Best way to buy Gold bars or coins?

dobefan

Does a bank transfer cost anything? Sorry I've never done a tranaction like that.

Cheers

shaun_from_Africa

If it's a UK to UK bank transfer as in the case with coininvest, there is nothing to pay.
If you're paying into an overseas bank, then you have to pay a fee, which is normally about £20.

Hanks6

even though the price of gold keeps climbing and the pound has fallen against gold considerably, i am about to put 15-20k into bullion as a security measure. notice every time a bailout gets announced, gold trading goes crazy for a few days. notice how every bailout so far has to a large extent failed and that bigger and bigger bailouts (money printing frenzies) keep getting announced.

i am looking at coininvest for my purchases, in the process of setting up an account and going ahead with my first order. you need to provide proof of ID and address if you are ordering over £5000 in one go or will be ordering over £10,000 in a single year. easy enough though.

their prices seem to be competitive and there seems to be plenty of stock of bullion coins and bars at the moment. their website is very good because it indicates which items are in-stock and their customer service rep was very helpful with my initial enquiry. australian nuggets (mixed years) present the best value and the good old krugerrands (mixed years) are also a good investment. gonna mix it up though - grab some smaller denominated coins and bars, maybe some silver too.

will let y'all know how that goes

bery_451

which silver products are the best to buy from coininvestdirect.com as a investor point of view?

Hanks6

seems to be much of a muchness imo. the american silver eagles and canadian maples are pretty cheap. they have some austrian silver coins at slightly less and the australian ounce ones aren't too bad either.

the 1kg bullion bar is the best bang for buck but the coins would be more tradable. they've got 1kg silver coins from australia for about £420 ;0

shaun_from_Africa

"you need to provide proof of ID and address if you are ordering over £5000 in one go or will be ordering over £10,000 in a single year. easy enough though."

One thing you should always bear in mind are the reasons for the requirement for this proof of id.
When there is any sale that exceeds the limits posted above, the retailer is required by EU law to pass the details on to the Inland revenue dept of whichever country the buyer is from.

There are 2 reasons for this. Money laundering (which probably won't be of any worry to 99.9% of people,) and capital gains tax liabilities.
It is this 2nd reason which may cause problems for some purchasers, as any profit made when selling the majority of bullion may have to be declared by the seller.

I've no idea if the tax man actually follows up on any of the information sent to them, but as the old saying goes, "forewarned is forearmed"

Hanks6

yup. hopefully things won't get that bad that it would ever have be to sold for liquidity! its more security for that worse case scenario where everything goes pear shaped. in that eventuality i think it would more likely be traded for items on the black market than that paper money stuff :0

stargold

morbius wrote: »

Hi,

I have between £1000 - £2000 to invest and I was thinking about buying some Gold. Does anyone have any recommendations on where/what to buy? I've tried googling but it all looks a lot more complicated than I first thought....I thought I would just send off for some kruggerands or something but it looks like that is not the best way to do it



Thanks,
Mark Morb

There is lots of gold coins and bars on eBay. I have been doing that for a few years now. More recently I have been using http://www.bullionsupermarket.com to find the best value items on eBay. It is a free service that tracks the premiums on bullion coins and bars in UK, US, Australian & Canadian eBay sites.

shaun_from_Africa

As promised, an update on my order with Coininvestdirect.

I placed the order last Monday morning (2nd Feb), and received an invoice later that morning, which I paid by bank transfer.

Coininvest sent me an online acknowledgement on Monday afternoon, and also a UPS tracking reference.

The order has just been delivered by UPS. (Thursday 5th feb just before mid day), and I checked the coins and they are all fine.

Hanks6

thanks for the update shaun. i too have placed a small order with them today to test out the service. got 4 ounce gold coins coming, which takes it just above the minimum amount for free shipping. will let peeps know how that goes too.