Gold anyone? Time to buy again

I’ve never personally bought from BOT, so won’t vouch for them. Others have and say they’re fine. The link is: bot.com.tw/English/EInternat … fault.aspx

I’ve used Shiny.com.tw and they are good and getting better. I suggest taking physical delivery of your bullion products.

Link to BOT and price

English:
rate.bot.com.tw/Pages/Static/UIP005.en-US.htm

Chinese:
rate.bot.com.tw/Pages/Static/UIP005.zh-TW.htm

[quote=“Tony the Tiger”]
When you buy gold from the BOT, they give you a certificate. And when you want to sell it back to them, you need that certificate.[/quote]

Tony, if you want to take physical delivery of your gold from BOT, is it possible? The reason I’m asking is because it sounds like they only give you a certificate / receipt that represents your gold.

Kevin, the above quote was about BOT’s buyback policy. Yes, they buy back their own gold, but can you take physical possession of the gold you bought and then sell it back to them at a later stage?

Thanks guys.

[quote=“SillyWilly”][quote=“Tony the Tiger”]
When you buy gold from the BOT, they give you a certificate. And when you want to sell it back to them, you need that certificate.[/quote]

Tony, if you want to take physical delivery of your gold from BOT, is it possible? The reason I’m asking is because it sounds like they only give you a certificate / receipt that represents your gold.

Thanks guys.[/quote]

I’m sorry if I wasn’t clear. BOT offers both physical gold and gold accounts. I was referring to physical gold.

I bought an Australian Kangaroo from them, they gave me the coin AND a certificate/receipt. When you want to sell the coin back to them, you need that certificate.

[quote=“Tony the Tiger”]
I bought an Australian Kangaroo from them, they gave me the coin AND a certificate/receipt. When you want to sell the coin back to them, you need that certificate.[/quote]

That’s great! The buy-sell spread on gold 1oz coins like the Canadian Maple and the Australian Kangaroo are very narrow at BOT. When I measured it it was 2.3%. Shiny definitely can’t compete with that. :thumbsup:

South Korea bought 16 tons or 466,656 troy ounces of gold in July. The central banks know the jig is up and they keep accumulating gold by the ton.
Source: reuters.com/article/2012/08/ … JD20120802


Central banks are doing their best to accumulate as much gold bullion as possible from 2007 - right after the financial crisis struck. Big gold buyers are: 1)China 2)Russia 3)Thailand 4)South Korea. Notice how most of these gold-buying countries are in the East. There is a massive wealth transfer taking place right before our eyes from the West to East.

[quote]Central Banks Still Significant Buyers On Gold Dip
Central banks internationally continue to diversify their foreign exchange reserves into gold bullion due to concerns about fiat currencies – including the dollar and especially the euro.

IMF data shows that central banks were again net buyers in April with Turkey and Philippines being the largest buyers of gold.

The Philippines increased their gold holdings significantly by 32.13 tonnes to 194.241 tonnes in March – a 17% increase in their gold reserves in the month.

It was the single largest addition Philippines has made since September 2008. They have been pretty consistent buyers of gold over the last few years, but the 17% increase in April was another big rise.

Turkey expanded its gold reserves by 29.7 metric tons in April. Turkey’s bullion reserves climbed to 239.3 tons last month meaning that Turkey increased their gold reserves by 14% in April.

The central bank on March 27 doubled the share of lira reserves banks can hold in gold to 20%, saying it would provide 6.1 billion liras ($3.3 billion) of extra liquidity.

Mexico increased gold holdings by 2.92 tonnes to 125.5 tonnes in April.

Kazakhstan raised gold holdings by 2.02 tonnes to 98.19 tonnes in April.

Ukraine upped gold reserves by 1.4 tonnes to 30.607 tonnes in April.

Sri Lanka raised gold reserves by 2.177 tonnes to 7.807 tonnes in January. There is a delay in Sri Lankan gold reserve reporting to the IMF.

Central banks added 456.4 tons last year, the most in almost five decades, and will buy as much as 400 tons this year, the London-based World Gold Council estimates. [/quote]

Source:http://www.zerohedge.com/contributed/2012-21-24/central-banks-still-significant-buyers-gold-dip


See how China only has 1.6% of all foreign exchange reserves in gold. That’s why they’re buying gold hand over fist. They export no gold and import hundred of tons per year. Why? Because they know the paper (fiat) money system can’t go on forever, and when the music finally stops they want to have gold in their vaults.

The Russians are no different. Gold is their money of choice now. Check out this chart:

And since October 2011 they have added to their gold holding each month, except for one.

If central banks and governments are accumulating gold like it’s going out of fashion, why do most Westerners still think it’s a “dumb” investment? Maybe because people like Warren Buffett hates the stuff (in public at least) and he’s not ashamed to tell the world. Buffett’s long time business partner, Charlie Munger also recently said: “civilized people don’t buy gold”

Start following the smart money and stop listening to the so-called “experts” - who don’t always have your best interest at heart.

WOW that chart certainly answered my question for “Chinese govt advise gold buying - why? What is their plan?” : youtube.com/watch?v=YPXncTuw … sults_main

China not only do it but also it have been persuading its citizens to do so as well

and when I started search Gold on google before, The first firm that came up was a Chinese firm working in TW selling gold in TW

I didn’t know this before but they also say that the cert is on the physical gold.

and u would have a seperate reciept and u have to have both to sell back

[quote=“SillyWilly”]With the Fed still holding off on the next inevitable stimulus, gold has lost some ground. All eyes now on ECB “whatever it takes to save the Euro” stimulus. Should be a big one, but you never know with these “smart guys” at the central banks. Draghi said he would do whatever it takes, but he can easily backtrack and bow to political pressure instead.

USD rallied back up to 83 after the FED’s inaction.[/quote]

The ECB does nothing and punts back to the FED. No stimulus action out of Europe this time around. The question becomes: What are they waiting for? Another Lehman moment, maybe.

Next up: FED’s Jackson Hole meeting at the end of August. Gold should trade sideways from now until then.

That’s a major difference between the Chinese government and Western ones. The Chinese are actively educating their people on how to buy gold/silver to store their wealth. Real estate in China can’t go up anymore since it’s already in a bubble so the next best thing for the Chinese is precious metals.

Hong Kong Exchanges and Clearing (HKEx) will take control of the world’s largest commodities exchange, the London Metal Exchange (LME) later this year, a move that will further strengthen China’s hold on the global metals market. The Shanghai Gold Exchange is set to take over from the COMEX and the London Bullion Market Association as the primary gold exchange in the world in the near future.

In China you can buy gold bars at vending machines. Yes, that’s right. Vending machines.

With literally hundreds of millions of people buying gold on a consistent basis, the price can’t stay where it is now.

China wants to be the country in the world with the most gold, and they’re well on their way. They are the biggest gold producer in the world now, they export zero gold, they import hundreds of tons per quarter, they are actively investing in gold mining companies around the world, and their official gold holdings is a state secret.

It’s just a matter of a few years until they have more gold than Europe and the US to back their currency with.
Follow the smart money! :thumbsup:

LOL. Was thinking that China would have more gold than US by now. So naive I am
It is still like 7 to 1 without counting the Germans.

I was told by my mom that when we retreated to TW, C.K.S shipped as much gold as he could to TW. TW might have more secret gold stashed some where
gold is worthless, My Ass

Oh… Sept 12, German Constitution Court will decide if they want to participate in ESM and the bailouts in EU.

There is not enough gold in the world to back a single major currency rather than all the currencies. It’s just not possible without causing the price of gold itself to become a massive bubble. I believe the Chinese are stockpiling large amounts of various ore materials and investing in worldwide mining resources instead.

First, if gold officially resumes its historic role as money it will no longer be seen and traded as a commodity and therefore its price will be a lot more stable at a much higher level since major currencies will be linked to its value and therefore the wealth and economic health of nations will depend on the value of their gold. At worst, gold will trade within a narrow band.
Keeping this in mind, can you truly call a much higher price for gold a “bubble” if major world currencies are linked to its price? The term bubble has to do with speculation. When speculative money flows into an asset and pushes its price to unfathomable highs we call it a bubble. But since gold will function as money - and not a spec. investment - speculative money flows won’t push its price to ridiculous levels because there will be no expectation of huge profits. It will trade very similarly to stable major world currencies - not like those exist anymore, but you get my point. How many people you know buy the Canadian Loonie as a speculative investment? My guess, none.
The initial revaluation of gold as money will take the price much higher. It’s what Roosevelt did in 1933 when he revalued gold from $20.67/oz to $35/oz. It happened overnight and it could happen again, but this time the price will be set by the Bank of International settlements - the central bank of central banks.
If gold doesn’t regain its official role as money, well that’s a different matter all together and spec.money flows will push its price into bubble territory and it will eventually crash.

Second, I believe you’re right about base metal stockpiling and resource investments, but records do show that China is in a hurry to stockpile gold. They export very little of the precious metal even though they are the biggest producer and they import massive tonnage of gold through Hong Kong every month. These are all facts you can verify. Why would they do this if not to use that gold to back - or partially back - their currency? No one said you have to back a currency 100% by gold, only partially. The USD was backed only 40% by gold before 1971, same with the Swiss franc in 1936. I expect China to do the same.

By your mom? Don’t you guys learn that in history class?

Anyway, Taiwan’s Fort Knox is on the road to Wulai. That’s not a big secret.

[quote=“SillyWilly”]The initial revaluation of gold as money will take the price much higher. It’s what Roosevelt did in 1933 when he revalued gold from $20.67/oz to $35/oz. It happened overnight and it could happen again, but this time the price will be set by the Bank of International settlements - the central bank of central banks.
If gold doesn’t regain its official role as money, well that’s a different matter all together and spec.money flows will push its price into bubble territory and it will eventually crash.[/quote]
And He took the gold from all the US citizens before he did that. Damn…
What a douchebag

BTW. whoever think they r gonna keep the gold at Fort Knox… LOL :roflmao:
Use ur head a little bit more than just take in whatever they give u at history class, u might get ahead

It’s not a ‘bubble’ if the price is realistic.

Both the price of gold and silver are being manipulated. Buy now, while the price is artificially low. They won’t be able to keep this up for much longer.

EDIT: And make sure that physically hold it yourself. If it’s in the bank, you don’t own it, and you won’t get it when the system fails.

I can see how silver was manipulated by market capture, but gold? Don’t buy it.
That said I think gold should at least hold it’s value for the foreseeable future.

I have bought both gold and silver using mostly BOT. But they don’t stock a lot of choices, you have a better choice using other vendors. But always be wary using online vendors. I have checked out numerous sites, such as booksilver.com, maplesite.com. prosbcoin.com, which are all silver and gold bullion and coin traders in Taiwan. Some looked fishy, but I can not confirm anything. I found that booksilvertrade.com.tw uses physical dealers as well. I contacted the dealer in Hsinchu [a long time jewelry shop] and place my orders through him at no extra cost.

Price for Gold at BOT is good
but silver… it is twice as much as the spot price… premium 100%??? may b thats common for those coins at BOT

anyone tried direct shipping from some of the mints such as Scottsdale? store.scottsdalesilver.com
perhaps, they don’t ship to TW???
or the duties will be too high?

And safety deposit boxes. Do u recommend any in TW? do u get denied of access from the ones at the bank in case the system fails?

Edit: found some info for scottsdale: store.scottsdalesilver.com/page/18/hf_s
it beats buying from some vender when u could get it straight from the mint in my opinion.
Duties aside, Shipment costs will sill be better than the 100% premium at BOT.

[quote=“headhonchoII”]I can see how silver was manipulated by market capture, but gold? Don’t buy it.
That said I think gold should at least hold it’s value for the foreseeable future.[/quote]

Gold is manipulated through naked short positions. According to GATA, 80% of the gold in the market doesn’t actually exist. It’s ‘virtual’ gold. To put it another way, each ounce of physical gold has been sold on the market five times.

The bottom line is this. If you want to invest in gold, make sure that you hold it in your hands, and not in a bank or other investment vehicle.

Here’s a CNBC interview with Chris Powell, Secretary & Treasurer of the Gold Anti-Trust Action Committee

A cleaner sounding version can be found here: http://video.cnbc.com/gallery/?video=3000097894