Where to bulk buy sovs/brits help

[Leglessracing]

Hi guys,

so I’m potentially looking at investing into 25 gold sovs 

does anyone have any advice on where to buy in bulk? I did see chards have them at £340.33 each on a bulk purchase. 
 

is there any major advantage to go for sovs over brits?

thanks for the help in advance!

[Booky586]

Here's a link to a dealer comparison site, always worth a look at it if you're buying: http://goldprice.eu5.net/#

The dealers name will link you to the sale page.

[Bumble]

I don't know whether this matters to you, but in the UK if you buy more than £5,000 worth of gold from a retailer in a single purchase, the seller is obliged to notify HMRC and a record will be  kept. Likewise if you buy more than £10,000 worth in a single year. It's part of the anti-money laundering regulations. You may want to consider splitting your order in two.

[dicker]

Lots of reputable dealers out there.  Some seem to have low stock at the moment still.

Worth calling vendors such as Chards (whom I have high regard for), HGM etc.

Also keep an eye on the forum - may be cheaper to buy in chunks as they come up for sale (as some have recently).

Best

Tim

[Arganto]

9 hours ago, Bumble said:

I don't know whether this matters to you, but in the UK if you buy more than £5,000 worth of gold from a retailer in a single purchase, the seller is obliged to notify HMRC and a record will be  kept. Likewise if you buy more than £10,000 worth in a single year. It's part of the anti-money laundering regulations. You may want to consider splitting your order in two.

I was not aware of this. No mention made of it when purchases are made, you'd think the dealer would say something to let the customer know...

[sovereignsteve]

24 minutes ago, Liam84 said:

I was not aware of this. No mention made of it when purchases are made, you'd think the dealer would say something to let the customer know...

In my experience, they generally do.

[Arganto]

10 minutes ago, sovereignsteve said:

In my experience, they generally do.

Fair enough. Either had a whoopsie and I didn't get a heads up or it was a small print item missed. Not the end of the world, I just don't like the big brother implications. Bit late for that sort of sentiment these days I suppose unless you live off grid hardcore...

[Xander]

10 hours ago, Bumble said:

Likewise if you buy more than £10,000 worth in a single year.

Would that be £10,000 worth per year from the same dealer?

[4Nines7Hills]

10 hours ago, Bumble said:

I don't know whether this matters to you, but in the UK if you buy more than £5,000 worth of gold from a retailer in a single purchase, the seller is obliged to notify HMRC and a record will be  kept. Likewise if you buy more than £10,000 worth in a single year. 

Not sure if this is true. If you read the terms and conditions on chards and Atkinson's bullion websites it says.  2 forms of ID is required if you spend  more than 5K in one transaction or 10k in a year. Both later stste they dont give this Information to anyone  unless they suspect suspicious activity .

Maybe @ChardsCoinandBullionDealer can confirm 

[mr-dead]

10 hours ago, Bumble said:

I don't know whether this matters to you, but in the UK if you buy more than £5,000 worth of gold from a retailer in a single purchase, the seller is obliged to notify HMRC and a record will be  kept. Likewise if you buy more than £10,000 worth in a single year. It's part of the anti-money laundering regulations. You may want to consider splitting your order in two.

that's not actually correct.

the dealer does not automatically notify HMRC, they are just required to file a copy of the I.D requirements should a future information request arise.

[Arganto]

Ahhhhh, well that's a mote less threatening 😁

[Prophecy]

Imagine how liquid a £1000 bullion sovereign would be vs a £4,500 Britannia if gold triples which it will eventually. There is an argument to go half sov for greater future liquidity hedge

[ChardsCoinandBullionDealer]

On 29/05/2020 at 17:51, 4Nines7Hills said:

Not sure if this is true. If you read the terms and conditions on chards and Atkinson's bullion websites it says.  2 forms of ID is required if you spend  more than 5K in one transaction or 10k in a year. Both later stste they dont give this Information to anyone  unless they suspect suspicious activity .

Maybe @ChardsCoinandBullionDealer can confirm 

That's right. It's part of our due diligence as well as a legal requirement from HMRC. We don't pass any information on to HMRC unless they ask - which is quite rare. I've been with the company for 9 years and I can't actually think of an instance where they've requested it. 

Amy

[Ainsgb]

On 29/05/2020 at 18:12, Prophecy said:

Imagine how liquid a £1000 bullion sovereign would be vs a £4,500 Britannia if gold triples which it will eventually. There is an argument to go half sov for greater future liquidity hedge

I think this is underrated advice. Everybody seems to put low premiums at the forefront of their priorities. For me flexibility and ease of liquidity is key. For long term holders you have to consider that values could be vastly different in 25 years time. 1oz pieces of gold could be well out of reach of most buyers. Perhaps 1/20 fractionals will be the new benchmark for the common man.

Security also plays a part. If i had that much gold id want to split it into at least 2 different safes in different locations. Easier if you hold fractionals as opposed to big chunks. Unless of course you have several big chunks. One can dream...

 

[Gordon]

On 26/05/2020 at 22:41, Leglessracing said:

is there any major advantage to go for sovs over brits?

There must be at least 10 x more sovereign collectors than Britannia collectors i would say

[sovereignsteve]

1 hour ago, Gordon said:

There must be at least 10 x more sovereign collectors than Britannia collectors i would say

And the rest😉

[modofantasma]

Maybe ring around a local coin dealer to see if they've taken any in or know of a seller?
I was going to order some from either Atkinsons or Chards until the local shop got some in last night and messaged me.
Chatting to a local coin dealer he rates (full) Soverigns first and then 1oz Brits second, easier to sell the smaller weights, more liquid, more buyers can afford them.

Also finds it easy to shift the fractional amounts even though the equivalent per oz price is higher someone could buy a 1g gold bar easier at £50-£60 a pop

Personally I am aiming for a mix about 5-10 sovs per 1 brit for starters.
Good point by @Prophecy  some of the smaller weights might become more popular in the future if the gold price raises significantly.