Hi guys, looking to buy silver and GOLD cheaply but good quality - can i have some tips? I am in greater london

[shabs]

Hi guys, looking to buy silver and GOLD cheaply but good quality - can i have some tips? I am in greater london

 

thank you.  I might go to my local shop today to see if i can get some coins?  

I hear jelwery is not very good,   -- I wish i could afford bars?  but maybe coins are cheapest? 

thanks

any advice ? tips most welcome as i am new to buying gold and silver! need an inflation hedge and to protect any money i have

[Orpster]

If your new to stacking pm's then be careful chasing after cheap deals on places like eBay.

You will need to pay market rate, there is not really any such thing as cheap gold and silver unless you know what your looking for and are willing to spend the time trailing around antique fairs, carboots and smaller jewellers.  Coins are your safest bet likely gold sovereigns or Britannia's and 1oz silver coins.  Tavex, Chards and Hatton Garden Metals are the current go to dealers though there are many more, Sharps Pixley, Atkinsons, Gerrards etc.  If you buy on here which will generally be cheaper than the dealers stick to established sellers until you get more confident in what your buying.  You will need to buy a membership otherwise you cannot see sales posts for 3 days and the rest of us will have had all the bargains in that time.  Alternatively you can stick up a wanted post but most sellers will only bother responding if you state exactly what your looking for and what you want to pay, or they have traded with you before.  If you post and your price is unrealistic you will know, no one will bother messaging you or likely even replying to your post  

Good luck

[Happypanda88]

Welcome to the forum.

Have a look on the Buy & Sell section to check on prices of sales items. You might found something you like. 

If you are serious about buying precious metals on the forum, then I suggest paying for Silver Membership where you will be able to see sales items immediately. Otherwise, as a non-premium member you will only see sales item after 72hours. By which time, any good deals would have long gone. All the best on your new found interest.

[ShineyMagpie]

Hello, and welcome to the forum. As others have stated be care as with anything of value people try to fake, so buying from a reputable source helps against this especially if your new to collecting. Not knowing your budget makes it more difficult to suggest. There is a 3 simple items that can help you verify your items:

1)A pair of dial calipers to measure the size and thickness of coin (specifications avaliable online).

2) A set of accurate scales (not kitchen scales) that can measure to 0.01 of a gram, to measure weight of coins against specified.

3) A neodymium (rare earth) magnetic, great quick check for silver. 

Be aware of what spot prices are for gold and silver and that will help, local coin shop can be a great resource. Have fun ask more questions as you need, it's what the forum is for 🙂

[Pete]

Expect to pay spot +5% for gold ( 22ct and 24ct ) and spot + 50% for silver coins ( 999 silver ).
You may find silver cheaper from sellers on this forum but factoring in VAT and delivery you will likely pay £30 for a one ounce coin or bar unless buying a tube of 20-25.

As a newcomer to this addiction I strongly advise staying well away from anything on eBay that looks cheap.
Buy your first tranche of coins from well known dealers like Atkinsons, BullionbyPost, Chards, Bleyer, SilverTrader etc. or from a forum member with 100% feedback selling PMs.

Once you have the real product and understand specifications and can check them all, then if you feel inclined try out eBay BUT often prices can work out higher and you will frequently wonder if you bought a fake and the stress can outweigh the nominal perceived saving.

[motorbikez]

Quality costs money, cheap may not be the way to go. You get what you pay for is a good quote. That is not to say you can get the odd bargain, do some research & buy quality would be my advice.

[LawrenceChard]

5 hours ago, shabs said:

Hi guys, looking to buy silver and GOLD cheaply but good quality - can i have some tips? I am in greater london

 

thank you.  I might go to my local shop today to see if i can get some coins?  

I hear jelwery is not very good,   -- I wish i could afford bars?  but maybe coins are cheapest? 

thanks

any advice ? tips most welcome as i am new to buying gold and silver! need an inflation hedge and to protect any money i have

Sure.

It sounds like you need to move to Blackpool!

or..

you could read this...

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

😎

[shabs]

Hey Lawrence, yes I heard about chards.  I will look at their website.

Why do I need to move to Blackpool? haha.

- I went to a local shop today! they showed me a GOLD bar and coins.  I got the price 

but yes i need to look elsewhere too, to get best price

thanks

 

[Fenlander1]

Welcome aboard

[shabs]

Thank you so much!   i was trying to reply individually but not sure how to! 

thank you @Orpster and others on here who are telling me CHEAP not way to go .  I totally agree. and stay away from EBAY 

Thank you.  

[shabs]

Also, guys can I ask, when you buy GOLD and SILVER is to hedge against CURRENCY DEVALUATION?  I am doing it for that. 

I know some are into COLLECTING GOLD AND SILVER as a hobby. 

 

- My question is, --- say if things get really bad, I heard we may not be able to sell the GOLD and SILVER or get fair value? (any thoughts on that)? if thats the case, stay in Fiat?

 

thank you

[ChrisSilver]

Hello and welcome to The Silver Forum  

[ShineyMagpie]

1 hour ago, shabs said:

 GOLD and SILVER is to hedge against CURRENCY DEVALUATION?  My question is, --- say if things get really bad, I heard we may not be able to sell the GOLD and SILVER or get fair value? (any thoughts on that)? if thats the case, stay in Fiat?

Yes some people collect for just hobby, if your doing it purely to hedge against inflation, you have also then kind of said what sort of thing you want to collect. You do not want special release coins or numismatics coins. You want to try and buy as close to spot as possible for your transaction gold +3/5% depending on size of item silver will be more due to VAT etc so potentially spot plus 50%

As for the not being able to sell, we'll if there is complete currency collapse that is a potential, but then what would you want the fiat money for anyway? What can happen is people need to sell gild/silver due to unexpected bill and have no fiat money so may not get desired price due to needing money now.

One thing i can say is, Nothing is certain everything has an amount of speculation to it. If it was guaranteed everyone would do it.

Not financial advice just my thoughts on the matter

[daca]

Welcome aboard and enjoy the ride!

[shabs]

@dacacheers Daca -- feel free to reach out and chat about this stuff ! :)--  as i want to learn! 

[shabs]

@ShineyMagpieare coins or bars closer to spot value?  --- and which holds more value?   

- If i buy closer to SPOT VALUE, does that mean, the gold or silver is less valuable when coming to re-sell it

- mind you, i probably won't sell, just hold. but you never know. 

 

Thanks Shiney

[ShineyMagpie]

@shabs Hi there are several thibgs to consider, its not a straight forward yes / no answer. 

So sometimes bars can be cheaper to buy than coins (not always) some people only only stack coin or bar, some both its all preferences. Depending on your intentions UK gold coins are CGT exempt which can affect some peoples decisions on what they want to get. 

Buying close to spot means you are targeting "bullion" coins, not proof or special editions. This could be considered heading towards numismatics. Bullion is worth its weight in precious metals, numismatics coins have a high premium over spot and are for "collectors".

I'm para phrasing and potentially over simplifying slightly, but hopefully this gives you an idea, so you can do some of your own research before committing to what you want to buy.

Happy to voice my opinions, but they are just that.

[shabs]

@ShineyMagpie thanks Shiney.   looks like i should focus on UK sovereigns - are other country sovereigns also CGT? or just UK? I am UK resident. 

 

- I don't want to be a numismatic, as dont want to pay premium?  - So I guess im just looking for coins or bars --- UK Sovereigns are better.  

- I did go to my local Gold shop and did see some coins. They also said, i can leave my name and number and a REQUEST and they can call me when they have what I need in stock? 

- They also have a website and said , i could check online to see what i like and they can order it in.  this is one of the shops i went to: https://est1897.co.uk/pages/about-us

thanks again Shiney!

 

[Orpster]

40 minutes ago, shabs said:

this is one of the shops i went to: https://est1897.co.uk/pages/about-us

That's a pawnbroker on the high street with an online store (names are different, cant remember the pawnbroker name but they usually have like bank counters inside), they are a bit expensive for sovereigns matey I would avoid.
Use Chards, Tavex, Gerrards, ATS, Atkinsons, Hatton Garden Metals, Britannia etc.  If you buy a premium membership there is a price comparison tool on the forum that gives you current prices at dealers

[ShineyMagpie]

39 minutes ago, shabs said:

or bars

Bars may have a lower premium sometimes, however they are not CGT free.

40 minutes ago, shabs said:

are other country sovereigns also CGT

No & yes. CGT rules apply as the coins are uk legal tender. An sovereign that was minted in SA (South Africa) while technically could be classed as foreign would still be CGT free. However Coins (including pre- 1837 sovereigns) which are not legal tender are not currency therefore not CGT exempt.

[shabs]

@ShineyMagpie thanks Shiney.   ok, so depends if the coin is legal tender.  - so make sure coin is LEGAL TENDER , and should be ok

ok guys, what membership would i need here? the basic silver one ? just want to buy small silver and gold , maybe at best price as protection

 

 

[Silverlocks]

1 hour ago, shabs said:

@ShineyMagpie thanks Shiney.   ok, so depends if the coin is legal tender.  - so make sure coin is LEGAL TENDER , and should be ok

ok guys, what membership would i need here? the basic silver one ? just want to buy small silver and gold , maybe at best price as protection

 

 

Get a silver membership at a minumum - without a paid membership, access to listings is delayed 3 days, which means most will be gone by the time you see them.

 

 

[ShineyMagpie]

2 hours ago, Silverlocks said:

access to listings is delayed 3 days

@shabsBut which time the "good deals" will likely have sold already.

[shabs]

@ShineyMagpie @Silverlocks  so are you saying, i can buy cheaper GOLD and SILVER, (legal tender) ---- Britannia or sovereigns here??

  -- i was going to try, https://www.chards.co.uk/       - I was going to call them this week and then see their website to see what they have that might be of good to me.

 

 

[Silverlocks]

5 minutes ago, shabs said:

@ShineyMagpie @Silverlocks  so are you saying, i can buy cheaper GOLD and SILVER, (legal tender) ---- Britannia or sovereigns here??

  -- i was going to try, https://www.chards.co.uk/       - I was going to call them this week and then see their website to see what they have that might be of good to me.

Quite often you can buy coins here cheaper than a dealer.  In practice, you will need an account in order to see new listings, which is just a few quid a month.

You'll have to be on the ball, though - there are some pretty quick hoovers ready to pounce on the good deals.

 

Edited January 11, 2023 by Silverlocks