Will we ever see a sub £300 sovereign again?

[AndrewSL76]

Just wondering as spot is under £300 (c.£294) now but the dealers are still selling at £310 and above...

I have been holding back buying during this current dip on the basis that I want to see a sub £300 sovereign for sale first. I may live to regret it, but there you go!!

Thoughts!?

[Rll1288]

I got a couple yesterday for around 308 ish and will get more if it does go lower... so in some ways hope we do see sub 300

[Nugget]

I've just been buying a few every month regardless.  Will all even out over the next 20/30 years lol.

I remember getting my first sovereign in 2016 and I got 5 for £1030. 

Now, if we could have those prices again I would be happier than the wife when we book a holiday lol

[Jvw]

I think we haven't reached the bottom yet. Specially when 1oz will fall below 1700USD (1220GBP, eq. 275GBP per Sov). If that happens i think we could fall back all the way towards 1500USD per 1oz (1077GBP, eq 242GBP per Sov.).

But I will keep buying Sovereigns now because i am in it for the long haul. 

Better to have a couple 'overpriced' sovereign in the stack, than devaluing money in the bank. 

 

[Nugget]

Personally, I am happy to buy into the asset monthly.  I'm not overly worried about price falls / rises as it will balance out with pound cost averaging over future years.  

Just buy what you can, when you can with your disposable income.  And as the usual saying goes, don't put all your eggs in one basket. 

[longmore]

I hope so, I'm keeping my powder dry. 

[Coolsmp]

I just dont get it, that forum members are still selling sovereigns for £330 to £355 and expect people to still pay this when you get them from dealer so much cheaper now.

[AndrewSL76]

5 minutes ago, Coolsmp said:

I just dont get it, that forum members are still selling sovereigns for £330 to £355 and expect people to still pay this when you get them from dealer so much cheaper now.

I guess it depends on the year and design. If it is a shield back it will always have a premium. I am talking about basic modern bullion sovereigns like the 2021. Pure stacking weight!!!

[Coolsmp]

So am I

[AndrewSL76]

7 minutes ago, Coolsmp said:

So am I

The great thing about the forum is it is an open market place. People can ask what they want. If they want £330 for a 2021 sovereign so be it. A savvy buyer will pass and go elsewhere.

The point of this thread is to ask whether we think it will be possible to buy a sovereign for under £300 at anytime soon.

[Coolsmp]

Well if youre asking, then probably not on the forum and not from dealers unless spot drops another hundred pound.

[Booky586]

Gold spot price has been falling on average for about 6 months now.

Covid-19 vaccinations are well under way and there's more optimism around, the black swan event is disappearing from peoples memory.

Unless something changes then I wouldn't be suprised to see a sub £300 sovereign from the dealers within the next month. Who knows what a sovereign will cost in 6 months time but I would be pleasantly suprised if they will be more expensive then than now.

[Booky586]

I think we are entering a good buying period though, I hope I didn't sound too pessimistic previously

[Foster88]

I have bought a few over the last couple of weeks for around £330/£320 each.

I’ve been watching the prices mainly at Atkinson’s and Sharps Pixley and despite the drop in price over the end of the week just gone the prices stayed mostly the same except for £3-£4 off.

It seems they’ve increased their premiums despite the spot price fall. But depending what they bought them for I suppose no business wants to make a loss.

I’m holding off buying any more for now to see what the next week or two brings and hopefully they will drop below £300.

[Stu]

I think we will see sub £300 but not for very long. I think it is a good price currently,  however I’m not personally accumulating anymore. 

[kimchi]

I think when Buggerlugs takes over they'll struggle to give them away...

[pricha]

The smartest  thing i ever heard about Gold was it doesn't rise or fall . Only the currency it is priced in rises and falls .  And when you see what is happening in the world i'll just keep adding to my stack . Long term i think it'll be a safe bet.  If Sovs go sub £300 great . I'll just buy more.

[stefffana]

I think the spot price is heavily manipulated now, to re-build the trust in currencies and crypto currencies. But everybody knows that the economy is down all around the world. I am not a specialist, I have not a crystal globe, but I am very sure that the gold will prove again his power. I am buying now how much I can, without worries about temporary drops. In ten years I suppose the price of gold will be much higher and will cover any temporary looses.

Cheers, Stefan.

[GoldenGriffin]

21 hours ago, Foster88 said:

It seems they’ve increased their premiums despite the spot price fall.

Sorry about the increased premiums, that's probably my fault!

I sold a few oz's when spot was £100 more than today, so they're having to cover those losses now. 😅

[GoldenGriffin]

Bullion Sovereign's below £300 - I'd say yes!

The objective of gold is to cover global debts, but while there's another 10 years or so to mine the last 20% in the earth's crust, prices are kept low (suppressed).

Think about wanting to buy an asset, like gold, for as cheap as possible, while covering the debts it needs to cover.  Policies are changed and certain debts, like this pandemic, can be put off from being settled to an extent until a later date.

Also, other examples of gold spot fluctuating is due to the paper market and buying new Numismatic gold coins.

[OldNick]

I think sub £300 sovs will be with us within the next couple of weeks!!

Spot at £1,210 should give £299 sovereign with 5% margin and that’s only a £35 drop in spot from now....

It will then shoot back up just before I make my next purchase in about 4 weeks 😮😮 

[longmore]

I reckon the 'the powers that be' want the Gold market to look unattractive as they can,  so the stimulus money goes into the stock market.

[silenceissilver]

On 27/02/2021 at 19:10, Booky586 said:

Gold spot price has been falling on average for about 6 months now.

Covid-19 vaccinations are well under way and there's more optimism around, the black swan event is disappearing from peoples memory.

Unless something changes then I wouldn't be suprised to see a sub £300 sovereign from the dealers within the next month. Who knows what a sovereign will cost in 6 months time but I would be pleasantly suprised if they will be more expensive then than now.

That's a good point. And once this illusion pops, gold will skyrocket. Skyrocket for gold, with its relative low volatility. So it's a good time to buy now. Or rather once the dealers have sold their Sovereigns they bought at higher spot prices and we see sub 300 Sovereigns.  

[Arganto]

There are a lot of factors affecting gold as with every other asset as is discussed here a lot. A sub £300 sovereign is quite possible very soon, although gold premiums have crept up at most places for most kinds of coins. 2.5% ish has been possible on some things but not sovs as they were before, around 5% seems the norm and may well creep up against supply/demand.

Lots of people in general seem to be very reactive to what is immediately in front of them and also seem to have extremely short memories (although I'm finding there are more waking up all the time). No matter what you think will happen going forward nobody that thinks critically could claim all will be well economically. A year of smashing down the system isn't going to lead to an immediate 'recovery'. Gold should do well because of this against currencies, so currency valuation is relative in my opinion.

[James32]

Hi all full 2021 sovereigns hit £299 each if you bought 10+ an hour ago at Baird mint uk