Gold ?

rufuschucklebutty

I have £10000 coming my way in cash at the end of this month and I want to keep it in "reserve" and hidden for a rainy day with no paper trail to it, I'm thinking of buying gold sovereigns or something like that , what would be best ?

I have somewhere to keep it long term only I will have access to.

jonnygee2

I want to keep it in "reserve" and hidden for a rainy day with no paper trail to it

At the very least you'll want a map with an X to remind you where you buried it.

bowlhead99

Gold doesn't produce any income or capital growth on its own, and costs money or effort to store or insure, while its value in pounds per ounce goes up and down somewhat unpredictably. When you buy it off a dealer the price per ounce to buy is higher than the price per ounce you would get if trying to sell it back to the same dealer a moment later.

You would find the same with other commodities or similar products such as bitcoin. They are speculative assets because, unlike many investments, they are non-income-producing assets and the only way they will maintain their value or go up in value in real terms relies on someone else being willing to pay you more money in future than you paid today, to acquire the asset from you at some time in the future - you might have to wait a long time for that to transpire.

The problem with having no paper trail that the bullion ever existed in your ownership, is that if you were to die or suffer an accident in which you became uncommunicative, nobody (heirs, friends etc) would be likely recover the £10000 of coins to help you out or to help themselves out.

While if, by contrast, you do tell someone you have it (especially if you don't officially tell anyone else) there is some non-zero chance that they or some third party whom they innocently tell, may beat you to death to take it for themselves.

Most of us with £10000 would use more modern investment options (pensions, investment ISAs, high interest bank accounts etc). But sure, if you think it would be 'best' to buy Sovereigns or Brittanias at a small premium to the underlying gold price and hide them at the bottom of the garden or under your bed or in your toilet cistern or in a lobster pot beneath your houseboat etc etc (other locations are available), then, go ahead, and please don't give us any clue as to your identity so that we don't come and steal it.

shaun_from_Africa

rufuschucklebutty wrote: »

I have £10000 coming my way in cash at the end of this month and I want to keep it in "reserve" and hidden for a rainy day with no paper trail to it

If you buy from a dealer then there will always be a paper trail of some sort but providing you keep an individual purchase below £5000 and the total purchases from one particular dealer below £10,000 per year then there is no requirement for the dealer concerned to notify HMRC.

Browntoa

I can see the follow up post.

"Insurance won't pay out"

Insurance " where was it stored sir"
Them " bin bag in the garden "

Insurance " can you prove purchase sir "
Them " no , I didn't want a paper trail"

Keep_pedalling

Sounds like the OP is trying to hide his £10k to protect benefits or from a creditor.

webjaved

This thread is comedy gold. :rotfl:

MEM62

jonnygee2 wrote: »

At the very least you'll want a map with an X to remind you where you buried it.

:rotfl::rotfl:

shinytop

Having watched a few police dramas recently, rolled-up wads of £50 notes in small freezer bags under the floorboards seems to be the current favorite.

Also, inflation aside, cash won't fall in value and there is no commission buying and selling. It's a win/win.

Shashy

rufuschucklebutty wrote: »

I want to keep it in "reserve" and hidden for a rainy day with no paper trail to it, I'm thinking of buying gold sovereigns or something like that , what would be best ?

What would be best? It's highly likely that a completely unaccounted (small) bar of gold is not best. Not even nearly best. You'll also be very surprised how little gold 10 grand buys. You won't have a treasure chest full.

rufuschucklebutty wrote: »

I have somewhere to keep it long term only I will have access to.

Only you would have access to a bank account in your name. Thought about keeping it one of those?

I can only assume you've either been watching too many movies or this 10 grand is ill-gotten.

aroominyork

shinytop wrote: »

Also, inflation aside, cash won't fall in value and there is no commission buying and selling. It's a win/win.

Also, the sharp point aside, machetes are safe
Also, a lack of wings aside, elephants are good at flying
Also, his personal habits aside, you wouldn’t mind licking Joachim Low’s fingers