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buying and storing gold


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Hi I am a new member and new to investing , I wanted to add gold to my portfolio but have no idea where to buy it and store it 

could anyone advice me as to where to buy and store , I was thinking of buying approx £20`000 as i already have gold mining shares so 

just wanted some of the real stuff .. 

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You have to decide whether you want to buy gold coins or gold bars.
My advice is to choose 1 oz coins like new Britannias that are 24ct gold.
If choosing bars keep below 50g size.

Avoid larger bars because what you may see as a small discount isn't worth it and when ( if ) it comes to selling you may find it harder to sell at a decent price.

Some will suggest buying sovereigns.
Perhaps this is good advice and I would definitely consider if you can find them at a decent price meaning say 2% over spot if that's possible these days.
Selling sovereigns is fast and easy and there are lots of buyers keen to buy.

Dealers worth checking are - Atkinsons, Chards, Sharps Pixley, BullionbyPost to name a few.
You have to constantly check prices as they fluctuate every minute.

Another consideration is whether you want to plunge straight in and spend all your money at one go.
No-one can forecast the price of gold and there is every chance it can fall as fast as it can rise.
It is trading quite high at the moment but with high global inflation some will argue it can only rise ( not in value but not falling like fiat currency ) so retaining true value.

As for where to keep it.
£20k in gold is only about 13 x 1 oz coins so not even filling a tube.
Either hide this at home, maybe get a decent safe or consider a bank safety deposit box.
If you are likely to increase your holding then definitely a proper home safe or a bank vault.

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ATM I would be looking at the prices as much as you can but if you are wanting to jump in I would go for a 1oz Brit and a single sov and when you get them you can gauge your preference and I would hold off spending it all at once....its tempting though

and for storing? I'd get a decent safe and store at home, nothing worse than having something you can physically look at stuck in a safe deposit box

 

It does not matter how slowly you go so long as you do not stop.

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I am based in Manchester and my advice biased on my location. Safety deposit box I would choose is Saint James Safe deposit (locations Leeds/Manchester) Offer with Saint James safety deposit boxes pay for 4 years in advance and receive the 5th free.

Dealer I would choose Chards main office is in Blackpool. I would buy a full tube + plus three additional coins of 2022 Britannia 1 oz Gold Bullion. I would not pay for postage but would arrange for collection from the Dealer when the coins available.

Spread right now on 1 oz Gold Britannia 3.75% buying 10+ and Chards buying back 1 oz Gold Britannia's for just under spot but sure they would price match Atkinson needed to sell physical gold all in one transaction.

Buy dealer

£19,885.58 buy 13 1oz Gold Britannia

Sell dealer

£19157.32 sell 13 1oz Gold Britannia

Before buy anything always investigate how much money would I lose if I needed to immediately liquidate my position. Obviously 3.75% spread could be reduced if both buying and selling was done on the Silver Forum / Facebook Groups but this would entail a slower accumulation time but the benefits would be building up reliable reputation that would be required when you need to sell the physical Gold and want to obtain better than dealer buy back prices. I would not buy bars. It may also be bit more fun to buy from private sellers (obviously you will have to do your own due-diligence) and could turn into a hobby.

Also I want to mention if you are buying full tube 1 oz Gold coins then look for the cheapest price Coininvest at the time of writing and phone your local UK dealer and ask them to price match.

 

Edited by Abyss
Adding more info
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Really good advice already given above.  If you're indifferent to the actual physical gold that you hold (that is, it's purely for stacking and not for collecting) I agree with @Abyss and would go for 13 Britannias.

Alternatively, the idea of a mix of Britannias and Sovereigns is good and appealing, especially given the 2022 special year design for the Platinum Jubilee.

13 oz or thereabouts of gold is easy to store, your decision is whether to store it at home, ideally in a safe - or use a safety deposit box.  I'd go down the home/safe route.

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14 hours ago, Stuntman said:

 

13 oz or thereabouts of gold is easy to store, your decision is whether to store it at home, ideally in a safe - or use a safety deposit box.  I'd go down the home/safe route.

That's what I do, but then I have anyway two gun cabinets bolted to a wall that I can use for additional purposes. I wouldn't settle for anything less than that in terms of secure storage at home. 

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On 20/05/2022 at 10:30, RDHC said:

That's what I do, but then I have anyway two gun cabinets bolted to a wall that I can use for additional purposes. I wouldn't settle for anything less than that in terms of secure storage at home. 

You need the best protection there is for Home Security!:ph34r:

Anyone guess the AK variant and calibre? (Ignore the .38 Special cases) Not used one of these for many years - earliest was at Pontrilas military range near Hereford

The 1982 set reminds me that June 14th is Liberation Day - (40th Anniversary) Last year the Islands were officially cleared of all mine-fields  laid by the 'Argies'. Long live the penguins!😊

 

IMG_E3025 (2).JPG

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On 19/05/2022 at 18:02, Abyss said:

I am based in Manchester and my advice biased on my location. Safety deposit box I would choose is Saint James Safe deposit (locations Leeds/Manchester) Offer with Saint James safety deposit boxes pay for 4 years in advance and receive the 5th free.

Dealer I would choose Chards main office is in Blackpool. I would buy a full tube + plus three additional coins of 2022 Britannia 1 oz Gold Bullion. I would not pay for postage but would arrange for collection from the Dealer when the coins available.

Spread right now on 1 oz Gold Britannia 3.75% buying 10+ and Chards buying back 1 oz Gold Britannia's for just under spot but sure they would price match Atkinson needed to sell physical gold all in one transaction.

Buy dealer

£19,885.58 buy 13 1oz Gold Britannia

Sell dealer

£19157.32 sell 13 1oz Gold Britannia

Before buy anything always investigate how much money would I lose if I needed to immediately liquidate my position. Obviously 3.75% spread could be reduced if both buying and selling was done on the Silver Forum / Facebook Groups but this would entail a slower accumulation time but the benefits would be building up reliable reputation that would be required when you need to sell the physical Gold and want to obtain better than dealer buy back prices. I would not buy bars. It may also be bit more fun to buy from private sellers (obviously you will have to do your own due-diligence) and could turn into a hobby.

Also I want to mention if you are buying full tube 1 oz Gold coins then look for the cheapest price Coininvest at the time of writing and phone your local UK dealer and ask them to price match.

 

Presently looking at a Safe Deposit Box for storage, and likewise I am based in Manchester, so will look at St James. Thanks for the info!

Do you think it is wise to also take out Safe Deposit Box insurance? On their website they refer to a specialist company dealing in such insurance - Ellerton Knight?

 

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On 21/05/2022 at 17:52, Britannia47 said:

You need the best protection there is for Home Security!:ph34r:

Anyone guess the AK variant and calibre? (Ignore the .38 Special cases) Not used one of these for many years - earliest was at Pontrilas military range near Hereford

The 1982 set reminds me that June 14th is Liberation Day - (40th Anniversary) Last year the Islands were officially cleared of all mine-fields  laid by the 'Argies'. Long live the penguins!😊

 

IMG_E3025 (2).JPG

74? Rusty, need to pick it up!

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49 minutes ago, Petra said:

74? Rusty, need to pick it up!

 

On 20/05/2022 at 10:30, RDHC said:

That's what I do, but then I have anyway two gun cabinets bolted to a wall that I can use for additional purposes. I wouldn't settle for anything less than that in terms of secure storage at home. 

AK74 from Bulgaria - 5.45mm. 30 round  magazines. This type commonly used by both sides in Ukraine war. Based on original Russian designed AK47. Collecting ‘Gold & Guns’ can be expensive!  This one, however, the cost of a Proof sovereign. Gun safes, why not?

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In terms of off-site storage (eg. bank vault, private vaulting services), be aware of counter-party risk.   Never assume that your PM stored in these vaults are safe.  Banks may fail, fraud may occur.  Be aware of the potential risks.  There are always pros and cons of storage, whether it is at home or in a vault.  

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8 hours ago, Paulo said:

Presently looking at a Safe Deposit Box for storage, and likewise I am based in Manchester, so will look at St James. Thanks for the info!

Do you think it is wise to also take out Safe Deposit Box insurance? On their website they refer to a specialist company dealing in such insurance - Ellerton Knight?

 

I have had my safety deposit box for over 5 years never had insurance. If you have contents such as Jewellery that you intend to take out and wear on special occasions then specialist insurance for safety deposit box maybe worthwhile.

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4 hours ago, Abyss said:

I have had my safety deposit box for over 5 years never had insurance. If you have contents such as Jewellery that you intend to take out and wear on special occasions then specialist insurance for safety deposit box maybe worthwhile.

Many thanks!

 

7 hours ago, SilverStorm said:

In terms of off-site storage (eg. bank vault, private vaulting services), be aware of counter-party risk.   Never assume that your PM stored in these vaults are safe.  Banks may fail, fraud may occur.  Be aware of the potential risks.  There are always pros and cons of storage, whether it is at home or in a vault.  

Thanks for your comments.

Yep, I am fully aware there are risks involved, nothing is risk free!

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On 19/05/2022 at 09:00, Colin6367 said:

Hi I am a new member and new to investing , I wanted to add gold to my portfolio but have no idea where to buy it and store it 

could anyone advice me as to where to buy and store , I was thinking of buying approx £20`000 as i already have gold mining shares so 

just wanted some of the real stuff .. 

This may be a little late for you, but may be useful:

 

You can always let me know either way.

😎

Chards

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On 21/05/2022 at 17:52, Britannia47 said:

You need the best protection there is for Home Security!:ph34r:

Anyone guess the AK variant and calibre? (Ignore the .38 Special cases) Not used one of these for many years - earliest was at Pontrilas military range near Hereford

The 1982 set reminds me that June 14th is Liberation Day - (40th Anniversary) Last year the Islands were officially cleared of all mine-fields  laid by the 'Argies'. Long live the penguins!😊

 

IMG_E3025 (2).JPG

I was going to suggest that it might be a chinese AK for no other reason than the plastic..  Wouldn't have had a clue as to the calibre..

How d'you manage to keep an AK and live ammo in the UK without breaking the gun laws..?

Edited by flyingveepixie
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16 hours ago, flyingveepixie said:

I was going to suggest that it might be a chinese AK for no other reason than the plastic..  Wouldn't have had a clue as to the calibre..

How d'you manage to keep an AK and live ammo in the UK without breaking the gun laws..?

No laws being broken!   The AK74 is de-activated and the ammunition is inert. The photo was my attempt with 'tongue in cheek'  as to what I would like to do if someone tried to steal my gold! 🙂

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There's been some excellent advice given in this thread. 

No problem to have a couple of 1oz coins in your stack but I would advise against going all 1oz as they are far more difficult to sell peer to peer. Especially if trying to sell a quantity.

Sovereigns are far more liquid and you would not have much difficulty letting go of 20k worth of sovereigns quickly at over spot.

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