Sparrow

I would definitely recommend sovs for the reasons that have been mentioned above, but be warned, there is such incredible variety that buying them can be a little addictive.

But having said that, there's always half sovereigns as well if you want to get more diversity for your money

In my opinion, no coin is a waste of money if you find it beautiful and interesting and want to add it to your stack/collection.

Will it go up in value over time?  Maybe, maybe not.  But if it brings you enjoyment then it's a great purchase regardless.

I'm predicting a thin deal with the UK probably gradually establishing a closer relationship with the EU over time.  (Can't beat geography.) So I guess that would fall under your option 2.

I don't see another referendum getting through parliament, and there would be little point as the UK has already left the EU.  And as for hard Brexit, I am assuming that you are referring to no deal because what the UK is facing is already a pretty hard version?  If so, yeah, the only way that would ever happen is by accident. (Which is a little worrying when you consider the UK government's track record for incompetence) 😬

2 hours ago, Auricsstash said:

My advice get clear of precious metals now sell all your holdings as quickly as possible. By December you will be 20/30% down due to brexit being so soft it’s exactly like staying in the E.U...  

PMs 7 year circular top was in August..

the fed will print money to make risk assets go up that’s the whole game now and the big money knows this...

That seems rather questionable advice when viewed through the lens of British politics. There is no way that the Prime Minister's deal will be anything like remaining in the single market and customs union.

Despite the current UK government's suspicious reluctance to publish their own updated impact assessments of this allegedly amazing Brexit deal, the assessments from 2018 of a deal similar to what has been agreed point to falling wages and declining growth.  I believe it is something like a 6-7 percent hit compared to staying in the EU. Wages will probably take a similar hit, and public sector borrowing is likely to increase. 

So unless the government are planning on performing a spectacular U-turn unlike any seen before in the chaotic mess that is British politics, soft Brexit is never going to happen. 

10 minutes ago, Stacktastic said:

Has China not bought shite loads of Gold in the last few years. That to me says everything.

Yep.  I think they bought something like 100 tonnes or more last year alone.  As growth continues to slow and trade & geopolitical tensions increase, it's hardly surprising that a number of nations (such as China) will want to shield themselves from the risk of sanctions, trade wars, etc by converting their dollars into gold.  (Even without a global pandemic.)

2 hours ago, Wonger said:

Gold will slice down through $1000 like a hot knife through butter, if you do not understand the significance of the second graph posted showing current open long positions waiting to be liquidated then you soon will (says the Troll?) 😉  

The gold price is going to decrease by 40%?  With substantial risks to global growth and growing geopolitical uncertainty thanks in no small part to covid-19?  In this era of low interest rates that has driven central banks to buy record levels of gold in 2018, 2019, and to in all probability break that record again this year?  

Doubtful.  And that's putting it mildly.

2 hours ago, GoldenPhil said:

A good time to buy

Definitely. Long term the price pressure is still in favour of being on the upside.  On the one hand if there's a second wave and countries have to shut down their economies again then that will make price rises more likely (not to mention the question of unemployment), and on the other hand if there is rapid economic recovery - with all the money that the central banks are pumping out how could that not be inflationary?

1 minute ago, GoldenPhil said:

That's my point. Keep swapping that paper for real money 

A little bit here, a little bit there 👌

3 hours ago, GoldenPhil said:

Buy again today

I like your thinking, but...money. 😛

A sharp dip in the gold price today, lost ~£40/oz at the time of writing.  

This will be due to either to the dollar strengthening on better than expected US jobs data, or because I bought gold yesterday. 😅

Here is a graph depicting central bank purchases of gold over the last two years.  Suffice to say, I am not convinced by Wonger's arguments.

And one day we'll look back on today's gold price longing for it to be this cheap again.

While I can't comment on Bairds as I've never used them, I would definitely recommend sovereigns.  While I *think* a sovereign contains a little bit less gold than a quarter ouncer (something like 0.4 grams?) gold sovereigns are super-liquid.  If you ever want/need to sell them then you will not have a difficult time finding a buyer.  Plus sovereigns have greater collector's value, there's numerous different monarchs, different countries' mints, special edition sovereigns,...these coins have been struck since 1817 so in my opinion collecting sovs is much more interesting than quarter-ounce coins.

Talking about the gold price in general, if the global economy sharply rebounded after this crisis and GDP growth rose to pre-Covid levels then that could lead to the price dropping as people take their money out of safe-haven assets - the big one being gold of course,...on the other hand that could also not happen.  Gold goes up in value when people are afraid, be it of defaults, a sharp rose in inflation, global crisis, etc and human beings are not the most rational of creatures.  So my answer to that is; who knows?  I'll leave that to more informed and experienced people than me to comment on.

Personally I wouldn't worry too much about the price.  Sometimes you buy at a price which turns out to be high, sometimes you buy at a price which turns out to be low.  It happens to everyone.  The important thing is getting that gold in your hand and either way it's still under-valued.

And worst case-scenario, if you did buy some gold and the price then dropped, you can just buy more at the lower price. 

Sterling is now at a 35 year low against the dollar and at its lowest level ever against the euro.

It was a good decision to start buying gold last year. 😬

24 minutes ago, Deputydog said:

Is this the right time to buy gold coins or do people think the spot price will get lower, checked some UK websites, not many sovs left in some.

Probably a stupid question but if you dont ask.

Thanks

Deputydog

Think of it this way.  These are extraordinary times.  Whether you buy now or wait and see if it goes lower, you're probably still getting a great deal compared with what the prices will do when the normal price patterns resume.  One day £1,200 an ounce will be a low that we will never be able to even dream of seeing again.  So even if you buy at the "wrong" moment, you're still winning.