Why are gold prices dropping?

[CollectorNo1]

Don't blame it on the sunshine,don't blame it on the moonlight,don't blame on the good times......blame it on USA rising interest rates,a stronger dollar,and the release of US jobs report bringing the unemployment rate down to 5.4 %.

But you can blame it on the Boogy if you want..💃🕺

Edited August 9, 2021 by CollectorNo1

[Scaffstacker]

6 hours ago, dicker said:

I dont give investment advice other than:

(1) You wont get rich buying gold / silver

(2) Invest regularly - look up pound / dollar cost averaging

Best Dicker

Definitely won’t make you rich its a terrible addiction! but it’s security in the future for a pension or if your just bad at saving. 🤷🏼‍♂️

[Paul]

13 minutes ago, Scaffstacker said:

Definitely won’t make you rich its a terrible addiction! but it’s security in the future for a pension or if your just bad at saving. 🤷🏼‍♂️

100% what this gentleman said. If your a c**p saver or money just seems to go through your hands. Gold will help you no end to build wealth, it did me. Little and often you soon hav four figures, then it's five figures worth, then keeps building a positive form of addiction

[SilverJacks]

6 hours ago, muneeb said:

Hi there,

thank you so much for your help. I’ve invested in the 1oz gold queens beast 2021 coin and 2 of these in 2 oz silver. Are there any other coins you recommend as I’m new to coins? Any advice/help on coins would help.

I will also look into the pamp bar and see if I can get a good deal. Thank you so much for your help, I appreciate it.

Sovereigns spring straight to mind. They are so popular. Many people want them as bullion and want to pay as close to spot as possible. Then there are numismatic sovereigns that you could spend a lifetime learning about.

The majority of TSF members will have a greater level of experience than myself when asking which coins to go for. But still, I'd say go with something that appeals to you and decide whether you just want bullion or maybe something that carries a collectors/numismatic premium. Always study the market value and try to get it at a reasonable price, at any given time (pretty sure you already know that).

If you find something particular, you could put a "wanted" post in the trade section. Also, beware, you can become attached to some items, making it difficult to part with them when necessary or as intended. 

The QB coins you bought, being 2021, I assume these were the completer coins? In which case, excellent choice. The completer is only slightly higher price than say a Britannia or other such 1oz gold coin, but has the potential to be quite sought after in future.

[muneeb]

48 minutes ago, SilverJacks said:

Sovereigns spring straight to mind. They are so popular. Many people want them as bullion and want to pay as close to spot as possible. Then there are numismatic sovereigns that you could spend a lifetime learning about.

The majority of TSF members will have a greater level of experience than myself when asking which coins to go for. But still, I'd say go with something that appeals to you and decide whether you just want bullion or maybe something that carries a collectors/numismatic premium. Always study the market value and try to get it at a reasonable price, at any given time (pretty sure you already know that).

If you find something particular, you could put a "wanted" post in the trade section. Also, beware, you can become attached to some items, making it difficult to part with them when necessary or as intended. 

The QB coins you bought, being 2021, I assume these were the completer coins? In which case, excellent choice. The completer is only slightly higher price than say a Britannia or other such 1oz gold coin, but has the potential to be quite sought after in future.

Thank you so much for your help! Would you recommend any specific sovereign coins? Also do they tend to increase in value? 
 

I want something that has the potential to increase in price, really want to get into sovereigns too but don’t know much about them so I’m investing in gold bars at the moment. 
 

Yes, it was the last completer coin to be released in its series. A beautiful coin in both gold and silver.

 

regards

[Stuntman]

I am a buyer of gold at today's prices and I have just added to my ISA ETF holding.

I've also added to my silver and platinum ETF holdings in my SIPP today.

But these are relatively small amounts in terms of how much PM I already hold.  In particular, I'm still looking to add while gold is below £1350 and Platinum is below £750.  And with silver below £17 I have also added some more of that!

If there was a coin that I wanted to buy today, I would be a buyer of physical gold too.

Basically though, work out your own plan and then try and stick to those decisions.

[AuricGoldfinger]

5 hours ago, pricha said:

Number 1 ? I've never seen a poor man with a large gold holding  . 

You’ll never see a poor man get Rich of gold

either, which is the point dear @dicker is making to the OP. 
 

Those with a large gold holding tend to have made money elsewhere and decide to put a percentage into gold as a form of wealth preservation. Wealth preservation and “getting rich” are not remotely the same thing.

To try and offer my opinion to @muneeb i would say buy Sovereigns. Lots and lots of info on this forum about why that’s a good move if you search some previous posts. Gold goes up and down for many reasons you just get more used to it over time.

 

[CollectorNo1]

On 09/08/2021 at 21:56, muneeb said:

Thank you so much for your help! Would you recommend any specific sovereign coins? Also do they tend to increase in value? 
 

I want something that has the potential to increase in price, really want to get into sovereigns too but don’t know much about them so I’m investing in gold bars at the moment. 
 

Yes, it was the last completer coin to be released in its series. A beautiful coin in both gold and silver.

 

regards

Victorian sovreigns.... I would suggest the early ones but hard to get in good condition unless you pay the premiums for an AU58 or MS62/63 Which are hard to get...the 1887 50 year Jubilee is a nice one to go for..depending on the condition... any Shield backs as they are mainly preferred over BP's George and the Dragon.

 

Melbourne mint sovreigns are my fave but you can also aquire from the Sydney and Perth mint,lower mintages mostly in Vicki's reign but command a higher price....Edward VII from the Canadian mint are sort after..especially the 1913 Ottawa mint as this is a very low mintage..Also the 1918 India mint sov is a nice one to collect..about 1,235.000 were minted in Bombay as the RM chose to mint in India as the Germans in WW1 were sinking our ships in the channel and the Gold we were importing from the SA Mint was being lost at sea so The RM redirected the route of their bullion east via India...moved most of their minting equipment across land and started minting coins there as it was more safer than importing/ exporting by sea...

Just a little info but do your research and you will soon discover what sovreigns are more collectable than others....but at the end of the day it's down to Condition, condition condition 👍

 

Edited August 11, 2021 by CollectorNo1

[muneeb]

13 minutes ago, CollectorNo1 said:

Victorian sovreigns.... I would suggest the early ones but hard to get in good condition unless you pay the premiums for an AU58 or MS62/63 Which are hard to get...the 1887 50 year Jubilee is a nice one to go for..depending on the condition... any Shield backs as they are mainly preferred over BP's George and the Dragon.

 

Melbourne mint sovreigns are my fave but you can also aquire from the Sydney and Perth mint,lower mintages mostly in Vicki's reign but command a higher price....Edward V11 from the Canadian mint are sort after..especially the 1913 Ottawa mint as this is a very low mintage..Also the 1918 India mint sov is a nice one to collect..about 1,235.000 were minted in Bombay as the RM chose to mint in India as the Germans in WW1 were sinking our ships in the channel and the Gold we were importing from the SA Mint was being lost at sea so The RM redirected the route of their bullion east via India...moved most of their minting equipment across land and started minting coins there as it was more safer than importing/ exporting by sea...

Just a little info but do your research and you will soon discover what sovreigns are more collectable than others....but at the end of the day it's down to Condition, condition condition 👍

 

Thank you so much! I will look at those and see how much they go for so I get an idea about prices.

The 1918 India mint seems very interesting! Definitely going to look into this coin. Thank you so much! Are there any threads or books you read or follow to get information like this as it is very interesting. 

Regards

[muneeb]

49 minutes ago, AuricGoldfinger said:

You’ll never see a poor man get Rich of gold

either, which is the point dear @dicker is making to the OP. 
 

Those with a large gold holding tend to have made money elsewhere and decide to put a percentage into gold as a form of wealth preservation. Wealth preservation and “getting rich” are not remotely the same thing.

To try and offer my opinion to @muneeb i would say buy Sovereigns. Lots and lots of info on this forum about why that’s a good move if you search some previous posts. Gold goes up and down for many reasons you just get more used to it over time.

 

Thank you so much for your help. Will definitely look into sovereigns. Under what category would I find these threads?

 

Regards

Muneeb

Edited August 9, 2021 by muneeb

[SilverJacks]

2 hours ago, muneeb said:

Would you recommend any specific sovereign coins? Also do they tend to increase in value?

Perhaps start a new topic. "Advice on First Sovereign Purchase" or something like that. State your budget, preference for it to appreciate, and ask for suggestions.

That could be quite interesting, what sovereign people might choose if it were their first time purchase...

 

[CollectorNo1]

5 hours ago, muneeb said:

Thank you so much! I will look at those and see how much they go for so I get an idea about prices.

The 1918 India mint seems very interesting! Definitely going to look into this coin. Thank you so much! Are there any threads or books you read or follow to get information like this as it is very interesting. 

Regards

The Whitman guide to Coin Collecting is a very informative book. YouTube is another good avenue  to explore...also asking questions on TSF,there are alot of people on here with alot of knowledge and experience that will always be happy to  help and advise.

Regards

[dicker]

Hi @muneeb Folk are always happy to ask questions but it might be worth you using the forum search function for questions like:

- What books on Sovereigns are there

- What Sovereigns should I buy

These and many other questions are tackled almost weekly - you may get a faster answer to your questions in this way.   

Best

Dicker

[muneeb]

2 hours ago, dicker said:

Hi @muneeb Folk are always happy to ask questions but it might be worth you using the forum search function for questions like:

- What books on Sovereigns are there

- What Sovereigns should I buy

These and many other questions are tackled almost weekly - you may get a faster answer to your questions in this way.   

Best

Dicker

Hi there,

 

Thank you for that. I will look out for those. 
 

regards 

2 hours ago, CollectorNo1 said:

The Whitman guide to Coin Collecting is a very informative book. YouTube is another good avenue  to explore...also asking questions on TSF,there are alot of people on here with alot of knowledge and experience that will always be happy to  help and advise.

Regards

Thank you for that! I will have a look at that book.

[muneeb]

6 hours ago, SilverJacks said:

Perhaps start a new topic. "Advice on First Sovereign Purchase" or something like that. State your budget, preference for it to appreciate, and ask for suggestions.

That could be quite interesting, what sovereign people might choose if it were their first time purchase...

 

Think that will be my next thread! Thank you!

[pricha]

10 hours ago, AuricGoldfinger said:

You’ll never see a poor man get Rich of gold

either, which is the point dear @dicker is making to the OP. 
 

Those with a large gold holding tend to have made money elsewhere and decide to put a percentage into gold as a form of wealth preservation. Wealth preservation and “getting rich” are not remotely the same thing.

To try and offer my opinion to @muneeb i would say buy Sovereigns. Lots and lots of info on this forum about why that’s a good move if you search some previous posts. Gold goes up and down for many reasons you just get more used to it over time.

 

Well i can only speak for myself , as a useless saver and investor my Sovereigns have made me "comfortable"😉  , without the gamble of trying to get rich .  Stacking a nice Sovereign , cost averaging over the years will certainly make a poor man comfortable. And best of all , the Government can't get their hands on it when the bill for Barmy Boris mad spending comes in.     

[muneeb]

4 hours ago, pricha said:

Well i can only speak for myself , as a useless saver and investor my Sovereigns have made me "comfortable"😉  , without the gamble of trying to get rich .  Stacking a nice Sovereign , cost averaging over the years will certainly make a poor man comfortable. And best of all , the Government can't get their hands on it when the bill for Barmy Boris mad spending comes in.     

Interesting , need to get into sovereigns after some research!