Buying Gold

theGrinch

I am thinking of buy a few thousand pounds of gold in either coins or tablet/bar.

Apart from the purity, what are the other obvious things I should think about?

kingrulzuk

theGrinch wrote: »

I am thinking of buy a few thousand pounds of gold in either coins or tablet/bar.

Apart from the purity, what are the other obvious things I should think about?

Where are you going to keep it?

warehouse

How will you sell it later on down the line if it's only an investment? Many companies only buy back what they've sold, so check that out before buying.

Don't buy off ebay.

theGrinch

warehouse wrote: »

How will you sell it later on down the line if it's only an investment? Many companies only buy back what they've sold, so check that out before buying.

Don't buy off ebay.

Thanks. I was going to visit a London dealer.

I see there are various stamps on them are these universally recognised?

Is there a difference in gold bars vs gold coins? For example, are coins like Krugerrand (RSA), Maple (Canada), Leaf (Oz) and Britannia (UK) backed by their Central banks?

theGrinch

kingrulzuk wrote: »

Where are you going to keep it?

If I told you...I would definitely have to shoot you. No hard feelings

kidmugsy

Start by visiting the website of the Royal Mint, and then you can compare the dealers' prices to theirs. Sovereigns (post 1840-something) and Britannias are free of CGT.

You buy gold coins because you don't trust central banks, not because they "back" something.

slowpoke_rodriguez

theGrinch wrote: »

Apart from the purity, what are the other obvious things I should think about?

Does purchasing gold represent good value at the moment?

markj113

Firstly most of the above advice is not the best.

Most dealers will buy from you without issue. I walked into Atkinsons Jewellers/bullion dealer two weeks ago and sold about £50k worth of gold with no problems whatsover.

Do not buy from the Royal Mint - they are expensive.

I would strongly advise buying sovereigns. They are small, highly liquid, CGT free and can be had for a small % over spot price.

Hatton Garden metals is well trusted and well priced (sovereigns 2% over spot)
http://www.hattongardenmetals.com/buy/cid0/all-stock

Atkinsons :
https://atkinsonsbullion.com/

Baird & Co :
http://www.goldline.co.uk/goldsavers.page

Another option is something like Bullionvault where you buy allocated gold and it is stored in a vault of your choice from several in the world. Low fees, secure and allows instant buying/selling. They also have independant audits on a regular basis to ensure the books balance with the physical gold holdings. I would stay away from unallocated gold investements & "paper gold"

DiggerUK

slowpoke_rodriguez wrote: »

Does purchasing gold represent good value at the moment?

Prices flim flam around. Not a purchase that turns you a quick profit, unless good fortune is with you.

Has risen from £725 an ounce at xmas, to £1000 today.
Dropped from £1200 an ounce in September £2011, to £700 by September 2015.
That being said, if you had averaged in from the peak in 2011, you would have averaged £890, and today be able to sell for £1010. (All figures rounded off)
Gold is a long term way of saving, minimum 5 years plus..._

http://goldprice.org
http://www.elminvestments.co.uk/gold-coins.html

theGrinch

slowpoke_rodriguez wrote: »

Does purchasing gold represent good value at the moment?

time and motivates will tell that although personally Im patient

slowpoke_rodriguez

Don't forget the tins of beans and bottled water.