Where do all the Costco forms they make me fill in when I buy their Sovereigns go?

[GoldDabbler]

I’ve taken to picking up the odd sovereign or two at Costco during the monthly shop and wondered where the forms they have me fill in each time I make a pm purchase go. I’ve asked several managers and got several replies, all as clear as mud, and I’m still wondering what Costco do with my purchase details. Do they wait until I’ve spent ten thou’ annually and then fire the forms off to the taxman or do they sit on all the forms in a basement X-Files type filing cabinet until they age off? I don't want to get clobbered by some unexpected pitfall through stacking pms I'm not aware of. Any and all answers will be appreciated, even the wrong ones.  

[Gordy]

7 minutes ago, GoldDabbler said:

I’ve taken to picking up the odd sovereign or two at Costco during the monthly shop and wondered where the forms they have me fill in each time I make a pm purchase go. I’ve asked several managers and got several replies, all as clear as mud, and I’m still wondering what Costco do with my purchase details. Do they wait until I’ve spent ten thou’ annually and then fire the forms off to the taxman or do they sit on all the forms in a basement X-Files type filing cabinet until they age off? I don't want to get clobbered by some unexpected pitfall through stacking pms I'm not aware of. Any and all answers will be appreciated, even the wrong ones.  

taxman wont need them, no VAT to pay and no CGT so unless you or costco are money laundering i reckon you are safe! 😂

[GoldDabbler]

2 minutes ago, Gordy said:

taxman wont need them, no VAT to pay and no CGT so unless you or costco are money laundering i reckon you are safe! 😂

I read somewhere there's a ten grand limit on gold purchasing per year. Any idea what thats about? 

[GBStacking]

2 minutes ago, GoldDabbler said:

I read somewhere there's a ten grand limit on gold purchasing per year. Any idea what thats about? 

There is a legal limit of £10,000 before additional identification checks need to be made (normally 2 forms such as a driving licence, utility bill etc). This is purely for compliance with money laundering regulations. There is no limit to the amount of PM's that you can purchase beyond what your bank account, and potentially your other half allows.

If you are buying all Sovs as well, you nicely duck any Capital Gains Tax issues at the other end when you sell as it's £ denominated therefore exempt.

[GoldDabbler]

9 minutes ago, GBStacking said:

There is a legal limit of £10,000 before additional identification checks need to be made (normally 2 forms such as a driving licence, utility bill etc). This is purely for compliance with money laundering regulations. There is no limit to the amount of PM's that you can purchase beyond what your bank account, and potentially your other half allows.

If you are buying all Sovs as well, you nicely duck any Capital Gains Tax issues at the other end when you sell as it's £ denominated therefore exempt.

Thanks for explaining. It makes sense. I'll just avoid rolling up with pillowcase full of readies and carry on using my debit card when buying my Costco sovs.  

[GBStacking]

16 minutes ago, GoldDabbler said:

Thanks for explaining. It makes sense. I'll just avoid rolling up with pillowcase full of readies and carry on using my debit card when buying my Costco sovs.  

Not a problem, these sorts of things can be a mine field to get your head round some times, especially any time some form of government regulation gets involved! I had pretty much the same concerns when I first started out stacking too.

[LawrenceChard]

1 hour ago, GoldDabbler said:

I’ve taken to picking up the odd sovereign or two at Costco during the monthly shop and wondered where the forms they have me fill in each time I make a pm purchase go. I’ve asked several managers and got several replies, all as clear as mud, and I’m still wondering what Costco do with my purchase details. Do they wait until I’ve spent ten thou’ annually and then fire the forms off to the taxman or do they sit on all the forms in a basement X-Files type filing cabinet until they age off? I don't want to get clobbered by some unexpected pitfall through stacking pms I'm not aware of. Any and all answers will be appreciated, even the wrong ones.  

It sounds like they are making it more difficult to buy from them as it should if you dealt with a specialist coin and bullion dealer.

It's also a bit duff that they can't or won't tell you what happens to the forms and the information when you ask them.

Try asking what they buy (or buy-back) at, and I bet they don't know that either.

How do their prices compare with real bullion dealers?

Do they offer any advice about other coins, bars, CGT, etc?

Are they friendly, knowledgeable, and helpful, and...

Are they TSF members?

😎

[GoldDabbler]

43 minutes ago, LawrenceChard said:

It sounds like they are making it more difficult to buy from them as it should if you dealt with a specialist coin and bullion dealer.

It's also a bit duff that they can't or won't tell you what happens to the forms and the information when you ask them.

Try asking what they buy (or buy-back) at, and I bet they don't know that either.

How do their prices compare with real bullion dealers?

Do they offer any advice about other coins, bars, CGT, etc?

Are they friendly, knowledgeable, and helpful, and...

Are they TSF members?

😎

I think one of the reasons Costco staff aren’t as knowledgable as specialist dealers is that they haven’t been selling their PM range for very long. October of last year I believe Costco introduced PMs. That said the staff are really friendly and me buying locally takes the hassle out of waiting for postie to deliver my stuff.

Costco don’t buy back from individuals. I’ve asked and it was a big “Nooooo waaaayyy, you buy it you own it!”

Compared to online bullion dealers, Costco's PM sales are generally more favourable (imo) as they lag behind the live price by at least 24 hours. So If I fancy a sov’ and I see the price shoot up elsewhere, ie RM, BBP, I give Costco a ring and usually find they are a good few pounds cheaper. By nipping down and snapping up a couple of sovs there and then I save a few bob compared to that current live price - before Costco updates its systems again with the new live price, which is still lagging behind the current price by 24-36 hours. Ad infinitum.

I’ve not asked Costco advice on silver or gold bars. I just look at them in the display case and go “Nope, can’t afford that, nope can’t afford that!” Same with 1oz gold Brits. Oh so lovely and oh so expensive.

No idea if Costco do TSF but after my Mrs told the girl serving us about the end of the world and how gold is the only ‘money’ worth saving she (the girl) decided to buy a sov herself. So who knows. She might be reading this very thread.

Edited May 6, 2022 by GoldDabbler

[LawrenceChard]

7 minutes ago, GoldDabbler said:

I think one of the reasons Costco staff aren’t as knowledgable as specialist dealers is that they haven’t been selling their PM range for very long. October of last year I believe Costco introduced PMs. That said the staff are really friendly and me buying locally takes the hassle out of waiting for postie to deliver my stuff.

Costco don’t buy back from individuals. I’ve asked and it was a big “Nooooo waaaayyy, you buy it you own it!”

Compared to online bullion dealers, Costco's PM sales are generally more favourable (imo) as they lag behind the live price by at least 24 hours. So If I fancy a sov’ and I see the price shoot up elsewhere, ie RM, BBP, I give Costco a ring and usually find they are a good few pounds cheaper. By nipping down and snapping up a couple of sovs there and then I save a few bob compared to that current live price - before Costco updates its systems again with the new live price, which is still lagging behind the current price by 24-36 hours. Ad infinitum.

I’ve not asked Costco advice on silver or gold bars. I just look at them in the display case and go “Nope, can’t afford that, nope can’t afford that!” Same with 1oz gold Brits. Oh so lovely and oh so expensive.

No idea if Costco do TSF but after my Mrs told the girl serving us about the end of the world and how gold is the only ‘money’ worth saving she (the girl) decided to buy a sov herself. So who knows. She might be reading this very thread.

Some of my questions were slightly rhetorical, as I would hope that a certain Blackpool Coin and Bullion dealer would "win" on all or most points.

I am sure you are right in buying when prices spike, and before they have updated their prices. Well done!

Of course, you probably miss out when prices dip, and they don't update.

😎

[GoldDabbler]

21 minutes ago, LawrenceChard said:

 

Of course, you probably miss out when prices dip, and they don't update.

😎

Oh I don't buy off Costco then. I go to the Royal Mint instead  

[LawrenceChard]

1 hour ago, GoldDabbler said:

Oh I don't buy off Costco then. I go to the Royal Mint instead  

The RM is seldom the best answer for bullion.

Do you ever look at any of the price comparison sites?

[GoldDabbler]

28 minutes ago, LawrenceChard said:

The RM is seldom the best answer for bullion.

Do you ever look at any of the price comparison sites?

Regarding the price compassion sites, yes, I’ve looked but until I feel more confident with sending a few hundred quid across for a state unseen sovereign I’ll stick to ordering my car insurance on them

I’m new to stacking and yet to feel confident in purchasing online at any retailer barring the old RM given the abundance of fake sovs out there. I understand there are many reputable companies, although as a newbie I wouldn’t know one from another. That’s one of the reasons why I joined this forum, to find out where more experienced stackers buy their investments.

I‘ll admit buying gold from Costco lacks the charm I’d expect from a dedicated bricks & mortar store. And the experience when buying precious items counts for a lot imo. But it's the only game in town.   

 

[Uksilverstackers]

My local Costco hasnt had any PM’s for months 🙁....

 

[FourNinesFine]

I've bought a couple from Costco. They were the cheapest by almost £10 per coin when I got mine, due to the spot price increase that they hadn't caught up with.

They explained to me that the forms were mainly to show that I acccepted the 'no returns' policy and to meet anti- Money Laundering regulations.

I always checck their prices compared to the 'market' whenever I'm in there doing a bulk shop. But generally, I buy from bullion dealers online.

[LawrenceChard]

20 minutes ago, GoldDabbler said:

Regarding the price compassion sites, yes, I’ve looked but until I feel more confident with sending a few hundred quid across for a state unseen sovereign I’ll stick to ordering my car insurance on them

I’m new to stacking and yet to feel confident in purchasing online at any retailer barring the old RM given the abundance of fake sovs out there. I understand there are many reputable companies, although as a newbie I wouldn’t know one from another. That’s one of the reasons why I joined this forum, to find out where more experienced stackers buy their investments.

I‘ll admit buying gold from Costco lacks the charm I’d expect from a dedicated bricks & mortar store. And the experience when buying precious items counts for a lot imo. But it's the only game in town.   

 

I might be accused of self promotion, but https://www.chards.co.uk/2022-gold-sovereign-uncirculated-coin/15066 , there is also a dealer comparison price tab on the page.

Sometimes I think we are the only UK dealer who can spot a fake!

😎

[James32]

26 minutes ago, GoldDabbler said:

Regarding the price compassion sites, yes, I’ve looked but until I feel more confident with sending a few hundred quid across for a state unseen sovereign I’ll stick to ordering my car insurance on them

I’m new to stacking and yet to feel confident in purchasing online at any retailer barring the old RM given the abundance of fake sovs out there. I understand there are many reputable companies, although as a newbie I wouldn’t know one from another. That’s one of the reasons why I joined this forum, to find out where more experienced stackers buy their investments.

I‘ll admit buying gold from Costco lacks the charm I’d expect from a dedicated bricks & mortar store. And the experience when buying precious items counts for a lot imo. But it's the only game in town.   

 

I can recommend chards/tavex/bleyer but also many sellers on here.

Infact I think the president of @ChardsCoinandBullionDealer is actually a member on here...but his name escapes me 🙃

[TheShinyStuff]

7 minutes ago, LawrenceChard said:

I might be accused of self promotion, but https://www.chards.co.uk/2022-gold-sovereign-uncirculated-coin/15066 , there is also a dealer comparison price tab on the page.

Sometimes I think we are the only UK dealer who can spot a fake!

😎

@LawrenceChard - why don't you give @GoldDabbler the first one for free, you know, to see if he likes it?! You know he'll be back, and back and back...

[Thelonerangershorse]

6 minutes ago, James32 said:

.but his name escapes me

Pretty sure it's Luke, or Leon or maybe Lionel .

[Gordy]

32 minutes ago, GoldDabbler said:

Regarding the price compassion sites, yes, I’ve looked but until I feel more confident with sending a few hundred quid across for a state unseen sovereign I’ll stick to ordering my car insurance on them

I’m new to stacking and yet to feel confident in purchasing online at any retailer barring the old RM given the abundance of fake sovs out there. I understand there are many reputable companies, although as a newbie I wouldn’t know one from another. That’s one of the reasons why I joined this forum, to find out where more experienced stackers buy their investments.

I‘ll admit buying gold from Costco lacks the charm I’d expect from a dedicated bricks & mortar store. And the experience when buying precious items counts for a lot imo. But it's the only game in town.   

 

Have a look at the 'compare' tab on here, the links take you to the websites and they all sell brand new bullion sovs, if you find a price cheaper on there than the RM ask the members on here for reccomendations, I've personally bought off companies who are on the compare link

Including;

Bleyer

Chards

Gerrards

Hatton Garden Metals

Brittania Coin Company

SilverTrader (silver only site, no gold)

will be using Tavex when prices settle

Advice on buying from these will be readily available on here..

I know its all about confidence and until you gain it you can stay away from older sovs and just buy new, the dealers selling new (fakes) would go out of business in days.

Just now, TheShinyStuff said:

@LawrenceChard - why don't you give @GoldDabbler the first one for free, you know, to see if he likes it?! You know he'll be back, and back and back...

and me!!!!!! 

8 minutes ago, James32 said:

I can recommend chards/tavex/bleyer but also many sellers on here.

Infact I think the president of @ChardsCoinandBullionDealer is actually a member on here...but his name escapes me 🙃

De Gaul??

[James32]

Just now, Thelonerangershorse said:

Pretty sure it's Luke, or Leon or maybe Lionel .

@Lionelchard is that you?

[SilverDrum]

6 minutes ago, James32 said:

@Lionelchard is that you?

[James32]

Just now, SilverDrum said:

@LawrenceChard how many serrated edges... on the checks on your shirt?

[SilverDrum]

Just now, James32 said:

@LawrenceChard how many serrated edges... on the checks on your shirt?

After Niton XRF analysis they stamp the fakes for clear identification..

 

[LawrenceChard]

9 minutes ago, Thelonerangershorse said:

Pretty sure it's Luke, or Leon or maybe Lionel .

You sound like Johnny Cash

 

[FourNinesFine]

1 hour ago, Thelonerangershorse said:

Pretty sure it's Luke, or Leon or maybe Lionel .

 

51 minutes ago, LawrenceChard said:

You sound like Johnny Cash

 

Or Sue?