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overtheedge
Member since May 2012
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Buy Gold, Lose 8% on a 6% Profit - Adrian Ash - Bullion Vault

""Ah, but if you don't hold it you don't own it!" says the idiot in chat rooms and on comment threads. But you might at least get to make a profit from it. Whereas our wise friend confuses ownership with possession, and at a cost so huge, it undoes the whole purpose of wanting to buy gold in the first place."

"Yes, you can do that using BullionVault. The metal you buy is your physical property after all. But meantime, why trigger the huge extra expense of small-bar or coin fabrication? The storage charge, which includes insurance, is a fraction of the money you'll throw away trying to deal retail silver bars or coin. And buying gold and silver should help defend your savings, not destroy them. It doesn't need to give you a headache about security or physical risk either."

Let this idiot point out that by your own writings, the customer of your establishment doesn't own anything beyond a claim to a portion of a good delivery bar.
Storing your PMs in a foreign jurisdiction carries its own risks. A simple majority vote can alter the entire scenario and result in an involuntary transfer of private property to public coffers.

"It doesn't need to give you a headache about security or physical risk either."

It never has given me a headache. Quite the contrary; it offers me peace of mind.
For bank deposits there exists the concept of Bail-ins. Could a similar thing happen with vaulted gold?
In the meantime, this idiot will sit in the corner and drool while fingering his bright shiny bits of metal.
If you can't hold it, you don't own it.
"Possession is 9/10ths of the law."

Oh and by the way, in this article of yours you lumped traders, savers and investors together.
There is a substantial difference between these three sectors.
You need to learn the difference before you spout off about idiots.

Commented 3185 days ago

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Beginning of the headline :Want to buy gold? If you don't hold it, you might get to make a profit...! YOU typically buy gold because you want to defend your savings, writes Adrian Ash at BullionVault. Yet many people insist on giving away 10% of their money – or more – every time they buy and sell gold coins or small bars. February 2016, for instance, has seen gold's best monthly rise since November 2008 in terms of the British Pound, rising over 14% as Sterling has sunk amid the growing Brexit crisis. That's ... Read More

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