Cash buying without ID?

[bluemoon]

A few years ago I went to Gold Investments in person to buy bullion in cash with no ID. No Idea if they still allow that but their mark-ups are ridiculous these days. Chards and Hatton Garden Metals websites say they require ID on all cash transactions.

I'm against showing ID for gold purchases as a matter of principle, has anyone had luck with in-person cash purchases from decent dealers?

[Paul]

Coin fair 

[bluemoon]

48 minutes ago, Paul said:

Coin fair 

Is it easy to get bog standard Britannias and Sovereigns from there? Are the mark ups reasonable? And how safe are those coin fairs in regard to fakes?

[Ansel]

Sharps Pixley don't require ID unless you are spending more than, I think, £5k. However I believe their shop is currently closed and their margins are high (10% on a sov) like just about everywhere else right now.

[mr-dead]

I believe the legal requirement for proof of I.D is if you spend over £5k in a single transaction or over £10k in a year with a single dealer.

 

[bluemoon]

7 minutes ago, mr-dead said:

I believe the legal requirement for proof of I.D is if you spend over £5k in a single transaction or over £10k in a year with a single dealer.

 

That's how it was when I went to GoldInvestments a few years ago, but Hatton Garden's page says this:

 

And Chards' page says this:

If they're not even legally required to ask for ID up to £5000, I don't why they're taking the Mick like this.

 

27 minutes ago, Ansel said:

Sharps Pixley don't require ID unless you are spending more than, I think, £5k. However I believe their shop is currently closed and their margins are high (10% on a sov) like just about everywhere else right now.

Sharps Pixley's page is unclear:

"Along with the relevant ID" could mean for over £5000 or it could mean relevant ID for cash transactions. Not sure. Have you tried them recently? I might give them a call and ask.

[Ansel]

@bluemoon I spent around £1000 cash, six weeks ago. No ID required then.

My largest single cash purchase was around £3k cash a couple of years back, no ID  then either. 

[Tape]

Money laundering guidelines requires retail purchases

[Tape]

Sharps Pixley does require ID for any PM purchase is my experience, last time I bought from Sharps Pixley was Dec 2019

[GoldenPhil]

I find it hard to take the ID requirement seriously when this type of thing goes on:

https://www.google.com/amp/s/www.dailymail.co.uk/news/article-8230485/amp/EY-whistleblower-awarded-11-million-suppression-gold-audit.html

 

[Tape]

12 minutes ago, GoldenPhil said:

I find it hard to take the ID requirement seriously when this type of thing goes on:

https://www.google.com/amp/s/www.dailymail.co.uk/news/article-8230485/amp/EY-whistleblower-awarded-11-million-suppression-gold-audit.html

 

You can take it seriously when you are trading for a few oz's.

[Melon]

If dealers are required to know the ID of anyone they sell over £10k to in a year, then I'm not sure how they can do a cash deal of any amount without ID. How will they know how much they've sold the person over a year? 😮

[AuricGoldfinger]

23 hours ago, GoldenPhil said:

I find it hard to take the ID requirement seriously when this type of thing goes on:

https://www.google.com/amp/s/www.dailymail.co.uk/news/article-8230485/amp/EY-whistleblower-awarded-11-million-suppression-gold-audit.html

 

I know someone who works for them and the ***** hit the fan because of this.

back to the OP, i have found the same issue. Basically trying to pay with cash is always more expensive than online. However best to go somewhere with multiple coin shops/gold dealers. So jewellery quarter in Birmingham you’ll likely find most dealers have say a £2000 cash limit with no id but you can then go to another dealer. It’s a bit hit and miss as depends what people have in on the day.

[Tape]

5 hours ago, Melon said:

If dealers are required to know the ID of anyone they sell over £10k to in a year, then I'm not sure how they can do a cash deal of any amount without ID. How will they know how much they've sold the person over a year? 😮

I have dealt with ATS and Sharps Pixley in London and both keep records of how much you have bought and how much you are allowed for the rest of the year. "regarding cash purchases" purchases from your checking account or savings account is unlimited.

I find that the UK is very strict in their money laundering guidelines versus the United States when buying precious metals.

I also found out that in the UK if you are not a citizen you are strictly limited on how much gold you can buy.  

[GoldenPhil]

3 hours ago, Tape said:

 

I also found out that in the UK if you are not a citizen you are strictly limited on how much gold you can buy.  

Very interesting.  Could you tell us more about this? 

[bluemoon]

12 hours ago, AuricGoldfinger said:

back to the OP, i have found the same issue. Basically trying to pay with cash is always more expensive than online. However best to go somewhere with multiple coin shops/gold dealers. So jewellery quarter in Birmingham you’ll likely find most dealers have say a £2000 cash limit with no id but you can then go to another dealer. It’s a bit hit and miss as depends what people have in on the day.

Well I was paying the same prices when paying in cash at Gold Investments. Their markups got pricey a couple of years ago and stopped going to them. I would go to them now but they're taking the mick with their markups right now.

[mdp2505]

I have never been asked for ID when purchasing at London Coin Fair. Never spent over £5,000 there either.

[Tape]

On 21/04/2020 at 01:14, GoldenPhil said:

Very interesting.  Could you tell us more about this? 

This is where I purchased mine from when abroad,  ATS it lists the rules at the bottom