Gold coin advice - Single 1oz, Sovereigns, or multiple fractions…? 🤔

[Scootermuppet]

2 minutes ago, James32 said:

probably get more trading in! even with the Haircut I'll have to take 🤷‍♂️

?? How would you get more

Well, true, maybe not on the silver, but have a couple of small gold coins too - guess there's always eBay - providing there's a seller fee discount on the go...

[James32]

1 minute ago, Scootermuppet said:

Well, true, maybe not on the silver, but have a couple of small gold coins too - guess there's always eBay - providing there's a seller fee discount on the go...

I believe 1% under spot on silver is the going rate and maybe spot for the gold.

Will always achieve more on here, more again on ebay with a selling offer,but that can ( not always) come with its own problems. It comes down to how much hassle you want I suppose. 

I've sold many an item at a small loss,simply to either gain some storage space or I was bored of it, but I've also snagged some bargains on here so theoretically I'm still ahead...

 

[Scootermuppet]

Yes, see what you mean - it's a game of two halves etc...

Here's an example:

My full tube of Silver 2021 Britannias, to break even I'd need £26 a coin - no way I'm getting that on here, so would have to sell at a loss to convert to cash quickly 🤷‍♂️

[James32]

Just now, Scootermuppet said:

Yes, see what you mean - it's a game of two halves etc...

Here's an example:

My full tube of Silver 2021 Britannias, to break even I'd need £26 a coin - no way I'm getting that on here, so would have to sell at a loss to convert to cash quickly 🤷‍♂️

You would, but if you then went straight back on the sales page and picked up a 1oz krug like helping hands sold at £1507 you have clawed most of that back compared to a dealer... 

It boils down to how you also value your time, break the tube into singles on ebay and you will achieve approximately £28+ a coin but who is paying you for all those trips to post office? 

Could always just put the tube away for the future until spot price is in your favour? Its paid for and won't take up much room.

[Scootermuppet]

1 minute ago, James32 said:

You would, but if you then went straight back on the sales page and picked up a 1oz krug like helping hands sold at £1507 you have clawed most of that back compared to a dealer... 

It boils down to how you also value your time, break the tube into singles on ebay and you will achieve approximately £28+ a coin but who is paying you for all those trips to post office? 

Could always just put the tube away for the future until spot price is in your favour? Its paid for and won't take up much room.

Yeah, rapidly coming to that conclusion... shall go away and sulk that I can't have a 1oz Coin yet 😏 😁 - but at least I have a Tube of Brits! 

...oh, and a 2oz Tudor Beasts Lion Proof that no one wants 🤣

[James32]

7 minutes ago, Scootermuppet said:

Yeah, rapidly coming to that conclusion... shall go away and sulk that I can't have a 1oz Coin yet 😏 😁 - but at least I have a Tube of Brits! 

...oh, and a 2oz Tudor Beasts Lion Proof that no one wants 🤣

🤣🤣🤣

That's exactly right, you have a full tube of coins that are yours, spot will go up again. Sometimes we get sidetracked on what we could have instead of appreciating what we do have ( I do it every day lol) that tube did not come easy and didn't happen overnight. neither will the rest,but like the tube has proven, it will happen. 

[Stuntman]

2 hours ago, Paul said:

You couldn't go wrong with a double sovereign for this year 2022 platinum jubilee, unique design - thats a happy balance and a suitably weighty coin and wont be too dear over spot  

I fully agree with this.  I love a bullion double sovereign.

[Paul]

@Scootermuppet there is no shame at all in just buying 'whatever' if the best deal on day of purchases. I've bought single coins, gold bars, graded coins, sheets of coins, proofs, bars, all dolly mixture. But I know at the day of purchases it was the best deal I found that day. There are deals out there 24-7 always just buying value/from the best deal of the day will mean you never overpay but you will have a hotch potch of everything. If you are up for selling flipping and trading on feebay here or FB groups this is where you learn networks, contacts etc. 

More you do something, more you learn. You'll mistakes along the way, and making mistakes is part of life but it's the learning from mistakes that's the key. that lets you easily never be emtional to a deal as just like buses there'll be another one along in a minute 

[Scootermuppet]

I tend to go for things I like, not necessarily just 'the deal of the day' - back to the Retail Therapy thing...

Not sure if I'd have the time to list the things I could pick up on here on eBay alongside the business at the minute, but when it's quieter perhaps 🤔

Interesting thought, and to be fair I used to buy 'unloved' guitars on eBay etc and being them back to life then move them on - never lost money on any of them, and the time I put in was really enjoyable... Could do similar with PMs I guess 🤔

Would be interesting to start with a set amount of money and see how much I could turn it in to... Food for thought, thanks Paul 👍

[Paul]

45 minutes ago, Scootermuppet said:

I tend to go for things I like, not necessarily just 'the deal of the day' - back to the Retail Therapy thing...

Not sure if I'd have the time to list the things I could pick up on here on eBay alongside the business at the minute, but when it's quieter perhaps 🤔

Interesting thought, and to be fair I used to buy 'unloved' guitars on eBay etc and being them back to life then move them on - never lost money on any of them, and the time I put in was really enjoyable... Could do similar with PMs I guess 🤔

Would be interesting to start with a set amount of money and see how much I could turn it in to... Food for thought, thanks Paul 👍

Know your niche, learn your niche

If you can find an edge in your area of interest that can turn you a profit it's a win win , brilliant 

It wasn't always the case for me but I've learnt and now what ' I bought at a best price on the day deal'  is always available and on sale if it yields a profit or positive steps forward 

The idea of a perpetual stack always being on sale, to be replaced by the next ' best deal ' that come along will springboard you up, if you're up.for the wheeling dealing involved 

[Scootermuppet]

Don't mind a bit of wheeler dealing - as long as I have the time ☺️

[Bigmarc]

4 hours ago, Scootermuppet said:

Thank you all for your comments - they've been useful - and in some cases given me a smile 😁

Have been doing my sums for outgoings for next month, and it looks like I'll have to shelve my plans of 1oz ownership for a while longer 😭

Scaling back to a Sovereign or two - still a nice decision to make over what to get, but a little sad that I'll not be able to do it just yet...

I've been like that for years, the only way I can buy any gold and silver is through side hustles.

[Paul]

Every little helps. Any step forward is a positive step

[Bigmarc]

21 minutes ago, Paul said:

Every little helps. Any step forward is a positive step

If you have lots of little projects on the go it can be quite surprising how quickly the money accumulates. The trick is to keep it completely separate from life's expenditure and the number one piece of advice on that part is get your missus on board and in the right mindset that this money ends up as gold and not a holiday in the Bahamas. 

[Paul]

8 minutes ago, Bigmarc said:

If you have lots of little projects on the go it can be quite surprising how quickly the money accumulates. The trick is to keep it completely separate from life's expenditure and the number one piece of advice on that part is get your missus on board and in the right mindset that this money ends up as gold and not a holiday in the Bahamas. 

Why buy the cow, when you can get the milk for free ?!

[Scootermuppet]

43 minutes ago, Bigmarc said:

I've been like that for years, the only way I can buy any gold and silver is through side hustles.

I’m lucky enough (or not, depending on your viewpoint!) to be self employed, so not on a fixed income - which is great in the good times!

but yes, multiple income streams are always a bonus 👍

[Scootermuppet]

21 minutes ago, Bigmarc said:

If you have lots of little projects on the go it can be quite surprising how quickly the money accumulates. The trick is to keep it completely separate from life's expenditure and the number one piece of advice on that part is get your missus on board and in the right mindset that this money ends up as gold and not a holiday in the Bahamas. 

Another reason to enjoy being single 😏 - and like Paul, not a bad cook, not into going to the pub much either tbf or eating out, so minimal outgoings generally- a good time to build up some wealth, albeit a bit late in life by conventional standards 🙂

[James32]

8 minutes ago, Scootermuppet said:

Another reason to enjoy being single 😏 - and like Paul, not a bad cook, not into going to the pub much either tbf or eating out, so minimal outgoings generally- a good time to build up some wealth, albeit a bit late in life by conventional standards 🙂

Has Paul had you round for dinner?😅

[Scootermuppet]

3 minutes ago, James32 said:

Has Paul had you round for dinner?😅

😂 just going by his previous comments, but I’m always up for nice grub 😁 - Forum meet up and scoffing session anyone? 🤔 🥧🥧🥧

[Bigmarc]

2 hours ago, Scootermuppet said:

Another reason to enjoy being single

I pay more than 1oz of gold per month in nursery fees.

[Roy]

Ouch! Is that what it is nowadays? Robbery.

Do you not have grandparents or nieces who could step up?

(perhaps I've lived in Asia too long 🤔)

[Bigmarc]

37 minutes ago, Roy said:

Ouch! Is that what it is nowadays? Robbery.

Do you not have grandparents or nieces who could step up?

(perhaps I've lived in Asia too long 🤔)

Two kids Roy and the price has come down a bit. All free in 6 months so counting down the days. 

[RDHC]

11 hours ago, Stuntman said:

I fully agree with this.  I love a bullion double sovereign.

Yes, now that I consider one more closely  I can entirely see your point. The extra diameter even more than the slight increase in thickness makes it an attractive coin. You get more Lion and Unicorn to look at. And I see that the 2002 equivalent has considerably increased in value, which must be an encouraging precedent. However, be careful that you don't end up with the St. Helena 2022 knock-off double sovereign.

[Scootermuppet]

2 hours ago, RDHC said:

Yes, now that I consider one more closely  I can entirely see your point. The extra diameter even more than the slight increase in thickness makes it an attractive coin. You get more Lion and Unicorn to look at. And I see that the 2002 equivalent has considerably increased in value, which must be an encouraging precedent. However, be careful that you don't end up with the St. Helena 2022 knock-off double sovereign.

I shall do my due diligence 🙂 👍

[Stuntman]

@Scootermuppet - I've recently posted this photo on another thread, but it might also help you in terms of seeing the scale of various coins.

Top left - 1/4 oz UK gold bullion coins

Top middle - 1 oz UK platinum bullion coins; 1/4 oz and 1/2 oz UK gold bullion coins; bullion double sovereigns and bullion quintuple sovereign

Top right - bullion sovereigns

Bottom left - 1 oz UK gold bullion coins

Bottom middle - 1 oz UK gold bullion coins

Bottom right - 1 oz UK silver bullion coins, plus 1 oz bullion silver Krugerrand, Somalian Elephant and Niue Turtle

Enjoy your decision(s)...

Edited June 22, 2022 by Stuntman