How to buy gold (and sell it later without losses)

withnell

How many people posting here are gold experts? Steer clear of eBay, unless you can identify that what you've been sold is actually genuine!

tradetime

QQQ wrote: »

Since British Pound is going to become weaker I am thinking about safe heaven for my savings. One of the options is gold (and not gold derivatives!).

Who could describe how to buy (and later sell) gold coins or gold species without overpaying too much to bank?

I have not found anything on moneysupermarket.com about this

Your predicament is much simpler than you think, since you seem to know that the pound is going to become weaker, simply short it, problem solved.

sabretoothtigger

Unless he is Jim Rogers that sounds a bit expensive. I'd have shorted lots of things if I knew exactly when the top of the market was because I'd not be risking anything.

Ironically I timed the ftse100 to the precise day when cashing in a tracker, I chose the highest point in 3 months to do so but you only know for sure afterwards so I wont kick myself too hard

Jim Rogers is lucky because he is so rich he doesnt need to know even which year will be the top, just so long as he is right eventually its all good and to his credit I guess he has been roughly right in the past.

Most of us need genius timing to call stuff like that, the less money you have to lose the better you have to be or take on inordinate risks

Hence why I'd rather stick to investments not commoditys and risky stuff that gives me nothing back if Im wrong

uih039

QQQ wrote: »

safe heaven for my savings

Savings won't be any use to you there; best to spend it all before you go

sabretoothtigger

Your namesake?

http://finance.yahoo.com/q?s=QQQQ

DiggerUK

@ QQQ,
You don't buy gold in banks in UK, it is done online or by post through dealers. Here are some sites for prices.
http://www.goldline.co.uk/

http://www.coininvestdirect.com/main.php

http://www.goldinvestments.co.uk/main/index.php

You don't pay charges as such, they put a % premium above or below "spot price". Go to the price charts on the Kitco site above, or go through to http://www.lbma.org.uk/statistics_current.htm (click on gold fixings for historical data)

These sites have forums for you to lurk.Watch out for the "Gold Bugs" they are loony toons.
https://www.kitcomm.com/forumdisplay.php?f=7

http://www.housepricecrash.co.uk/forum/index.php?showforum=50

Other places to buy are pawnbrokers, small jewelers and coin dealers.

You should only consider gold if you are going to hold for 5+ years. Long term you will never lose.
Good luck.