Tally Money vs The Royal Mint vs Invesco Physical Gold ETC For Investing In Gold

HHUK

I hold a very modest amount in the Invesco Physical Gold ETC in my ISA. Outwith the ISA, I have been subscribing monthly to The Royal Mint's Little Treasures plan to build up a holding in gold, with which hopefully to treat the grandchildren at some point in the future. I also have a small sum in a Tally Money account.

I noticed that The Royal Mint's live price for gold today is £1,602.30 per ounce, compared to Tally Money's (if I have done my calculations correctly) £1,460.28 per ounce - a not insignificant difference.

I do like the concept, simplicity, accessibility and convenience of the Tally Money account, but am reluctant to put too many eggs into that particular unregulated basket (although they do claim to have protections in place should the worst happen).

Am wondering whether to risk moving at least half of the The Royal Mint holding to Tally, in view of the former's 14.6% higher price for gold currently, and cancelling the standing order. Also whether to transfer all or part the balance from The Royal Mint to the Invesco ETC, but have to admit the holding of actual, physical gold does appeal.

I would be interested in others' views on the above, or on any alternative easy, cost-effective and safe ways of holding physical gold.

Thanks in Advance

Albermarle

The spot price at the end of Friday was £1,598.40, so not sure where this £1,460.28 comes from.

Having never heard of Tally I had a google.
A savings provider with no FSCS cover and their own currency . Hmmm.

ColdIron

I have little knowledge of the Royal Mint's Little Treasures plan and none at all of Tally money but none of those satisfy my definition of physical gold or do you mean as opposed to something like shares in gold miners?

masonic

Albermarle said:

Having never heard of Tally I had a google.
A savings provider with no FSCS cover and their own currency . Hmmm.

Worrying to say the least! "Tally Central Ltd (incorporated in Guernsey with Company Number 53026) is the central monetary authority and innovator behind the independent non-fiat non-crypto monetary system and physical-gold digital currency, tally®."

Can anyone declare themselves a central money authority these days?

wmb194

Just on costs, hands down the Invesco ETC*. The other two are rip-offs.

*IIRC another option is something similar from HSBC.

HHUK

Albermarle said:

The spot price at the end of Friday was £1,598.40, so not sure where this £1,460.28 comes from.

1 'Tally' = 1 mg  of gold
1 ounce = (if I am right) 28349.52mg
1 'Tally' currently costs (according to their app) £0.05151
£0.05151 x 28349.52 = £1,460.2837752

ColdIron

1 Troy ounce, the usual unit applied to gold, is 31.1034768 grams. A cooking ounce is 28.349 grams. So the prices are close once converted correctly

It would be unusual for any gold vendor to quote gold in cooking ounces so I suspect the OP has calculated it themselves. There is no such thing as cheap gold bullion. There may be for jewellery as workmanship costs come into play and they are much cheaper in, say, Asia

HHUK said:

Am wondering whether to risk moving at least half of the The Royal Mint holding to Tally, in view of the former's 14.6% higher price for gold currently

I wouldn't. The Royal Mint vs some new largely unknown and possibly unregulated company?

It's not even a decision

eskbanker

masonic said:

Albermarle said:

Having never heard of Tally I had a google.
A savings provider with no FSCS cover and their own currency . Hmmm.

Worrying to say the least! "Tally Central Ltd (incorporated in Guernsey with Company Number 53026) is the central monetary authority and innovator behind the independent non-fiat non-crypto monetary system and physical-gold digital currency, tally®."

Can anyone declare themselves a central money authority these days?

You can't beat a good "independent non-fiat non-crypto monetary system":

HHUK

ColdIron said:

1 Troy ounce, the usual unit applied to gold, is 31.1034768 grams ... I suspect the OP has calculated it themselves

Of course, thanks, and yes I did calculate it myself - I did say 'if I have done my calculations correctly'.
So, £0.05151 x 31103.4768 = £1,602.140089968 
Again, as you say, that is very close to The Royal Mint's price.

HHUK

wmb194 said:

IIRC another option is something similar from HSBC.

iShares Physical Gold ETC and The Royal Mint's own Responsibly Sourced Physical Gold ETC seem to be very similar. Don't know about HSBC, but I plumped for the Invesco product because of its slightly lower ongoing charges