gold sovereign coins wanted (Manchester area)

ColdIron

TimeSaver230 said:

So I presume that you are not just paying for the coin you are paying for its heritage as if you bough  stamps or whisky and left them for a long time. I wonder if the price would go up much for say 2-3 years though! Though it might be work my while just buying scrap gold so if anyone knows where to buy it I would like to know?

Bullion is bullion. When you come to sell, a sov with dings in it will realise a similar price to an uncirculated one

Heritage, proof etc coins (Numismatics?) is a different ball game and one I don't get involved in

bostonerimus

TimeSaver230 said:

barnstar2077 said:

Why not invest in a globally diverse fund, like the ones offered by HSBC or Vanguard?  Use a Stocks and Shares ISA and you will be doing even better.

I do not know what a globally diverse fund, is! But an ISA; is that not a Individual Savings Accounts?

I advise you to forget about gold coins and rather than investing money right now, invest some time to learn the basics of tax advantaged investing in pensions and ISAs and a little about index tracker funds and multi-asset funds. Start by reading the sections about them on this site.

Scrudgy

TimeSaver230 said:

I do not know what a globally diverse fund, is! But an ISA; is that not a Individual Savings Accounts?

An ISA is indeed an Individual Savings Account, it come in several forms, Junior ISA, Lifetime ISA, Cash ISA, Stocks and Shares ISA.

Most commonly discussed on this forum is the Stocks and Shares ISA. Depending on you age and savings goals, a Lifetime ISA might be a good choice as it attracts free government contributions if you qualify which you can then invest.

If we discuss a Stocks and Shares ISA for a moment, this is a savings account where you can invest up to £20,000 each tax year and invest into shares, funds, investment trusts, ETF’S and commodity’s (including gold). All of the profits from this ISA are free from income and capital gains tax, so all of the money is yours.

If you invest into gold coins, you pay no VAT on the purchase and no capital gains tax on profits, however you are investing in a single commodity. The chances of that one single commodity outperforming all of the thousands of available investments in a ISA is miniscule. I appreciate that if you are not experienced in this area it is a daunting topic to start getting your head around.

If your interest in gold coins is part investment and part collecting, then fill you boots and enjoy the hobby. However if it is to be an investment only then you should read up on Stocks and Shares and Lifetime ISA’s, to see if you find these attractive. You can always get your gold fix by investing directly via the ISA.

Albermarle

TimeSaver230 said:

tebbins said:

Who has told you this?
Why gold?
Why only for a few years?
A physical gold ETF may be a very cheap way to go about it.

I do not remember who told me but it would appear that all of the above deals offer postage.

Why gold and only a few years well I guess I only want them to sit in a dark room with them and drip candel wax on them to weather out the storm but an ETF! What do you think the advantage would be hear? Do you think the rates of having such a fund would be less then the commission fees for buying and selling such coins if only a few years? Can you recommend any EFTs please?

WisdomTree Physical Gold GBP Fund factsheet | Trustnet

kinger101

qwert_yuiop said:

TimeSaver230 said:

 I was also told not to buy them from a !!!!!! broker or a jewelers 

What went wrong here? Did you misspell pawnbroker?

I wouldn't buy gold from either.

TimeSaver230

Scrudgy said:

An ISA is indeed an Individual Savings Account, it come in several forms, Junior ISA, Lifetime ISA, Cash ISA, Stocks and Shares ISA.

But will any of them allow me to buy gold?

Scrudgy said:

Most commonly discussed on this forum is the Stocks and Shares ISA. Depending on you age and savings goals, a Lifetime ISA might be a good choice as it attracts free government contributions if you qualify which you can then invest.

But if I only want to hold onto my investment of gold for 2/3 years then is the lifetime ISA no good for me?

Scrudgy said:

If we discuss a Stocks and Shares ISA for a moment, this is a savings account where you can invest up to £20,000 each tax year and invest into shares, funds, investment trusts, ETF’S and commodity’s (including gold). All of the profits from this ISA are free from income and capital gains tax, so all of the money is yours.

So the Stocks and Shares ISA is the one I want then if I only want to buy up gold?

What happens if you want to go over 20K?

Scrudgy said:

If you invest into gold coins, you pay no VAT on the purchase and no capital gains tax on profits, however you are investing in a single commodity. The chances of that one single commodity outperforming all of the thousands of available investments in a ISA is miniscule. I appreciate that if you are not experienced in this area it is a daunting topic to start getting your head around.
.

Yes I understand the risks of putting all your eggs into one basket but I am coming to the conclusion that gold will perform well over the next few years

You say you pay no vat on the coins! what about the ISA; is that VAT exempt?

Scrudgy said:

If your interest in gold coins is part investment and part collecting, then fill you boots and enjoy the hobby. However if it is to be an investment only then you should read up on Stocks and Shares and Lifetime ISA’s, to see if you find these attractive. You can always get your gold fix by investing directly via the ISA.

So where could I get an ISA from

Nice to see some constructive posts

Thanks!

Bravepants

Just like Gordon Brown, I sold all my gold years ago.

ColdIron

I bought all of mine during the 'Brown Bottom'. It's worked out rather well

Bravepants

TimeSaver230 said:

Thanks for those link Cold Iron!
Checked the first one out in Blackpool called Chards

There coins are all out of stock but they do have a few secondary market one
Presume they mean they are second hand

They also do “grade C sovereign coins” and they state “We do not recommend these coins as an investment item as they have defects like deep scratches, mount marks, polishing marks or red spots” they also state “Grade C sovereigns are not good enough for us to sell as our usual secondary market bullion sovereigns but they are too good to scrap”

So I presume that you are not just paying for the coin you are paying for its heritage as if you bough  stamps or whisky and left them for a long time. I wonder if the price would go up much for say 2-3 years though! Though it might be work my while just buying scrap gold so if anyone knows where to buy it I would like to know?

Scrap gold is valued the same as bullion; by weight and by carat.  You could try investing in antique jewellery, but that would require a bit of expertise.