Thinking of buying in store but I’m paranoid.

[Ukbullionfan]

So I am wanting to purchase some gold bars or coins in store in London was thinking ats or sharps . Both reputable companies I know. But if I go there and ask for what I want to be tested should I feel embarrassed ? Would they do that for me ? Or would I get laughed off the premises with the whole “do you know who we are” line. Lol.

what would be a good procedure for me purchasing gold in store for the first time but wary of what I’m getting with the amount I want to part with. 
 

thanks for any replies in advance

[HerefordBullyun]

5 minutes ago, Ukbullionfan said:

So I am wanting to purchase some gold bars or coins in store in London was thinking ats or sharps . Both reputable companies I know. But if I go there and ask for what I want to be tested should I feel embarrassed ? Would they do that for me ? Or would I get laughed off the premises with the whole “do you know who we are” line. Lol.

what would be a good procedure for me purchasing gold in store for the first time but wary of what I’m getting with the amount I want to part with. 
 

thanks for any replies in advance

Ask Someone like Mr @LawrenceChard would know highly experienced in this field!

[Ukbullionfan]

5 minutes ago, HerefordBullyun said:

Ask Someone like Mr @LawrenceChard would know highly experienced in this field!

Yeh good shout. Shame they don’t have a store in London. I would be there every week lol.

[vicamy]

Nothing wrong to ask that question. Just be frank that you are first time buyer and wanted to be certain. In fact, most dealers are friendly and helpful, including both ATS bullion and Sharps Pixley. Or you could try Bairds & Co., or Hatton Garden Metals. 
Also, just bear in mind that if you buy from these dealers and over certain amount of money, they will require you to provide some proof of identification and address first. 

[Ukbullionfan]

2 minutes ago, vicamy said:

Nothing wrong to ask that question. Just be frank that you are first time buyer and wanted to be certain. In fact, most dealers are friendly and helpful, including both ATS bullion and Sharps Pixley. Or you could try Bairds & Co., or Hatton Garden Metals. 
Also, just bear in mind that if you buy from these dealers and over certain amount of money, they will require you to provide some proof of identification and address first. 

Yeh I was expecting that tbh. Is there any reason for that ? I’m not fussed about showing Id. Is it to report for capital gains tax reasons to the government or something like that ?

[TheShinyStuff]

If you are buying gold from a reputable dealer then I wouldn't be worried about being fleeced.

Judging by your question and your intention to spend what I presume is going to be significant amount of cash, I would first stop and ask yourself why. And then ask yourself what - coins and bars are different beasts, and then ask yourself how long are you going to keep it. Where are you going to keep it - are you happy to have a small fortune in gold at home. And finally how are you going to sell it if and when the time comes.

I remember a post o  here a year or so ago from a member who had bought tens of thousands of pounds worth of gold bars. He overpaid at the time and then was struggling to sell them.

I would imagine that most members here who are big on gold (I'm not one of them) would generally advise sovereigns if you are planning buying gold. The reasons are many and will likely be pointed out by later posts.

[Ukbullionfan]

6 minutes ago, TheShinyStuff said:

If you are buying gold from a reputable dealer then I wouldn't be worried about being fleeced.

Judging by your question and your intention to spend what I presume is going to be significant amount of cash, I would first stop and ask yourself why. And then ask yourself what - coins and bars are different beasts, and then ask yourself how long are you going to keep it. Where are you going to keep it - are you happy to have a small fortune in gold at home. And finally how are you going to sell it if and when the time comes.

I remember a post o  here a year or so ago from a member who had bought tens of thousands of pounds worth of gold bars. He overpaid at the time and then was struggling to sell them.

I would imagine that most members here who are big on gold (I'm not one of them) would generally advise sovereigns if you are planning buying gold. The reasons are many and will likely be pointed out by later posts.

Thanks for the post. I know what I want to purchase I have been buying online for a good few years now. I’m not a pro but I know the maths with the premiums and pricing etc. it’s just a first time for me purchasing from a dealer that isn’t online .

[vicamy]

1 minute ago, Ukbullionfan said:

Yeh I was expecting that tbh. Is there any reason for that ? I’m not fussed about showing Id. Is it to report for capital gains tax reasons to the government or something like that ?

The dealers are obliged to do so because of the Money Laundering Registration and HMRC as well. They should only gather and keep on file this information themselves, and only report if the transaction is suspicious.

[TheShinyStuff]

3 minutes ago, Ukbullionfan said:

Thanks for the post. I know what I want to purchase I have been buying online for a good few years now. I’m not a pro but I know the maths with the premiums and pricing etc. it’s just a first time for me purchasing from a dealer that isn’t online .

Fair enough, then go for it. I very much doubt any decent dealer would be offended by your request. 

[HerefordBullyun]

1 minute ago, TheShinyStuff said:

Fair enough, then go for it. I very much doubt any decent dealer would be offended by your request. 

Yeah I agree!

[Ukbullionfan]

4 minutes ago, vicamy said:

The dealers are obliged to do so because of the Money Laundering Registration and HMRC as well. They should only gather and keep on file this information themselves, and only report if the transaction is suspicious.

What would be deemed suspicious ?

Me turning up in a track suit like a chav with a hat on with a few grand in cash ? lol. ? Is that on the right lines.

[vicamy]

7 minutes ago, Ukbullionfan said:

Thanks for the post. I know what I want to purchase I have been buying online for a good few years now. I’m not a pro but I know the maths with the premiums and pricing etc. it’s just a first time for me purchasing from a dealer that isn’t online .

Both ATS bullion and Sharps Pixley are online. Most dealers nowadays have a online shop. You also can buy online and pick up from their physical stores in person.

[vicamy]

2 minutes ago, Ukbullionfan said:

What would be deemed suspicious ?

Me turning up in a track suit like a chav with a hat on with a few grand in cash ? lol. ? Is that on the right lines.

Well, that is one possibility 😂. But just imagine when you walk on the street in Hatton Garden, lots people will look suspicious 🤣.

[Ukbullionfan]

3 minutes ago, vicamy said:

Both ATS bullion and Sharps Pixley are online. Most dealers nowadays have a online shop. You also can buy online and pick up from their physical stores in person.

Yeh well I don’t want to purchase online anymore due to special delivery not being so special and postmen/women messing around with my deliveries. No longer trust online anymore. Not because of the dealers but because of the posty. I could tell you some stories that would make you sick to the stomach.

[vicamy]

 

2 minutes ago, Ukbullionfan said:

Yeh well I don’t want to purchase online anymore due to special delivery not being so special and postmen/women messing around with my deliveries. No longer trust online anymore. Not because of the dealers but because of the posty. I could tell you some stories that would make you sick to the stomach.

Yes that I can understand. It is just terrible. Drop me a line if you want to, I am all ears 😂. Also I am not too far away from these two dealers, and visited both before. If you want to know more, just let me know. 

[Ukbullionfan]

1 minute ago, vicamy said:

 

Yes that I can understand. It is just terrible. Drop me a line if you want to, I am all ears 😂. Also I am not too far away from these two dealers, and visited both before. If you want to know more, just let me know. 

Yeah sure , my address is 123 Fake Street.

[Bigmarc]

34 minutes ago, Ukbullionfan said:

Yeh I was expecting that tbh. Is there any reason for that ? I’m not fussed about showing Id. Is it to report for capital gains tax reasons to the government or something like that ?

More to do where the money came from. Think the threshold is 10,000 euros, could be wrong tho. It's the same for all business not just metals. If you are in their books at earning 30k a year and you buy 15k a year on gold then that's suspicious.

[Ukbullionfan]

Just now, Bigmarc said:

More to do where the money came from. Think the threshold is 10,000 euros, could be wrong tho. It's the same for all business not just metals. If you are in their books at earning 30k a year and you buy 15k a year on gold then that's suspicious.

So I would have to declare my earnings and what I do for a living etc when i

purchase

[vicamy]

2 minutes ago, Ukbullionfan said:

So I would have to declare my earnings and what I do for a living etc when i

purchase

You don’t.

[Bigmarc]

5 minutes ago, Ukbullionfan said:

So I would have to declare my earnings and what I do for a living etc when i

purchase

No that's hmrc's job. Someone will come and investigate if it flags, that's when they find a funny smell coming from the loft or 50 immigrants living in your spare room.

[Ukbullionfan]

2 minutes ago, Bigmarc said:

No that's hmrc's job. Someone will come and investigate if it flags, that's when they find a funny smell coming from the loft or 50 immigrants living in your spare room.

I’m confused so what would flag up ? lol. Or should I say how would to flag it and by who ? 

[Bigmarc]

Ok, the paranoid is an actual part of this. Sorry. 

If somebody is getting money from ill gotten gains or not declaring money they have earned or given then there "may" be ways of laundering it. The government's attempt at stopping this is to have a record of purchases over a certain amount (10,000 euros I think). 

If the funds you are using have had tax paid on it or is exempt then you have nothing to be paranoid about. 

Sorry if I have confused matters

[Ukbullionfan]

24 minutes ago, Bigmarc said:

Ok, the paranoid is an actual part of this. Sorry. 

If somebody is getting money from ill gotten gains or not declaring money they have earned or given then there "may" be ways of laundering it. The government's attempt at stopping this is to have a record of purchases over a certain amount (10,000 euros I think). 

If the funds you are using have had tax paid on it or is exempt then you have nothing to be paranoid about. 

Sorry if I have confused matters

 No I’m paranoid about the gold being legitimately real. All the other stuff I’m only learning of now. How would they know what funds are what though ? If I’m using from an inheritance for instance ?

[Roy]

Evening.

You have nothing to worry about buying from a bricks and mortar establishment, just the same as if you bought jewellery from a high street branch or trainers from the Nike shop.

Your guarantee is their physical existence and their reputation, which is everything in the PM world.

Your previous online purchases however....? You must have been confident dealing with an anonymous entity, why not face to face?

[Bigmarc]

10 minutes ago, Ukbullionfan said:

 No I’m paranoid about the gold being legitimately real. All the other stuff I’m only learning of now. How would they know what funds are what though ? If I’m using from an inheritance for instance ?

If you paid tax on that inheritance then it would be on file with HMRC. I don't know much about this but have been investigated when I was self employed, i had a year when I lost money on a couple of jobs. They know what you do for a living and pretty much know what you should pay. If it falls out of that bracket then the come a knocking. 

If you have paid tax on the inheritance then nothing to worry about. If not, pay it or find advice to make it legit.