Morning Dom , have you come across the alleged Comex Silver audit fraud ?
And any chance of an update on preferred Silver Miners 😉
The clip regarding the Comex scandal has now been deleted twice by Substack , not sure what is being picked up but there must be obviously something in it !
If the Chancellor wants to apply CGT to unrealised gains, it would presumably be an annual charge. Therefore, if the asset declined in value in the year there would (should) be a tax rebate.
Covid proved that at a stroke of a pen the U.K. (or any democratic country except the US let alone autocratic countries) could impose almost anything on its citizens no matter how arbitrary, irrational & stupid.
For example, in the U.K. during Covid a member of a golf club could legally walk alone on his or her golf course using a golf club as a walking stick.
However, if they knocked a golf ball a yard or two ahead of them they were breaking the law!
If the U.K. government can so easily impose an absurd & pointless law like that, how easy it would be to for them not ban the private ownership of gold and silver if it wanted to!!! Or even confiscate it via penal taxation.
During the financial crisis in Cyprus (the democratic Greek part) not that long ago, ATM withdrawals were limited to, I think it was, €50.
During the Icelandic financial crisis I listened to a woman being interviewed on the radio, who was not allowed into her bank by security staff to access her savings which were in (somewhat surprisingly) Japanese Yen. Iceland was a so called democratic country. In Argentina (not a democracy at the time) during a relatively recent financial crisis, those who had a local USD bank account were forced to change their dollars into pesos at a confiscatory low price. Don’t think these sort of things could not happen here. They easily could and might well if the half baked government we have at the moment gets into serious economic trouble.
In 1933 Roosevelt confiscated American's gold, and that in the land of the free! Naive to think this regime is not eyeing removing CGT from gold coins.
It's those scary 4 words again 'this time it's different'. To me it feels like we getting close to a temporary high as the hype narrative is kicking off nicely. Buy on a 10% pullback in either metal (if it ever happens) 🤔
Why hasn’t oil participated in the currency debasement trade? All the gold and silver and palladium etc ever mined still exists above ground. Oil gets burnt or consumed.
@Dominic Frisby does your take on Sierra Madre change at all, after ten employees of Viszla have been abducted and killed by the Sinaloa Cartel? Not sure if this would fall in the bucket of wider jurisdiction risk…? I think I remember you saying that Almadex Minerals pulled out of Mexico, when you introduced them?
Lack of confidence in traditional investment markets like stocks and bonds is driving this. (It’s the US turning into a rogue state. It’s the early Ecological Overshoot Unraveling. Google it.)
@Dominic - your name just came up in an allegedly leaked Trump strategy brief on the Bob Murphy show regarding "unofficial data sources" about Chinese gold holdings. Lock all doors and windows 😂 I was taken aback to say the least but have no idea whether it's real - 13:50 https://youtu.be/SYtPpZDNzhw?si=sWBS5FtRlf5L0Y-t
What did you learn from this, Dominic? I didn't learn much. Okay, it is an unprecedented market and the silver price needed a rerating but it sounded as though it is done. His business model sounds a good one. He has no shortage of physical because he has taken account of his long term commitments. Others will not have and they will be in problems but I don't think that this amounts to a systemic risk. I have read on X that physical silver is not selling at a premium but only a discount to the price is being offered - that's if you can get a market. I could be a trader at this stage but I don't think a buyer for the long term. Also, I am not sure whether he thought the ratio of gold to silver would come down and, if it did, why. There was, I would say, the usual pap from someone talking his own book but the offer of no real direction on the price. Have I missed something? Has your scepticism (which I support) been altered by the acknowledgement of the unprecedented nature of the current silver market that you seem to acknowledge?
Thanks Christopher. My view of silver remains unchanged. I don't think the ratio goes back to 15:1 cos of the fact that silver is no longer money. But all it is is a view.
The best reason to go on LinkedIn that I have heard in months - a chance to win a Gold Britannia from the Pure Gold Company and to follow the words of wisdom of Mr Frisby 😊
It's probably a case of 'swings and roundabouts' - buy physical silver and have VAT to pay, issues around storage (e.g. security), prices which are often way over spot (I see some 1oz silver Britannias currently on eBay selling for around £110) and then tussling over price with a dealer when you come to sell them. With a repository yes you will pay CGT, but prices tend to be more in line with spot, no storage security issues and far easier to sell.
I was trying a new camera and I know it looks crap (and the pics are all backward). Won't happen again.
Morning Dom , have you come across the alleged Comex Silver audit fraud ?
And any chance of an update on preferred Silver Miners 😉
The clip regarding the Comex scandal has now been deleted twice by Substack , not sure what is being picked up but there must be obviously something in it !
Sent it to your email
Thanks Jon. I'll take a look
If the Chancellor wants to apply CGT to unrealised gains, it would presumably be an annual charge. Therefore, if the asset declined in value in the year there would (should) be a tax rebate.
Yeah, I know, time for my medicine....
Yes, there should but there won't be ...
Covid proved that at a stroke of a pen the U.K. (or any democratic country except the US let alone autocratic countries) could impose almost anything on its citizens no matter how arbitrary, irrational & stupid.
For example, in the U.K. during Covid a member of a golf club could legally walk alone on his or her golf course using a golf club as a walking stick.
However, if they knocked a golf ball a yard or two ahead of them they were breaking the law!
If the U.K. government can so easily impose an absurd & pointless law like that, how easy it would be to for them not ban the private ownership of gold and silver if it wanted to!!! Or even confiscate it via penal taxation.
Indeed
During the financial crisis in Cyprus (the democratic Greek part) not that long ago, ATM withdrawals were limited to, I think it was, €50.
During the Icelandic financial crisis I listened to a woman being interviewed on the radio, who was not allowed into her bank by security staff to access her savings which were in (somewhat surprisingly) Japanese Yen. Iceland was a so called democratic country. In Argentina (not a democracy at the time) during a relatively recent financial crisis, those who had a local USD bank account were forced to change their dollars into pesos at a confiscatory low price. Don’t think these sort of things could not happen here. They easily could and might well if the half baked government we have at the moment gets into serious economic trouble.
Indeed. Capital controls are real
Did you overlook the Silver Short Sellers. No CGT in the I-O-Man. Ooops, there will be now!
In 1933 Roosevelt confiscated American's gold, and that in the land of the free! Naive to think this regime is not eyeing removing CGT from gold coins.
Maybe ...
It's those scary 4 words again 'this time it's different'. To me it feels like we getting close to a temporary high as the hype narrative is kicking off nicely. Buy on a 10% pullback in either metal (if it ever happens) 🤔
You'd think so but it's relentless
Actually, I think you're right. Have just been listening to Egon Greyerz(?) and he's convinced me it's going much, much higher
I think that it is also Michael Oliver's view - $300-$500 this year. Seems ultra ambitious to me, but then again what do I know.
Why hasn’t oil participated in the currency debasement trade? All the gold and silver and palladium etc ever mined still exists above ground. Oil gets burnt or consumed.
It tends to move later int he cycle
@Dominic Frisby does your take on Sierra Madre change at all, after ten employees of Viszla have been abducted and killed by the Sinaloa Cartel? Not sure if this would fall in the bucket of wider jurisdiction risk…? I think I remember you saying that Almadex Minerals pulled out of Mexico, when you introduced them?
I take your point, but no, not for now
Lack of confidence in traditional investment markets like stocks and bonds is driving this. (It’s the US turning into a rogue state. It’s the early Ecological Overshoot Unraveling. Google it.)
@Dominic - your name just came up in an allegedly leaked Trump strategy brief on the Bob Murphy show regarding "unofficial data sources" about Chinese gold holdings. Lock all doors and windows 😂 I was taken aback to say the least but have no idea whether it's real - 13:50 https://youtu.be/SYtPpZDNzhw?si=sWBS5FtRlf5L0Y-t
Great publicity for the book though 😂 Incidentally, what are your thoughts on GOLD/BTC?
That’s amazing. How funny 🤣
What did you learn from this, Dominic? I didn't learn much. Okay, it is an unprecedented market and the silver price needed a rerating but it sounded as though it is done. His business model sounds a good one. He has no shortage of physical because he has taken account of his long term commitments. Others will not have and they will be in problems but I don't think that this amounts to a systemic risk. I have read on X that physical silver is not selling at a premium but only a discount to the price is being offered - that's if you can get a market. I could be a trader at this stage but I don't think a buyer for the long term. Also, I am not sure whether he thought the ratio of gold to silver would come down and, if it did, why. There was, I would say, the usual pap from someone talking his own book but the offer of no real direction on the price. Have I missed something? Has your scepticism (which I support) been altered by the acknowledgement of the unprecedented nature of the current silver market that you seem to acknowledge?
Thanks Christopher. My view of silver remains unchanged. I don't think the ratio goes back to 15:1 cos of the fact that silver is no longer money. But all it is is a view.
Is gold overpriced or is energy dirt cheap?
Personally, I think the latter, but that's just my bias - energy has been pretty crap generally compared to overall market.
1 Ounce gold now buys approx 80 barrels of oil.
me too
The best reason to go on LinkedIn that I have heard in months - a chance to win a Gold Britannia from the Pure Gold Company and to follow the words of wisdom of Mr Frisby 😊
haha
Thanks Dom, I'll take a look a little later
Is it true that, although UK silver coins avoid CGT, they also (unlike gold) incur VAT?
And is it value for money paying for a foreign repository to store and sell your silver, thus avoiding CGT and VAT?
It's probably a case of 'swings and roundabouts' - buy physical silver and have VAT to pay, issues around storage (e.g. security), prices which are often way over spot (I see some 1oz silver Britannias currently on eBay selling for around £110) and then tussling over price with a dealer when you come to sell them. With a repository yes you will pay CGT, but prices tend to be more in line with spot, no storage security issues and far easier to sell.
It's sadly true that silver bullion coins do incur VAT