Gold for Silver...? 🤔 - just a question at this stage

[Scootermuppet]

Hi all,

Been a forum member for a little while now, and have some silver Britannias (& thanks to the forum members who have helped with that 😁👍) ... however, the shiny yellow stuff has been calling 😏

Have accumulated my silver in small amounts, as it’s intended to be a way of saving some cash without the temptation to spend it, but gold has always been out of reach taking in to account that method of building my savings.

So the thought occurred that I might be able to trade some of my silver for gold - we’re only taking a half sovereign or a 1/10th Brit or similar - and I wondered if that was a ‘thing’ on the forum? 🤔

Didn’t  want to do an official post in the Buying section until I had worked out if it was feasible.

Thanks in advance,

Bob

[evende]

31 minutes ago, Scootermuppet said:

Hi all,

Been a forum member for a little while now, and have some silver Britannias (& thanks to the forum members who have helped with that 😁👍) ... however, the shiny yellow stuff has been calling 😏

Have accumulated my silver in small amounts, as it’s intended to be a way of saving some cash without the temptation to spend it, but gold has always been out of reach taking in to account that method of building my savings.

So the thought occurred that I might be able to trade some of my silver for gold - we’re only taking a half sovereign or a 1/10th Brit or similar - and I wondered if that was a ‘thing’ on the forum? 🤔

Didn’t  want to do an official post in the Buying section until I had worked out if it was feasible.

Thanks in advance,

Bob

Yes it’s perfectly feasible. There is an option to list it as an ‘exchange’. Just be clear what the terms are and see if there’s any takers. Good luck

[Bigmarc]

30 minutes ago, Scootermuppet said:

Hi all,

Been a forum member for a little while now, and have some silver Britannias (& thanks to the forum members who have helped with that 😁👍) ... however, the shiny yellow stuff has been calling 😏

Have accumulated my silver in small amounts, as it’s intended to be a way of saving some cash without the temptation to spend it, but gold has always been out of reach taking in to account that method of building my savings.

So the thought occurred that I might be able to trade some of my silver for gold - we’re only taking a half sovereign or a 1/10th Brit or similar - and I wondered if that was a ‘thing’ on the forum? 🤔

Didn’t  want to do an official post in the Buying section until I had worked out if it was feasible.

Thanks in advance,

Bob

Why not just sell it? I'm only asking because I am planning something similar. The premiums are quite high at the moment so was planning on tidying up my stack and putting it in paper silver that tracks the spot price. Then hopefully liquidate it quickly if the price jumps. Then purchase gold. 

[Scootermuppet]

That’s great, thank you Evende!

Might be interesting working out what to list though, as it’s not like I have all one year etc...🤔

Do you know if it’s possible to list the interest in swapping - and what I’d like to have, then work out the finer details with any interested parties? For example, I wouldn’t know how many Britannia’s it would take to exchange for a half sovereign... but I guess that’s down to the person with the gold coin to decide...?

Cheers,
Bob

Edited May 15, 2021 by Scootermuppet
Missed posters name off...

[Scootermuppet]

Hi @Bigmarc

That was my first thought, but adds an extra step - just thinking ‘keeping it simple’  🙂

May have to do that if there’s no takers! 😂

Bob

[evende]

1 minute ago, Scootermuppet said:

That’s great, thank you! 

Might be interesting working out what to list though, as it’s not like I have all one year etc...🤔

Do you know if it’s possible to list the interest in swapping - and what I’d like to have, then work out the finer details with any interested parties? For example, I wouldn’t know how many Britannia’s it would take to exchange for a half sovereign... but I guess that’s down to the person with the gold coin to decide...?

Cheers,
Bob

I think you need to think about how many Brits you are willing to offer and then see if anyone is up for it. Then finalise the deal in PMs with any interested parties. 

[Scootermuppet]

1 minute ago, evende said:

I think you need to think about how many Brits you are willing to offer and then see if anyone is up for it. Then finalise the deal in PMs with any interested parties. 

Yep, I’ll have to do some calculations and check what I paid etc - good call, thanks 👍

[KevjustKev]

Sold almost most of mine and it worked out very, very well. Sold my silver at around £4 more, per oz than I brought it for and waited, just that little bit when gold went down. Somewhere like 40/1. And of course have a lot more space!

Edited May 15, 2021 by tallthinkev

[Scootermuppet]

1 minute ago, tallthinkev said:

Sold almost most of mine and it worked out very, very well. Sold my silver at around £4 more, per oz than I brought it for and waited, just that little bit when gold went down. Somewhere like 40/1. And of course have a lot more space!

😁👍 Nice one!

Have only recently been buying, so hoping I'd get my money's worth! 🤔

And it's not like I can afford much gold, but we have to start somewhere 😏

Bob

[Bigmarc]

6 minutes ago, tallthinkev said:

Sold almost most of mine and it worked out very, very well. Sold my silver at around £4 more, per oz than I brought it for and waited, just that little bit when gold went down. Somewhere like 40/1. And of course have a lot more space!

Yes, that's what I'm planning. 40/1 would be great. Not sure it will get that close again tho.

[KevjustKev]

15 minutes ago, Bigmarc said:

Yes, that's what I'm planning. 40/1 would be great. Not sure it will get that close again tho.

It's all about buying and selling at the right time. Or much more likely, luck!!😁

[Tn21]

If you have a "bit of silver" my advice would be to hold onto it. 

If the yellow metal is calling for you, just save up for it, Instead of cashing in on the silver. I too at one point was thinking the same in 2017/18 but instead I just used used an allocation of my pay cheque from work to buy the yellow stuff. 

In 2017 I was paying about £15-£17 per Oz of silver. Now coins are going for a min of £27 per Oz. 

I think silver has to play out a bit more for me to consider swapping to gold. A 1/10th gold Brit or a half Sov going rate is about £155 for the 1/10th and £165ish for the half Sov. Few hours of overtime will cover that in no time 

 

[Pete]

Unless you have a decent amount of silver ( maybe 1,000 ounces or more ) as @Tn21 states, just hold on to it, and if / when you can buy some yellow metal then go ahead.
If you can sell at a profit then realise some profit and buy something else but you might just be rearranging the furniture.
No-one knows where gold will be in a day, week, month or year and it can fall just as much as rise.
Waiting on dips to buy and peaks to sell is easy with hindsight but unless you can travel into the future there is no right time to trade in gold.
Silver for many seems to have more upside potential and percentage swings can be interesting.
Don't ignore that silver spot was 50% higher than it is today whilst gold is trading fairly close to historic highs.
Will silver rise or will gold fall ?
Get these predictions right and you can become quite wealthy.
Buying small bits of gold or a 1/10 ounce can work out relatively expensive adding in SD shipping on top.
 

[Scootermuppet]

56 minutes ago, Tn21 said:

Few hours of overtime will cover that in no time 

Not when you’re self employed and only recently started a business... 😏 hence only being able to buy the odd silver coin when I can

[Scootermuppet]

33 minutes ago, Pete said:

Buying small bits of gold or a 1/10 ounce can work out relatively expensive adding in SD shipping on top.

... so does buying small amounts of silver, but it’s my only option at the minute- and as for quantity? about 100th of ounces you mentioned 🤦🏻 - but it’s money I’ve saved, which wouldn’t have happened if I’d have just put the cash aside 👍

[greendragon]

On 16/05/2021 at 00:47, Scootermuppet said:

... so does buying small amounts of silver, but it’s my only option at the minute- and as for quantity? about 100th of ounces you mentioned 🤦🏻 - but it’s money I’ve saved, which wouldn’t have happened if I’d have just put the cash aside 👍

if you are limited to small purchases, have you considered silver flatware?

its not glamorous , but as a way of getting the most silver for your money its hard to beat.

no premiums to pay and can be found under spot price quite often

 

[Pete]

On 16/05/2021 at 00:47, Scootermuppet said:

... so does buying small amounts of silver, but it’s my only option at the minute- and as for quantity? about 100th of ounces you mentioned 🤦🏻 - but it’s money I’ve saved, which wouldn’t have happened if I’d have just put the cash aside 👍

Absolutely true so my suggestion is to fill up the 'piggy bank' then only open it when you can buy several coins, gold or silver and amortise shipping costs.

[Alex944]

On 16/05/2021 at 00:43, Scootermuppet said:

Not when you’re self employed and only recently started a business...

Kudos to you, tough times and you took the challenge to start your business.

On topic - Whatever move works for you is the right move. I I would start with saving up some cash to purchase a small piece of gold, 1/10th something or a half sov. Once you have it, do you like it, do you want more? If so, you can consider selling your silver. I have sold some of my silver in the past to fund a different purchase, but was left a bit deflated and wished I kept hold of the silver, at least it thought me about my sellers' remorse. 

cheers,

 

[Scootermuppet]

Thank you for all the replies - plenty of food for thought...

Looks like I’ll be squirrelling away as much as possible to get my first piece of gold before deciding what to do, as @Alex944 says, I may change my mind after getting it! 😏

Will be on the lookout for a half sovereign or 1/10th gold coin soon I hope 🤞 - I did own a quarter sovereign once  many years ago, so shouldn’t be too disappointed with the size of these coins! 😂

Cheers,
Bob

[PNE]

Hi all,

im not a seasoned coin or metal collector by any means however, I have invested in some ltd edition themed coins which have in the short term given me a decent return. I have also heard that silver is the way to invest for the future, any thoughts?

[GenX]

@PNE It’s impossible to predict when will the gold and silver go up. We can only know that they will go up at some point in the future, largely due to fiat currency devaluation. But precious metals also go down. Look at gold price over the last year. 
https://www.gold.co.uk/gold-price/gold-price-chart/

If you are looking to acquire gold and silver close to the spot price then gold, in that respect, is definitely a better value at the moment.