What's the best way to start with gold?

[Connor]

Hello, so I'm very new to this and I am really enjoying it. I have a couple of commitments with silver before I change focus but I would like to get into gold more in a few months. Where and what is the best way to start?

I also have seen people who seem to have a large quantity of gold on here, is that down to time and dealing well, or is there something I am missing? I'm looking at saving for a month or two before I can even think about a gold sovereign or ounce coin, and I wouldn't say I'm on a terribly low income (although Richard Branson I am not) 🤣

 

Any help and advice would, as always, be greatly appreciated.

[Ranger2girls]

i never had a focus or paticular coin at first but always loved gold coins,i look at the gold price you can do that here now and try to buy some bullion coins so buy at the actual price of gold and then every now and then as you look more you will see something that takes your eye (for me its the half sovereign early victorias but i really do like them all. there is alot of gold out there, ill chat to you in a years time to see where your collecting as taken you get some books and enjoy 

[Hunter87]

22 minutes ago, Connor said:

Hello, so I'm very new to this and I am really enjoying it. I have a couple of commitments with silver before I change focus but I would like to get into gold more in a few months. Where and what is the best way to start?

I also have seen people who seem to have a large quantity of gold on here, is that down to time and dealing well, or is there something I am missing? I'm looking at saving for a month or two before I can even think about a gold sovereign or ounce coin, and I wouldn't say I'm on a terribly low income (although Richard Branson I am not) 🤣

 

Any help and advice would, as always, be greatly appreciated.

PM sent.

[LongJSilver]

https://en.wikipedia.org/wiki/Vreneli

 

https://en.wikipedia.org/wiki/Krugerrand

 

👍

[Connor]

Thanks for the replies 🍻

[sixgun]

You are in the UK so buy sovereigns - basic sovereigns and half sovereigns.
Keep an eye out for stuff on the forum.

Next question.

[Coolsmp]

Best way to start with gold... touch it, carress it, coo at it. Then you can say you're gold lover.

[GoldStatue]

31 minutes ago, Coolsmp said:

Best way to start with gold... touch it, carress it, coo at it. Then you can say you're gold lover.

That sounds like something Swiss Tony would say 😀

I think the point about big gold stacks is important, amassing gold for the average person isn't exactly going to give you instant gratification.

I know when I looked into it I came up with a nice big shopping list and then realised I'd need a few life times to pay for it all.

Also the price of gold at the moment slows you down a lot, like some of the youtubers mentioning they're buying sovereigns for £250-ish only two years ago you'd of got a lot more bang for your buck for that price level.

 

[Connor]

8 minutes ago, GoldStatue said:

That sounds like something Swiss Tony would say 😀

I think the point about big gold stacks is important, amassing gold for the average person isn't exactly going to give you instant gratification.

I know when I looked into it I came up with a nice big shopping list and then realised I'd need a few life times to pay for it all.

Also the price of gold at the moment slows you down a lot, like some of the youtubers mentioning they're buying sovereigns for £250-ish only two years ago you'd of got a lot more bang for your buck for that price level.

 

Yeah I definitely think I've picked a bad time to come in to this with the prices being the way they are, but if I don't start I never will so I just get on with it. 

[dangelo]

1 hour ago, Connor said:

Yeah I definitely think I've picked a bad time to come in to this with the prices being the way they are, but if I don't start I never will so I just get on with it. 

Hi mate, I'm new too.  Don't let negative grumpy types get you down   If you give up now, in 2 years you could look back and see gold was way less priced in 2020 than 2022 and regret it.  Look at some companies in the market a few years ago, their stock prices looks so high people said it's rediculous.  Few years later those companies stocks are worth even more stupendous figures.  In my opinion prices are high now compared to the past but if that wasn't the case, no one would want to hold gold?  hehe...   Stackers of yesterday can frown at current prices, but we newbies have to bite the bullet and get on with it, you are right. 

I agree with the soverigns comments.  When you are buying just remember to calculate the % over spot and if buying with your brain for financial sense it should be a low % over spot price.  But if you need to buy because of your heart then the % is likely far above spot price.  As well as sovs, consider fractional gold coins, just like you mentioned 1 ounce coins cost a lot these days for most people, so smaller ones like 1/4, and 1/2 can have lowish premiums and be a bit more bank balance friendly.  I think the 1/4 is now what a 1oz was to the previous generations... I think over time sales of 1oz coins will reduce and fractionals increase as the demand for gold increases, simply because it needs to divide between more people and applications.  In the stock market the comparrison is when companies split their stock to reduce the price per share and then issue more shares in turn.

[Coolsmp]

The premiums on half and quarter Brits are quite high compared to the 1oz and even more so compared to sovs. Im glad ive got a decent amount and dont envy people just getting into it.

[Connor]

1 hour ago, dangelo said:

Hi mate, I'm new too.  Don't let negative grumpy types get you down   If you give up now, in 2 years you could look back and see gold was way less priced in 2020 than 2022 and regret it.  Look at some companies in the market a few years ago, their stock prices looks so high people said it's rediculous.  Few years later those companies stocks are worth even more stupendous figures.  In my opinion prices are high now compared to the past but if that wasn't the case, no one would want to hold gold?  hehe...   Stackers of yesterday can frown at current prices, but we newbies have to bite the bullet and get on with it, you are right. 

I agree with the soverigns comments.  When you are buying just remember to calculate the % over spot and if buying with your brain for financial sense it should be a low % over spot price.  But if you need to buy because of your heart then the % is likely far above spot price.  As well as sovs, consider fractional gold coins, just like you mentioned 1 ounce coins cost a lot these days for most people, so smaller ones like 1/4, and 1/2 can have lowish premiums and be a bit more bank balance friendly.  I think the 1/4 is now what a 1oz was to the previous generations... I think over time sales of 1oz coins will reduce and fractionals increase as the demand for gold increases, simply because it needs to divide between more people and applications.  In the stock market the comparrison is when companies split their stock to reduce the price per share and then issue more shares in turn.

Completely agree mate, and as @Coolsmp just said above, it's pretty clear now is a bad time to start, but it was probably the same a few years ago for other people who began buying into precious metals, especially gold. I think you do literally just have to bite the bullet and accept it for what it is. It's probably quite similar to house prices actually, this generation has a lot more trouble buying than their parents or grandparents ever would have.

I just checked it out and gold per ounce was half of what it is now, when I first toyed with the idea of buying it and never got into it. I'm regretting it now

[StackemHigh]

I'd buy a few smaller fractional  coins at first. The smaller have the biggest premium to cover costs. Quarter sovereigns have an eye watering premium! I have a selection of half sovereigns and whole sovereigns with a typeset of quarter to £5 Sovereign from the same year.

Perth Mint Lunars are good as you can collect different sizes from the same year (typeset) and 12 from the yearly design series III started last year so shouldn't be a problem getting whatever size you want. 

Bullion coins are out there if you want to just stack or collect 1 of each year brits,  AGE and krugerrands etc.

A bit of research like silver goes a long way in deciding what to buy.

[Tn21]

Just go for any gold mate, any coin or any bar and as cheap as possible. 

Get a bit of experience down you and then you can progress down various avenues you choose to in the future

 

[Silverman2U]

6 hours ago, Connor said:

Yeah I definitely think I've picked a bad time to come in to this with the prices being the way they are, but if I don't start I never will so I just get on with it. 

Look at “dollar cost averaging”  .. Warren Buffet. Rich Dad Poor Dad. Read up on Wealth diversification. 
 

My favour audio book has to be “The Bitcoin Standard”... listen to that your will go WOW!! 

[Foster88]

The best time to plant a tree was 20 years ago or more, the next best time is today.

[Connor]

Thanks for the advice people, much appreciated. @Foster88 couldn't agree more.

[Connor]

Great 😂

[richatthecroft]

Lol- maybe in the next few days whilst Gold drops due to the crazy promises made by Pfizer....

 

[dangelo]

Markets seem to be responding to election results since opening in the US... maybe Bidens supporters are so happy that they are all selling off their gold they had stashed in case of a trump win lol...  price should bounce back when Trump supporters dig in and buy up more gold in response I guess

[jultorsk]

If you have time at hand and like YouTube videos, there's plenty of good channels - try e.g., Shadow Stacks for starters and take it from there. 

 

[jultorsk]

12 minutes ago, dangelo said:

Markets seem to be responding to election results since opening in the US... maybe Bidens supporters are so happy that they are all selling off their gold they had stashed in case of a trump win lol...  price should bounce back when Trump supporters dig in and buy up more gold in response I guess

It's the news about the vaccine. 

https://www.ft.com/content/9bde4bff-acf0-4c2a-a0d0-5ed597186496?emailId=5fa92cc6ff52a800043bc748&segmentId=3d08be62-315f-7330-5bbd-af33dc531acb

[goldbugtom]

I'm in a very similar position and have decided to just go for Gold Sov's when the prices are good or there are any offers.

For example, I recently saw an offer on Chards on the 2012 Sovereign so got a couple of those. CGT free too.

Silver wise, I am looking to get some Brittanias and stack. But you need to be careful with tax buying silver, I'm hoping to buy most of this 2nd hand / on groups like this.

Good luck!  

[Hunter87]

2 hours ago, goldbugtom said:

I'm in a very similar position and have decided to just go for Gold Sov's when the prices are good or there are any offers.

For example, I recently saw an offer on Chards on the 2012 Sovereign so got a couple of those. CGT free too.

Silver wise, I am looking to get some Brittanias and stack. But you need to be careful with tax buying silver, I'm hoping to buy most of this 2nd hand / on groups like this.

Good luck!  

How much did you pay for them?