Time to pick ya brains folks, go easy on me.

[olddigger]

Total newb so once again excuse dumb questions.

1. From what I understand or rather don't..

it's hard to sell gold at the moment and there's bargains to be had, therefore it must be a great time to buy but prices are high, confused.

Few other questions.

1. Best place to store

1. with someone like chards, a safety deposit box or at home ? the insurance company want 2k per year to store aqt home. Or do you store at home and mums the word? 

I want to buy a fairly a large amount of mixed gold coins bars and silver bars. value aprox £150 k

Best place to buy and store silver bars,for favourable tax, switzerland?

Sooo much to learn. Metals seem like the way to go as far as storing wealth but the high price, unclear understanding of how things work and fear of making costly rookie mistakes is leaving me numb.

Cheers.

 

 

[ZRPMs]

With the caveat that these are my own rambling.

With gold at all time highs It seams quite expensive especially if you have a few years under the belt at buying gold & silver. When the price jumps as fast as it has, to keep folk buying what tends to happen is the premium lags the increase. This results in buyers trying to get things as close to spot or even under stop if they possibly can. As the market steadies the premium increases back to normal % above spot. 

I suppose the buyers with funds don't want to part with their funds for fear that the spot price will crash, Hence " it's hard to sell gold at the moment and there's bargains to be had, therefore it must be a great time to buy but prices are high," and the sellers, whilst they may get more this week than last week had they chose to sell, they feel that they could have got more as last week their sovereign was spot plus 3%, this week, it's spot.

In very volatile price periods, It pay's if you don't need to sell. Buyers try to factor in the risk of a price drop.

On the case of storage, A few ounces I would say is fine at home. £150k worth saver in a vault. First line of security though. When your in Precious metals club. You don't talk about Precious metals club. Tell no one.

Your in the right place though for some insight. The forum has done wonders for me. Made a few friend's, I think. Gleaned a good bit of info. get to chat with like minded folk. and managed to get some great deals. A paid membership is advisable as you will get to see the sales posts as they go live. Any deal worth having gets snapped up pretty quick. Also, From a personal stance my paid membership for the first month saved me my years membership in the deals I made.

Hope this helps.

[Orpster]

I have a small safe at home for anything I have recently bought or I am looking to sell but I generally use a safety deposit box that costs me £230 a year (the normal price is £285 but I signed up for an offer when I upgraded the size of the box) plus I pay a bit extra for higher insurance.

I used to have specific insurance for my coins through highworth insurance but have rolled it into my house insurance for the past couple of years as I keep very little at home and only for short periods, the specific coin insurance cost me circa £120 a year and it adds about £40 to my normal contents insurance now.  It does cut down on the choice of insurers as some will not cover coin collections or that sort of value in gold.

I have not found it hard to sell gold recently, I have sold around 5oz's during the recent spike, 3oz on the forum and 10 sovereigns directly to a dealer.  I have also sold a couple of graded premium pieces to collectors and used all the funds to buy gold that has not really been impacted by the spike because of the lower premiums on some items.  I have sold considerable (for me) amounts of gold on two occasions in the last decade (I use gold to store money and do not really see it as an investment) so I never really worry about selling having done it.  If your cheaper than the next guy, even if only slightly, and your price is fair in the prevailing market then it sells.  

 

[HonestMoneyGoldSilver]

For small amounts (< £50,000) try LV (Liverpool Victoria) insurance. They are the best one I came across, no stipulations that you need a floor safe, an Alsatian and 3 armed security guards to insure precious metals at home. For amounts over this you would be best advised to get a safety deposit box but remember you also need to get insurance on your safety deposit box!!

[olddigger]

10 hours ago, ZRPMs said:

With the caveat that these are my own rambling.

With gold at all time highs It seams quite expensive especially if you have a few years under the belt at buying gold & silver. When the price jumps as fast as it has, to keep folk buying what tends to happen is the premium lags the increase. This results in buyers trying to get things as close to spot or even under stop if they possibly can. As the market steadies the premium increases back to normal % above spot. 

I suppose the buyers with funds don't want to part with their funds for fear that the spot price will crash, Hence " it's hard to sell gold at the moment and there's bargains to be had, therefore it must be a great time to buy but prices are high," and the sellers, whilst they may get more this week than last week had they chose to sell, they feel that they could have got more as last week their sovereign was spot plus 3%, this week, it's spot.

In very volatile price periods, It pay's if you don't need to sell. Buyers try to factor in the risk of a price drop.

On the case of storage, A few ounces I would say is fine at home. £150k worth saver in a vault. First line of security though. When your in Precious metals club. You don't talk about Precious metals club. Tell no one.

Your in the right place though for some insight. The forum has done wonders for me. Made a few friend's, I think. Gleaned a good bit of info. get to chat with like minded folk. and managed to get some great deals. A paid membership is advisable as you will get to see the sales posts as they go live. Any deal worth having gets snapped up pretty quick. Also, From a personal stance my paid membership for the first month saved me my years membership in the deals I made.

Hope this helps.

Hi , thanks for the detailed response, it's all making sense now. I've taken on board your advice, very much appreciated.

[olddigger]

7 hours ago, Orpster said:

I have a small safe at home for anything I have recently bought or I am looking to sell but I generally use a safety deposit box that costs me £230 a year (the normal price is £285 but I signed up for an offer when I upgraded the size of the box) plus I pay a bit extra for higher insurance.

I used to have specific insurance for my coins through highworth insurance but have rolled it into my house insurance for the past couple of years as I keep very little at home and only for short periods, the specific coin insurance cost me circa £120 a year and it adds about £40 to my normal contents insurance now.  It does cut down on the choice of insurers as some will not cover coin collections or that sort of value in gold.

I have not found it hard to sell gold recently, I have sold around 5oz's during the recent spike, 3oz on the forum and 10 sovereigns directly to a dealer.  I have also sold a couple of graded premium pieces to collectors and used all the funds to buy gold that has not really been impacted by the spike because of the lower premiums on some items.  I have sold considerable (for me) amounts of gold on two occasions in the last decade (I use gold to store money and do not really see it as an investment) so I never really worry about selling having done it.  If your cheaper than the next guy, even if only slightly, and your price is fair in the prevailing market then it sells.  

 

Hi, thanks for the detailed response and info, I sincerely appreciate it  . Is your deposit box with a dealer or bank? 

[olddigger]

6 hours ago, HonestMoneyGoldSilver said:

For small amounts (< £50,000) try LV (Liverpool Victoria) insurance. They are the best one I came across, no stipulations that you need a floor safe, an Alsatian and 3 armed security guards to insure precious metals at home. For amounts over this you would be best advised to get a safety deposit box but remember you also need to get insurance on your safety deposit box!!

Hi, thanks for the response, once again a huge thanks, very helpful.

[Petra]

I am not on the same scale as many on here, however, it soon adds up. I have a small safe at home, used to get a few bits together and then off to a safety deposit box. Mine is with a private company that has a couple of branches and has been doing this for years. Because of where I live I do have to travel a little to it. You say you are in London area so should find somewhere quite easily. Pretty cheap and a safe option. A paid membership on here will save you lots of money if you want immediate access to buying bargains and when it comes to any sales. Whatever you do, good luck👍

[AppleZippoandMetronome]

You've had some good advice above and I agree with pretty much all of it.

The whole concept of there being bargains when spot rises combined with some stuff being hard to sell can be confusing but its important to note that - generally - in any moving market there are always ways to exploit things. The premium suddenly falling out of a lot of coins as stated above is the best example of that when gold spot price rises. If there are certain coins you are after that have a high premium now can be a good time to pick those up as there is usually a fair amount of lag between spot going up and those premiums rising to match the increase.

As for storage there are no end of options and there have been some good topics on this forum about it as well as some decent YouTube vids - well worth searching both the forum and YouTube. When talking about storing items at a place of residence I think its always worth keeping in mind the risk levels attached to your lifestyle. Do you live in shared housing of any type of decription? What is crime like in the area? Do any other people know that you buy and hold PMs? All of these things (and much more) will dictate risk and whether or not you should be storing anything at home.

To buck the opinion of the folks above I will say that I don't personally think safes are good ideas. The only time I would consider a safe would be as a decoy though I don't even have that since I do my best not to store anything at home. A safe to me represents an opportunistic quick grab for a would be burglar. If its somehow secured and not able to be removed by an opportunistic intruder it could be noted if found so then there's the risk of someone or multiples returning looking for a potential high value score. I just think they make an easy target more than they provide any real benefit.

If you get creative there are no end of safe places in any residence where you could squirrel things away. If you do go down that route though make sure you have a mechanism for letting someone know in the event anything happens to you.