New to Gold and worried

[BackyardBullion]

I would say you can get better prices for the gold from some scrap dealers than that offer!

[PeteUK1960]

2 minutes ago, BackyardBullion said:

I would say you can get better prices for the gold from some scrap dealers than that offer!

I think I agree

[BackyardBullion]

3 minutes ago, PeteUK1960 said:

I think I agree

Google The Gold Exchange Birmingham, I have used them and they paid me spot price for my gold. 

At least then you get more cash to make a retail purchase from whoever you wanted to go with. 

[PeteUK1960]

1 minute ago, BackyardBullion said:

Google The Gold Exchange Birmingham, I have used them and they paid me spot price for my gold. 

At least then you get more cash to make a retail purchase from whoever you wanted to go with. 

I believe those and BBP are one and the same?

[BackyardBullion]

1 minute ago, PeteUK1960 said:

I believe those and BBP are one and the same?

I don't know if they are connected, all I can say is I sold some gold and silver scrap to them and they paid me spot price for them both. 

[PeteUK1960]

1 minute ago, BackyardBullion said:

I don't know if they are connected, all I can say is I sold some gold and silver scrap to them and they paid me spot price for them both. 

The only reason I mentioned it is I`m awaiting a reply from BBP

[27carrots]

If you were to trade them for a bunch of sovereigns I'd save at least one bar and wait until next year.

2022 is the queen's platinum year and so if they bring out a special coin the premiums will probably go up a lot in the future.

Also if you do a swap now I'd swap for 1oz gold completer bullion coins for the same reason.

 

Edited May 25, 2021 by 27carrots

[BackyardBullion]

I would say, for this situation you should be looking at cashing out the big bars and taking coins at the lowest premium you can. 

@LawrenceChard Said he might be able to even offer spot price for the bars. 

If you then go to any major dealer, including Chards they will likely be able to put together a good deal on older/pre-owned gold or at least lower premium gold at I would expect the 3% range over spot price. 

This is an acceptable margin if it were me, to change up and have the more liquid gold. Most of the coins you would get can hold a few % over spot price if sold on the second hand market privately too, much easier and much better than a 500g lump. 

In theory, this whole process should cost you no more than 3% of the value you get for your gold, that means you would effectively be out of pocket the sum of about 45 to 50 grams of gold, so about £2000 as a guide. 

The other option is to hold onto the gold for a long time and then when the time comes sell it to a dealer. Personally I would prefer the liquidity of coins.

In fact, I have a video coming out tomorrow talking about owning a Kilo of Gold - I would take this spread over a big bar any day (although I would kill to at least see/hold and play with a kilo bar of gold on YouTube!)

This is what a KILO of gold looks like, in coin (and 1 bar) form....

For those that will do the maths this is actually a little over 1 kilo

22x 1 ozt

11x 1/4 ozt

5x 1.206 ozt

1x 1.175 ozt

1x 0.235 ozt

Total ozt: 32.19 ozt or 1001.26 grams of gold content

[Rll1288]

7 minutes ago, BackyardBullion said:

I would say, for this situation you should be looking at cashing out the big bars and taking coins at the lowest premium you can. 

@LawrenceChard Said he might be able to even offer spot price for the bars. 

If you then go to any major dealer, including Chards they will likely be able to put together a good deal on older/pre-owned gold or at least lower premium gold at I would expect the 3% range over spot price. 

This is an acceptable margin if it were me, to change up and have the more liquid gold. Most of the coins you would get can hold a few % over spot price if sold on the second hand market privately too, much easier and much better than a 500g lump. 

In theory, this whole process should cost you no more than 3% of the value you get for your gold, that means you would effectively be out of pocket the sum of about 45 to 50 grams of gold, so about £2000 as a guide. 

The other option is to hold onto the gold for a long time and then when the time comes sell it to a dealer. Personally I would prefer the liquidity of coins.

In fact, I have a video coming out tomorrow talking about owning a Kilo of Gold - I would take this spread over a big bar any day (although I would kill to at least see/hold and play with a kilo bar of gold on YouTube!)

This is what a KILO of gold looks like, in coin (and 1 bar) form....

that's a picture of my stack ....... 🤣

[BackyardBullion]

2 minutes ago, Rll1288 said:

that's a picture of my stack ....... 🤣

HA - finders keepers, it was just there on my table when I set up to film this morning!

[PeteUK1960]

He cant have got this right?

 

Hi Pete,

Thank you for your reply.
The offer price for the bars is based on 98.5% of spot with the coins being based on the appropriate quantity tier discount that is on each coin’s listing.

 

Kind regards,
Ben

[PeteUK1960]

Question,

Is this interesting or should I keep the business to myself? Be blunt I wont cry..

[BackyardBullion]

2 minutes ago, PeteUK1960 said:

Question,

Is this interesting or should I keep the business to myself? Be blunt I wont cry..

I think it is interesting for other people to consider the trials and tribulations that some people go through with big bars of gold like this. 

I would be careful about sharing names, company details etc. Probably best to anonymise as much as possible and just share different quotes for what they are. 

[PeteUK1960]

4 minutes ago, BackyardBullion said:

I think it is interesting for other people to consider the trials and tribulations that some people go through with big bars of gold like this. 

I would be careful about sharing names, company details etc. Probably best to anonymise as much as possible and just share different quotes for what they are. 

Duly Noted

[PeteUK1960]

Interesting facts

US national debt increases by 330,000 per second.

A 2% rise in interest rates would mean the total US GDP wouldn`t cover the interest.

The gold/silver ratio is the highest in history at 65/1. True ratio historically is 15/1.

For every one ounce of gold above ground there are 50 ounces on unallocated paper contracts.

Banks all over the world are buying gold at a rate never seen before.

 

Edited May 25, 2021 by PeteUK1960
left a word out

[MetalsMan]

2 hours ago, BackyardBullion said:

I would say, for this situation you should be looking at cashing out the big bars and taking coins at the lowest premium you can. 

@LawrenceChard Said he might be able to even offer spot price for the bars. 

If you then go to any major dealer, including Chards they will likely be able to put together a good deal on older/pre-owned gold or at least lower premium gold at I would expect the 3% range over spot price. 

This is an acceptable margin if it were me, to change up and have the more liquid gold. Most of the coins you would get can hold a few % over spot price if sold on the second hand market privately too, much easier and much better than a 500g lump. 

In theory, this whole process should cost you no more than 3% of the value you get for your gold, that means you would effectively be out of pocket the sum of about 45 to 50 grams of gold, so about £2000 as a guide. 

The other option is to hold onto the gold for a long time and then when the time comes sell it to a dealer. Personally I would prefer the liquidity of coins.

In fact, I have a video coming out tomorrow talking about owning a Kilo of Gold - I would take this spread over a big bar any day (although I would kill to at least see/hold and play with a kilo bar of gold on YouTube!)

This is what a KILO of gold looks like, in coin (and 1 bar) form....

For those that will do the maths this is actually a little over 1 kilo

22x 1 ozt

11x 1/4 ozt

5x 1.206 ozt

1x 1.175 ozt

1x 0.235 ozt

Total ozt: 32.19 ozt or 1001.26 grams of gold content

Say you saw inflation coming without saying you saw inflation coming 😮

[Martlet]

1 hour ago, PeteUK1960 said:

Interesting facts

US national debt increases by 330,000 per second.

A 2% rise in interest rates would mean the total US GDP wouldn`t cover the interest.

The gold/silver ratio is the highest in history at 65/1. True ratio historically is 15/1.

For every one ounce of gold above ground there are 50 ounces on unallocated paper contracts.

Banks all over the world are buying gold at a rate never seen before.

 

I'll be blunt and point out the irony you know these "facts" but hadn't researched into the best way to buy gold.  (At least two are not true ).

You should be speaking to Lawrence Chard, who's given the best deal and a fish supper. 

[LawrenceChard]

2 hours ago, BackyardBullion said:

I would say, for this situation you should be looking at cashing out the big bars and taking coins at the lowest premium you can. 

@LawrenceChard Said he might be able to even offer spot price for the bars. 

If you then go to any major dealer, including Chards they will likely be able to put together a good deal on older/pre-owned gold or at least lower premium gold at I would expect the 3% range over spot price. 

This is an acceptable margin if it were me, to change up and have the more liquid gold. Most of the coins you would get can hold a few % over spot price if sold on the second hand market privately too, much easier and much better than a 500g lump. 

In theory, this whole process should cost you no more than 3% of the value you get for your gold, that means you would effectively be out of pocket the sum of about 45 to 50 grams of gold, so about £2000 as a guide. 

The other option is to hold onto the gold for a long time and then when the time comes sell it to a dealer. Personally I would prefer the liquidity of coins.

In fact, I have a video coming out tomorrow talking about owning a Kilo of Gold - I would take this spread over a big bar any day (although I would kill to at least see/hold and play with a kilo bar of gold on YouTube!)

 

All good sensible advice from ByB, who still has an open invitation to come and visit us in Blackpool, and will be welcome to do a video of himself lovingly fondling a kilo gold bar. We usually, but not always, have one or more in stock, and we do prefer coins, but in one sense they are not as tactile.

[LawrenceChard]

8 minutes ago, Martlet said:

I'll be blunt and point out the irony you know these "facts" but hadn't researched into the best way to buy gold.  (At least two are not true ).

You should be speaking to Lawrence Chard, who's given the best deal and a fish supper. 

Almost correct. He might have to buy his own fish and chips.

[BackyardBullion]

3 minutes ago, LawrenceChard said:

All good sensible advice from ByB, who still has an open invitation to come and visit us in Blackpool, and will be welcome to do a video of himself lovingly fondling a kilo gold bar. We usually, but not always, have one or more in stock, and we do prefer coins, but in one sense they are not as tactile.

Ooh, I might have to take you up on that offer this summer 😜

If you can put aside a pair more the merrier!

[LawrenceChard]

1 hour ago, Martlet said:

I'll be blunt and point out the irony you know these "facts" but hadn't researched into the best way to buy gold.  (At least two are not true ).

You should be speaking to Lawrence Chard, who's given the best deal and a fish supper. 

 

3 hours ago, PeteUK1960 said:

Interesting facts

US national debt increases by 330,000 per second.

A 2% rise in interest rates would mean the total US GDP wouldn`t cover the interest.

The gold/silver ratio is the highest in history at 65/1. True ratio historically is 15/1.

For every one ounce of gold above ground there are 50 ounces on unallocated paper contracts.

Banks all over the world are buying gold at a rate never seen before.

 

The Gold:Silver ratio hit 100:1 back around the Bunker Hunt days, having been as low as 13.5:1.

Around the 8th of May 2020, it hit an all-time peak of 128:1.

This is one short blog we published last year: 

https://www.chards.co.uk/blog/gold-silver-ratio-and-its-effect-on-silver-price/241

You will find many "facts" about gold, silver, the U.S. dollar, inflation, etc., that are touted by lobby groups, etc., but that are not necessarily factually accurate.

Edited May 25, 2021 by LawrenceChard
typos

[Coverte]

Apart from the fact you paid too higher premium, and too bigger % of your savings are in one commodity,  what else is worrying you, if anything?

Gold will fall and climb in it's own time, but currently the trend seems up, so unless you have a need for money, why exasperate your position further with unnecessary losses? 

Given the high probability any profit will be below your allowance, the importance of CGT maybe therefore being overplayed also.

Instead of taking losses now, why not just keep a close eye on spot and sit it out, there's a surprising number of people both with bars of your size and bigger, and many more willing to buy privately once verified. 

 

[LawrenceChard]

6 minutes ago, BackyardBullion said:

Ooh, I might have to take you up on that offer this summer 😜

If you can put aside a pair more the merrier!

I would be delighted for you to fondle a nice pair in our showroom, but be careful about the video!

[BackyardBullion]

2 minutes ago, LawrenceChard said:

I would be delighted for you to fondle a nice pair in our showroom, but be careful about the video!

It's a deal, I will happily fondle your golden pair and to hell with YouTube monetization

Let's get the ball rolling - get one of your team to drop me an email and we can make it happen.

[LawrenceChard]

5 minutes ago, BackyardBullion said:

It's a deal, I will happily fondle your golden pair and to hell with YouTube monetization

Let's get the ball rolling - get one of your team to drop me an email and we can make it happen.

@ChardsCoinandBullionDealer 

We can't always guarantee that we will have kilo gold bars in stock; during the last year it varied from 0 to about 10 or 11.

We currently have 2 x kilo platinum bars in stock, but they are in storage in Zurich.

I am sure you will not be disappointed. We can always find you a stack of monster boxes and other goodies.