7 years of gold

Options
keflin2612
keflin2612 Posts: 1 Newbie
in Savings & investments
Hi, my name is Kevin and I’m from the UK.
I paid my mortgage off in 2011 but kept my endowment running. The endowment has now matured and I have £23,000 in the bank “doing nothing” and I wanted to know if it would be worth me investing the 23000 in gold bullion. I have seven years to go before I retire and may or may not need it back when I do.
If I do (depending on the answerers I get from here) I need to know where the best place is for me to buy “as I’m in the UK” and where is the best place for me to sell when the time comes, also is it better to invest in bars or coins.
Finally is it a good time to INVEST NOW.
Thanks.
Kevin.
«13

Comments

  • dunstonh
    dunstonh Posts: 116,492 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Options
    I wanted to know if it would be worth me investing the 23000 in gold bullion.

    Gold is often worth considering for around 5% of your portfolio. So, what are you doing with the rest of your £500,000 available? As I doubt you were genuinely considering putting most of your wealth into such an asset class.
    Finally is it a good time to INVEST NOW.

    You wont know the answer to that until you look back in 7 years time.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • sandsy
    sandsy Posts: 1,720 Forumite
    Name Dropper First Anniversary First Post
    Options
    Well nobody knows what the price of gold will be in 7 years time, or any other time, so very hard to say if it will be worth it. You could buy about 23 krugerrands for that amount.

    Alternatively, you could invest some of the money in funds in an ISA wrapper now, and add the rest after the new tax year starts on 6 April.
  • atush
    atush Posts: 18,730 Forumite
    Name Dropper First Anniversary First Post
    Options
    Why not put it somewhere, in something that will grow and earn dividends in a tax free environment? Like a pension perhaps?
  • ChesterDog
    ChesterDog Posts: 1,116 Forumite
    First Anniversary First Post Name Dropper Photogenic
    Options
    keflin2612 wrote: »
    Hi, my name is Kevin and I’m from the UK.
    I paid my mortgage off in 2011 but kept my endowment running. The endowment has now matured and I have £23,000 in the bank “doing nothing” and I wanted to know if it would be worth me investing the 23000 in gold bullion. I have seven years to go before I retire and may or may not need it back when I do.
    If I do (depending on the answerers I get from here) I need to know where the best place is for me to buy “as I’m in the UK” and where is the best place for me to sell when the time comes, also is it better to invest in bars or coins.
    Finally is it a good time to INVEST NOW.
    Thanks.
    Kevin.

    No to the first question.

    Probably not to the second.
    I am one of the Dogs of the Index.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    First Anniversary Name Dropper First Post Photogenic
    Options
    You dont "invest" in gold, you speculate in it. It has minimal intrinsic worth.
    Theres no knowing what it will be worth in 7 years time, could easily be half or double.
  • ColdIron
    ColdIron Posts: 9,131 Forumite
    First Anniversary Name Dropper Photogenic First Post
    Options
    How are you with the idea that it, whatever it is, could be worth less in 7 years time. Would you be happier with the certainty of savings and accept a possible lower return?
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    Options
    Gold Sovs, not bullion. No CGT to pay.
    Free the dunston one next time too.
  • Biggles
    Biggles Posts: 8,209 Forumite
    Combo Breaker First Post
    Options
    AnotherJoe wrote: »
    You dont "invest" in gold, you speculate in it. It has minimal intrinsic worth.
    Exactly. An investment is something that will either bring an income or grow over the long term. Gold is neither of those things.
  • Gadfium
    Gadfium Posts: 763 Forumite
    Name Dropper First Post First Anniversary Combo Breaker
    Options
    《Drums fingers on table,checks watch again, wonder where DiggerUK is to tell everyone how good gold has been for him...》

    Why gold? Why not silver, platinum, copper, or the 3.30 at Kempston?
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
    First Anniversary Name Dropper First Post Combo Breaker
    Options
    Gadfium wrote: »
    Why gold? Why not silver, platinum, copper, or the 3.30 at Kempston?

    Yeah, silver has been good for us. As for the hosses; only if I were the bookie.
    Free the dunston one next time too.
This discussion has been closed.
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343.5K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.9K Spending & Discounts
  • 235.6K Work, Benefits & Business
  • 608.5K Mortgages, Homes & Bills
  • 173.2K Life & Family
  • 248.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards