New to Gold and worried

[Roy]

It's called  'Sovereign Wealth Preservation' for good reason 

I think Lawrence has offered good advice, and perhaps a lifebelt Pete?

It wouldn't hurt to have a chat or if you're a man of leisure like me, perhaps a day trip to discuss in depth and enjoy some tat, cockles and rock.

Edited May 25, 2021 by Roy

[PeteUK1960]

15 hours ago, LawrenceChard said:

It's a pity that @PeteUK1960 didn't check in at TSF before buying from the Royal Mint.

Lots of people probably do, because they get lots of free publicity from the mainstream media, but they are usually the most expensive seller of gold bullion in the UK.

I just took a look at their half kilo bars page. They don't make it easy and tell you thier premiums (we do). Currently they charge about 4% premium on 2 or more.

We happen to charge 3.3%% for similar new bars, but we would not recommend them for investment. Previously owned would cost about half the premium, and our normal advice is buy coins rather than bars.

In fact my usual advice is to buy at the lowest premium within reason.

We have a number of FAQ and advice pages, starting here:

https://www.chards.co.uk/info/investing-in-gold

As someone has already said, the mistake is in the past.

My suggestion is to see if a dealer will exchange them for coins, and if so, at what rate?

You could try asking the RM how much they would buy them back for. I would certainly be interested, and so would many here on TSF.

Quick note: the RM charge 1% plus VAT per annum for storage, at @ChardsCoinandBullionDealer, we charge half of that, plus an initial admin charge for goods not bought from us.

It could be worth speaking to one of our Customer Service team to discuss it. We would not want to pay more than spot for the bars, at most, but an exchange might work out for you.

Another thought, but too late to help you: If you had spent the same amount on one ounce gold bars, they would have been easier to resell, and you could have bought them for about the same premium.

I advise you don't rush into your next move in a great rush. Take your time, try to weigh up the varying advice before you decide.

I don't know if any of the above helps.

I`ve heard back from both Bullion by post and Atkinsons and both are interested in trading the bars for coins, I`ve told them both I`m looking for 1/3 in half oz new and 2/3 in new sovereigns all British. I`ll let you know what they offer.

 

 

[PeteUK1960]

12 hours ago, HawkHybrid said:

the simple answer is how many forum members do you think would put the lions share of their safety net

funds into kinesis? then look at how many seek a safety net with sovereigns. there are a lot of practical

reasons why sovereigns win out versus many other options not just kinesis, and usually sovereigns win

by a large margin.

 

my guess is not without a noticeable percentage hit.(how many forum members have 500g worth of

cgt free gold to swap out?). I don't think the odds are that great and dealers need to make a profit.

 

this is why I recommend that the op tries to time a spike up before selling. a 1+% spike up in a day should

hopefully be followed by a fill the gap move. if you time it to coincide with a larger cycle 'already over

bought' you can wait for a return to base of maybe 2%. it won't turn a profit for traders but you can stand

to reduce costs of buying and selling by ~3%. each cost reduction of 1% is £200 for each bar or a total

cost saving of maybe £1800 if it happens as planned. if op is unlucky/lucky enough for gold to make

significant rises after he has sold a bar then he'll be holding 1kg worth of gold plus about £22k worth

of waiting currency. which is not too bad a situation, all things considered(his 1kg of gold would probably

be no longer in the £red by then). what I'm saying is the risks should be minimal if he gets unlucky. he is

likely to have some costs swapping the bars for sovereigns but he can try a small risk way of reducing

those costs. it will take him some time and some planning but imo the cost saving of maybe £1800 is

worth the effort should he be able to pull it off. note op must sell his bars one at a time for the risk to stay

low.

I'm guessing selling bar cost of 2% and buying sovereigns cost of <5%(if you are buying in batches of

£5k each time, you can haggle for better prices as a repeat customer) so 7% in total. if he can save 3% on

favourable timing of the gold price then that gets reduced to 4%. (which is still £2400 in costs but is

better than the £4200 he would have paid).

(also learning about gold and it's price cycle should be useful for the future)

this is the best I can come up with right now.

 

HH

For a starting point I`ve asked Atkinsons and BBP and are both interested in trading, I`ve said I want 1/3 in half oz new and 2/3 in new sovereigns.

This is for all 3 bars so will be interesting to see what they come back with.

 

 

 

 

[PeteUK1960]

1 hour ago, Roy said:

It's called  'Sovereign Wealth Preservation' for good reason 

I think Lawrence has offered good advice, and perhaps a lifebelt Pete?

It wouldn't hurt to have a chat or if you're a man of leisure like me, perhaps a day trip to discuss in depth and enjoy some tat, cockles and rock.

Love it Roy and yes a fellow man of Leisure, donkeys years involved in that silly F1 debacle and got out while I could still feel it ticking. As I`ve said before I know its a problem most would love to have I just want my grandkids to get a leg up.

[LawrenceChard]

20 minutes ago, PeteUK1960 said:

I`ve heard back from both Bullion by post and Atkinsons and both are interested in trading the bars for coins, I`ve told them both I`m looking for 1/3 in half oz new and 2/3 in new sovereigns all British. I`ll let you know what they offer.

You should be able to get lower premiums on one ounce gold coins than on half ounce ones, and lower prices on "generic" gold sovereigns rather than on new ones.

To repeat my main advice: if you are investing in gold, try to buy at the lowest (percentage) premium within reason.

Edited May 25, 2021 by LawrenceChard
Y.A.T. (yet another typo)

[PeteUK1960]

3 minutes ago, LawrenceChard said:

You should be able to get lower premiums on one ounce gold coins than on half ounce ones, and lower prices on "generic" gold sovereigns rather than on new ones.

To repeat my main advice: if you are inveting in gold, try to buy at the lowest (percentage) premium within reason.

I`m allways up for a day trip to Blackpool 👍

 

[LawrenceChard]

2 minutes ago, PeteUK1960 said:

I`m allways up for a day trip to Blackpool 👍

 

Good to hear.

There is also an award winning Fish and Chip shop opposite our showroom.

[Roy]

I agree.

Perhaps convert 2 bars into 32 x 1 oz coins. That's your permastack for the grandkids, put into storage.

The other bar convert into sovereigns. It should buy you 60+ if my brain is in gear? These you can keep at home, just three tubes to be hidden around the house somewhere.

Ultimate flexibility. if you need some extra cash, perhaps fancy a boat or a foreign holiday or your kids get in strife you can release the funds very quickly (advertise them on here at spot and they'll sell within the hour, money in your account immediately). There will be greater interest in older sovereigns than modern shiny ones, however.

The conversion percentages are an example and up to your own discretion of course. It's always fun to make plans with other people's money 

Good luck whatever you decide 👍

[Roy]

19 minutes ago, LawrenceChard said:

Good to hear.

There is also an award winning Fish and Chip shop opposite our showroom.

Snapper, cockles and rock!

[HerefordBullyun]

51 minutes ago, LawrenceChard said:

Good to hear.

There is also an award winning Fish and Chip shop opposite our showroom.

@LawrenceChardmake sure you point Pete in the right Plaice! But this all sounds fishy to me, just like my ex wife's apple crumble.

Edited May 25, 2021 by HerefordBullyun

[modofantasma]

Just now, HerefordBullyun said:

@LawrenceChardmake sure you point Pete in the right Plaice!

A bit of a fluke that you got a fish reference in there? 

[HerefordBullyun]

Just now, modofantasma said:

A bit of a fluke that you got a fish reference in there? 

I don't have the plaice or the thyme to explain this too you. 

Haddock the thyme to do this I'd be roe-ing in with my codfather of all jokes on my perch!

[LawrenceChard]

22 minutes ago, HerefordBullyun said:

I don't have the plaice or the thyme to explain this too you. 

Haddock the thyme to do this I'd be roe-ing in with my codfather of all jokes on my perch!

All the old gags are coming out now!

[HerefordBullyun]

1 minute ago, LawrenceChard said:

All the old gags are coming out now!

Batter be careful that I don't make any new ones then! 

[PeteUK1960]

1 hour ago, Roy said:

I agree.

Perhaps convert 2 bars into 32 x 1 oz coins. That's your permastack for the grandkids, put into storage.

The other bar convert into sovereigns. It should buy you 60+ if my brain is in gear? These you can keep at home, just three tubes to be hidden around the house somewhere.

Ultimate flexibility. if you need some extra cash, perhaps fancy a boat or a foreign holiday or your kids get in strife you can release the funds very quickly (advertise them on here at spot and they'll sell within the hour, money in your account immediately). There will be greater interest in older sovereigns than modern shiny ones, however.

The conversion percentages are an example and up to your own discretion of course. It's always fun to make plans with other people's money 

Good luck whatever you decide 👍

😃 Hundred percent agree,

[PeteUK1960]

1 hour ago, HerefordBullyun said:

I don't have the plaice or the thyme to explain this too you. 

Haddock the thyme to do this I'd be roe-ing in with my codfather of all jokes on my perch!

Oh god how long before someone suggests a motor pike and side carp 

[modofantasma]

2 hours ago, PeteUK1960 said:

I`ve heard back from both Bullion by post and Atkinsons and both are interested in trading the bars for coins, I`ve told them both I`m looking for 1/3 in half oz new and 2/3 in new sovereigns all British. I`ll let you know what they offer.

 

 

You might get slightly better value with 1 oz brits over the half oz and "best value" sovs might come in better than new ones  

[PeteUK1960]

 

Just had a reply from Atkinsons adds up to 61,259 retail. 

Thank you for your reply.
We’ve worked out a transaction for you which is substantially higher than the price shown on our website.
We propose the below quantity of coins which will mean no funds changes hands.
20x 2021 1/2oz Gold Britannias
147x 2021 Full Sovereigns

1x 2021 Half Sovereign

We’ve tried to give you the best possible deal, please contact us to discuss how you would like to proceed from here on.

[modofantasma]

Off that retail figure they're effectively paying you 40.84 per g x 1500g? 

[modofantasma]

Have you asked someone like Baird? They do refining also. Have good experiences buying small bits from them 

[PeteUK1960]

1 minute ago, modofantasma said:

Off that retail figure they're effectively paying you 40.84 per g x 1500g? 

Spot is 43 dead, what you recon?

 

[Stacktastic]

2 hours ago, PeteUK1960 said:

Oh god how long before someone suggests a motor pike and side carp 

Dont be so Koi, stop carping on!! 

I would definitely consider offloading those silver bars when/if the price spikes up. 
£30 an ounce is my queen to start selling, but I guess it depends on what spot you bought it at. 
Or try to swap them for a few 10oz boxed queens beast sets. Its a lovely item to own and should appreciate well. 
Maybe completer proof & other decent collectible proofs? I dont know enough to say what. 
Maybe a whole series, I know the lunar series are in demand??
That way you can hold it how ever long you want. 

Or just hold the gold unless that really sell it at a profit then wait for it to go down again and buy more. 
Or buy as and when a good deal presents itself.
I think we will see highs again at some point soon and again decent
corrections like the one we are probably coming out of now. 

I dont  think any serious apocalypse scenarios will play out in the short term now, but what do I know?? 
I am currently doing a study on hyper inflation and on average it does not last very long,
just a few months, but long term some gold is a very wise move,
Im even warming to Bitcoin now its approaching hated territory again ie an affordable buy in level!

What I have learnt this year is things take time to play out & not reacting emotionally - it will pay dividends long term (literally).
For example cost averaging into an emerging market or safe dividend stocks on/during a bear market,
buying property in a bust period, investing in someones business, buying metals when bind yields are good ....

Sitting and waiting with liquid assets and cash to deploy is excruciating for me though as trades and investments come and go. 
The only thing I am worried about is being socially/professionally forced to inject myself with an experimental gene editing drug!!
While your on here I have started a million and one threads on surviving inflation, check out my profile. 

Edited May 25, 2021 by Stacktastic

[PeteUK1960]

1 minute ago, PeteUK1960 said:

Spot is 43 dead, what you recon?

 

Thats 95% spot and no discount on coins am I right?

 

[modofantasma]

Personally I don't see why it would be worth taking a loss unless you need some of the money now. If it were me and I needed the money I'd sell one bar at the best price or swap out for 1 oz or sovs etc and sell enough to cover that 

[PeteUK1960]

6 minutes ago, modofantasma said:

Off that retail figure they're effectively paying you 40.84 per g x 1500g? 

which is 95% spot and no discount on coins am I right?