New Member... Am I on the right path?

[MoonMeander]

New member here and very new on my precious metal journey (in that I own none right now).

I am looking to diversify a little and put some money into gold and perhaps even do a bit of collecting once I gain a bit more knowledge of what I like etc. I have been doing a bit of reading and just have a few questions...

 

I am looking at starting off with a small amount (£500-£1000) initially and have been looking on Royal Mint at the Britannia and Sovereigns. I assume these are a good place to begin due to their liquidity?

Is Royal Mint a good place to buy or is it generally overpriced? I was looking on Chards and their 1oz Britannia for example is slightly cheaper?

The Sovereigns seem to be 916.67 and the Britannia 999.9. I assume the gold price of £1549 per Oz is based on 999.9? Is there a correlation between the sovereigns and Britannia prices though?

 

As I said, very new so any tips/pointers for a newcomer would be welcome as it seems there is a lot of experience in here.

[ChrisSilver]

As it’s your first topic and you mention that you are a new member I’ve moved your topic to the ‘Welcome new members’ section of the forum.

Hello and welcome to The Silver Forum  

[Norskgeld]

You can't go wrong with Brits and Sovs.

I find Hatton Garden Metals have the cheapest prices on many coins.

Shop around and you will find the cheapest/best for you.

Atkinsons, Chards, HGM, Sharps Pixley, Bullion By Post, ATS Bullion are some of the most popular sites to look at.

Gold price is based on pure gold content so the 1oz price is based on 1oz of pure gold,

The websites will often have two weights displayed...Gross Weight (Total weight of coin) and Fine Weight (weight of gold in coin).

Prices of Sovs and Brits are based on gold content and premium added by the seller...this is how they make a profit along with buying back gold at a lower rate than they sell at.

Welcome to the Circus. 😁

[daca]

Welcome aboard and enjoy the ride!

[James32]

Welcome aboard 

[Gordy]

WELCOME...... i'd go for a couple of sovs to start you off with your current budget, get a membership on here to find the deals as soon as they are listed or you need to wait three days to see them, by that time the best deals are gone

sovs on here sell very quick so buy a really good hoover....

or at least the model above James and Katy!!!1

[Fenlander1]

Welcome the Tsf crazy train hang and enjoy the ride.

[ZRPMs]

Welcome. Lots of great info to be got from here. What @Norskgeld has said is good advice. I'd say get some sovereigns to dip your toes in as they are very liquid. Currently a little more premium on them than Britannia's, but shop around.

[codenamedtango]

Welcome to TSF, some really good advice above. Upgrading your membership is certainly worth it.

Edited January 7, 2023 by codenamedtango
Typo

[MoonMeander]

Appreciate all the advice and the websites to check out. Been doing lots more reading and browsing. Think I'd really like a 2022 Sov with it being the last QEII one ever.

 

Also... Another question I had. So gold is at £1543 per oz at time of writing.  A 1/10oz Britannia on Royal Mint is currently £190.33... is that a set price or if gold drops a little tomorrow will the price on their website be reduced to reflect this? So could that same coin be £189 tomorrow for example? Or does the pricing not change like that?

[James32]

2 minutes ago, MoonMeander said:

Appreciate all the advice and the websites to check out. Been doing lots more reading and browsing. Think I'd really like a 2022 Sov with it being the last QEII one ever.

 

Also... Another question I had. So gold is at £1543 per oz at time of writing.  A 1/10oz Britannia on Royal Mint is currently £190.33... is that a set price or if gold drops a little tomorrow will the price on their website be reduced to reflect this? So could that same coin be £189 tomorrow for example? Or does the pricing not change like that?

Spot price doesn't change from a Friday night to a Sunday night ( market closed) but in theory during the week, price should drop or climb in line with spot... Some dealers are quicker at reducing than others.