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Gold buying advice to UK investor please (pro and con)
Ms Sans Serif
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[quote:Useless Cookie Eater:MV8yMTIzMjY0XzM1ODI1OTIxX0UyRDhGRTMy] [quote:Anonymous Coward 33286937:MV8yMTIzMjY0XzM1ODI1MTMyXzZDRDlDRjcx] Sorry ought to add. I am a pensioner on an income of £600 per month that leaves me about £200 a month after bills and expenses (although price rises and inflation are gradually reducing this figure) [b] I am worried about stories about gold price fixing and would like advice about that subject as well. [/b] Many thanks April [/quote] 1) Don't expect people to give you full value for your gold in a SHTF scenario. 2) Gold was [b]confiscated[/b] in the 1930's Depression. If you purchase it now, there will be records of those purchases and they will potentially use them to collect the gold....again. [i] "In 1933, at the height of the Great Depression, the U.S. Government, under the Gold Confiscation Act, confiscated gold money from its citizens and replaced it with paper Federal Reserve Notes. It became illegal for individuals to own gold, except for small quantities that coin collectors and dental practitioners could hold. This alone eliminated the publicís capacity to hold government inflation of the money supply in check; they could no longer redeem inflated paper money for gold."[/i] http://www.greatdepressiononline.com/gold-and-the-great-depression.htm [/quote]
I would like to get lots of advice, pro and con about buying gold.
I am in the UK but would welcome input from all.
Here is my situation.
I am mortgage and debt free.
Inflation has made me concentrate on buying in tinned and non perishable goods. I have several years supplies and have quite frankly run out of storage space.
I have bought clothing that will last me several years (eg prices for cheap trainers have doubled in 18 months) so i have several years in hand now.
I have cash in hand to deal with emergencies.
I garden and have good tools and several years of seed storage on hand.
It is the usual problem that you need to have many thousands of pounds before a savings account pays interest above our inflation rate.
I have an account but it pays 0.25% to savings below £5000 (thats why i stocked up on food that was increasing in price at a huge rate)
Would it be a good idea to start buying gold ?
(even in small amounts)
Does anyone have any reputable links for UK companies ?.
Do any of you people have alternative ideas for me ?
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