hahah! I was actually thinking about that the other day reading another forum (which shall not be named), all this talk of the PTB going after all those that have obvious ties back to PM first before chasing down the stragglers... With this in mind i would expect major sites like SS ( ) would be forced to hand over all information pertaining to the site. And with all the personal details that fly backward and forward as part of the trading... concerning! Though the thought of GP's home (or wherever the site is hosted) being something like Mel Gibsons appartment out of Consipracy Theory put my mind at ease... its like that right?
Umm, i've been thinking, and my wife has been asking .... "how do we sell our PMs when we want to get out?" Quick. We live 4 hours from Melb so don't have quick access to a PM dealer ... is that the only way to sell, physically walk into a PM dealer and sell over counter at spot? (Bars). And would they take 100+ oz's at a time? I wouldn't imagine ebay would be a great place, because of the 7 day wait on doing an auction ... If i wanted out, I'd want out NOW.
You can sell through a place like this quick enough. Direct deposits can have the cash in hand within 24 hours and you can post out the contents. If you MUST do a cash in hand transaction then of course, you're going to have to get your tail to a dealer but that happens regardless of when you're likely to sell. In regards to where it's going, well you all know my mindset on that. Parity is a real possibility in the future looking at the fundamentals, although it'll be the first time in a VERY long time that's happened - but looking at the nature of the modern market and the sheer amount of fiat floating around out there, I see no reason logically why it can't. If the Australian housing market has taught me anything, when the irrational speculators and investors start flooding the market, you may as well throw the history book out the window. Anything can and I strongly believe will happen when this has all played out in the end, enough to have even the most hardened and skeptical PM investor think 'wow, I never thought it would go that far'.
Its always good to have an exit plan carefully thought out.... including places to sell. You could be in a worse position, out a Lakes Entrance it is going to take you most of a day to get to Melbourne and back, and by the time you would want to get out it should definitely be worth your while to do so.
If we get the parabolic spike and the sheeples are running to get metals I will be more than happy to sell 70% of my silver stack. Keen to keep all my good stuff like ASE's. Not going to sell any of my gold though will keep it.
Get to know other silver stackers well.Trade with them to form trust. They may want to buy when you sell.Dealers will give you less. Face to face in Melbourne sounds possible. Many advantages to that.
I sincerely doubt it. I personally reckon the only reasons I would be asked to hand over personal information are: * ATO investigation into tax avoidance (so don't talk about evading tax or not paying CGT on your purchases) * Police investigation into an individual should something illegal be posted (so don't talk about firearms or threatening politicials) * Subpoena in the event of being sued for defamation (so just the facts ma'am, just the facts) Look at the gun buybacks as an example of "voluntary confiscation" in Australia (yes, I know I just broke rule #2 on that list) - period of amnesty followed by harsh penalties for non-compliance. To the best of my knowledge, no-one went from dealer to dealer seeking sales records of who they'd sold now-prohibited weapons to. Why do you think that any more stringent approach would be undertaken with any possible precious metals confiscation. Besides, all the government has to do is nationalise this: When the Perth Mint discloses sales, it's fairly apparent that something like 80% or 90% of their volume goes overseas - what's being socked away in bedrooms and safe deposit boxes in Australia is miniscule compared to our mining industry output.
Not the best offer you'd get but the Perth Mint will do a buy over the phone. They have it outlined on their site, I think Platinum post is required, and they pay you once they get it. That's my fall back position but I suspect I'd just use the dealer I buy from in normal circumstances.
Usually this would be gratuitous advice - but you asked, so: If you are speculating and wanted to get out really quickly, then it's the dump at dealers option described above - hoping that the loss there is covered by average buy cost versus the rise in price. If you are using PMs as a means to save, then just dispose as you need to spend. Better premiums - any loss will be no worse than most other savings investment options in the current environment. If you are using PMs as a means to save and you firmly believe that gold is heading south for a ten year winter, and you have time on your side, put it away and wait - if you can afford, or else rush to the dealers. If your investment 'Sleep at Night Easily' Factor is scaring you , then work out your total net worth, keep 20% of this figure in PMs sell the rest as soon as possible here on SS and put the cash you collect into term deposit or pay off debts. Being in debt and buying PMs for investment is not wise in my humble opinion. If your SANE is influenced by over leveraged debt then remove debt (yes 'all') as soon as possible by selling whatever you have to: (e.g downsize house, car, lifestyle, PMs etc), Put 5 thousand emergency money away and clear debts as soon as possible. Also keep a couple of ounces of gold. They attract other gold to them in my experience. " gratuitous advice is like testicles on a Pope" as someone once said.
Daily Reckoning Input: The gold price is falling because all the action is taking place in the paper gold market. Comex February gold options expired on 26 January while the last day of trading for January gold futures was 27 January (last night). More often than not, there tends to be some pretty explosive action around these times. The fact that most participants are leveraged exaggerates the price movements. To avoid these speculative and paper driven gyrations, you're better off owning physical gold...and relaxing. There are increasing signs of physical shortages in both gold and silver. Both metals are in 'backwardation' up to six months out, a strong indicator of tightness in the physical market. dailyreckoning.com.au
Thanks for suggestions and advice. I thought of this place first up, but then thought if members are all saying ... "Now, Now, Now is the time to sell", then I'd imagine it would be difficult to sell through here. I know that's probably not how it will pan out though. There's gonna be some selling at one price, some willing to hold on even further etc etc. Next trip to the big smoke I will checkout some dealers, just to know who is out there. As for exit strategy, unlike in shares, I haven't worked out "stop losses" etc, as this is a new game to me. Holding something physical is different than a bar on a graph. And to be honest, I have no idea at what price to sell, or start selling. I'm going to rely on rumour and gossip through this forum, and the multitude of u-tube and PM websites/newsletters.
True, maybe less of the forums and more of the registered bullion dealers. I know during the gun buyback, a large amount of the farmers in the district we used to live received letters stating they were required to hand them in and i can only assume this came from the gun register. A good reason to maintain anonymity as much as possible.
