Time to get a personal pension?

[milly]

So what would you suggest that most of Western World should do?

I'd like to second this question!

Milly, you've told us over and over again what you think the worst case scenario will be. That's your opinion and that's fine. But you haven't given your opinions on what should be done to correct it.
I'd be interested to know!

Your ranting diatribe is nothing without meaningful alternatives.

Massive Public spending cuts, raise the Tax allowance up from £12750 so it's advantageous to Work and end sanctions against Russia to bring in more energy supply.
More energy leads to lower inflation.

[Tman]

Attack my arguments don't attack my character.
Perhaps you could tell me why I'm wrong .

Not an attack on your "character" but drawing a simple parallel with those strange people of years past whose sole purpose in life was to predict dire happenings in the world.
Many have predicted "the end of the world as we know it" but somehow the existing political systems seem to survive pretty much unchanged.

[milly]

Attack my arguments don't attack my character.
Perhaps you could tell me why I'm wrong .

Not an attack on your "character" but drawing a simple parallel with those strange people of years past whose sole purpose in life was to predict dire happenings in the world.
Many have predicted "the end of the world as we know it" but somehow the existing political systems seem to survive pretty much unchanged.

Instead of comparing me with strange people who predict the end of the World why don't you refute my hypothesis with reasoned arguments.

[Wullie10]

So what would you suggest that most of Western World should do?

It's probably too late, systematic collapse looks baked in along with financial repression.
The State is too big to sustain itself and nobody can handle the reality of the situation so collapse it is.
The Welfare bill has been monetised by the Bank of England for the past 10 years, our Taxes don't cover our Countries expenditure.
All of our saved Labour is being handed to the bloated State to pay for immigrants in Hotels, the War in Ukraine, Public sector Pensions, Billions wasted on Covid and an ever expanding Welfare State.
What Politician is ever going to ask for all of this to be reigned in and keep their Seat.
And one other thing which will be the final nail in the Coffin is that we now have to try and run our economy on expensive energy thanks to our insane Politicians and their Climate Change and Warmongering policies.
Apart from all that things look pretty good .

Would have been far better off investing in gold coins. Sadly most will have missed the boat on that one . The returns of the past 20 years have been amazing and the best part. Govement keeping their nose out of it... so far. As for inheritance taxes ? What gold coins ?

[milly]

So what would you suggest that most of Western World should do?

It's probably too late, systematic collapse looks baked in along with financial repression.
The State is too big to sustain itself and nobody can handle the reality of the situation so collapse it is.
The Welfare bill has been monetised by the Bank of England for the past 10 years, our Taxes don't cover our Countries expenditure.
All of our saved Labour is being handed to the bloated State to pay for immigrants in Hotels, the War in Ukraine, Public sector Pensions, Billions wasted on Covid and an ever expanding Welfare State.
What Politician is ever going to ask for all of this to be reigned in and keep their Seat.
And one other thing which will be the final nail in the Coffin is that we now have to try and run our economy on expensive energy thanks to our insane Politicians and their Climate Change and Warmongering policies.
Apart from all that things look pretty good .

Would have been far better off investing in gold coins. Sadly most will have missed the boat on that one . The returns of the past 20 years have been amazing and the best part. Govement keeping their nose out of it... so far. As for inheritance taxes ? What gold coins ?

The price of Gold hasn't gone up it's just that your purchasing power in Pounds has gone down due to the Government spending money like it's going out of fashion.
A Gold Sovereign has a face value of £1 unfortunately in our debased currency it now costs nearly £400 to buy one.
Gold won't make you rich it just protects your purchasing power over long periods of time.

[RobertT]

The price of gold in £'s per ounce has actually increased by about 700% over the last 20 years. While the rate of CPI has gone up by 63% over the same period.

Gold coins are literally worth their weight in gold, rather than their face value!

There's really no difference between gold, silver, equities or any other tradable commodity. Because if you buy and sell at the right time, it's always possible to make money. With the opposite also being true.

The difference with physical products like gold, is there won't be any dividends which is a major income source of equities over time. Unless you put your money into a gold fund, which might also hold investments in mining companies, etc.

[milly]

The price of gold in £'s per ounce has actually increased by about 700% over the last 20 years. While the rate of CPI has gone up by 63% over the same period.

Gold coins are literally worth their weight in gold, rather than their face value!

There's really no difference between gold, silver, equities or any other tradable commodity. Because if you buy and sell at the right time, it's always possible to make money. With the opposite also being true.

The difference with physical products like gold, is there won't be any dividends which is a major income source of equities over time. Unless you put your money into a gold fund, which might also hold investments in mining companies, etc.

I wouldn't pay much attention to any Government inflation figure when making comparisons to Gold.
By holding Gold you will keep your purchasing power over long periods of time, Gold isn't an investment it's Money.
8 Pre1920 Half Crowns (92.5%Silver) =£1 and are worth £58 and 8 Pre 1947 Half Crowns (50% Silver) =£1 are worth £31.
It's funny that people think that the price of Gold has gone up rather than realising that the Pound has lost value.

[Tman]

So that would apply to every currency in the world then?

[milly]

So that would apply to every currency in the world then?

Name me a Fiat Currency that hasn't lost value against Gold.

[RobertT]

I wouldn't pay much attention to any Government inflation figure when making comparisons to Gold.

That's your choice, but I go by the figures released by the Office for National Statistics, which is an independent body!

By holding Gold you will keep your purchasing power over long periods of time

Only if it keeps pace or beats inflation. Which it has, going by the only figures we have at our disposal.

Gold isn't an investment it's Money.

Of course it's an investment if someone wants it to be, just like equities, property, etc.
There's nothing stopping anyone buying gold bars, you can buy small ones for about £60. There's more to gold than coins!

It's funny that people think that the price of Gold has gone up rather than realising that the Pound has lost value.

It's funny that the price of gold has gone up more than the pound has lost value.

[Tman]

I very much doubt there is one, but you stated-

It's funny that people think that the price of Gold has gone up rather than realising that the Pound has lost value.

which implies you think that Sterling has acted differently to every other currency in this respect.

[milly]

I wouldn't pay much attention to any Government inflation figure when making comparisons to Gold.

That's your choice, but I go by the figures released by the Office for National Statistics, which is an independent body!

By holding Gold you will keep your purchasing power over long periods of time

Only if it keeps pace or beats inflation. Which it has, going by the only figures we have at our disposal.

Gold isn't an investment it's Money.

Of course it's an investment if someone wants it to be, just like equities, property, etc.
There's nothing stopping anyone buying gold bars, you can buy small ones for about £60. There's more to gold than coins!

It's funny that people think that the price of Gold has gone up rather than realising that the Pound has lost value.

It's funny that the price of gold has gone up more than the pound has lost value.

If you are based in the UK you are best buying UK Legal Tender Coins such as Britannia's or Sovereigns which are CGT exempt ,Gold Bars are not exempt from CGT.

[milly]

I very much doubt there is one, but you stated-

It's funny that people think that the price of Gold has gone up rather than realising that the Pound has lost value.

which implies you think that Sterling has acted differently to every other currency in this respect.

Where did I imply Sterilng was a special case?
I used Sterling as an example because I live in the UK.
All Fiat Money eventually becomes worthless as dishonest Politicians can't resist printing the funny Money to bribe the electorate whilst enriching themselves.

[RobertT]

If you are based in the UK you are best buying UK Legal Tender Coins such as Britannia's or Sovereigns which are CGT exempt ,Gold Bars are not exempt from CGT.

Yes, gold bars are the same as other investments held outside of tax exempt wrappers.

But you can still make £12,300(current rates) profit from your investments per year without paying CGT.
Any sensible person would spread out their sales over a number of years, if CGT was a factor.

[milly]

If you are based in the UK you are best buying UK Legal Tender Coins such as Britannia's or Sovereigns which are CGT exempt ,Gold Bars are not exempt from CGT.

Yes, gold bars are the same as other investments held outside of tax exempt wrappers.

But you can still make £12,300(current rates) profit from your investments per year without paying CGT.
Any sensible person would spread out their sales over a number of years, if CGT was a factor.

I believe that CGT will drop to £3000 by April 2024 so it is pointless buying Gold Bars when you can buy CGT free UK Legal Tender Coins for a slight premium over Bars.