buying gold on forum

[darrol]

Just some advise on purchasing gold on this forum?  My question is when you pay the seller there is know guarantee you will get your gold or what you paid for , I guess its really built on trust  and its been putting me off buying over the site because its hard to trust and  put down a lot of money ,   so if anyone has tips or how to safely  buy over the forum to making it less daunting .

[HelpingHands]

Sellers have feedback you can check.

Also you could pay with paypal goods and services for the extra few % for protection.

[darrol]

3 minutes ago, HelpingHands said:

Sellers have feedback you can check.

Also you could pay with paypal goods and services for the extra few % for protection.

I don't know if this is true but I was told a lot of sellers like you to pay with bank wire or pay pal friends and family which don't offer protection , 

[sovereignsteve]

3 minutes ago, darrol said:

I don't know if this is true but I was told a lot of sellers like you to pay with bank wire or pay pal friends and family which don't offer protection , 

true and it works out fine but this is not absolutely100% safe, depends how cautious a person you are. I am not aware of anyone having their money stolen when trading on the forum. maybe one or two issues and disagreements on condition when received but generally resolved amicably.

[sovereignsteve]

also some folk like the warm fuzzy feeling you get when dealing with nice trustworthy people you meet on the forum

[MHoppy]

Morning @darrol,

Kinda agree in general with the all buyer beware sentiment. However this forum / community is all about character,trust,integrity and reputational feedback. 

I am a relatively new to the forum and have personally I bought silver and gold on here and would do so again. Due diligence is the key, and besides the other members tend to self police and out and sales that smell fishy. Forum sales etiquette IS a thing. 

Over time you can establish easily who's who. 

There are members on here who I've not yet purchased from (lack of funds) who I already trust through there observed actions and wouldn't think twice about dealing with in the future. 

There are great deals to be had on here. 

Hope this helps. 

[sovereignsteve]

5 minutes ago, MHoppy said:

 this forum / community is all about character,trust,integrity and reputational feedback. 

 and besides the other members tend to self police and out and sales that smell fishy. Forum sales etiquette IS a thing. 

Over time you can establish easily who's who. 

There are members on here who I've not yet purchased from (lack of funds) who I already trust through there observed actions and wouldn't think twice about dealing with in the future. 

There are great deals to be had on here.

All true but there is always a chance that someone could find themselves in a position where they wouldn't care about their forum reputaion and do a runner. very unlikely but always something to bear in mind.

[Paul]

I have bought and sold lots via this forum never had one issue. 

Ask anyone who has bought from me, you will get your item the day after you have paid in EVERY case. A confirmation message of funds received in minutes, step by step updates of tracking info, video/pictures of your parcel being packed & labeled. Follow up messages to confirm all was good with the transaction

As a seller, you have to give the reassurance to the buyer they are safe & secure. Sending £1000+ to nothing more than a forum username could be a big risk

I raised funds for a new business and sold nearly £10k in gold in six hours one Sunday. 

I got more £ than I would have selling back to bullion dealer, a few % extra, but sold at a very competitive rate (ie not being greedy) and sold my items at current gold spot price

4 minutes ago, MHoppy said:

Kinda agree in general with the all buyer beware sentiment. However this forum / community is all about character,trust,integrity and reputational feedback. 

Due diligence is the key, and besides the other members tend to self police and out and sales that smell fishy. Forum sales etiquette IS a thing. 

Over time you can establish easily who's who. 

6

@MHoppy is very correct.  It is a nice set up we have on this forum and the trust is good.

It is great when a would-be scammer or Nigerian Prince drops by to try and spam us with their wears or gold doray  Bring it on !!

[AgD]

I have never had an issue with buying from or selling to anyone on the forum.

I think with all the new members that we have had sign up over the last few months my advice to you all would be spend a fair bit of time reading through alot of the posts and look at members profiles have a look at all the feedback then make up your own mind's.

I would rather spend £'s on here than FB as I think the trust on the forum is a lot better 

[Abyss]

Joined the Silver Forums about six months ago and feel in love with the Queens Beasts series. Silver Forums did not exist then I would not have been able to backdate 20 oz QB Gold coins. The method that I use before buying from forum members is the following:

Community Reputation

Content Count

Joined

Feedback

If I am unhappy with any of the above then I contact the seller and ask for @BackyardBullion act intermediary (obviously only worthwhile larger value transactions).

Using the above I have purchased over £20k gold from Silver Forum members all without a single issue and often the packaging, care, attention to detail better than a lot of the UK Dealers. I was in the same boat about trust when buying from a forum but the members here who have spent the time/energy/effort building up their reputation and feedback are as good as gold.

I had a wanted advert in the UK & Europe section of this forums for over month as I tried to backdate the series and at no point did anyone send me PM trying to scam me (see below it is completed now).

 

[watchesandwhisky]

Can honestly say in the many transactions i have done here never one problem buying or selling - however it is certainly buyer beware and you need to earn trust on both parts.

New users to the forum who are trying to sell 1 ounce gold coins or anything of value is a red flag, buying a gold premium membership badge should not give any legitimacy to sales neither. 

Best to stick around and slowly build up your reputation, i have no issues buying from those i know on the forums as they have earnt my trust. If i was a new member i would probably feel the same way you do.

[sovereignsteve]

1 hour ago, Abyss said:

and ask for @BackyardBullion act intermediary

Ah but can you absolutely trust BYB?

He has said in the past he would be willing to sell his wife, at the right price.

[Big23]

12 minutes ago, sovereignsteve said:

He has said in the past he would be willing to sell his wife, at the right price.

Who would not?

[Elements]

Naturally we all have concerns, I have and in the past haven’t bought something I might have done had a different person been offering it. I suppose over time members gain a reputation whereby the opinion of others is important. After having divulged where I live to the members I’ve bought and sold to on here, doing a runner isn’t so easy! (Not that I would anyway- I’d barr myself from the great potential future deals on here!)

[prophet800]

I am a member of several FB groups similar to this forum  and they use a 3rd party to hold the money until the buyer is happy with what they have recieved and then they release the funds to the seller. The 3rd party is generally admin of that particular group and they don't charge for the service. 

[Abyss]

36 minutes ago, sovereignsteve said:

Ah but can you absolutely trust BYB?

He has said in the past he would be willing to sell his wife, at the right price.

Everything has a price have you never seen Indecent Proposal?

 

[Pete]

3 hours ago, MrGeorge said:

Reason i would never buy gold from the forums is if it never turns up your down a fair bit of money and for what to save almost nothing.

Its also the reason i will never sell any gold on a forum too when the time comes  i will be off to a dealer to cash in, dont want the hassle of posting it all out and then maybe something going missing.

 I bought 3oz of gold today from a well known website that i have only used one time before so i have no friendship with the dealer and have to pay the same price as everyone else and still got my gold for 1.5% above spot and its insured tracked delivery so i know i am covered.

Cannot see the risk sending Special Delivery as fully insured against loss.

Which dealer buys gold over spot ?
I am sure you will always get a better price selling to forum members than dealers.

Due to the sudden jump in spot I am sure there are dealers who are quite happy selling 1.5% over spot making nice gains.
Maybe not the best time to be buying gold but who can tell ?

[dicker]

My experience is that this forum is very trustworthy and the people are friendly and go the extra mile when selling. 

I don’t use eBay at all. 

[Roy]

I thought you were stopping at 50oz Mr.G?

[Pipers]

21 minutes ago, MrGeorge said:

Special delivery only insurers upto £2500 so that would be no good for me right away minimum i always buy is 3oz

 

Yes correct, just send 2 parcels and charge for 2.  

 

[Pipers]

I have bought many times from the forum and sold a few times, mostly in the past.  I have never had a problems.  I have to say the reason i do not buy as much these days has nothing to do with members, more to do with membership fees. 

IMO membership fees does not make a member a better member or more honest,  contribution, longevity  and track record does.

  I like the forum ,

but i know if i listed a coin took pictures etc, then for a premium member who has only been a member for 1 year to state i should send the gold/silver to him to check i would tell him to f-ck off.   

[Pete]

43 minutes ago, MrGeorge said:

Special delivery only insurers upto £2500 so that would be no good for me right away minimum i always buy is 3oz

As for which dealer buys over spot what do you mean ? I dont think anyone has suggested any dealers buy over spot, not sure if you have maybe read my post wrong.

 

What service covers loss of gold or other PMs above £2,500 value and what is cheaper than Special Delivery ?
Would be interested to know which courier covers this and let's read the small print.

Since you prefer selling to a dealer I am guessing you will typically be offered 98% of spot whereas on this forum you might get 2% over spot.
Assuming 3 ounces with example of spot at £980 so value is 3 x £980 = £2,940
2% dealer fee = £58.80
2% selling fee = £58.80
Sum of both = £117.60 which equates to about half a sovereign so cannot understand how this is not of interest.

 

[Pete]

51 minutes ago, MrGeorge said:

First off its not the service that covers the loss of gold its the company so if your buying from places like atkinsons chards etc if your parcel goes missing there replacing it, unless of course you know something evryone else doesn’t?

selling to a dealer is 98% minimum chards recently started offering 100% of spot for sovs and brits so no doesn’t have to be 98%.

I've said how i plan to buy/sell gold might not be for everyone but it works for me 😉 i will let you worry about the half sovs 

 

Thanks for clarification - the dealer is covering potential loss by having their own insurance so it doesn't matter who is the courier as the seller is taking the risk.

You are right, at certain times some dealers will temporarily pay spot or very close to spot for sovereigns or Brits when they are in strong demand.
Unlikely to get this offer on other gold coins though.

I would prefer gaining a half sovereign rather than loosing one but then I am more likely to spend £18 buying a litre of gin in a supermarket than paying the same amount for a single gin and tonic in a posh bar.

I've purchased a respectable quantity of gold and silver on this forum and every transaction has gone smoothly and I hope to continue.
If you prefer to avoid buying and selling on this forum then carry on and good luck.
Thank you for sharing your viewpoints as very informative.

[Cornishfarmer]

When I’ve bought coins on here they are coins that you can’t easily get from dealers for the same price (20 pesos/2017 SOTD sovs/$10 Indian heads) also if buying bullion sovs can see pics here where as HGM can get some beauties but also some dogs.      You do well to pick up bullion for. 1.5% over spot don’t see that very often.         

[Guest]

I only buy from business sellers with a verifiable address and registration on Companies House. If any forums members fulfil this requirement, I'll be quite happy to have business.