Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • rufuschucklebutty
    • By rufuschucklebutty 15th Apr 19, 9:46 PM
    • 74Posts
    • 23Thanks
    rufuschucklebutty
    Gold ?
    • #1
    • 15th Apr 19, 9:46 PM
    Gold ? 15th Apr 19 at 9:46 PM
    I have £10000 coming my way in cash at the end of this month and I want to keep it in "reserve" and hidden for a rainy day with no paper trail to it, I'm thinking of buying gold sovereigns or something like that , what would be best ?

    I have somewhere to keep it long term only I will have access to.
Page 1
    • jonnygee2
    • By jonnygee2 15th Apr 19, 10:06 PM
    • 1,151 Posts
    • 1,146 Thanks
    jonnygee2
    • #2
    • 15th Apr 19, 10:06 PM
    • #2
    • 15th Apr 19, 10:06 PM
    I want to keep it in "reserve" and hidden for a rainy day with no paper trail to it
    At the very least you'll want a map with an X to remind you where you buried it.
    • bowlhead99
    • By bowlhead99 15th Apr 19, 10:09 PM
    • 8,605 Posts
    • 15,745 Thanks
    bowlhead99
    • #3
    • 15th Apr 19, 10:09 PM
    • #3
    • 15th Apr 19, 10:09 PM
    Gold doesn't produce any income or capital growth on its own, and costs money or effort to store or insure, while its value in pounds per ounce goes up and down somewhat unpredictably. When you buy it off a dealer the price per ounce to buy is higher than the price per ounce you would get if trying to sell it back to the same dealer a moment later.

    You would find the same with other commodities or similar products such as bitcoin. They are speculative assets because, unlike many investments, they are non-income-producing assets and the only way they will maintain their value or go up in value in real terms relies on someone else being willing to pay you more money in future than you paid today, to acquire the asset from you at some time in the future - you might have to wait a long time for that to transpire.

    The problem with having no paper trail that the bullion ever existed in your ownership, is that if you were to die or suffer an accident in which you became uncommunicative, nobody (heirs, friends etc) would be likely recover the £10000 of coins to help you out or to help themselves out.

    While if, by contrast, you do tell someone you have it (especially if you don't officially tell anyone else) there is some non-zero chance that they or some third party whom they innocently tell, may beat you to death to take it for themselves.

    Most of us with £10000 would use more modern investment options (pensions, investment ISAs, high interest bank accounts etc). But sure, if you think it would be 'best' to buy Sovereigns or Brittanias at a small premium to the underlying gold price and hide them at the bottom of the garden or under your bed or in your toilet cistern or in a lobster pot beneath your houseboat etc etc (other locations are available), then, go ahead, and please don't give us any clue as to your identity so that we don't come and steal it.
    • shaun from Africa
    • By shaun from Africa 16th Apr 19, 7:31 AM
    • 10,821 Posts
    • 12,268 Thanks
    shaun from Africa
    • #4
    • 16th Apr 19, 7:31 AM
    • #4
    • 16th Apr 19, 7:31 AM
    I have £10000 coming my way in cash at the end of this month and I want to keep it in "reserve" and hidden for a rainy day with no paper trail to it
    Originally posted by rufuschucklebutty
    If you buy from a dealer then there will always be a paper trail of some sort but providing you keep an individual purchase below £5000 and the total purchases from one particular dealer below £10,000 per year then there is no requirement for the dealer concerned to notify HMRC.
    • Browntoa
    • By Browntoa 16th Apr 19, 7:34 AM
    • 34,806 Posts
    • 40,840 Thanks
    Browntoa
    • #5
    • 16th Apr 19, 7:34 AM
    • #5
    • 16th Apr 19, 7:34 AM
    I can see the follow up post.

    "Insurance won't pay out"

    Insurance " where was it stored sir"
    Them " bin bag in the garden "

    Insurance " can you prove purchase sir "
    Them " no , I didn't want a paper trail"
    I'm the Board Guide of the Referrers ,Telephones, Pensions , Shop Don't drop ,over 50's , Boost your income and Discount Code boards which means I volunteer to help get your forum questions answered and keep the forum runnning smoothly .However, please remember, board guides don't read every post. If you spot an inappropriate or illegal post please report it to forumteam@moneysavingexpert.com Any views are mine and not the official line of MoneySavingExpert.
    • Keep pedalling
    • By Keep pedalling 16th Apr 19, 7:48 AM
    • 6,280 Posts
    • 7,257 Thanks
    Keep pedalling
    • #6
    • 16th Apr 19, 7:48 AM
    • #6
    • 16th Apr 19, 7:48 AM
    Sounds like the OP is trying to hide his £10k to protect benefits or from a creditor.
    • webjaved
    • By webjaved 16th Apr 19, 8:00 AM
    • 139 Posts
    • 151 Thanks
    webjaved
    • #7
    • 16th Apr 19, 8:00 AM
    • #7
    • 16th Apr 19, 8:00 AM
    This thread is comedy gold.
    Save £12k in 2019 #154 - £6,259.76/£12k
    • MEM62
    • By MEM62 16th Apr 19, 8:05 AM
    • 2,267 Posts
    • 1,916 Thanks
    MEM62
    • #8
    • 16th Apr 19, 8:05 AM
    • #8
    • 16th Apr 19, 8:05 AM
    At the very least you'll want a map with an X to remind you where you buried it.
    Originally posted by jonnygee2

    • shinytop
    • By shinytop 16th Apr 19, 8:11 AM
    • 240 Posts
    • 255 Thanks
    shinytop
    • #9
    • 16th Apr 19, 8:11 AM
    • #9
    • 16th Apr 19, 8:11 AM
    Having watched a few police dramas recently, rolled-up wads of £50 notes in small freezer bags under the floorboards seems to be the current favorite.

    Also, inflation aside, cash won't fall in value and there is no commission buying and selling. It's a win/win.
    • Shashy
    • By Shashy 16th Apr 19, 8:23 AM
    • 122 Posts
    • 154 Thanks
    Shashy
    I want to keep it in "reserve" and hidden for a rainy day with no paper trail to it, I'm thinking of buying gold sovereigns or something like that , what would be best ?
    Originally posted by rufuschucklebutty
    What would be best? It's highly likely that a completely unaccounted (small) bar of gold is not best. Not even nearly best. You'll also be very surprised how little gold 10 grand buys. You won't have a treasure chest full.

    I have somewhere to keep it long term only I will have access to.
    Originally posted by rufuschucklebutty
    Only you would have access to a bank account in your name. Thought about keeping it one of those?

    I can only assume you've either been watching too many movies or this 10 grand is ill-gotten.
    • aroominyork
    • By aroominyork 16th Apr 19, 8:46 AM
    • 833 Posts
    • 280 Thanks
    aroominyork
    Also, inflation aside, cash won't fall in value and there is no commission buying and selling. It's a win/win.
    Originally posted by shinytop
    Also, the sharp point aside, machetes are safe
    Also, a lack of wings aside, elephants are good at flying
    Also, his personal habits aside, you wouldn’t mind licking Joachim Low’s fingers
    • Malthusian
    • By Malthusian 16th Apr 19, 8:48 AM
    • 5,629 Posts
    • 9,322 Thanks
    Malthusian
    Having watched a few police dramas recently, rolled-up wads of £50 notes in small freezer bags under the floorboards seems to be the current favorite.
    Originally posted by shinytop
    Did these police dramas end with the criminals successfully retrieving their notes and spending their ill-gotten gains without any comeuppance?

    It's a genuine question, but that's not how drama usually works.

    I have £10000 coming my way in cash at the end of this month and I want to keep it in "reserve" and hidden for a rainy day with no paper trail to it
    by rufuschucklebutty
    Has the £10,000 been paid to you in the form of a sports bag of cash sourced from anonymous drug deals?

    If not, then too late, there's already a paper trail. So losing money in a bad investment just so you can shorten the paper trail makes little sense.

    If it is, then what you are suggesting is a very poor attempt at money laundering.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

159Posts Today

956Users online

Martin's Twitter
  • Have a great Easter, or a chag sameach to those like me attending Passover seder tomorrow. I?m taking all of next? https://t.co/qrAFTIpqWl

  • RT @rowlyc1980: A whopping 18 days off work for only 9 days leave! I?ll have a bit of that please......thanks @MartinSLewis for your crafty?

  • RT @dinokyp: That feeling when you realise that you have 18 days of work and only used 9 days of your annual leave! Thanks @MartinSLewis h?

  • Follow Martin