Tuesday, September 23, 2014

Royal Mint Launches Online Accounts … in Gold and Silver

I am always suspicious of government operations and it is better to buy gold and keep possession, but for the record:

The Royal Mint is encouraging the public to become gold investors with the launch of an online bullion trading service that lets people buy and sell gold coins and store them in the Mint's vaults, "guarded 24 hours a day by the Ministry of Defence," reports The Telegraph.

From today, the Mint's vault service will allow anyone to trade gold and silver coins via its website.

The Mint's trading website will provide constantly updated live prices for gold and silver. It said customers would be able to buy at the best possible price "quickly, and securely, 24 hours a day, 365 days a year". The Mint will also give customers a quote to buy back coins bought from its website and stored in its vaults.

There is also an option to take delivery of the coins.

-RW

1 comment:

  1. Rigged Gold Price Distorts Perception of Economic Reality — Paul Craig Roberts and Dave Kranzler

    The Federal Reserve and its bullion bank agents (JP Morgan, Scotia, and HSBC) have been using naked short-selling to drive down the price of gold since September 2011. The latest containment effort began in mid-July of this year, after gold had moved higher in price from the beginning of June and was threatening to take out key technical levels, which would have triggered a flood of buying from hedge funds.

    The Fed and its agents rig the gold price in the New York Comex futures (paper gold) market. The bullion banks have the ability to print an unlimited supply of gold contracts which are sold in large volumes at times when Comex activity is light.

    Generally, on the other side of the trade the buyers of contracts are large hedge funds and other speculators, who use the contracts to speculate on the direction of the gold price. The hedge funds and speculators have no interest in acquiring physical gold and settle their bets in cash, which makes it possible for the bullion banks to sell claims to gold that they cannot back with physical metal. Contracts sold without underlying gold to back them are called “uncovered contracts” or “naked shorts.” It is illegal to engage in naked shorting in the stock and bond markets, but it is permitted in the gold futures market.

    The fact that the price of gold is determined in a futures market in which paper claims to gold are traded merely to speculate on price means that the Fed and its bank agents can suppress the price of gold even though demand for physical gold is rising. If there were strict requirements that gold shorts could not be naked and had to be backed by the seller’s possession of physical gold represented by the futures contract, the Federal Reserve and its agents would be unable to control the price of gold, and the gold price would be much higher than it is now.

    http://www.paulcraigroberts.org/2014/09/22/rigged-gold-price-distorts-perception-economic-reality-paul-craig-roberts-dave-kranzler/

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