Do You Have to Document Your Precious Metals Purchase?

This Week:

  • NZD Gold Still in a Steady Uptrend
  • The US Fed Continues to Fool Us
  • Expecting a NZD/AUD Parity Party?
  • Japan projects to spend 43% of tax revenue just to pay interest on the debt
  • Reader Question: Documenting Your Precious Metals Purchase?

Prices and Charts

Spot Price Today / oz Weekly Change ($) Weekly Change (%)
NZD Gold $1596.46 – $23.69 – 1.46%
USD Gold $1203.46 – $1.82 – 0.15%
NZD Silver $21.97 – $0.88 – 3.85%
USD Silver $16.56 – $0.44 – 2.58%
NZD/USD 0.7539 + 0.0099 + 1.33%

It’ll be somewhat short and sweet this week. Well, short anyway.

We’ve got a sick child at home that’s needing a bit of TLC so we haven’t kept as close an eye on the news as we usually do sorry.

But a reminder that we post a number of other articles we find of interest on our Facebook and Twitter pages as well. So check those out if you want some more bedtime reading.

https://www.facebook.com/goldsurvivalguide

https://twitter.com/goldsurvival

NZD Gold Still in a Steady Uptrend

NZD Gold Chart

Overnight NZD gold has pulled back sharply after moving steadily higher for the past 3 weeks or so. It remains in the steadily rising uptrend it has been in for the past year. It’s been a long while since we saw a gold article in the NZ herald or on business news here in NZ. A good sign that gold is quietly rising and not really creating any real buzz.

This uptrend is also shown in the monthly NZD gold price chart below (a monthly chart simply plots the closing price at the end of each month instead of each day like the other charts we usually post. It’s a good way to look at the long term trend in whatever it is tracking).

NZD gold broke out of the 3 year downtrend at the start of the year. While not rising strongly it does still remain above the downtrend line. Another good sign.

NZD Gold Monthly Chart

NZD silver is also still in the rising uptrend it has been in since the end of last year, even after falling sharply overnight. We could see a further pull back to the low $21 range yet too.

NZD Silver Chart

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Expecting a NZD/AUD Parity Party?

If you’ve seen the news this week, all the talk has been of the Kiwi dollar reaching parity with the Aussie dollar.

Of course when a topic is in the news this much maybe it has gotten a bit overblown?

So what do you know? The Aussie Reserve Bank kept interest rates on hold and the NZD promptly dropped back against the Australian Dollar.

You’ve no doubt read about the good points and bad points of this. Cheaper holidays to the Gold Coast. But lower Iron Ore prices and timber prices as a result of China buying less of both is not so good for us.

Lower Iron ore prices mean Aussie buying less of our exports. While the lower timber prices mean layoffs in the forestry industry.

It will be interesting to see if the Kiwi can move higher still from here and get above 1 to 1.

The US Fed Continues to Fool Us

The US Fed minutes released overnight didn’t reveal much. Just that there are differing opinions amongst them…

“Fed minutes reveal divergence on first rate hike
Several Federal Reserve policymakers said last month the central bank is likely to raise its benchmark interest rate in June but “others” said the move will probably occur “later in the year,” according to minutes of the Fed’s March 17-18 meeting.The report is consistent with Fed policymakers’ forecasts, released after the mid-March meeting, that indicate the first bump in rates since 2006 is unlikely before September as the Fed awaits signs of a pickup in anemic inflation.”
Source.

The best thing we read on this subject during the week was at Daily Wealth:

“How the Federal Reserve Has Completely Fooled Us for Years

We must be idiots…

The Federal Reserve has completely fooled us for more than six years…

“Higher interest rates are just around the corner,” they tell us today.

The thing is, they’ve told us that over and over – since the Fed first cut interest rates to zero back in 2008.

The Fed has cried wolf, for more than six years. And we’re still panicking, looking for the wolf…

I suggest you ignore the Fed. I suggest you stick with my investing “script” – which my subscribers have been following for at least five years:

“The Fed will keep interest rates lower than you can imagine, for longer than you can imagine, and that will cause asset prices – including stocks and real estate – to soar higher than you can imagine.”

Japan projects to spend 43% of tax revenue just to pay interest on the debt

Three weeks  ago we mentioned Japan in our discussions of China. Here’s some detail from Sovereign Man on just how extreme things are getting in Japan today as well:

“As a percentage of GDP the government here is carrying more debt than anyone else on the planet.

At one quadrillion yen, the debt level is so high that it now takes the government 43% of its central tax revenue just to pay interest this year…

Through its policy of aggressively seeking to create inflation, the government is now guaranteeing that anyone who holds Japanese government bonds will lose money.

This makes government bonds no longer an investment or a store of value, but a charity case. At best it’s just another tax.

Throughout history governments have often overestimated how much their citizens are willing to accept.

Japan has a beautiful stoic culture that has been able to endure tremendous suffering. That said, everyone has a breaking point.

And that’s when you see that there’s a big difference between love of country and love of government.

Bottom line – it’s already starting to unravel.

Every time I’m in Singapore now, as I was just last week, my banking contacts report exponential growth in Japanese customers. Businesses, entrepreneurs, and investors are all moving money out of Japan and into Singapore.

Even Japanese banks are aggressively expanding, following the money out of their own country.

This is precisely when capital controls end up being imposed—when a trickle of capital fleeing turns into a flood.

We’re seeing the same things right now in many places around the world, with most of the attention now focused on Greece and other parts of southern Europe.

However, as Japan has the third largest economy in the world and is the most woefully indebted, it’s really the one to watch.

When the powder keg goes off that sets the global financial system ablaze, it will most likely be in Japan where the match is lit.”
Source.

Scary numbers there indeed.

Reader Question: Documenting Your Precious Metals Purchase?

We received a great question this week from a reader:

“How does one document the reason why one has purchased a precious metal?  Would a reason to safeguard from bank’s foreclosure or currency collapse be a reason?”

We’ve had some similar questions to this in the past so have some past articles to draw on. Here was our response:

 

“Hi C,

Sorry for our slow reply. You weren’t forgotten – just hadn’t gotten the chance to put fingers to keyboard.

Saw your other email too where you said:

“Also, I wonder about declaring the reason for purchasing my other gold and silver which i did about a month ago from you guys.

I read some time ago that one must do this.”

As far as we are aware there is no need to report precious metals purchases to anyone. This might well change in the future as we have written about here, but for now purchases are not required to be recorded or reported in NZ by dealers or by the purchasers themselves:

Privacy: Are purchases of gold and silver in NZ reported?

Gold Privacy

However your point about documenting the reasons for purchasing gold and silver is a good one. This could be more of a factor if/when you eventually choose to sell any of it. And might be a factor in what tax is or isn’t payable. This article goes into details on this. But it is still a murky area:

Capital Gains Tax on Precious Metals in New Zealand – Is There Any?

Capital Gains on Gold

You reasoning for buying sounds solid anyway.

Hope that helps.”

Of course you’ve got to own some gold or silver first before worrying about whether you need to document your purchase of if you might have to pay tax on it eventually.

So get in touch if you’d like to make your first purchase.

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This Weeks Articles:

China gold Reserves

Announcements Due: China Gold Reserves and SDR Inclusion

2015-04-01 23:02:10-04

This Week: World Gold Council Agrees on 3 Gold Myths RBNZ: Warning of a problem they caused Announcements Due: China Gold Reserves and SDR Inclusion   Prices and Charts Spot Price Today / oz Weekly Change ($) Weekly Change (%) NZD Gold $1620.00 + $44.66 + 2.83% USD Gold $1205.28 + $9.12 + 0.76% NZD […]

 

Read More…
Signs of Resource Bottom

Doug Casey: Signs of a Resource Sector Bottom

2015-04-07 18:36:22-04

See how while Doug Casey might be a commodity bear, he is at the same time a gold bull. Plus get his views on whether gold might have already bottomed and whether we may see a reinstitute gold standard someday… Doug Casey: Signs of a Resource Sector Bottom By Doug Casey Interviewed by Louis James, Editor, International […]

 

Read More…
As always we are happy to answer any questions you have about buying gold or silver. In fact, we encourage them, as it often gives us something to write about. So if you have any get in touch.

  1. Email: orders@goldsurvivalguide.co.nz
  2. Phone: 0800 888 GOLD ( 0800 888 465 ) (or +64 9 2813898)
  3. or Online order form with indicative pricing

Today’s Spot Prices

Spot Gold

NZ $ 1564 / oz US $ 1240.25 / oz
Spot Silver
NZ $ 21.96 / oz

NZ $ 776.60 / kg

US $ 17.41 / oz

US $ 559.86 / kg

 


7 Reasons to Buy Gold & Silver via GoldSurvivalGuide

Today’s Prices to Buy

1oz NZ 99.99% pure gold bar

1oz NZ Gold Ingot

$1650.58

1kg NZ 99.9% pure silver bar

1 Kilo NZ Silver Bar

$776.82 (price is per kilo for orders of 1-4 kgs)

$769.43 (price is per kilo only for orders of 5 kgs or more)

order now

1oz PAMP Suisse 99.99% pure gold bar

PAMP Gold

$1697.18

1kg PAMP 99.9% pure silver bar

PAMP Silver

$826.82

1oz Canadian Gold Maple 99.99% pure gold coin

pure gold coinGold Maple

$1716.03

1oz Canadian Silver Maple 99.99% pure silver coin (Minimum order size tube of 25 coins)

Silver Maple Silver Box

Tube of 25 $713

Box of 500 $13260

(Fully insured and delivered)

order now

Note:

  • Prices are excluding delivery
  • 1 Troy ounce = 31.1 grams
  • 1 Kg = 32.15 Troy ounces
  • Request special pricing for larger orders such as monster box of Canadian maple silver coins
  • Lower pricing for local gold orders of 10 to 29ozs and best pricing for 30 ozs or more.
  • Foreign currency options available so you can purchase from USD, AUD, EURO, GBP
  • Note: Your funds are deposited into our suppliers bank account only. We receive a finders fee direct from them only.

order now

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Our Mission

  1. To demystify the concept of protecting and increasing ones wealth through owning gold and silver in the current turbulent economic environment.
  2. To simplify the process of purchasing physical gold and silver bullion in NZ – particularly for first time buyers.

We look forward to hearing from you soon.

Have a golden week!

David (and Glenn)

GoldSurvivalGuide.co.nz

Ph: 0800 888 465

From outside NZ: +64 9 281 3898

email: orders@goldsurvivalguide.co.nz

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The Legal stuff – Disclaimer:

We are not financial advisors, accountants or lawyers. Any information we provide is not intended as investment or financial advice. It is merely information based upon our own experiences. The information we discuss is of a general nature and should merely be used as a place to start your own research and you definitely should conduct your own due diligence. You should seek professional investment or financial advice before making any decisions.

Copyright © 2013 Gold Survival Guide.

All Rights Reserved.

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