Best way to buy Gold bars or coins?

drum_3

nrsql wrote: »

Before (and after) you go have a look on coininvestdirect to check the price - could be that the spot price your dealer is using isn't the same as theirs.

Thanks. Good advice but I'm going on Saturday and they say they'll use something called the comex price but I know nothing about that.

[Deleted User]

drum wrote: »

Thanks. Good advice but I'm going on Saturday and they say they'll use something called the comex price but I know nothing about that.

COMEX is a division of NYMEX.


http://en.wikipedia.org/wiki/COMEX

stv1x

travellingbum wrote: »

Usually traders base their spread (the difference between buy and sell) on the actual trading price or 'spot price'. Meaning, if let's say the spot price for gold is 900USD a trader would typical BUY from you at say 860USD and SELL to you at 940USD. I, as well as other people on this board, would be interested to know WHO can offer such a good deal. I don't know what the typical spread on bullion coins is, but I should imagine around 10%. If anybody's knows a reputable trader with a lower spread please let us all know. Thanks.

I used Baird and Co as listed above by Alastair, collected from London on Monday.

Bars will attract a smaller dealer margin, i.e., 1 kilo bar was 3.75% over spot but you will have to consider cgt implications at a later stage. For coins, apart from the difficulty that dealers appear to have in getting them in any great quantity, will attract a much higher margin of c 6% + over spot.

Incidentally, Baird & Co was the company chosen by Martin for the 'gold section' in his recent TV program on savers; so if it's good enough for him then it's good enough for me.

nrsql

stv1x wrote: »

I used Baird and Co as listed above by Alastair, collected from London on Monday.

Bars will attract a smaller dealer margin, i.e., 1 kilo bar was 3.75% over spot but you will have to consider cgt implications at a later stage. For coins, apart from the difficulty that dealers appear to have in getting them in any great quantity, will attract a much higher margin of c 6% + over spot.

Incidentally, Baird & Co was the company chosen by Martin for the 'gold section' in his recent TV program on savers; so if it's good enough for him then it's good enough for me.

Did you get a price for 1 oz coins or sovereigns?

nrsql

On their websites
baird & co have brittanias at £769.50
coininvestdirect have them at £738.01

They look closer for bars only £10 difference for the 1oz.

coininvestdirect are cheaper for sovereigns too - they also seem to have a lot more in stock (if you believe them).
Against them is that you can only get them delivered not pick them up in person.

alastair_h

nrsql wrote: »

Did you get a price for 1 oz coins or sovereigns?

They're also there on same site
http://www.goldline.co.uk/bullionCoinsPage.page or
http://www.goldline.co.uk/collectorCoinsPage.page

sabretoothtigger

What % over spot is the daily sovereign price

stv1x

nrsql wrote: »

Did you get a price for 1 oz coins or sovereigns?

No, sorry, I didn't. The way everything is at the moment I wanted as much confidence as I could possibly get in the company I bought from.

I was originally directed to http://www.atsbullion.com/ but to be perfectly frank, found their attitude to be wanting. They quoted in excess of 5% for a kilo and when questioned took a 'take it or leave' it attitude. As far as I know, most dealers will require you to transfer funds into their account before you take delivery, so be sure that you have done your homework on any company before parting with the £'s.

Oh, one final thing, be sure that what you get is actually gold and not a poor substitute.
:eek:

stv1x

Interesting article from Reuters

http://www.reuters.com/article/goldMktRpt/idUSLC15974520090212

Hanks6

ATS Bullion is rubbish - sky high prices, no stock.

Coininvest are very good and friendly. Plenty of availability too. Dunno quite why their prices are so competitive compared to other UK bullion dealers but they are! Might have something to do with the fact that all the gold is supplied from Germany.