New to Gold and worried

[Stacktastic]

 

1 hour ago, Coverte said:

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. 

 

This is my feeling on this. Waiting on at least 2 of the bars would make sense as the fundamentals are positive for the foreseeable future. 
Probably 10x more positive than they would have been before the 2008 downturn & look what happened then. 
One things for certain I think the next leg up will at least break even for you.
 

1 hour ago, Martlet said:

 hadn't researched into the best way to buy gold. 

I have to say it does seem like an emotional based decision that you did as there are tons of resources out there. 
I originally saw Mike Maloney years back and thought that was fear mongering for him to sell stuff to you. 
but found @BackyardBullion who I contacted directly as he seemed genuine.
He pointed me to here and that was that. 

But if you look at most the films and media, they have focused on the bars haven't they
coins seemed to me like somehting for bored old men 2 years back.  
Maybe there is truth in that LOL. im past my best now. 

Its only when you get into it you realise there is a bit more to it.
Having said that if I was going to invest £60k
I would spend at least a week solidly investigating it, probably a month before making a move, maybe longer?
But emotions were high last year, even I invested in mining stocks and bullion at the top! 
Sold all my oil stocks, what a muppet, but thats what learning is isnt it? 
Diving balls deep into something is not necessarily a bad thing. 

Luckily I sold nothing at a loss and profited from the physical as I sold a lot before the dip, but thats a fluke. 
If it makes you feel better Im 60% down on a crypto stock & 30% down on a iffy miner stock ALBA at the moment (sold most the rest mind). 
So as with anything you get better with time & being honest as you are your really excelling, by not panicking @PeteUK1960.

I have not really made any mistakes buying physical, apart from a couple of purchases. 
I feel i have bought some silver at high prices recently, but its Mexican and scottsdale and I just love them. 
A good example of buying little and often and finding deals would be a mexican Pesos I bought a month back.
its already £150 more. I would have bought 10 but they are £740 each & I dont have much to work with. 
Thats a £1000-1500 profit in month so you can make money doing this. 

All evens out when gold or silver bottoms out on the next bear run.
30 years thing riding the pits and troughs, Ill be more savvy than rick rule by then
Cost averaging is key & having a price cut off where you just dont buy, save fiat or sell stock at profit. 

Edited May 25, 2021 by Stacktastic

[BackyardBullion]

Just now, LawrenceChard said:

@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.

Sounds good, if we have enough notice before a trip we might be able to time it well.

Or, we just drop everything and shoot up if you get a golden pair in!

[MetalsMan]

2 hours ago, BackyardBullion said:

Sounds good, if we have enough notice before a trip we might be able to time it well.

Or, we just drop everything and shoot up if you get a golden pair in!

This is practically OnlyFans. Room for a Platinum Member? 

[BackyardBullion]

4 minutes ago, leotsend said:

This is practically OnlyFans. Room for a Platinum Member? 

If you want to pay good money to see me fondle Lawrence's golden goodies then by all means

[HerefordBullyun]

2 hours ago, BackyardBullion said:

If you want to pay good money to see me fondle Lawrence's golden goodies then by all means

Sounds more like a carry on film than only fans!

https://tenor.com/view/ooh-matron-kenneth-williams-carry-on-camping-gif-20834898

 

 

 

 

 

Edited May 26, 2021 by HerefordBullyun

[Martin1983]

Hello, not sure if this is the correct thread, has anyone seen the gold and silver on show from new zealand company My Gold, very nice IMO, i have asked if they would ship to scotland the answer was no if only buying small amounts but would consider larger order, would anyone be interested in making bulk orders from them??

[PeteUK1960]

Have just heard back from Atkinsons and the deal is 148 x full sovereigns total 49,040 and 20 x 1/2 oz Britanias total 14,829 grand total 63,869. This equates to 98.5% spot.

[modofantasma]

1 hour ago, Martin1983 said:

Hello, not sure if this is the correct thread, has anyone seen the gold and silver on show from new zealand company My Gold, very nice IMO, i have asked if they would ship to scotland the answer was no if only buying small amounts but would consider larger order, would anyone be interested in making bulk orders from them??

Had a look there. Most of their stock seems to be available from UK dealers from what I could see?  

[Coverte]

On 12/05/2021 at 17:41, PeteUK1960 said:

I`m told the because its bullion any profit will be subject to CGT and that I should have bought coins. I`m probably here too late but would welcome any advice.

Cheers Pete

 

Your CGT allowance (tax free) is £12,300/year, so, once again, at this time you have a loss and thereby no problem; unless you need the money realised now.

You have 5 pages of mixed advice, much of it further compounding a potential loss and lining dealers pockets on a product where in most countries currently and going forward, demand outstrips supply. 

Why not stop worrying about a wealth preservation tool (you have admittedly somewhat overplayed) and just keep the bars and sell if/when you actually need the money, or when spot shows a break even or better; CGT is irrelevant to you at your investment/price point/s.

Since both Russia and China are building gold reserves, the only nations with central bankers who know what they're doing and not madly printing paper money; gold/silver supply is slowly tightening, so follow their lead and sit tight.

Edited May 26, 2021 by Coverte

[RustyShackleford]

8 minutes ago, Coverte said:

compounding a potential loss and lining dealers pockets on a product where in most countries currently and going forward, demand outstrips supply. 

Why not stop worrying about a wealth preservation tool (you have admittedly somewhat overplayed) and just keep the bars and sell if/when you actually need the money, or when spot shows a break even or better; CGT is irrelevant to you at your investment/price point/s.

So much this.

There is absolutely no need to shift those bars at a loss right now for the sake of future liquidity.

Sit tight.

[27carrots]

2 hours ago, PeteUK1960 said:

Have just heard back from Atkinsons and the deal is 148 x full sovereigns total 49,040 and 20 x 1/2 oz Britanias total 14,829 grand total 63,869. This equates to 98.5% spot.

If you're buying that kind of volume you can get 1 oz britannias for around spot + 2% from atsbullion when they have them in stock.

You should ask what rate they would give you so you could keep a bar and swap it when they get a bunch in if they are reasonable.

As you're trading gold for gold, spot price shouldn't really matter and so there is no hurry to swap.

Also there is no need to swap more than one bar at a time.

https://www.atsbullion.com/one-ounce-gold-coins/britannia-one-ounce-gold-coin-22-carat/#.YK5VFqEo-Uk

Edited May 26, 2021 by 27carrots

[Martin1983]

5 hours ago, modofantasma said:

Had a look there. Most of their stock seems to be available from UK dealers from what I could see

What I’m dealers I can’t see anything 

[HawkHybrid]

On 25/05/2021 at 18:28, PeteUK1960 said:

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.

 

you have a lot of reading to do.

 

HH

[HawkHybrid]

@PeteUK1960 just so that you know, the best form of protection versus uncertain future

prices is to stock up on supplies. eg tin food, dry food, etc.

only then do people put the surplus funds in gold.

 

HH

[Happypanda88]

I am curious to know what the OP @PeteUK1960did in the end if anything. 

The spot price of gold had risen to £49,935 /kg (all time high) on 3th March 2022 before dropping back. But even now it is sitting around £47,700 /kg.  So for 1.5kg =approx £71,550, that's £3.5k more than what the OP paid.

[RustyShackleford]

I just hope he took no notice of those telling him to take a haircut just to convert to coins.

[MetalsMan]

Fascinated to know!