What is the best way to start in gold? [UK]

[SatsStacker]

Hi SilverForum community,

I've been directed to this space from Reddit after stating that I'm brand new to gold and would ideally like to make my first purchase, my research thus far has been to discover premiums on spot when purchasing / selling and looking through the Royal Mint website to understand tax/CGT exemptions, I view the Royal Mint as the Coinbase of the Bitcoin world so although it's quick, secure and convenient, it also appears to be the most expensive way to buy. 

In addition to the above research, I've been watching various YouTube videos but it's really hard to find informative content in relation to the where to buy at good premiums and what some of the common pitfalls are, my greatest fear is getting scammed. 

My goal is to stack 1/4 oz coins (sovereign for the CGT) in a dollar-cost-average method, I'm sure I'll learn a lot on the way but I wanted to reach out to this community for any advice for the start of this journey.

 

EDIT: Just wanted to come back and say a massive thank you to you all that has provided great information below, I think I may be about to order my first ever gold sovereign and it's fair to say that you've made the process a lot less daunting.

[Stuntman]

Your goal of stacking sovereigns is a very good one, probably most on here would agree with you on that.

You now need to focus exclusively on buying bullion sovereigns, for the lowest prices you can, and try your best not to be distracted by other lovely shiny stuff such as proof sovereigns, 'limited mintage' special edition coins, silver, platinum... 🙂

Good luck!  

[Smiler999]

I agree, stick to Sovs Britannia etc, although proofs etc are nice, never forget it's just Gold 

[Martlet]

This excellent site gives a comparison of the major dealers by price: http://goldprice.eu5.net/

Stick to sovereigns, with a little interest in other for variety.  Note the premiums (amount over the gold spot price) are not good on others right now, they have been better in recent past.  

One other note, be prepared for the size about same as a penny. 

[HawkHybrid]

getting to know your local area(local coin shops) is still one of the best ways of getting started,

both for buying and when the time comes to sell.

 

HH

[Roy]

3 hours ago, SatsStacker said:

my greatest fear is getting scammed. 

Get a Premium Membership and join the community.

3 hours ago, SatsStacker said:

My goal is to stack 1/4 oz coins (sovereign for the CGT) in a dollar-cost-average method.

Perfect. 

[Ravoma]

1 hour ago, Martlet said:

One other note, be prepared for the size about same as a penny. 

🤣 This.. When I first started I thought I had been ripped off.

[TheApe]

Take a look at Bairds mint. 

Best premiums around at the minute.

Or.....look at some of the German dealers. A lot of the UK sites are rip offs right now.

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Added 0 minutes later...

Also, consider Bullionvault.
Great service and cheap fees.

[BobnotTed]

3 minutes ago, TheApe said:

 

Or.....look at some of the German dealers.

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I hadn't even thought of this. Are there any names you could suggest looking at?

[TheApe]

22 minutes ago, BobnotTed said:

I hadn't even thought of this. Are there any names you could suggest looking at?

Example is silber-werte.de but there are a good few.

[TheApe]

Take a look at gold.de.

Its a brilliant site that gives you an overview of what is cheapest at different dealers. 

Some dealers only delivery to Germany, some only to Europe, but many include UK.

[BobnotTed]

1 hour ago, TheApe said:

Take a look at gold.de.

Its a brilliant site that gives you an overview of what is cheapest at different dealers. 

Some dealers only delivery to Germany, some only to Europe, but many include UK.

Nice site.

[dicker]

Hi

I would say....

Buy from trusted forum members

If not then one of Chards, Hatton Garden Metals, Atkinsons etc (check out the dealer directory on the forum)

Buy regularly (cost price averaging)

Buy Sovereigns for so many reasons - but if you like another coin type then chose what you enjoy.
 

Have fun while collecting - eg visit a show - not for everyone but they are interesting   

Lastly ask on the forum - lots of friendly folk here 

Best

Dicker

 

 

 

 

[OriginalS]

@shawy2510 has great prices on some half sovs at the minute, wouldn't hesitate to buy from him again