Sold all my gold, got stung

[Troy77]

3 minutes ago, Jimmock said:

Evening all,is this the new live chat thread?? 🤫🤫

We thought we would hide up in this old thread

[Troy77]

Morning

[Jimmock]

1 minute ago, Troy77 said:

We thought we would hide up in this old thread

The "trolls" will find you wherever you go

[5huggy]

12 minutes ago, Troy77 said:

Morning

AFTERNOON

[Troy77]

1 minute ago, 5huggy said:

AFTERNOON

Did you go on holiday again?

[GoldenPhil]

On 30/11/2018 at 17:26, Glorfindel said:

I sold 8oz of gold today and I'm feeling pretty annoyed with myself. I've lost about £600.

The gold was originally supposed to be a long-term investment but Brexit has me spooked. I decided to take a hit now rather than risk the price dropping back down to pre-2016 levels (for all the media talk, I think a no-deal scenario is extremely unlikely and once Brexit is finally over, the gold price will slowly come down... that's my guess anyway). I could easily be wrong but I feel it was a mistake to buy gold in such uncertain times.

Still, live and learn!

I always thinks PM is for buying and holding, and only to be sold in extreme financial circumstances when you really need the money whether that is personal, national, or global. 

If you were in a situation where you needed to sell to keep the lights on etc then gold has done you proud as you may have wasted away that money on other things. The good thing about buying PM is even if it falls in value it is an easy source of money when you need it and it stops you spending that money on other things. So dont feel annoyed with yourself.

[CadmiumGreen]

12 minutes ago, Troy77 said:

Did you go on holiday again?

I think @5huggy went into his Sensory Deprivation Chamber again and really has no clue what hour...day...month...h€!! even year, it is!!🤣🤣🤣

[GoldenPhil]

1 minute ago, CadmiumGreen said:

I think @5huggy went into his Sensory Deprivation Chamber again and really has no clue what hour...day...month...h€!! even year, it is!!🤣🤣🤣

That's lockdown for you

[Michal]

Just imagine that crying author of this topic missed like  6000 pounds in profit during 1,5 year which would come with no effort. Stunning if you think about it. How easy is to lose on something with minimum risk if you have no knowledge about your investment. 

Edit

over 50% ...

Edited April 11, 2020 by Michal
:D

[Notafront4adragon]

56 minutes ago, Michal said:

Just imagine that crying author of this topic missed like  6000 pounds in profit during 1,5 year which would come with no effort. Stunning if you think about it. How easy is to lose on something with minimum risk if you have no knowledge about your investment. 

Edit

over 50% ...

I'm not sure it's as dramatic as that and still depends on what you want from your investment. This is my reasoning.

He would only have made that money if he sold today, which given gold is supposed to be for his retirement is unlikely. What will the price of gold be in 2045, who knows? For that matter, what will his LISA and the £'s in there be worth in 2045, unknown too, but perhaps more certain than gold.

He bought in April 17 at about £1075 an oz sold in Nov 18 when spot was £955. Claims he lost £600. 

He missed out on about £2240 if held and sold today. 8 × (1355 - 1075)

He didn't miss out on all that because he bought a LISA. Assuming he maxed it out each year till now, he's still returned £2000 (of course can't have it yet) and that was far more certain than gold in 2018.  

So he lost his initial 600 by changing from gold to LISA and that investment, the LISA is worth about 200 less than equivalent gold investment, today. 

In my opinion his mistake was to buy so much gold without a clear strategy ie being worried about Brexit, buying and selling in such a short period and was too concerned with seeing a loss on paper.

[HawkHybrid]

39 minutes ago, Notafront4adragon said:

He missed out on about £2240 if held and sold today. 8 × (1355 - 1075)

 

shouldn't this be 8 x (1355-955) or £3200?

ie the amount he had to reinvest was his original amount

minus his losses?

 

HH

[Michal]

Well QB from 2018 are sold by dealers for 1800+ and i assumed he paid 1000 per coin. 8x800=6400. But that is not the point.

[Troy77]

19 hours ago, cinereus said:

Did you really offload that money clip? How much did you get for it? And did you keep the silver?

No I sold a sovereign and a couple of smaller coins and I bought the 2 clips. 

I was only messing I'm keeping them.

[GoldenPhil]

24 minutes ago, cinereus said:

Why do QB attract such a high premium? They aren't rare so I can't figure it out...

As a guess CGT exempt? 

[Auricsstash]

35 minutes ago, cinereus said:

Why do QB attract such a high premium? They aren't rare so I can't figure it out...

Where do you come up with this c**p from?

Some of the gold bullion QBs have mintages in the 5k range current bullion for Britannias of the same size in a year can run over 100k...

[DarkChameleon]

1 minute ago, Auricsstash said:

Where do you come up with this c**p from?

Some of the gold bullion QBs have mintages in the 5k range current bullion for Britannias of the same size in a year can run over 100k...

I'd say he was on about silver not gold....I know the silver lion costs more then the bull because it was first or nicer?...but sometimes the like of Davy Jones locker costs more then the white whale in the pirate colldctionbecause it was the last...demand makes funny prices of things.

[Auricsstash]

1 minute ago, DarkChameleon said:

I'd say he was on about silver not gold....I know the silver lion costs more then the bull because it was first or nicer?...but sometimes the like of Davy Jones locker costs more then the white whale in the pirate colldctionbecause it was the last...demand makes funny prices of things.

He is quoting gold prices in his post....

[DarkChameleon]

1 minute ago, Auricsstash said:

He is quoting gold prices in his post....

Oh, just looked at his last post...but silver 1oz and 2 oz claim nice premiumsforthe odd one even though their mintage isnt anything special, I can understand the 100 mintage, hell you're buying someone's reserved coin our first seconds on offer before they were all sold....and the markups the royal mint put on them were stupid high.

[DarkChameleon]

When the minthas you in its claws they rob you blind to cover all their failed releases.

[Auricsstash]

Just now, DarkChameleon said:

Oh, just looked at his last post...but silver 1oz and 2 oz claim nice premiumsforthe odd one even though their mintage isnt anything special, I can understand the 100 mintage, hell you're buying someone's reserved coin our first seconds on offer before they were all sold....and the markups the royal mint put on them were stupid high.

Agreed some of the silver premiums are insane..

[DarkChameleon]

Just now, Auricsstash said:

Agreed some of the silver premiums are insane..

And its not like some companies ccx naseem to pump out low vintages left right and center,they must be ordering dies by the hundred.

[GoldenPhil]

13 minutes ago, Auricsstash said:

Where do you come up with this c**p from?

Some of the gold bullion QBs have mintages in the 5k range current bullion for Britannias of the same size in a year can run over 100k...

Sometimes low mintages help. I have one of the £50 for £50 coins which only has 15,000 of them. It's only one once but selling on chards for £75

https://www.chards.co.uk/2016-shakespeare-400th-anniversary-silver-coin-history-50/9549

 

[DarkChameleon]

1 minute ago, GoldenPhil said:

Sometimes low mintages help. I have one of the £50 for £50 coins which only has 15,000 of them. It's only one once but selling on chards for £75

https://www.chards.co.uk/2016-shakespeare-400th-anniversary-silver-coin-history-50/9549

 

I have some low mintage coins which to some extent can claim the higher cost but now everyone and their brother can churn out limited mintage...it is almost a minimum requirement to get people interested.

[DarkChameleon]

The problem is collectors...once limited mintage paid a little more but overtime they would to some level get damaged or lost or more melted down but now they are encased and for the most part stay put in their value, like those porcelain dogs people had on their fire places

[GoldenPhil]

5 minutes ago, DarkChameleon said:

The problem is collectors...once limited mintage paid a little more but overtime they would to some level get damaged or lost or more melted down but now they are encased and for the most part stay put in their value, like those porcelain dogs people had on their fire places

Yeah even if a coin is sold at spot price to a jeweler often they won't send it for melt it will be sold on as an object . Nowadays what you mint is what exists for a very long time. Even non PM like the 50p ones