Possible storm clouds in the future? This article describes the difficulty in India of exchanging gold coins for cash. Could be the same in Australia. Outside of SS and ebay, how easy (read hard) is it to really turn your gold and silver coins back into cash? If the govt had a vested interest, they could "choke" opportunities to sell rather than outright ban ownership. A bit like making the access of cash from your savings possible only through the use of ATMs then only having a limited number of ATMs sparsely available. Just a thought http://www.thehindubusinessline.com/markets/gold/article2465279.ece
One problem here is that local retail operations who buy gold pay no where near spot. They're basically stealing from people. I have to sell online, not ebay, to get a fair price and it takes sometimes two weeks to have the funds transferred to my account. Before I began stacking I assumed I could sell it locally. As an example, the best price I found locally was 38 per gram and that's when spot was 1850. I have to say I am a little disappointed in the time it takes to liquidate here, but I rarely sell so it's not going to impede my stacking.
yes - the morally and literally bankrupt western governments would certainly wish for all of us to own our PMs via ETFs ... as then they can steal it with the ease of a mouseclick!
That "an analyst" has a lot to answer for. They are always backing up whatever spin the journalist wants to put on the article. They're worse than their cousin: "Sources say", and less loyal than the celebrities friend: "a close friend revealed". Bleh.
I think, is not about stealing, but controlling us. such as if you have a big amount of your asset in someone else hands, you will not want to offend the person in anyway. same as the banks, can limit the withdrawal or asking for the source of your funds and so on.
I never had problems, been dabbling since the '80's[/quote] Perhaps what I should have said was "how easy is it to turn your gold and silver coins back into cash at or above spot price? In asking the question, I'm definitely a long term supporter of PM and building as large a stack as possible. However in saying that, the opportunities to sell at full value do appear limited, and the government (if it desired) could make it even more difficult. For example, I had approx 30 by krugerrands that I needed to quickly convert to cash a few years back. What options did I have readily available? Not too many! (Fortunately, I found a buyer to take the lot). Its not as though you or I could just walk into any bank with our .999 1 oz gold coin and readily turn it into fiat. And I don't think the government of the day, would be bending over backwards to set up a system whereby this could happen either
I never had problems, been dabbling since the '80's[/quote] Perhaps what I should have said was "how easy is it to turn your gold and silver coins back into cash at or above spot price? In asking the question, I'm definitely a long term supporter of PM and building as large a stack as possible. However in saying that, the opportunities to sell at full value do appear limited, and the government (if it desired) could make it even more difficult. For example, I had approx 30 by krugerrands that I needed to quickly convert to cash a few years back. What options did I have readily available? Not too many! (Fortunately, I found a buyer to take the lot). Its not as though you or I could just walk into any bank with our .999 1 oz gold coin and readily turn it into fiat. And I don't think the government of the day, would be bending over backwards to set up a system whereby this could happen either[/quote] Our banks no, but Chinese banks yes. Which I find strange http://www.bochk.com/web/market/tra...tion=market&level_2=trading_rates&fldr_id=279
And the Greek banks would accept sovereigns and pay out cash. Not tried it recently but who wants to give their gold to the greek banks anyway?
Yes but how? On ebay? Another forum? And then there is the issue of post. Technically Australian post doesn't allow "currency" to be posted (I think). I know we all do it, but if the govt ever decides to tighten its already in place rules/regulations, things could get a little more difficult again. All I was suggesting was that if Joe Blow average citizen had a 1 oz gold coin, its not an easy matter to get full value for its sale (spot price) at short notice. And I think if the govt ever wanted to "discourage" the locking up of circulating currency because of peoples hoarding (read "stacking"), then they could easily tighten the already limited marketplace.
True. And the price would probably skyrocket if it ever becomes "blackmarket" ie illegal. But I seriously doubt that will ever happen (become illegal to own I mean).
I think they will make it harder and harder to first buy and then sell gold, I think silver wont be restricted in the same way. Its already started over in Europe and the US
What really attracted me to silver stackers was the first meeting I attended that was made up of lots of independent bearded Australians, and a multi national contingent trading gold and silver bullion with no middle man other than the Perth mint If our government tries to act contrary to the interest of its citizens then bad things happen when good people don't stand up and defend themselves. By actually owning gold bullion you are making it much more difficult for our government to control us. Don't be put off if it looks like that is the way its going your next purchase may be a ticket on a private vessel out of the country with a bulky overcoat that has a silver lining
Gold is the most liquid metal out there... Gold jewellery is SO easy to sell, either selling to another jewellery store or even pawn shop! Why GOLD coins any different!? gold is gold. I think that article is just government propaganda.
Saw an article today on SMH about how funds are dumping paper Gold because of 'worries about liquidity'. What a joke. But better off they buy paper, I buy physical. Wouldn't want trillions of dollars suddenly buying Gold physical, we'd run out fast
And its probably even easier to give away! But when selling gold jewellery, how does it compare to spot? And when comparing it to spot, how does Jewellery vs gold coins compare to spot for investment (or safe haven) performance? In saying that, I look for gold in ANY form, but then make a decision on both its form and price comparitive to spot before purchasing. There are plenty of little stalls being set up in the large shopping malls these days to buy our "junk" gold. Would any of us be lining up there to sell our gold irrespective of its form? Why do people still line up and sell their gold at these types of ripoff (imo) stalls? Is it because there is a paucity of other selling alternatives in trying to realise the true value of the gold content in that "junk" gold in line with spot prices at the time of sale?
This Article would appear to follow the threads theme........... http://www.finders.com.au/forum/viewtopic.php?p=72340&sid=4b519ad5c7f5f689775b4d7d1ebb92c0#72340 France limiting the opportunity to buy gold with cash...... Any insight into the article would be appreciated.
It's very easy and affordable to buy, sell and exchange gold and silver in China. Yep, you can sell back your silver and gold either to the gold dealers (who do give more than spot - I often sell the spotted Pandas back to them), or to the banks (who generally don't give great rates - since they ignore the numismatic value). In Singapore, it is easy to sell back to the banks, and also to buy from them (just high taxes - but you can claim that back when you leave). Anyone can do it. Safe and easy. I should note: Sovereigns and pre-dec get really really horrendously bad buy back rates, way below spot, because it is not 999. Kooks have shocking return rates also (they don't recognise this bird). Koalas do better than the Kooks in China (from what I've seen... it's like an Aussie Panda).
