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cambridgeinvestor

Best Methods To Acquire Allocated Gold

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About to take the first steps to buy gold and would like to hear what companies other HPC'ers would recommend (or discourage!) to purchase allocated gold.

I might buy some physical coins or bars at some point but am attracted to using a service like www.goldmoney.com or www.bullionvault.com as it seems much easier to buy and sell and there would seem to be a guarantee of purity.

What would people consider to be a reasonable spread around the spot price for buying and selling and also for custody charges?

Also this webpage http://www.galmarley.com/framesets/fs_keep_it_safe_faqs.htm recommends keeping the gold in allocated storage outside the country you live in - specifically Switzerland, so that in a time of crisis the government can't confiscate your gold. What do others think?

Edited by cambridgeinvestor

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Like you I've started taking an interest in acquiring gold, mainly as an insurance policy in case everything does "go wrong". You'll get plenty of differing views on what the best strategy is from this forum and the "Gold and other precious metals" board on The Motley Fool.

This is my "strategy":

I'm putting 10% of my overall investment portfolio into gold related items, broken down thus:

- 33% into actual physical coins. I have Krugerrands and Sovereigns

- 33% into Merrill Lynch Gold & General fund

- 33% into www.goldmoney.com

The gold coins I buy from a coin dealer in Newcastle called Intercoin who I find very good. For example yesterday Krugerrands were £250, new 2005 Sovereigns were £75 and old Sovereigns sold as bullion were £58 a piece (which I think works out at around £245 an ounce).

Hope that helps....

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About to take the first steps to buy gold and would like to hear what companies other HPC'ers would recommend (or discourage!) to purchase allocated gold.

I wouldn't bother with any allocation scheme, I recently sold out my Perth Mint and Anglo Far East certificates and will now hold the physical.

If a crisis hits, which is the reason a lot of gold/silver investors hold the metals, then having your metal stored thousands of miles away as things get hostile is not a good idea.

I undertook a study of the Handy & Harman bankruptcy for my newsletter last month and also the Perth Mint's performance during hard times - not good.

In fact, gold does not take up much space unless you are investing a million pounds or something. Why don't you just store it in a local bank's vault? The Royal Bank of Scotland charges about £25 per annum to hold a small box but you are responsible for the insurance (doubtless less that 2% of whatever you have that a storage facility would charge?).

These allocated schemes are hyped up.

Edited by Silverity

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Guest growl

Instead of actually buying gold. I recently bought shares in a company called Griffin Mining. Now this company has had permision from the Chinese government to mine in their vast country.

Initial reports a few years back were good and after gaining the rights and contructing the drilling sites, all looks well. Looking at their chart for shares. It shows a steep rise over the year I believe the low is around 45 and its high today was 139.50. So it is a good share.

Of course I also invested because I have been wanting to get into the chinese market for some while and into gold. So this seemed a good way for me to do it. For me it is a long term investment. ie. five years. But because it is doing so well, if I needed to get my hands on some cash quick, I believe I could sell at any time in the short term future and make a profit.

Its not gold in your hands or gold stock or money. But it relates to it and is worth considering if you have extra cash and don't mind taking the risk.(shares can go up and down) :)

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • Even
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