requested that I'd like to withdraw my gold and have it sent to me via courier .. Two weeks later I find an alpaca on my doorstep (a hairy llama-like creature from Peru).

I send an email asking if there's been a mistake, and a week later another alpaca turns up, this time with 'GOLD' crudely sprayed on its fleece .. I daren't email again, as I can't afford to house a third alpaca and there's no return address .. Is this company legit?
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Keith Cobby on 26/06/2017(UTC)
chubby bunny
Posted: 26 June 2017 12:00:10(UTC)
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Bob Jones and Pamela Neal...one spammer under different names? Smash that report button, folks.
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Jon Snow on 26/06/2017(UTC)
Keith Cobby
Posted: 26 June 2017 17:54:59(UTC)
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Unlike gold an alpaca will clothe and feed you!
dyfed
Posted: 26 June 2017 18:13:25(UTC)
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Keith Cobby;48272 wrote:
Unlike gold an alpaca will clothe and feed you!


and mow your lawn!
King Lodos
Posted: 26 June 2017 19:55:16(UTC)
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Unfortunately alpacas don't negatively correlate with stocks, so their value as portfolio hedges is debatable.

My IFA has suggested the 'GOLD' marking on the male alpaca might be a map, and the gold may be located inside the alpaca .. Sure enough, since the delivery of the second alpaca my account balance with goldmoney is £0 .. I'm hiring a metal detector to get to the bottom of all this.
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dyfed on 26/06/2017(UTC)
J Thomas
Posted: 26 June 2017 20:21:08(UTC)
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The secret to owning gold is you must hold the real physical metal yourself, either in your own safe at home or in your local bank which only you and your next of kin can access.

Never trust your gold to a third party, nor to any outside investment dealers. You may have a paper claim over the assets, however that will be worthless if the business folds or the assets are seized by whoever the local jurisdiction decides should own the gold or share interest.

The only non physical gold assets I own are shares in Randgold, which are now showing a gain of 67%. I sold my original capital stake last year, so the remaining shares are now free money.

I own about 4% of my assets in numismatic antique gold and if you are experienced they can be superb investments. I recently facilitated the sale of a graded 1711 Queen Anne double guinea for over $35,000, originally purchased in 1947 for $75.

Remember: If you don't hold it, you don't own it.

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Jon Snow on 26/06/2017(UTC), Mickey on 26/06/2017(UTC)
Jon Snow
Posted: 26 June 2017 21:21:08(UTC)
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J Thomas;48278 wrote:

The secret to owning gold is you must hold the real physical metal yourself, either in your own safe at home or in your local bank which only you and your next of kin can access.

Never trust your gold to a third party, nor to any outside investment dealers. You may have a paper claim over the assets, however that will be worthless if the business folds or the assets are seized by whoever the local jurisdiction decides should own the gold or share interest.

The only non physical gold assets I own are shares in Randgold, which are now showing a gain of 67%. I sold my original capital stake last year, so the remaining shares are now free money.

I own about 4% of my assets in numismatic antique gold and if you are experienced they can be superb investments. I recently facilitated the sale of a graded 1711 Queen Anne double guinea for over $35,000, originally purchased in 1947 for $75.

Remember: If you don't hold it, you don't own it.



Indeed; and to emphasise your point and a warning from recent history -

https://taxfreegold.co.uk/harveyross.html






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J Thomas on 26/06/2017(UTC)
King Lodos
Posted: 26 June 2017 22:35:06(UTC)
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A lot of people in the financial industry – who a) have a lot of wealth, and b) realise how fragile the whole system is – tend to have quite a lot of their own wealth in physical gold and other real assets.

But gold can be a good trade too, and then you really want the liquidity to buy and sell quickly.

e.g. George Soros usually buys the SPDR Gold ETF .. I think Troy Trojan and possibly Ruffer use it too .. There are a lot of advantages to not having to transport, store and auction physical gold if you're using it as a portfolio tool.
1 user thanked King Lodos for this post.
J Thomas on 27/06/2017(UTC)
GeneralZod
Posted: 03 July 2017 12:30:14(UTC)
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A story. About 2 years ago, I posted on here something along the lines of “High risk. Wanna make a quick buck. Money to burn. What you got for me?” Dr Sellwood posted back: “Gold. “ He pointed me towards a fund called Smith and Williamson. He said it was risky but might be worth a go if I’m the type of person who likes a risk e.g. having a roast dinner on a Friday evening, sitting in the back of a car without a seatbelt on, that type of thing.

So, I put in a grand and watched it turn into around £1400 rather quickly. I mentioned this to a financial advisor I know one day. I don’t actually have a financial advisor; he just happens to be someone I know. It was actually the one who’d told me to put all my money in Neil Woodford’s fund. Financial guru said: “Good. Take the money out now and you’ve made £400 profit.” (honestly: it’s at times like that I wish I’d studied economics at University).

But I didn’t. I looked at the Morningstar grid and noticed gold was still WAY off where it had once been valued. There was still a lot more milk in this cow and I was gonna work the udder. So, I added another grand. The arrogance I displayed. And, I believe, I added another grand sometime later. In total – I profited around £2,000; maybe a bit more. If you hop onto Morningstar and have a look at the S&W grid, you’ll see a huge surge during 2016. Well, I rode that very wave.

I do recall one particular day where it dropped so much – It was like 8% or 9% - I cried non-stop for about 4 hours, but, after I decided to pull out of gold completely – not quite at its peak but not far off – I was quite content. I never went back and I’m pleased. I rode the wave nicely and I got sick and tired of reading stuff every day saying: “Gold set to PLUNGE!” or “Professor Gobshotter from Pittsburgh University says gold is said to rocket: sell your house, your car, your wife, use the money to BUY GOLD! GOLD! GOLD!!” I’d made a few dollars thanks to Mr Sellwood and whilst I wasn’t quite ready to go out and buy a big oak desk and sit behind it smoking a $150 Cuban cigar and contemplating early retirement in the Cayman Islands, I realised Nationwide cash ISAs really are rubbish.
1 user thanked GeneralZod for this post.
chazza on 05/07/2017(UTC)
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