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Faq For Newbie Gold And Silverbugs


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#1 Old Nis

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Posted 22 January 2009 - 05:43 PM

FAQ for Newbie Gold/Silverbugs.

Most users of HPC forum have used these threads at some time, so I thought it might be a good idea to gather some of the information together for new or occasional users of the forum. Other forum users, please help me out by correcting my errors and adding to the sum total of knowledge.

Places to buy from:
I have bought from all of these; I can vouch for their honesty, speed and efficiency of service.

Baird & Co http://www.goldline.co.uk/
Chard http://24carat.co.uk/index.html
Cookson Jewellery Supply http://www.cooksongold.com/home.jsp
Guernsey Mint http://www.guernseymint.com/
Silver Exchange http://www.silverexc....uk/buying.html
Weighton Coin http://www.weightonc...co.uk/index.htm

Used by other forum members with no problems:
ATS Bullion Ltd http://www.atsbullion.com/
CoinInvestDirect http://www.coininves...ct.com/main.php
Gold Investments Ltd http://www.goldinvestments.co.uk/

Legal Issues:
The current state of play seems to be that the following apply (DO NOT ACT ON THIS INFORMATION WITHOUT CONDUCTING YOUR OWN DUE DILIGENCE). The legal remarks below apply to the UK only but CHECK if in doubt. All information is believed correct as at 1-1-9.

Identification:
Bullion dealers may ask for ID from customers with whom they do not have a current trading relationship. This particularly applies to gold, because the other PMs are industrial metals and you are probably in any case unlikely to pay by cash for very large orders. Most dealers have slightly varying ways of compliance with the HMRC rules; just phone and ask.

(Thanks to forum member John Mitchell for his interpretation on this one) Quote […this section is saying that THE FIRST TIME EVER that a bullion dealer does a deal of £5000 or more, he must notify Customs so that they can keep an eye on him - i.e. they want to be aware that he is a dealer and could therefore be a target for a customs investigation (as they love investigating bullion related companies) It is NOT saying that they must notify EVERY time they sell £5000. It is their process to register all bullion dealers and keep track of them. I hope this has dispelled the rumour once and for all? Ask Bairds what they do with their IDs and they will tell you - sweet f**k all apart from filing them away.] End quote.

Gold: Currently no VAT is payable on BULLION or INVESTMENT gold. Jewellery is treated differently. Sovereigns and Britannias are currently CGT-free in any quantity.

Silver, Palladium, Platinum: VAT is payable if bringing the metal into the UK/EU. If kept in Switzerland or Channel Islands, then no VAT is payable unless it comes out of their vaults and is brought into the UK. Baird and others may have bonded vaults where UNALLOCATED bullion can be stored VAT-free.

Confiscation Discussions:
See the following threads;
http://www.housepric...showtopic=92200

Storage Discussions:
See the following threads;
http://www.housepric...showtopic=93366
http://www.housepric...showtopic=85460
http://www.housepric...showtopic=97049

What-to-buy Discussions:
The forum consensus seems to be to get coins in gold and silver, then after you have some coins, get increasingly large bars in accordance with the size of your purse. Favourite coins are Krugers, Philharmonics, Nuggets and Sovereigns in gold, and the cheapest .999 fine silver rounds you can get your hands on, followed by 1kg bars, if buying silver. As of 1-1-9, these seem to be Silver Philharmonics, Maples or NWT 1-ounce rounds, unless you have a sneaky supplier of something else. Almost everyone suggests buying physical rather than paper gold or silver.

See the following threads;
http://www.housepric...showtopic=94976
http://www.housepric...showtopic=90948
http://www.greenener...?showtopic=3757

Fakes and Forgery:
See the following threads;
http://www.housepric...howtopic=100254
http://www.housepric...showtopic=98634

And if your question is not answered by this thread, feel free to post a new one; I am sure we will all be pleased to contribute.
"They'll print money until we run out of trees."
- Jimmy Rogers

#2 argentos

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Posted 22 January 2009 - 08:26 PM

That seems very well balanced. :)

#3 Old Nis

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Posted 24 January 2009 - 12:40 PM

Bump - can moderators make this into a pinned topic for new users, please?
"They'll print money until we run out of trees."
- Jimmy Rogers

#4 'Bart'

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Posted 15 March 2009 - 04:47 AM

Bump - can moderators make this into a pinned topic for new users, please?

Sorry about this, only just noticed your request.

First time I've ever pinned a thread too.

#5 argentos

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Posted 16 March 2009 - 02:04 AM

Sorry about this, only just noticed your request.

First time I've ever pinned a thread too.



Next stop is clicking "Yes" in the little box next to "Do you want to ban this user?".

Oh, the power of being a Moderator! :P

#6 'Bart'

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Posted 16 March 2009 - 02:44 PM

Next stop is clicking "Yes" in the little box next to "Do you want to ban this user?".

Oh, the power of being a Moderator! :P

You are John Emerich Edward Dalberg Acton and I claim my £5. ;)

#7 argentos

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Posted 16 March 2009 - 04:34 PM

You are John Emerich Edward Dalberg Acton and I claim my £5. ;)


That's the first time I've ever heard of the "John Emerich Edward Dalberg" part of the moniker. You deserve the cyberfiver!

#8 Concrete Jungle

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Posted 24 April 2009 - 12:56 PM

Another company I have purchased coins from in the past.
Airedale Co

#9 okaycuckoo

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Posted 04 May 2009 - 04:36 PM

What about silver miners in £ sterling? Any suggestions?

#10 d2thdr

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Posted 08 July 2009 - 03:55 PM

Are the same rules applicable to silver? Should one buy silver in the form on Eagles or something similar?
<a href="http://*******.com/PonziPension" target="_blank">http://*******.com/P...onziPension</a>

Samuel Shem's House of God Rule no. 4 THE PATIENT IS THE ONE WITH THE DISEASE.

<a href="http://www.theschooloflife.com/" target="_blank">http://www.theschool...oflife.com/</a>

It is not surprising that a popular uprising against a government favourable to Western interest should be ignored, while one against a government hostile to those interests elicits rapt attention.

#11 Old Nis

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Posted 10 July 2009 - 08:06 PM

Are the same rules applicable to silver? Should one buy silver in the form on Eagles or something similar?


Yes, in general terms. Silver coins are always going to carry a premium on purchase or sale that bars won't. The advantages of silver are that you can buy decent volumes for the same amount of money (compared with gold or platinum, for instance) and that silver is an industrial metal, so you get exposure to two separate price-increase drivers.

There are two points to consider with this. If you think we may ever use silver as money again (Zimbabwe scenario) then the coins are worth getting. If you want to trade purely on the expectation of a substantial increase in the industrial price, then bars give more for your money (Warren Buffet / Ted Butler scenario). I would buy some of each. The cheapest coins made of .925 silver are the proof crowns from Weighton Coin.

http://weightoncoin....0347d22dd5c2257

Top grade coins such as Maples or Philharmonics are available from the same site. Eagles are not worth buying, the premium is too high on all sites that supply them. Phils are beautiful, and make fine (or should that be 999 fine?) presents for non-silverbugs.
"They'll print money until we run out of trees."
- Jimmy Rogers

#12 d2thdr

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Posted 14 July 2009 - 10:27 AM

Can I/ should I buy silver inside an ISA/SIPP? Or cash is the best way of buying silver?
<a href="http://*******.com/PonziPension" target="_blank">http://*******.com/P...onziPension</a>

Samuel Shem's House of God Rule no. 4 THE PATIENT IS THE ONE WITH THE DISEASE.

<a href="http://www.theschooloflife.com/" target="_blank">http://www.theschool...oflife.com/</a>

It is not surprising that a popular uprising against a government favourable to Western interest should be ignored, while one against a government hostile to those interests elicits rapt attention.

#13 Old Nis

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Posted 27 September 2009 - 06:59 PM

Can I/ should I buy silver inside an ISA/SIPP? Or cash is the best way of buying silver?


Everyone on this forum that I have seen, has said get:-

1. Real physical metal.

2. If you really must have ETF or other paper silver, then make very sure the fund is DEFINITELY backed by 100% metal in the vault. Ideally a vault in Switzerland, although there are those that consider Jersey/Guernsey/IOM ok too. This would be mainly for the person who wishes to trade high volumes quickly to either swap gold for silver and back, or jump in during small dips/spikes, but I am sure there are other good reasons.

3. Shares are also ok if you are prepared to believe mine test-bore assays, or are buying into long-established mines, holding for medium to long term.

Whatever you do, remember the old sayings about values can go up or down, and DYODD. I got some good deals in gold and silver; I got bitten in Palladium, though...
"They'll print money until we run out of trees."
- Jimmy Rogers

#14 d2thdr

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Posted 03 October 2009 - 08:21 PM

<!--quoteo(post=2010268:date=Jul 14 2009, 11:27 AM:name=d2thdr)--><div class='quotetop'>QUOTE (d2thdr @ Jul 14 2009, 11:27 AM) <a href="index.php?act=findpost&pid=2010268"><{POST_SNAPBACK}></a></div><div class='quotemain'><!--quotec-->Can I/ should I buy silver inside an ISA/SIPP? Or cash is the best way of buying silver?<!--QuoteEnd--></div><!--QuoteEEnd-->

Everyone on this forum that I have seen, has said get:-

1. Real physical metal.

2. If you really must have ETF or other paper silver, then make very sure the fund is DEFINITELY backed by 100% metal in the vault. Ideally a vault in Switzerland, although there are those that consider Jersey/Guernsey/IOM ok too. This would be mainly for the person who wishes to trade high volumes quickly to either swap gold for silver and back, or jump in during small dips/spikes, but I am sure there are other good reasons.

3. Shares are also ok if you are prepared to believe mine test-bore assays, or are buying into long-established mines, holding for medium to long term.

Whatever you do, remember the old sayings about values can go up or down, and DYODD. I got some good deals in gold and silver; I got bitten in Palladium, though...




Thank you Old Nis.

Since I have been reading a lot of GEI, I am into physical. It always feels I need to buy more. Its all physical for me, do not understand the rest.
<a href="http://*******.com/PonziPension" target="_blank">http://*******.com/P...onziPension</a>

Samuel Shem's House of God Rule no. 4 THE PATIENT IS THE ONE WITH THE DISEASE.

<a href="http://www.theschooloflife.com/" target="_blank">http://www.theschool...oflife.com/</a>

It is not surprising that a popular uprising against a government favourable to Western interest should be ignored, while one against a government hostile to those interests elicits rapt attention.

#15 urban_pixie

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Posted 25 November 2009 - 05:42 PM

I am new to this forum, and the idea of investing in gold has lead me to this site. I have been reading through the posts and there is some very useful information however i am still left left undecided and have a few questions to ask but dont know where to direct these questions so please be patient with me and accept my apologies if this is the wrong place to do so.

Firstly as we all know the interest rates for saving accounts are pretty non existant at the moment and they offer no real return on any lump sum. I have been saving now for over 6 years and have about 30k scattered in ISA's and other saving accounts which at the moment only give me less than 1% interest. For this reason i began looking into investing in gold especially now with the price rising daily and reaching all time highs day on day just about. I guess my first question is , it is wise to invest in gold now or is it too late. This brings me to my next question. How do you invest in gold. A lot of the literature i have read all points to buying physical gold bars and sitting on these and then selling them when the price is right. Is this the best method? I assume there is commision on these transactions so is it worth while for the amount i have bearing in mind i dont want to put "all my eggs in one basket" so prefer not to invest the entire sum. Does investing in gold mean you have to buy physical gold for can one trade in gold online for flexibilty of buying and selling options throughout the day.

Failing gold as being a feasibe alternative to conventional saving accounts, does anyone have any opinions or advice on NS&I premium bonds.




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