Newbie introducing myself (and asking if now's a good time to buy gold!)

[sixgun]

2 minutes ago, flyingveepixie said:

Most people on here in fact own no precious metals at all and boating accidents are very common!

😝

This is true - indeed we are a sad crew - we pretend we have precious metal when in fact we are penniless paupers. i have lost count of the number of tragic boating accidents i have suffered, it has given me PTSD.

[GoldDiggerDave]

9 hours ago, katyc said:

Hi everyone 👋

I've been hanging around like a quiet little creep for a few weeks now and have just this minute activated Silver Membership. So I thought I'd pluck up the courage to create a post. I'm a beginner/newbie who's read several books, got to grips with economics and invested a considerable amount in physical silver and gold over the last month or two. I also took what I consider a small "gamble" on platinum - but just 2oz of that for now. I have been mostly buying silver due to the ratio situation, solar energy etc and am aware it is considered more risky than gold.

I want to purchase more gold (just 2 or 3oz for now) but am reluctant at the current price as it looks like it could be due a drop (even though inflation is an imminent huge driver of the price). Could you share your opinions on whether I should go for it or wait in hope for a drop? (I realise we'd need a crystal ball for a precise answer - but am interested to hear your views).

I have a small portfolio of 10 properties (which were bought thanks to being an eBay and Amazon seller. Although it took about 13 years of relentless work and stress to get there). My day job (pre 2006) was in accountancy, which I've found really useful when getting involved in retail & investing. Currently I am taking a break from buying property because I feel the stress is taking it's toll on my health/happiness (plus house prices are not ideal at the moment). Thus - the perfect opportunity to buy precious metals! All it does is sit there - no work required - what a dream! I'm happy to hold for 1 year, 10 years, 20 years - whatever really - so it's progression in value shouldn't cause me much stress (touch wood!) - but I'd like to be sure I'm not purchasing at what's considered a really high price which could deflate for years. I also believe that property and gold generally work in opposite trends to each other - so I'm balancing my risk and (hopefully) covered for all situations.

So, that's me 😊. Please say hello and break me in gently! 😬

Hi Katyc,   Glad to have you onboard, I hear you about work and stress and happiness.   Pointless having more 1's and 0's in the bank account if you are stressed and not happy.   I've well and truly had my mid life crisis and taken life changing steps to re evaluate my life.     I was in a very well paid job but it made me sick with stress even though I did not see it at the time........Strange schools, eduction as a whole never teaches us to be happy and content, I live by one rule now I will only do the things I love and that make me happy, life if too short doing things that are toxic for our health and well-being. 

On to Gold, you will wait for ever for the optimum time to buy gold of course do your homework a simple rule I ask myself can I comfortably afford to buy it?  If you can comfortably afford to buy it thats the best time especially if you are holding for a few year as it averages out over time.   Without hesitation the 2022 bullion sovereign is a gift either full or doubles these are purely and investment bullion product but are likely to hold some additional premium over the spot price going forward if they are like the other special year reverse bullion sovereigns.

Hope it all goes well for you,

Dave 

 

 

 

 

[Orpster]

Hi and welcome,

You will have realised already despite this being the SILVER forum there are as many if not more gold bugs than silver enthusiasts.  If you intend to continue stacking silver you will find it considerably cheaper on here than anywhere else.  Lots of full tubes around the £550 mark.  Silver is a speculative investment for me and I do not buy it in quantity, but hold some just for diversity.

I don't ever stress about where spot is at, I buy what Gold I can when I can afford it, maintaining my cost average as others have already mentioned, but I also make sure I have a reserve of fiat just in case of emergencies.  You only lose on Gold when you sell it and mine is for the long term.  I do sell on here but generally only to fund larger purchases of different PM's.  There are multiple others who do the same as well as a lot of dealers who will sell on here too.  If gold follows the same pattern as in previous recessions it should dip when things start getting bad, but then there is little typical about how markets have been in the past few years.  Without a crystal ball I think it is anyone's guess.  But personally I think any dip will be short lived.

 

 

[JamesH]

Good morning @katyc and welcome. I too am fairly new to the world of gold/silver having only started out with a few 2022 sovs from the Royal Mint, before I found this place. I have a game plan re annual targets to aim for in both gold and silver though that has already shifted far more heavily towards gold, the more I’ve read and learned from others far more knowledgable than I, on this forum. I too plan to buy on a semi regular basis and average things out over a longer period of time but I warn you now, be careful, there are so many new shiny things being put up for sale on here at great prices that I’ve already bought more than I’d planned to at this point in my stacking adventure. Like others have already said, I too am focusing on sovereigns, 1/4 oz gold coins and the odd full oz when finances allow. Good luck to you and enjoy the show!

[dragafem]

Welcome aboard! There is always a good time to buy gold,always:)

[Happypanda88]

2 hours ago, sixgun said:

This is true - indeed we are a sad crew - we pretend we have precious metal when in fact we are penniless paupers. i have lost count of the number of tragic boating accidents i have suffered, it has given me PTSD.

 

Speak for yourself. I still got my stack. It is hidden away in the secret compartment of my boat. 

It is so safe and secure that I reckon no one will be able to find it. For that reason, I named my boat No Worries !  😁

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[sixgun]

24 minutes ago, Happypanda88 said:

 

Speak for yourself. I still got my stack. It is hidden away in the secret compartment of my boat. 

It is so safe and secure that I reckon no one will be able to find it. For that reason, I named my boat No Worries !  😁

I'd start worrying - looks like No Worries got towed away.

[LawrenceChard]

12 hours ago, James32 said:

Welcome aboard firstly 🙂

If happy to hold longer term "5 to 10 years" then buying now isn't a cause for concern. Can price's drop short term? Of course and it's a strong possibility, but the whole idea of buying precious metals is..cost averaging. But an oz of gold now at £1500 and say it drops next week to £1400?? Buy another oz. Now you are only exposed £50 rather than £100.

Basically if you spread your buying out,you will be safe long term, rather than jumping in and buying everything at once.

Now that you have a membership you will get access to deals posted instantly, so you will save a considerable amount compared to buying from dealers online. But reputable dealers do have a place also, new releases and for certain items you need for a collection, a few I'd recommend but not limited to are...

Chards.co.uk 

Atkinsonsbullion.com 

ATSBULLION.COM 

Bleyerbullion

sharpspixley.com 

 

In order of quality, price, and excellence of course.

Although 2nd to 5th places appear to be alphabetical!

😎

[LawrenceChard]

14 hours ago, katyc said:

Hi everyone 👋

I've been hanging around like a quiet little creep for a few weeks now and have just this minute activated Silver Membership. So I thought I'd pluck up the courage to create a post. I'm a beginner/newbie who's read several books, got to grips with economics and invested a considerable amount in physical silver and gold over the last month or two. I also took what I consider a small "gamble" on platinum - but just 2oz of that for now. I have been mostly buying silver due to the ratio situation, solar energy etc and am aware it is considered more risky than gold.

I want to purchase more gold (just 2 or 3oz for now) but am reluctant at the current price as it looks like it could be due a drop (even though inflation is an imminent huge driver of the price). Could you share your opinions on whether I should go for it or wait in hope for a drop? (I realise we'd need a crystal ball for a precise answer - but am interested to hear your views).

I have a small portfolio of 10 properties (which were bought thanks to being an eBay and Amazon seller. Although it took about 13 years of relentless work and stress to get there). My day job (pre 2006) was in accountancy, which I've found really useful when getting involved in retail & investing. Currently I am taking a break from buying property because I feel the stress is taking it's toll on my health/happiness (plus house prices are not ideal at the moment). Thus - the perfect opportunity to buy precious metals! All it does is sit there - no work required - what a dream! I'm happy to hold for 1 year, 10 years, 20 years - whatever really - so it's progression in value shouldn't cause me much stress (touch wood!) - but I'd like to be sure I'm not purchasing at what's considered a really high price which could deflate for years. I also believe that property and gold generally work in opposite trends to each other - so I'm balancing my risk and (hopefully) covered for all situations.

So, that's me 😊. Please say hello and break me in gently! 😬

It won't help you much if I say it would have been better to buy gold in 1964, or 1999.

Nobody really knows whether the current gold price is too high, but I would rather be long than short.

Gold is a better bet than silver mainly because of the VAT.

This advice guide might be helpful:

https://www.chards.co.uk/blog/advice-guide-for-uk-bullion-investors/1041

"https://www.chards.co.uk/blog/advice-guide-for-uk-bullion-investors/1041"

If you survived ebay for 13 years, then TSF will feel like heaven.

😎

 

Edited August 26, 2022 by LawrenceChard

[LawrenceChard]

12 hours ago, CANV said:

well you can hide em everywhere.. everyone in the UK loves em and they are at the perfect price pinch point. .  ounces are a bit expensive for most and fractional  Britannia and krugs etc attract a bigger premium. 

if you just want bullion gold in the uk they cant be beaten.   

but after a while you will fancy a gold bar, or a silver engelhard.   we all get sucked in.   

 

sovs are the bench mark. 

With the possible exception of 2022 Gold Double Sovereign Bullion Coins at the moment?

😎

[modofantasma]

6 minutes ago, LawrenceChard said:

Silver is a better bet than gold mainly because of the VAT

Is that a typo? 🤔🤔🤔 

[katyc]

4 hours ago, sixgun said:

@katyc - is this Katy C?
Are you are woman? - by that i mean adult human female.
To avoid any claims of non disclosure and despite the avatar image i am an adult human male.
i ask the question out of some curiosity b/c the vast majority of members here are men - it appears to me to be one of the differences between the sexes - men collect precious metal coins and bars whilst women don't. It would be good to see more women here - but i must warn you that the language can be uncouth at times.
We have had a few women members but in my experience they are few and far between.

You can set the UK trade forum to send you an email whenever a new post appears - these emails were a bit slow to reach my email box in the past but i think they are pretty quick these days.

My view is that the economy is sliding into an abyss. i have said this for months - if not years. In reality there has been a recession since 2008. Property prices have been pumped up by off the scale immigration, cheap credit and foreign money coming in. Personally i have seen a number of boom and busts in property so the potential for a bust in UK property prices seems more than an off chance in my mind. If i had 10 properties i would be looking to sell some whilst i could. There might be a whole lot of tax and other reasons a person would not want to do that but i do see property prices coming down as the recession bites and interest rates climb. Property prices are set at the margins - it does not need too many forced sales and bank 'repossessions' for a snowball tumble to take place (not that the banks ever actually possessed the property or the currency they allegedly lent).

As far a buying gold - i would buy small coins not ounces - get sovereigns instead - they are easy to sell come the day you decide to.

If you want a yield on gold and silver you might look at https://kinesis.money - i am something like a founding member. The project has been slow to get going but is now starting to get into gear. Last Friday the Jakata Futures Exchange listed the KAU - this is the gold token which is title to ownership of 1 gram of vaulted gold. This is the start of a series of projects in Indonesia, some with the Indonesian government. 

I am indeed female. But I'm a northerner so please do throw your uncouth language my way! I'm finding the forum (mostly) really friendly and love that people are happy to help each other. I guess it's because we are like-minded and interested in the same thing. Us landlords get a bad rap - but we are also grafters who love to help each other (it's a tiny minority and exaggerated TV shows that give us a bad name!) But other forums (e.g. Amazon sellers) always have a few unkind keyboard warriors which prevent me wanting to contribute. So I didn't speak up on The Silver Forum until now (after stalking you all for a few weeks and realising you're a nice bunch that don't bite😆)

I also feel we have never left the 2008 mess (the low interest rates and masses of quantitative easing says it all) and I also think there is an impending large drop in property value coming - who knows whether in 6 months or a few years time. Thankfully I purchased all properties before the hikes over the last few years so am happy to ride out the dip as long term they're amazing investments (but not for 5-10 years is when I'll see the rewards - it's a loss for many years thanks to Stamp Duty, refurbs etc). Also, when house prices crash more people want to rent.

I'm going to go mostly for sovereigns as you have all suggested and will set alerts for new posts - thanks for the tip! I've also saved that link and will check it out this evening 😊

[katyc]

4 hours ago, flyingveepixie said:

Hi @katyc  You're not alone, lots of others (including me) did exactly the same thing before discovering the forum.  Going forward I'll now only consider gold rather than silver. With what I spent on premiums and vat buying silver as a newbie before joining the forum I could probably have had at least a couple of sovereigns more than I have..never mind, we live and learn.

I suggest watching Mike Maloney's "Hidden secrets of money" series on youtube.  There are 9 episodes which explain the economics of currency and pms very well. It's a fascinating watch and a real eye opener although I admit I skipped the episode about crypto.

Why sovereigns?   Because they are lauded as "the worlds favourite coin" and very easy to move if you need to resell.

I wonder what you call a secure location..?   You could always get a safe...  

Most people on here in fact own no precious metals at all and boating accidents are very common!

😝

I do have a small safe (where I keep property keys). I was thinking the dogs bed mentioned earlier is a better idea because the farts that come out of my dogs arses.... NO ONE will go anywhere near there!

[katyc]

4 hours ago, GoldDiggerDave said:

Hi Katyc,   Glad to have you onboard, I hear you about work and stress and happiness.   Pointless having more 1's and 0's in the bank account if you are stressed and not happy.   I've well and truly had my mid life crisis and taken life changing steps to re evaluate my life.     I was in a very well paid job but it made me sick with stress even though I did not see it at the time........Strange schools, eduction as a whole never teaches us to be happy and content, I live by one rule now I will only do the things I love and that make me happy, life if too short doing things that are toxic for our health and well-being. 

On to Gold, you will wait for ever for the optimum time to buy gold of course do your homework a simple rule I ask myself can I comfortably afford to buy it?  If you can comfortably afford to buy it thats the best time especially if you are holding for a few year as it averages out over time.   Without hesitation the 2022 bullion sovereign is a gift either full or doubles these are purely and investment bullion product but are likely to hold some additional premium over the spot price going forward if they are like the other special year reverse bullion sovereigns.

Hope it all goes well for you,

Dave 

 

 

 

 

Hi Dave and thank you for your kind comments. I'm already shopping for sovereigns as we speak thanks to the suggestions on here 😊

[LawrenceChard]

14 minutes ago, modofantasma said:

Is that a typo? 🤔🤔🤔 

Thanks for spotting that.

the quick answer is "YES", but a better answer might be brain misfunction!

😎

[LawrenceChard]

5 hours ago, Happypanda88 said:

You mention you own a lot of properties so why bother tinkering with PMs

I was left somewhat bewildered when I read this comment. So people with a lot of properties should not bother buying PMs ?! 🤔 

 

He probably imagines that owning 10 properties makes you a multi-trillionaire, so your main worry should be how to spend it all, and avoid inheriitance tax!

😎

[katyc]

2 minutes ago, LawrenceChard said:

He probably imagines that owning 10 properties makes you a multi-trillionaire, so your main worry should be how to spend it all, and avoid inheriitance tax!

😎

I wish! Tens of thousands at loss at the moment (bought them all over a period of about 4 years), however property is guaranteed to pay off (usually) within appx 10 years (unless the population massively decreases but I guess all investments come with a bit of a gamble 🙃)

[flyingveepixie]

2 minutes ago, katyc said:

I wish! Tens of thousands at loss at the moment (bought them all over a period of about 4 years), however property is guaranteed to pay off (usually) within appx 10 years (unless the population massively decreases but I guess all investments come with a bit of a gamble 🙃)

Capital gains tax...

[katyc]

Just now, flyingveepixie said:

Capital gains tax...

I purchased them in a company (due to a ridiculous tax rule they introduced around 2016 called Section 24) - so it's corporation tax instead of capital gains tax which is lower I believe (but I lose out in other ways - as you're double taxed on profits then dividends in a company 🙄). I guess my goal will be to sell the company as a "package" one day. Meaning a huge tax bill but there will be some benefits (e.g. entrepreneurs relief perhaps - but things change all the time and I'd have to get a professional to help me there as it's all over my head).

[modofantasma]

8 minutes ago, katyc said:

Tens of thousands at loss at the moment (bought them all over a period of about 4 years

Do you mind sharing what period this was? I've only been buying houses the past 10 years but can't figure out how you'd be at a loss especially where current prices are?

Appreciate you might not want to disclose in public or to a stranger on the internet in general but feel free to pm also 

[LawrenceChard]

5 hours ago, sixgun said:

@katyc - is this Katy C?
Are you a woman? - by that i mean adult human female.
To avoid any claims of non disclosure and despite the avatar image i am an adult human male.
i ask the question out of some curiosity b/c the vast majority of members here are men - it appears to me to be one of the differences between the sexes - men collect precious metal coins and bars whilst women don't. It would be good to see more women here - but i must warn you that the language can be uncouth at times.
We have had a few women members but in my experience they are few and far between.

As far a buying gold - i would buy small coins not ounces - get sovereigns instead - they are easy to sell come the day you decide to.

 

If he wants you to PM him with photos, don't do it! 😎

... and possibly don't look at my atavar.

"the language can be uncouth at times"

Some of it does get filtered out by the TSF Auto-Censor, so Tom **** and Harry had to leave along with **** Whiitington and his cat. Some four-letter words still get through though, like "ebay"!

Sovereigns or ounces? 

It's a lot quicker and easier to count 1,000 ounces than 4,000+ sovereigns.

If you owned a large herd of cattle, would you count the legs then divide by 4?

😎

[modofantasma]

2 minutes ago, katyc said:

I purchased them in a company (due to a ridiculous tax rule they introduced around 2016 called Section 24) - so it's corporation tax instead of capital gains tax which is lower I believe (but I lose out in other ways - as you're double taxed on profits then dividends in a company 🙄). I guess my goal will be to sell the company as a "package" one day. Meaning a huge tax bill but there will be some benefits (e.g. entrepreneurs relief perhaps - but things change all the time and I'd have to get a professional to help me there as it's all over my head).

Few options  but why sell them? Presumably they'll be cashflowing positively find someone to manage everything who does a decent job you've done the hard bit of getting them 👍🏼

[LawrenceChard]

5 hours ago, flyingveepixie said:

Hi @katyc  You're not alone, lots of others (including me) did exactly the same thing before discovering the forum.  Going forward I'll now only consider gold rather than silver. With what I spent on premiums and vat buying silver as a newbie before joining the forum I could probably have had at least a couple of sovereigns more than I have..never mind, we live and learn.

I suggest watching Mike Maloney's "Hidden secrets of money" series on youtube.  There are 9 episodes which explain the economics of currency and pms very well. It's a fascinating watch and a real eye opener although I admit I skipped the episode about crypto.

Why sovereigns?   Because they are lauded as "the worlds favourite coin" and very easy to move if you need to resell.

I wonder what you call a secure location..?   You could always get a safe...  

Most people on here in fact own no precious metals at all and boating accidents are very common!

😝

Agreed, except I think Maloney is Baloney, but you will find a healthy range of opinions here on TSF.

😎

[katyc]

Just now, modofantasma said:

Do you mind sharing what period this was? I've only been buying houses the past 10 years but can't figure out how you'd be at a loss especially where current prices are?

Appreciate you might not want to disclose in public or to a stranger on the internet in general but feel free to pm also 

Just a trading loss - for now I mean. So, for example - buy a house for 100k, pay 25k deposit andspend 10k refurbing, stamp duty, legals etc. So that property takes a good few years to make a profit. I then repeated that process (bought more houses) over 4 years - hence currently at something like 40k loss. But as I'm not buying anymore and taking a break from it for a few years + rents are now coming in - then the loss probably will less than half that next year, then hopefully be in profit the year after. These are random numbers and not exact - but just as an example to explain the situation. If I was to sell the properties now I'd make a gain as they've gone up in value. But capital appreciation doesn't affect trading profits until I sell, hence isn't much use until then. Hope that better explains it 🙂

[katyc]

6 minutes ago, modofantasma said:

Few options  but why sell them? Presumably they'll be cashflowing positively find someone to manage everything who does a decent job you've done the hard bit of getting them 👍🏼

Selling is not anything I'd be looking at doing for a long time. The properties are effectively for my pension (in 25 years of working I never took out a pension in any jobs. Many think I'm foolish - and they're probably right. But I think "if I invest, say 40k to a pension today - then won't that be the equivalent of about 2 pence in 25 years - so why bother?" (of course that's a narrow and uneducated assumption - but essentially, this is why I decided to buy property for my pension 😊). I'm 42 now so intent to hold for at least 20 years.

Edited August 26, 2022 by katyc