Any gold guru's willing to give advice?

[Connor]

So I only started collecting PMs around November time, and I haven't really bought into gold much at all, mostly silver save for one or two bits. 

With this recent dip, I'm considering selling off some bits of silver to fund a bit of gold, is now a good time to buy? And working on a budget of around £1000-1200 (depending on how successful i am with selling),what would you say I'm best buying and from where? Do I put it all into an ounce, or maybe a few sovereigns?

I don't have a massive budget to work off so I can't really go crazy but I would like to try and take advantage of this dip we seem to be in (assuming it is a dip and not a long downwards trend, but please correct me if you think I might be making a wrong assumption as I'm no expert) 

[Fadeingstar]

I think medium to long term gold will pick back up there are rises and falls with everything but I think gold will be back up in the medium term.

I think that sovereigns are the way to go or maybe 1/10th brits/panda/maples/krugs. That way you can get a nice little selection of gold coins as aposed to maybe 1 1 oz coin. The premimum might be slightly higher although there are some good deals out there at the moment.  Also if you need to free up some funds you can sell 1 or 2 of them off and still have some gold left instead of having to sell your only gold coin

[BullionBob]

1 minute ago, Fadeingstar said:

I think medium to long term gold will pick back up there are rises and falls with everything but I think gold will be back up in the medium term.

I think that sovereigns are the way to go or maybe 1/10th brits/panda/maples/krugs. That way you can get a nice little selection of gold coins as aposed to maybe 1 1 oz coin. The premimum might be slightly higher although there are some good deals out there at the moment.  Also if you need to free up some funds you can sell 1 or 2 of them off and still have some gold left instead of having to sell your only gold coin

Completely agree with this approach and this is the method I also use.

[ady]

I would be cautious of selling to buying at such a short time span, postage could well cut into your costs and reflect adversely on how you value what you have.

If buying I would buy smaller items initially to get a feel the coins, get one large fake and you would not be happy. I've bought fake silver in the past, (kept as reminder).

[watchesandwhisky]

Sovereigns are probably your best bet, the premium on 1/10th is steep. 

[sixgun]

It depends on the price you can get for your silver. 
i see a lot of silver prices at very high premiums. If you can get these prices then a switch into gold sovereigns might work for you.
Personally i would not swap out silver for gold. i continue buying silver. 

[Stuntman]

I would buy 3 or 4 sovereigns for my £1000-£1200 right now.  

Personally I think gold is the best value currently out of gold, silver and platinum and I have been putting my money where my mouth is currently at all prices below £1400 per ounce - so I am definitely a buyer at today's prices.

I am not intending to sell for at least 5 years though (or if the price shoots to the moon before then of course!)

[danmc82]

I agree with @sixgun, keep your Silver unless you really dont want it. Buy 1/2 & Full Sovereigns. Buy 2 full and 1 half to start with and see what you think.

[Connor]

Thank you for the advice everyone, I appreciate you taking the time to get back to me. Helped me make a few decisions 

[Tn21]

Good price to buy to buy gold ATM. 

Royal mint have some decent prices, bullion by post double Sov and 1/2oz Brit are a competitive price. Many dealers out there. 

Premiums are high on silver but not so much on gold. I think it is a good time to buy some au. 

Get a selection of a few coins instead of a full Oz. Couple sovs,1/4oz, 1/10ozs just stick to Brits and sovs imo. 

[Foster88]

If you were to buy gold and have a budget of £1,000 - £1,200 I’d recommend Sovereigns.

The best deals I can see at the moment is through Sharps Pixley. I wouldn’t buy gold through Royal Mint as for me their premiums are too high.

[Bigmarc]

3 hours ago, Connor said:

So I only started collecting PMs around November time, and I haven't really bought into gold much at all, mostly silver save for one or two bits. 

With this recent dip, I'm considering selling off some bits of silver to fund a bit of gold, is now a good time to buy? And working on a budget of around £1000-1200 (depending on how successful i am with selling),what would you say I'm best buying and from where? Do I put it all into an ounce, or maybe a few sovereigns?

I don't have a massive budget to work off so I can't really go crazy but I would like to try and take advantage of this dip we seem to be in (assuming it is a dip and not a long downwards trend, but please correct me if you think I might be making a wrong assumption as I'm no expert) 

I am looking to do the same, I had no interest in gold until silver premiums changed the game for me. So I have decided to go for the gold to silver ratio and balance my collection out. Apparently (not done it yet) there is a refer a friend deal with bullion by post, spend £250 and get a free 1oz silver Brit. My plan is sell bits at a time to top my monthly budget up.  

[Pete]

Gold is gold but from time to time premiums fluctuate due to demand and availability.
The premiums on sovereigns currently can be up to around 7% which is high for bullion gold but is driven by what the dealers can get away with.

When it comes to selling back to a dealer what matters is gold and 24 ct seems to attract a marginally higher price than 22ct even for the exact same total gold content.

A target margin over spot is 3% so shop around.
I saw some Kruggerands on HGM a few days ago below 3% so for just acquiring gold that's a good deal.
If you are happy to pay 7% then maybe look at the latest new 1 oz Queens Beasts or Britannias and Atkinsons was on my radar to make a purchase as soon as ( or if ) spot dips a bit more.

[Nugget]

Echo the above really (although I am no guru, just a bloke that likes PMs).

I will buy either full Sovereigns or 1 oz Britannia coins, depending on how much spare capital I have each month.  Sometimes it is just a single sovereign, whilst others it will be an ounce a time.  I was also tempted to sell some of my remaining silver (coins from 2015/16) but decided to keep them (daughter liked one or two which helped) as I am in no need of the funds.

Try mixing it up.  Buy a Sovereign or two and if / when you have enough money buy a Brit.  That way (as others have stated) if you need to sell for any reason, you have some smaller coins to part with, without having to sell the 1 ounce coins you buy.

I am just about to make a purchase and would have gone for 4/5 more sov's but the dealer is out.  So will buy a Brit in the next few days.  End of the month, if they have some Sov's in, I will buy a couple of those (money permitting and so on).

🙂

[ChrisF]

No one think gold is overpriced even with the drop?  Are we likely to see further bigger drops.  I know everyone who wants to see wants it to go higher and everyone who wants to buy wants it to go lower and that skewers their view but I can't help but feel gold is still over inflated.  I think sub £1000 is very likely and even less to come.  May take a few years because of to odd decade a a bit we have had though...

[HerefordBullyun]

7 minutes ago, ChrisF said:

No one think gold is overpriced even with the drop?  Are we likely to see further bigger drops.  I know everyone who wants to see wants it to go higher and everyone who wants to buy wants it to go lower and that skewers their view but I can't help but feel gold is still over inflated.  I think sub £1000 is very likely and even less to come.  May take a few years because of to odd decade a a bit we have had though...

Sorry to diasgree but gold and silver are underinflated espically Silver. I am willing say that gold will never touch £1000 an oz for at least 7 years. If it does i will paint my bottom blue and stand in burtons window.

[stefffana]

21 hours ago, HerefordBullyun said:

Sorry to diasgree but gold and silver are underinflated espically Silver. I am willing say that gold will never touch £1000 an oz for at least 7 years. If it does i will paint my bottom blue and stand in burtons window.

Everybody will tell about me that I'm an old man pervert.😅 In this case, I'd like to see one day gold under £1000. After I will see your bottom paint in blue, can go again the gold higher.😅

[Stuntman]

21 hours ago, HerefordBullyun said:

Sorry to diasgree but gold and silver are underinflated espically Silver. I am willing say that gold will never touch £1000 an oz for at least 7 years. If it does i will paint my bottom blue and stand in burtons window.

You could then probably find some paid work as a smurf 😉

[Nugget]

21 hours ago, ChrisF said:

No one think gold is overpriced even with the drop?  Are we likely to see further bigger drops.  I know everyone who wants to see wants it to go higher and everyone who wants to buy wants it to go lower and that skewers their view but I can't help but feel gold is still over inflated.  I think sub £1000 is very likely and even less to come.  May take a few years because of to odd decade a a bit we have had though...

Who knows, but buying bit by bit, month by month, will allow you to benefit by way of pound cost averaging.  No different than buying stocks, etc.  Over time the fluctuation in prices will even themselves out. 

Trying to time the bottom of the market is nigh on impossible unless you have access to a crystal ball lol

[blindedbythelight]

22 hours ago, HerefordBullyun said:

 i will paint my bottom blue and stand in burtons window.

Your only saying that as you know there will be no Burton stores left open

[HerefordBullyun]

Just now, blindedbythelight said:

Your only saying that as you know there will be no Buton stores left open

Ok your local butchers then