danieldorkins

Just a thanks to #Gruff for your post on Monday, lot of interesting reading and info.

Agree with pretty much all the above, before discovering the forum I looked more at oz's and such, then on the advice here I started on sov's with the odd double and proof mostly to keep up interest, I have not been interested in halves and quarters due to the premium paid but since the recent rise in gold price I am now looking at certainly halves not so much from affordability, my stacking is not with a view to selling but passing my hard earned cash to the next generation but looking to the future that if (when!) the price climbs again the fractionals would be easier and better to sell for a bit of cash if needed.

16 minutes ago, Tn21 said:

Hi, 

As you have previously purchased from yours truly I would like to offer my opinion. The price action between £1600 &£1640 is miniscule and I don't think should be the basis of your decision whether or not purchase. 

If you don't mind me saying -

If I remember correctly when you purchased the items of me, spot dipped and quite significantly too.  

Right now the items are under spot. 

No one can time purchases, because there are quite a few variables in play such as spot price, exchange rate USD-GBP and premiums on coins, politics etc.

 

Depending on how much you want to buy I would suggest you average your purchases out during a period of time. 

Gold only popped off recently due to the SVB / banking issues. If this event did not occur there was a slight amount of negative sentiment towards the metals and I don't think prices would be anywhere near where they are now. 

In the grand scheme of things £100 here or there does not really make that much a difference. 

I simply take pleasure in the fact that I have a tangible asset which is away from the 'banking system'. 

Buy as and when you see fit 😉

3 minutes ago, James32 said:

Well said this man. 

Can't add anything to improve and agree whole heartedly. 

Every previous Time I think oops I've bought at the ATH, along comes another ATH and washes those fears away. Zoom out on the charts and it's a beautiful picture. 

Thanks for your input which is much appreciated and understand where you are coming from, as someone new to this I had become used to seeing the prices, to start 1480/90 which then moved up into the 1520's/30's + very nice but not too dramatic and still comfortable to buy at but then this latest surge sort of takes me out of my comfort zone, if it stays at these levels for a reasonable period it would become the normal "comfort zone" but I would be happy to buy, at the lower end, certain pieces that I would be after but not sure of "ordinary" sovereigns - just yet, it got me thinking how do people just starting out see this? 

Could have phrased the title better, (tried editing it but not able to do so) I wasn't looking for an in-depth insight into the banking turmoil from people new to this game but more as to it how would affect their decisions to buy or not.

As a relative newbie (summer 2022?) I have followed closely the discussion of the current banking situation on the Gold monitoring thread GB with great interest and have to say impressed by the knowledge that many posters have on this subject, this is the first time that many of us newbies, will have experienced a significant rise in the spot price and raises the same questions, buying, selling, waiting to see if it will dip - or not, the posts on the why's and wherefores  by the more experienced I have found really interesting and informative, thank you.

Not being interested in selling but still wanting to buy, the main question is when, I have decided that if things steady at say 1600 (or below ) to say 1620 then I will be happy to buy, if it regularly see saws say between 1600 and 1640 then I will hold off until it steadies does this make sense? 

I would love to know how all the other newbies out there are reacting to all of this, please share your thoughts!

14 hours ago, Petra said:

Only you know how much you paid for them. Probably more than you would have paid on here. Just have a look on here to see what similar are selling for. If you’re able to, it may pay just to keep hold.

12 hours ago, Clockpuncher said:

Can you tell us what you bought?

12 hours ago, Seasider said:

When you say slabbed I assume you mean the coins were graded by NGC PCGS or the like.  There is a whole section on here dedicated to selling such coins

United Kingdom (Graded only) - The Silver Forum

There are also auction houses which specialise in that sort of thing such as The Coin Cabinet, Coins of the Realm and the Coinery.

So they should not be that difficult to sell.

I have decided that there is no rush, the proportion of my stack these coins represent is fairly small and I can sit on them to see how they perform for a few years, I don't intend to add graded coins in the future but it will be interesting to compare their performance, I guess none of us know what is really the best to hold as the reasons for doing so are very varied.

Looking for advice and opinions, when I started down the gold road last year and before I discovered the excellent TSF, I bought several slabbed coins from a dealer, the prices were probably not the best but having done so was not too concerned as the idea was to put 'em in a box and leave to my daughter who would then have a comparatively difficult problem of getting rid of them, having been on a large learning curve I now concentrate on gold that I can liquidate if necessary.

Times change and I am re thinking about the "collectors" slabbed coins, I have other assets that should be more than enough for my daughter! (don't get this wrong, she is not interested in getting the most out of any inheritance - bless her) but I am now thinking should I keep the slabs or cash them having had them for a relatively short period, about a year, maybe even losing on them and reinvest in gold bullion which could be used by all of us if necessary and would be far easier for my daughter to deal with (if there is any left by then!)

😕 😕

9 hours ago, flyingveepixie said:

My apologies sir.   No offence intended, I was generalising.   Everybody is different of course.  😊

I'm one of these "if you don't hold it, you don't own it" types and couldn't bring myself to do this, but if it works for you and you're happy with it that's great.  No flak from me.

It sounds kind of like a bank account though the way you describe it....

"It sounds kind of like a bank account though the way you describe it...." ----- That is exactly what it is! no offence taken (well maybe just a little bit!)

10 hours ago, flyingveepixie said:

 

This sounds like a ponzi scheme and a complete scam for mugs and I struggle to believe that anyone actually buys into it.  You pay for the gold but you don't own it, never will own it,  and it can be sold over and over as many times as they like and they get to trouser your hard earned cash...   😠   

You can of course get your investment back at any time (until the whole thing goes tits up one day).   WTF??   

I assume it's the same kind of scam that occurs with silver to keep the price low.  "Paper silver" I believe they call it, so this must be "paper gold"  

Not for me thanks.

On a more positive note I was pleased to see the price of REAL gold ending the week on £1552.19

Maybe the high end to the week for gold had something to do with this..  https://edition.cnn.com/2023/03/10/investing/svb-bank/index.html

Is this what you were talking about earlier @Bigmarc?

Silver even recovered by a few pennies...

Several other US banks had exposure to this bank to varying extents and their share prices dropped accordingly.

Lets not mince words! 😒, it's been a long time since I've been called a mug! lets clarify one or two things, Tally Money is not an investment scheme, you are not buying gold as such, you are using a Tally account the same as Revolut etc (and I don't see Revolut being called a scam or ponzi scheme) for those who have not understood, Tally was set up where you can deposit cash by bank transfer (as in Revolut and I also have a Revolut a/c) you are issued with a debit Mastercard, transactions in sterling, which is used just like any other Mastercard (ATM, online shopping, down at Tesco's etc) the cash you have deposited is backed by gold and is shown on your account as "Tallys" the number of Tallys shown on your account is the equivalent to the number of milligrams of gold that backs your cash:

"When you transfer pounds into your account, your money immediately buys you LBMA-approved gold, securely vaulted in Switzerland on your behalf. Your gold is denominated in ‘tally’ in your online account, so you can use it as everyday money. Save, send, and spend instantly worldwide using your Tally App and Tally Debit Mastercard." (taken from their website)

Tally moneyt is not an investment, anymore than the cash you deposit with Revolut and the like is, it is shown on your acount in both Tallys and  pounds, spending, obviously shows as a debit in both pound and Tally, when the price of gold goes up or down this change is shown in the number of Tallys and pounds and pence, how often this occurs I do not know but the last 3 days as gold has gone up this has been reflected in my balance. Taken at face value your cash is backed by a physical asset (unlike fiat currency as in Revolut and the like) whether you trust this to be the case is down to the individual, yes, as its "converted" to Tally it is not insured by the FCA and this is made very clear but they are licensed to operate and a seperate insurance of the back up gold is in place, again, it is up to the individual whether to believe this or not.

I would respectfully suggest that before shooting this down in flames and assuming it is a scam, ponzie etc (and calling me a mug 😒) that a bit of research is done, if you can find factual evidence that this is a scam I would like to know as this would be contrary to everything I have read, a lot of which comes from recognised and respected organisations.

I await the flak!!!

4 hours ago, SidS said:

Unallocated gold. Basically there is (somewhere) a quantity of gold and you purchase shares in it (for want of a better word). The same piece of gold can be sold over and over again to multiple purchasers. None of whom can take delivery of it - you can however cash out the fiat value of it at any time.

It's like betting on a horse, it can win a race or it can lose the race, but no matter how much money you put on it, you never buy the racehorse.

The Tally bumf does state that each Tally is used to purchase 1mg of gold, there is no hint that you are purchasing shares in a set amount of gold eg they have a kg but are issuing 2 million shares! each pound deposited effectively buys a £ worth of gold at the world price at that point in time, strictly speaking, if that mg of gold has been sold to you it cannot be sold to anyone else, you would have to have some faith in the fact they are FCA licensed. Anything to do with gold is a gamble, my bit of cash has increased by just under 1% in the last week? however I know it is possible to crash and burn, obviousely I don't think it will or I wouldn't be involved so I will give it a go! 🙂

On 09/03/2023 at 17:59, Bigmarc said:

Just first impressions that's all. Name changes and persons with significant control changes just raise a red flag as you are essentially putting your money in to a produced that's backed by gold. I don't think you can take delivery of gold so you are not buying gold. It says the gold is insured, but is the company and the tally tokens?

Basically is it allocated or unallocated? 

22 hours ago, danieldorkins said:

I have asked the question!

This is the answer received:

"Thanks for getting in touch.

The gold is allocated to you and Tally is the custodian of the gold. Just so you know we do not offer the service of gold delivery."

sort of yes it's yours but you can't get your hands on it - interesting conundram!
 

4 hours ago, Bigmarc said:

Just first impressions that's all. Name changes and persons with significant control changes just raise a red flag as you are essentially putting your money in to a produced that's backed by gold. I don't think you can take delivery of gold so you are not buying gold. It says the gold is insured, but is the company and the tally tokens?

Basically is it allocated or unallocated? 

I have asked the question!

9 hours ago, Bigmarc said:

Kinisis has been mentioned on the forum loads along with a few others. I had a quick look at tally and dropped it when I see the company name had been changed 4 times, had loads of past directors and the current one looks like some sort of venture capitalists on paper. 

One thin I think people forget with these sort of things is although that are FCA approved it only means that your fiat money is safe. If it's called anything else such as tally, bitcoin, Ethereum or bigmarc coin then it's good as gone if the company goes belly up. Even on crypto exchanges I leave it in £'s till the very last minute, then exchange and put into my wallet. 

 

I have actually done a fair bit of reading on this (Tally Money) yes they have changed names and this is No.4 however, I changed my business name 3 times! so don't read too much into that, directors and secretaries come and go, they have been in operation since 2009.

The reviews and feedback, from many different sources, are all very good, there is also a lot of information on "new banking systems" taking over from the old dinosaurs including systems looking at using gold as a back up, it's true that if your fiat currency paid in changes to "Tally" or others you will not be compensated for loss by the FCA, however Tally is licensed by the FCA to operate and Tally insure your money upto 90% (for what that is worth)

I know very little about the banking system but totally dissillusioned by the regular banks and looking for an option, I am giving Tally a try, only small amounts that I am prepared to gamble, I will see how it goes, could be interesting and I will update on here!

3 hours ago, EdwardTeach said:

Natwest has always worked fine for me.

I had  a squeaky clean business account for 23 years with Natwest, overdraft, couple of business loans, never put a foot wrong, when I sold my business and closed the business account they would not allow me to open a personal account because I personally had no credit history! typical "the computer says no" and the a*******s who are employed by the bank have absolutely no influence! 

rant over

7 minutes ago, SidS said:

I personally think crypto is speculative. At best a way to gamble money and make a profit - if you time it right. At worst it's a Ponzi scheme or tulip mania kind of thing.

Exactly, and the Tulip mania was in the 1600's ! we never learn, driven by greed.

15 hours ago, Bratnia said:

I know near zero about bitcoin, but it strikes me that as the Pound and UK banking system moves to being non-fungible that alternatives will rise to favour. One option might be for a 'app' that maintains a bitcoin short position to the amount of bitcoins you hold, so its value remains consistent (non-volatile value) - making it the same as Pounds/cash (stable value, but earns/pays no interest). Spend 0.1 bitcoin and the app reduces your short bitcoin by 0.1 value, receive 1 bit coin and the app adds 1 bit coin worth of short bitcoin value.

Having experienced a lot of the above problems with Santander and Halifax I looked at Revolut and Chase, tried them both and stuck with Revolut, a good product, you also have the option of using a "one time card" particularly useful when dealing with an unknown supplier, recently I have looked at and joined https://www.tallymoney.com/ well worth looking at and could be of interest to many members on here!

Not knowing anything about crypto I see it often recommended as an alternative to banks and cash, could someone explain why, it seems to be extremely volatile with no tangible back up, pretty much like fiat currencies! or am I missing something?

On 28/02/2023 at 09:18, Midasfrog said:

Maybe down to a level of £1460 for a while but it will rise again to above £1560 

Checkout www.https://remembergold.com 

I'm a bit late to this thread but thanks to Midasfrog for that link, a bit more education! 👍

Just dropped into my in box:

"The Queen Elizabeth II Platinum Jubilee Lifetime Gold Sovereign Set 1926 and 2022 brings together the gold sovereign of Queen Elizabeth II's birth-year, 1926, with the Platinum Jubilee (one year only design) BU commemorative sovereign. "

£1,999 ( to be fair, it does have a luxury box and a certificate)

only problem I have is how many of these should I invest in! 🤔

suggestions on a postcard please

12 hours ago, Solachesis said:

And don't buy things like this! 

Looks like its been used for target practice with an air rifle!

23 hours ago, honestinjun said:

If you're new to collecting gold coins, you may be wondering what the best coins to start with are. I get this question a lot. Share your experiences and recommendations for coins that are easy to find, affordable, and have potential for appreciation. What are the best gold coins for beginners to collect?

Started in 2015 with silver Brits without knowing anything, seemed like a good idea at the time to put a bit of money aside, always wanted to move into gold but didn't have the budget, last year I sold my small business and thought now is my chance, I wasn't aware of TSF at that point and got caught up by a bit of pressure selling by a "coin investment company" and bought several graded coins with a view to passing these on rather than selling again.

I discovered TSF under a year ago and asked the same question  "what are the best coins etc", I went with the common recommendation of sovs and have bought quite randomly but having learnt a lot on here I am now able to be more choosy and get the idea of going for certain designs, dates etc which adds interest but these are for stacking and ease of liquidity, I have also bought higher value, modern coins from the RM such as proofs, piedforts and quintuple sovs again from reading the chat and comments about them on here and these are for leaving to my daughter. More recently I have been buying more interesting (to me) certain silver 1 oz coins and these are because I really like them and I do like silver! so the bottom line for me is sovs for stacking and liquidity, higher value, including graded for leaving to my daughter and silver to indulge myself without worrying about value, reselling etc etc.

Things I have learnt, certain "investment" companies are all over you when you have the money but if you go quiet for a bit they drop you like a hot stone. TSF has been an eye opener, great bunch of people, helpful, friendly, the best prices, full of advice and all of this gives you confidence, RM tends to be expensive, long waits having taken your money, quality can be c**p so you have to have an idea of whats expected, again, TSF members are good at discussing this! I buy from the mint with a view to longer term investing of new coins and sets. Auctions can be good but you have to be there to see the goods and avoid the extortionate fees when buying online, I don't get what some people pay online for an ordinary sov.

Good luck and stick with TSF.

Upto 2% I'll stick with TSF!

As a newcomer to the world of gold, silver stacking, investment etc, this thread has been of huge interest and benefit, particularly the early posts, I have read pretty much all the posts and they beat books and articles for "educating" us beginners! so thanks to all who participated - good work!

On 30/01/2023 at 21:16, MonkeysUncle said:

Nah, less than spot. The poor scrap metal buyer is going to want it below cost as he'll to look at that pair of tnuc's until the melting pot warms up.

ahh but the joy of watching it melt must have some value --- or maybe not

Lovely reference book for the right person:

https://www.purcellauctioneers.ie/catalogue/a356ead87677eeda3724ea95f1a7a593/81b29ab6fa187a02a829c1899b734425/auction-of-a-collection-of-irish-world-interest-books-ra/?view=grid-wide&searchTerm=martin+folkes&searchOption=1

Could the RM have put in any less effort in designing these coins, have seen and followed the Stones for many years as has my wife, thought one of these coins would have made a nice Christmas present for her but they are awful, nothing about the design conveys anything of the essence of the Stones, bland and boring, could've been the Monkeys portrayed (teeny bopper band from the 60's for those of you not familiar) or am I just being a moaning old git? interested to know what others think.

2 hours ago, Britannia47 said:

Must admit it doesn’t look half bad. As you may be aware most collectors would regard this as a ‘Pseudo-sovereign’ Unfortunately the RM does not have exclusive use of the Sovereign name, so marketing companies will take advantage of this fact, thus I am not surprised you we’re not told by H & B that it was Tristan Da Cunha. I believe this was minted by the Commonwealth Mint based near Bristol. They also do similar coinage for Alderney, Gibraltar etc. But at least they used the full name ‘Tristan Da Cunha’ instead of TDC, as used by the London Mint Office who often hide this in their advertising. You are meant to believe these coins are the real McCoy!

As Stuntman has stated, you are not the target market. These companies generally aim at the general public through newspaper advertising, often selling very small gold coins - 1g or even 0.5g but giving you the impression they are much larger. A plus point is that Tristan Da Cunha gets paid a royalty for each coin sold, maybe shared by the 238 inhabitants of the island! 

So there you have it, but it sounds as if you’re OK with this.

Last year I made a mistake buying a bullion 2022 Sovereign from H&B like many others on TSF for £319 (Loss-Leader!) Great you might think, but then plagued by unwelcome mail shots and phone calls. Good luck with any future buys by the way 😀

 

Thanks, good and helpful information, it was an auction lot and described as QE 11 blah blah blah, the fact it was in a Harrington and Byrne box did not register so initially a little disappointed to find it was a TDC coin, always considered this type of coin as being "sub standard" and as such had never really looked at them but on inspection I was quite taken by it! so it's not gone in the stack it's one I shall keep as a quite attractive curio along with other bits (such as sovereign holders and cases!)