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john mitchell

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Posts posted by john mitchell

  1. Silver really is the investment du jour, I've never seen so many silver coins on goldline, they're really pushing them with big bulk discounts. I

    n the mid term it's headed for twenty quid an ounce, but once the feeding frenzy is over and they start being sold back to the dealers, watch those spreads widen... you'll be lucky to get 80% of market value!

    It's a good bandwagon to jump on at the moment, the poor man's gold. But it just smells a bit fishy to me.... unless you can avoid the VAT you're going to be waiting a while to get your cash back...

  2. Ok right...

    Gallions reach - complete shithole don't even think about it. Next to a massive sewage works, the whole area smells apalling. Many flats are empty, those that are occupied are filled with DSS. No amenities (apart from the retail park which is chav heaven and far from the dlr) poor transport links.Forget it! Don't touch E16 with a bargepole. You have been warned...

    Pierhead lock - was once a very nice development, in fact won an architectural award when first built. Unfortunately it was painted white and now looks rather dirty. If it is one of the flats at the front of the development overlooking the river with a terrace, then the lowest you can hope to pay is approx £270. If it is at the back, £240 maybe poss. Not bad at all, bit far from dlr and shops.

    Wheatsheaf - Mudchute is another name for Milwall (not good). The whole second half of isle of dogs (south quay and below) is filled with council, gets worse the nearer to island gardens you get. Not sure of the exact development in this case. Boring place to live but probably alright.

    Limehouse - Flats in the limehouse basin go for a lot of money, but for no apparent reason. Soulless boxes with few amenities. Wouldn't bother honestly. Next to the apalling ghetto of shadwell (probably London's worst area for deprivation)

    As far as negotiation is concerned, the E14 agents are amongst some of the most deluded and inflationary. If a flat is on at 325pw the max you should offer initially is 250pw. They will then usually state that the agent is not looking to negotiate and wants full price(hahah utter shite of course), so give them a couple of days to stew. They will usually contact you back, offer them a bit more etc. Expect to pay 85% of asking price in the end. Never be embarassed, it's a renters market in E14 at the moment, there's loads of empty stuff.

    Enjoy yourself...

  3. My opinion...

    Stay off ebay unless you want to get knocked... even if you pay by paypal it's still a major hassle. Why take a risk for such a small saving?

    Bairds is the biggest dealer and the oldest (goldline.co.uk) they are looking very cheap on 2010 Sovereigns 2010 Britannias and older Krugers. I always buy from them or ATS, both reputable dealers. Coininvestdirect is lauded by many in this forum but they are uncharacteristically expensive at the moment, sometimes double the premium for coins at goldline.co.uk. Not sure why...

    Have never heard of Malcolm ellis, website has very out of date prices, also never heard of Atkinson's. Prices look cheap, probably because they've whipped them out of the scrap. Wouldn't touch either company, unproven and too risky. Would rather have shiny new 2010 Sovs still sealed up rather than save a fiver.

    To the chap who talks about 50% silver coins as an investment... my advice is don't bother! Have you actually rung up a dealer / refiner and asked for a quote? You might get a nasty shock...Coin dealers don't want them as they can't sell them and will pay a pittance for them, refiners don't want them as they contain toxic elements that mean they can't process them. Buy fine silver coins or bars instead. If you buy the Silver Brits they are CGT free too of course.

    Hope that helps.

  4. Back to the subject of coins: I note that Bairds( http://www.goldline.co.uk ) seem to be offering a 1 day special on Krugers, the cheapest they've ever done them allegedly. Might be a good time to buy since it seems to be showing no tendency to drop off after its recent gains...

    I've calculated that the premium is 4% ish which does seem very cheap, considering I bought a couple off them when they and the other bullion dealers were selling at 12% (yes, 12% it's not a typo) when Lehman went kaboom.

  5. Yawn...

    All the proper dealers pay 100%, sometimes more if you have a lot of coins. By proper I mean ATS, Chard, Baird and Co etc.

    Rising stars? They've only got 6 coins for sale (as opposed to Chard for example who has hundreds of types) and their bar prices are far more expensive than other dealers.

    1000 grm bar at HGM = £19,360.00

    1000 grm bar at goldline.co.uk = £19,146.00 = £214.00 less

  6. My advice:

    Be careful when buying old silver coins.

    If you have them in large quantities and are not prepared to spend years selling them off 1 at a time on ebay, then you are going to end up selling them to a dealer.

    Most dealers will not buy coins of less then 90% so forget 50/50 coins, and most will be melting them and won't buy any old coins containing unpleasent elements that make refining difficult, so you are highly unlikely to get more than 80% of the value of your coins and they have to be high quality. This is only provided you can get a reputable refinery to deal with you, most won't if you are an individual, and a dodgy refiner will pay much less...

    If you want to invest in Silver buy it unallocated (avoiding the VAT) via Bairds or Goldmoney (there may be other sources?) or buy physical bars and have it stored at a market member to avoid the VAT. Then if you get panicky about not having your hands on the metal, you can request to take it out of the vault and pay the VAT at the time. This method will save you a lot of cash if you are looking to spend a reasonable amount - e.g 1000 oz market bar at approx £8500, rather than buying small bars or coins.

    That's my advice.

  7. Let me reassure you....

    Agent's will always always turn down your first offer, so make it LOW and I mean really low and then go up.

    All the people on here who suggest going in at 200 or even 100 quid a month below the asking price are IDIOTS... knock off 500 quid and then negotiate up... the worst they can say is NO. Unless your embaressed by your first offer when it comes out your mouth, then it's TOO HIGH!

    This is even more important in E14 where there is massive supply... you are in a great position so go for it and capitalise...

    I know a lot of the developments around here, feel free to highlight any ones you are considering and I will give my opinion if required.

  8. Here is my totally un-scientific and non-technical analysis of Platinum and Palladium, all in pounds sterling based upon the fixings:

    Platinum:

    High 2009 = £826.50

    Low 2009 = £625.00

    Average 2009 = £732.00

    Current = £720

    Therefore Platinum is below average price for the year.

    Palladium:

    High 2009 = £166

    Low 2009 = £120

    Average 2009 = £145

    Current = £155

    Therefore Palladium is above average price for the year.

    If you compare this info with the bid-offer spread available on unallocated metals at Baird and Co (cheapest prices I have found so far, happy to be corrected on this):

    Spread on Platinum (small amount, less than 10 kilos) = 4%

    Spread on Palladium = 5.5%

    Therefore to break even on these metals when buying and selling at the above rates:

    Platinum would have to go above £749 / oz

    Palladium would have to go above £163.50

    Conclusion: There is plenty of headroom to make a return on Platinum, but you would need to see Palladium touching the year high just to break even.

    Answer via this highly untechnical analysis: Buy Platinum, not Palladium.

    Thoughts?

  9. the answer is yes. Haggle haggle haggle. The is currently NO relatinship between advertised prices and actual renting prices in canary wharf. The market is ******ed...

    E14 is possibly the best place in London to take advantage as a renter at the moment bar none.

    Agents are desperate.

    I am currently renting a flat for £250 a week that was on at £325 last year and they originally asked for £300 this year before I knocked em down. It was hard and it took 2 weeks but they relented in the end... Its a very nice flat with a panoramic view, gym, pool, security, parking etc. It is only a 1 bed however...

    There are swathes of empty flats.

    Best places to grab a bargain:

    New providence wharf in blackwall - soooo many empty flats. these were all premier executive flats at one point, not anymore

    T

    he lighthouse in blackwall - no lights on at night,.... is anyone home. nah sorry...

    That tall one with the cinema and all that. i've forgotten the name off... erm it'll come to me - completely empty and a disaster. They anticipated renting studios for £350 per week last year... no flipping chane.

    Canary central - south quay

    Canary riverside - south quay

    Burrels wharf - island gardens

    St Davids square - island gardens.

    Enjoy. Any questions ask me...

    Take the monthly price, knock of £300 and there's your offer! easy peasy...

  10. Just a quick one...

    There are rumours on this website and other forum suggesting that there is another big bank in trouble...

    Gold has taken off by 12 dollars an ounce today (as at current time) and has gone up seven dollars in about the past half an hour.

    This is usually a sign of impeding doom... so maybe the rumours are correct. Even if they are not, there is always money piling into gold when it looks like it is heading for 1000 bucks an oz, before it fails at 990 bucks and comes off with a rush, burning the muppets who bought at 989. Don't be a muppet... sell before it becomes toppish

    Buy gold, you heard it here first.... :rolleyes:

    Premiums on coins have come down in the past month as the gold price has come off and demand has too now the world is recovering (yawn). Bairds has recently lowered premiums, see: http://www.goldline.co.uk and look at the banner message, as have ATS bullion if you ring and ask.

    They will go back up fast if it all kicks off....

  11. Just a quick heads up for all you coin buffs out there:

    Goldline.co.uk has today posted a bunch of new 2009 coins on the site, namely Sovereigns, Britannias and Isle of man Nobles.

    As discussed previously, the Sovereigns and the Britannias are capital gains tax free making them better in that respect than the Krugers et al.

    I have never heard of the 1 oz Gold Noble (tho I have heard of the 1 oz Platinum Nobles)but Bairds apparently has a world exclusive on these and they are looking pretty cheap compared to the other 1 oz coins, particularly since they are 24 carat (most gold coins are 22ct, Nuggets and Maples excepted).

    I will post any more info on these Nobles when I get it. I'm a bit of a collector these days and may well have to grab a couple of these new ones as it has been a long time since a totally new coin came out but I have no clue what they look like as yet - they could be uuugly.

    Will keep you posted.

  12. IMHO this is false worry unless the gold was purchased in the last few months before any change in the laws on gold ownership. The answer to the HMRC when told to sell or hand the gold over is ‘But I have already sold it in a number of small trades to small jewellery shops, friends, people I met in the pub’. If someone that still held the gold wanted to sell it then all that needed to be done is to melt it with a gas soldering torch with silver, in the correct proportion, into a short rod then using a hammer make it into a bangle and sell it as jewellery, the government are not going to ban jewellery.

    You have hit the nail on the head here. People are worried about confiscation by the government, but if you actually think it through it would be impossible to enforce, as you have highlighted.

    If the government ring you up and say 'oi where's ur gold, we're here to nick it' you can give any number of explanations for why you no longer have it. They simply couldn't take people's gold even if they wanted to, and believe me they know it.

  13. goldline.co.uk does silver bars, I have a few and they are very nice compared to the standard kilo bars you find on the market which are ugly and chipped. They also do unallocated silver which is very cheap, commisions starting at 7%, anyone know what goldmoney charge as I'd like to compare?

    Interestingly, i was told that Silver bars stored in the vaults of a market member in UK do not incur VAT unless taken out of the vault, so theres no need to have it stored overseas, you can store it in UK as long as you don't take the bars home.

  14. And Chard did indeed deliver this morning. Order correct and undamaged.

    I'm not saying that either company is dodgy, all im saying is that Chard has rarely had the coins I have wanted since September, in fact he has been very very low on anything. Coininvestdirect have sent me poor quality coins in the past, so they are in my bad books. Im not saying don't buy from them, im just saying that I feel safer when dealing with ATS or Bairds.

  15. Disclosure is required specifically for investment gold, here is the Link to HM Revenue & Customs, read section 3.1 and this HMRC notice exlpains that the have been renamed the VAT Financial & IPT Team. You are correct that there is a EU regulation as well for money laundering but the value is now set at £9,000, the details are here and is enforced by HM Revenue & Customs

    With all due respect ID5 you have not read it correctly. the final line of that section is the important one and i quote 'You do not need to notify us of subsequent supplies' In other words 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 hime - ie 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.

  16. you want 50 then you'll surpass the £5k transaction limit above which the seller is required to furnish HMG with your name and address.

    There is no disclosure to customs, this is a myth that is constantly perpetuated in this forum and refuses to die. You have to give I.D when spending more than £5000 for money laundering purposes - THIS IS IMPOSED BY THE EU, AND HAS NOTHING TO DO WITH CUSTOMS AND REVENUE. ID is kept on file at the dealers and then if you turn out to be a crook then a court will demand that info to be provided.

    If you want large amounts of Sovs, Baird and co has them in stock and will give discounts (in my experience) off the website listed price: http://www.goldline.co.uk

    Otherwise try ATS bullion who are pricier usually but equally reputable.

    Don't bother with Chard or coininvestdirect who have been very dissapointing recently... take it from me grrrr

  17. I would put a vote in for offshore silver, provided it was held under a similar arrangement to bullionvault - i.e. in bailment. Don't like being exposed to company risk.

    How do you think you are going to get your money back from bullionvault if they go bust? How are they going to divide up large silver bars amongst thousands of customers, chop them up with a hacksaw? Trust me you are not safe unless you have actual bars that you can touch...

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