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AU Trading -- anyone had experience of it?
michael00001
Posts: 3 Newbie
Hi everyone,
I came across "AuTrading" online, which claims to be a company split between the US and UK dealing in physical gold bullion. The premiums here are next to nothing, so it's very tempting to purchase from them if you're looking to acquire physical gold. (see www. autrading .co.uk )
My question is, does anyone have experience of buying from AuTrading? As a suspicious person I'd like to know of people who have tested the waters before myself, and are aware if there is any possible scam! I searched for AuTrading's registration with Companies House. The name is there but the details are sparse, so I'm feeling suspicious. Whether or not that's over-paranoia I don't know. I'm only trying to be careful.
Thanks a lot,
Michael.
I came across "AuTrading" online, which claims to be a company split between the US and UK dealing in physical gold bullion. The premiums here are next to nothing, so it's very tempting to purchase from them if you're looking to acquire physical gold. (see www. autrading .co.uk )
My question is, does anyone have experience of buying from AuTrading? As a suspicious person I'd like to know of people who have tested the waters before myself, and are aware if there is any possible scam! I searched for AuTrading's registration with Companies House. The name is there but the details are sparse, so I'm feeling suspicious. Whether or not that's over-paranoia I don't know. I'm only trying to be careful.
Thanks a lot,
Michael.
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Comments
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I think you are very wise to question them. I bought a coin from them a few months ago and thought that was the end of it!
A few weeks after I was sent an invoice for a few hundred pounds for the shipment of the coin!!! I was shocked!! I got back in-touch with AU Trading and they told me (via e-mail) that it was an error on behalf of FedEx!
I thought that would be the end of it and they would sort it out for me.
Well, the other day I had phone calls from a company acting on behalf of FedEx telling me I still owe them money for the shipment costs!!!! !!!!!!!!
I have e-mailed AU Trading again but still had no reply as yet!! At the moment I feel like something suspicious is going on.
If you are going to buy from them, get it in writing first that you won't incur any hidden charges other than the advertised price.0 -
Thanks goldenhand,
In the end, I decided not to order as things looked suspicious and because they weren't anywhere near as professional looking as some other bullion sites. You never know, it may be someone legitimate but operating on a small scale from their home, or whatever. However, I think that's too risky if we are talking about serious investments.
The main mail-order gold companies in the UK seem to be BullionByPost and CoininvestDirect, which look quite reputable. (I don't know if I'm allowed to mention them like that. My intent is non-promotional). I know there's a lot of testimonials on this forum about BBP and CiD, so I'm going to read those before still deciding whether to part with cash.0 -
I've just had a look at their website and the prices charged aren't anything special.
The first 2 coins I looked at (Sovereign and maple) can both be purchased at a lower price from coininvestdirect.0 -
I'm hoping I can resolve this matter soon, it might genuinely be a mistake on behalf of FedEx and not the fault of AU Trading.
So, you would say it is better to purchase from BullionByPost and CoininvestDirect within the UK? I've never heard of them before.
Regards0 -
I've never used BullionByPost so can't comment on them, but I've made many purchases from Coininvest and never had any problems.
They are a UK based company (head office in London), but all of their bullion is shipped in from Germany.
When you order, you are charged VAT (if applicable) at the UK rate so there isn't anything to pay to customs.0 -
I've just spoke to AU Trading and somebody there told me I'm not the only one experiencing this problem from FedEx. She said she'll try and resolve the matter today. At least they are admitting it is an error.
Thanks for that, I'll look into Coininvest for any further purchases.0 -
I have used Au Trading a couple of times and never had any issues, they have a London office and an office in Switzerland, they store bullion tax free in Switzerland and that is why it is shipped from there when you order in London, if you all knew about gold markets your buying from then you would surely know that London is NOT a tax free gold haven.
When you buy bullion from a company like Au Trading, they will remove from a vault and ship to your personal address, this will incure you paying VAT on the order since it has been removed from a storage vault, if you move it to a vault which you pay for there is no VAT to pay but you also won't see the physical gold until you move it into your possession thus paying VAT again.
I have purchased both Silver and Gold Bars from AU Trading and whilst I don't use this site as often thesedays I can vouch that they are for real.***Signature removed by Forum Team***0 -
shaun_from_Africa wrote: »I've never used BullionByPost so can't comment on them, but I've made many purchases from Coininvest and never had any problems.
They are a UK based company (head office in London), but all of their bullion is shipped in from Germany.
When you order, you are charged VAT (if applicable) at the UK rate so there isn't anything to pay to customs.
Its shipped from Switzerland actually not Germany, Germany is not a tax free gold haven***Signature removed by Forum Team***0 -
Investment gold is free of VAT in the UK and has been since 20000
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Are we at the bottom of this dip? Or could we go lower? And why has the price of real physical bullion not come down as much as the paper price? I dont want paper promises only the real bullion for me, but the price has not come down like the paper spot price?0
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