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considering saving in gold bullion

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24

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  • Linton
    Linton Posts: 18,153 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Hung up my suit!
    Surely the whole point of "savings" as opposed to investment" is that all the money is  available when you need it.  Using gold as savings does not meet that requirement since the price is volatile.  When you need it as cash half its value may have gone.

    You should distinguish between savings to ensure future expenditure and storing assets to handle an Armageddon scenario and allocate your wealth appropriately.
  • Albermarle
    Albermarle Posts: 27,762 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    You can hold gold without physically holding gold. Just buy into a gold index tracker fund, 
    If you hold gold in case of a global financial meltdown of the kind never seen before, where all bets will be off, than you need it at home in a safe . Then you can use it to buy guns or baked beans or whatever.

    In that sort of scenario, if you owned guns and baked beans, would you really swap thm for a chunk of pretty useless metal ?
    Good point but I suppose there could be a scenario , where money as we know it had disappeared but some basic trading in goods was going on.
    By the way I do not have any gold at home !
  • I love the idea of hoarding gold sovereigns, piling them up on a desk and insanely staring at them by flickering candlelight like ebeneezer scrooge. realistically the inconvenience of storing them safely, being able to sell them quickly somewhere for a good price is something needed to consider.
  • HunterBurgan
    HunterBurgan Posts: 42 Forumite
    10 Posts
    edited 29 June 2023 at 1:07AM


    Got a couple of 50g gold bars, some sovereign coins and a bit of silver. They will sit there for good and won't be touched unless in emergency.
    Did you buy your gold from that web site? where do you sell it
  • HunterBurgan
    HunterBurgan Posts: 42 Forumite
    10 Posts
    edited 29 June 2023 at 1:07AM

    I also have a safe. Some places offer the option of keeping the gold but this defeats the purpose of having it in my opinion. If you are going to be buying lots you want a decent safe as well so will need to spend on that. Can't really recommend a good safe store as it turned up scratched up a bit, which is common with safes. I also put a bit of cash in the safe etc. Might as well use it when you have it
    I hate buying stuff online as you can only go off of a photo
    So any recomendation on a good quality safe please
  • HunterBurgan
    HunterBurgan Posts: 42 Forumite
    10 Posts
    edited 29 June 2023 at 1:07AM
     Since I got the gold the value of each bar has gone down by about £100.
    The last depression/ crash gold when up. Is this time different? is it now going to go down?
  • RichTips said:
    I have several thousand pounds in sovereigns and a few hundred in silver rounds. While they've gone up in value significantly since I bought them in November of 2018, they're pretty unfulfilling as an investment as they're just inert metals sitting in storage rather than productive in any way. The spread between purchase and sale prices in general also leaves me a bit sour regarding putting money in precious metals.
     
    Er... I am a little confused now as the last poster said his/ hers went down
  • RichTips said:


    If you want to designate a small portion of your net worth to holding them as a source of diversification or a speculative emergency fund I think that's fine, probably best not to fetishize them and start collecting just for the sake of it though.
     
    No I want it as a means of savings as opposed to putting money in a bank account. Given the fact of everything going on and planned......
    Hyper inflation, Banks going bankrupt, Cyber attach and so on...

  • RichTips said:

    As for where to buy, I believe Hatton Garden Metals is reputable (though I think they're a little short of supply in some denominations currently). 
    But do they buy it back off you for a reasonable price?
  • Scrudgy said:
    Pawnbrokers who advertised they bought gold wouldn’t touch it and said they only want old jewellery and coins.

    Do you think old coins is a good investment?
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