Where to buy physical Gold/Silver Bullion at Market price?

Mojo786

Hi All-Not sure if iam posting this in the right place.My question is about selling not buying gold.I have some hallmarked jewelry,hallmark is not enclosed in a rectangle,oval or any particular shape.Also there is no stamp from assay office any other marking on it ,just a number.Is it still real gold?I have tried selling on platforms like schpock and ebay but no luck.Can i trust any of these sites offering to buy my gold?Can anyone recommend anything.Thanks.

bery_451

DiggerUK said:

bery_451, your thread has attracted some interesting posts, apart from yours. You seem to enjoy throwing a party but do not like to grace the dance floor, you don't even seem to be  that interested in dancing around your handbag.
I am however enjoying meeting your guests, and am happy to remain and enjoy talking with them. Unless you want me to leave which I shall do with good grace.

Have you actually bought any gold, just asking..._

I dont mind buying Gold off Mr. Gordon Brown for cheap black friday prices of $200-$300 per ounce if hes still got any of our national gold left to sell lol.

No I wont be buying Gold now because it is at the near ATH All time High price of over $1700 per ounce! 
However if current economic gloom continues with economic recession or depression it might reach $5000 per ounce easily so I be kicking myself for not buying it now at $1700 per ounce but then again the FTSE100 or Dow Jones markets might recover and gold might come back down to $1200 per ounce. So its like a gamble buy gold now and risk losing $500 if FTSE100 and Dow Jones make a recovery or make $thousands in profit if FTSE100 and Dow Jones keep on plummeting on points. 

EdGasketTheSecond

bery_451 said:

DiggerUK said:

bery_451, your thread has attracted some interesting posts, apart from yours. You seem to enjoy throwing a party but do not like to grace the dance floor, you don't even seem to be  that interested in dancing around your handbag.
I am however enjoying meeting your guests, and am happy to remain and enjoy talking with them. Unless you want me to leave which I shall do with good grace.

Have you actually bought any gold, just asking..._

I dont mind buying Gold off Mr. Gordon Brown for cheap black friday prices of $200-$300 per ounce if hes still got any of our national gold left to sell lol.

No I wont be buying Gold now because it is at the near ATH All time High price of over $1700 per ounce! 
However if current economic gloom continues with economic recession or depression it might reach $5000 per ounce easily so I be kicking myself for not buying it now at $1700 per ounce but then again the FTSE100 or Dow Jones markets might recover and gold might come back down to $1200 per ounce. So its like a gamble buy gold now and risk losing $500 if FTSE100 and Dow Jones make a recovery or make $thousands in profit if FTSE100 and Dow Jones keep on plummeting on points. 

You don't understand gold bery_451. It's purpose is to preserve value against depreciating fiat currency. That is why it appears to be at an ATH but actually it is the debasement of currency by 'money printing' that is devaluing currency that is making gold 'high' in currency terms.

Gold is not directly linked to whether the DOW and FTSE recover or not. It can move in-step or opposite to markets but it's main purpose is to store value in uncertain times.

port_of_spain

I think Ed and bery are making the same mistake: they both think they can make money by making calls about when things which have volatile prices (including gold and shares) go up and down. AIUI, bery is new to this, so is showing an over-confidence which is common among beginners; whereas Ed has a proven record of failure, so he really has no excuse.

Gold is just a dumb lump of metal: it doesn't have a purpose. But how can people use it? Does it preserve value against inflation?

Ed is correct that looking at the gold price as measured in a currency which is subject to inflation is misleading. So let's look at it in inflation-adjusted dollars (I didn't find a chart in inflation-adjusted pounds, but it would be similar): https://www.macrotrends.net/1333/historical-gold-prices-100-year-chart

Is that chart a flat line, because gold's value is (after allowing for inflation) always the same? No, it's incredibly volatile.

Is gold at an all time high, after allowing for inflation? No, but it's close to one. It is clearly at a high price, not a low one.

Can you reliably preserve the value of your money by holding gold? Over what time period? Most of us have a life expectancy of a few, or many, decades. And the chart shows that gold can lose a huge proportion of its inflation-adjusted value over periods of 20 or 30 years, if you are unlucky about when you buy it.

So it comes back to Ed thinking that gold is bound to rise, in real terms, from here, despite its price already being high. He might be lucky this time. But he probably won't.

It's easy to look at the chart of anything volatile (e.g. gold or shares) and think you could make a lot of money by buying at the low prices and selling at the high prices. You could, but you could also lose a lot by doing it the other way round. And the key point is that we never know where the chart is going next. If we all knew that gold would rise over the next (for instance) 2 years, we'd all rush to buy it before it does, and as a result, it would rise immediately to near where it would have risen over those 2 years, and there would be little or no rise left for the rest of the 2 years. And the same applies, if we knew it would fall: it would have fallen already, if it were that obvious. It's never obvious. We don't know the future.

markj113

I think looking at historic prices of gold is pointless as the current financial system with zero and negative interest rates and trillions of QE thrown around for fun is unprecedented, gold is heading one way and it isnt down.

EdGasketTheSecond

Quite right markj113, we've only had QE since 2008 and the current QE looks like dollar destruction to me. Plus this time some of the funny money is going straight to Mr. Consumer = Money velocity = higher prices.

port_of_spain

markj113 said:

I think looking at historic prices of gold is pointless as the current financial system with zero and negative interest rates and trillions of QE thrown around for fun is unprecedented, gold is heading one way and it isnt down.

I already mentioned exactly what's wrong with this kind of thinking in the post you're responding to.

If it was so obvious that gold was going to go up to a much higher price, it would go up straight away to that price. Or if there was some disagreement about exactly how much higher it should be, despite agreement that it should be much higher, it would immediately to a much higher price, one which would be high enough that some people would now think that it was now a bit too high, but others that it was still not quite high enough. And then they would express their views by buying and selling. That's how markets work.

This idea of something that only goes up in price is complete fantasy, and not just for gold. No wonder you don't want to look at historic prices. Your ideas wouldn't survive on contact with evidence of any kind.

markj113

port_of_spain said:

markj113 said:

I think looking at historic prices of gold is pointless as the current financial system with zero and negative interest rates and trillions of QE thrown around for fun is unprecedented, gold is heading one way and it isnt down.

This idea of something that only goes up in price is complete fantasy, and not just for gold. No wonder you don't want to look at historic prices. Your ideas wouldn't survive on contact with evidence of any kind.

I was talking of trends, of course you will get pull backs on the way.  Are you not aware of the complete shortage of physical gold globally in the market with most dealers quoting several weeks lead times.  Bullionvault are currently experiencing huge demand for new accounts and are struggling to verify within reasonable timeframes.

The financial system is completely broken with countries trapped in an ever increasing cycle of money printing which companies then borrow at stupidly low interest rates to buy back their own stocks boosting the price.  Its all become a joke.

EdGasketTheSecond

port_of_spain, Markets are notoriously short-sighted; you are lucky if they move to where they should be in two weeks let alone two years. Fund managers can't just dump all their shares on the market like you or I can, there would not be the liquidity to get a sensible price. Fund managers are also constrained within limits specified by the fund as to what they can do and maybe they have to be 90% invested to track whatever they are tracking. There is huge inertia in the market which takes time to unwind. The forthcoming economic tsunami has not at all been priced in yet by either the markets or gold although gold is starting to price in some inflation.

coyrls

EdGasketTheSecond said:

.... if they move to where they should be in two weeks let alone two years.

That's your issue, there is no "should".