Help on storage of gold.

lvader

Gold is small and very easy to hide around the house.

FLAPJACK

I've bought into physical gold by way of sovereigns.

I was advised at the time that coins are better to invest in as opposed to bars as you can sell just a few coins at a time whereas you can't slice a gold bar....plus coins are a lot easier to hide around the house...or garden.

Don't go mad on investing in gold though...what goes up must come down, it took a dip the other week. The only time to invest heavily in gold to my thinking is when you see the banks being boarded up.

Still however a good idea to diversify your portfolio.

doberryfirkin

I want to buy some gold and have decided to opt for coins. Can anyone point me towards a reputable on line dealer who I can buy through? I am wary of not just how much I pay but ensuring that delivery is guaranteed. I plan to hold the coins myself. I have read a myriad of websites about how to invest in gold but none so far that clearly point to a recommended site to go to to purchase the stuff.

Thanks.

shaun_from_Africa

There are 2 places that I have used a number of times and never had a problem with either of them.

www.coininvestdirect.com and www.elminvestments.co.uk

I have also made one buy from www.atsbullion.co.uk and they are based in central London and if you wanted to you can collect from their office, which is what I did.

doberryfirkin

Thanks for the reply. I was looking at Bullion by Post since it seems to be the only one I can find any reviews of on the internet and they seem to be favorable.

Theyarv1

I have used coininvestdirect and baird&co/goldline. CID feels less professional when buying (as it's with emails and bank transfers) but the delivery and packaging felt more secure - happy with both services

WaltD

I would highly recommend Baird & Co. They are 100% professional and trustworthy. They are not the cheapest, but still quite competitive ... when I last compared, they were cheaper than Bullion by Post. You can be sure of getting exactly what you pay for, and you can choose which "head" appears on your coins. The prices on their web site are updated in real time, so you know precisely what you will be paying.

Probably best to go for UK sovereigns, as they are Capital Gains Tax exempt when you come to sell them.

www.goldline.co.uk
:j

Darthvader

shaun_from_Africa wrote: »

I have also made one buy from ATSbullion and they are based in central London and if you wanted to you can collect from their office, which is what I did.

Are there any reporting requirements to go in and buy bullion for cash? Do they record who you are or can you keep it private?

shaun_from_Africa

Whenever you buy gold bullion in the UK the dealer will ask for proof of ID and your address. These are not normally passed on to HMRC unless your purchase is over £5000 in one go or exceeds £10,000 in any 12 month period.

If you think that you will be going over one of these limits then you could always buy from multiple dealers or do what I did and catch a cheapie flight over to Guernsey and buy from there. (they don't have to report the purchase)

shaun_from_Africa

No. The same requirements aren't needed for silver bullion as VAT is paid when you make the purchase.
Gold bullion is VAT free so I'm assuming that HMRC want the name of big purchasers in case they try to use the gold to make jewellery etc, in which case VAT must be paid as it no longer qualifies as investment gold.

I did declare the gold (1oz Krugerrand coins) when I flew back to the UK but as they qualify as investment gold, they are free of VAT and import duty. The customs man simply checked the receipt and the coins and that was it, As the value of the coins was below £10,000, there was no problem. (this is the limit over which you have to declare cash (or cash equivilents) and you may be asked to prove where the money came from or what it is intended for).