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Where To Buy Gold

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I use:

www.bullionbypost.co.uk

Never had any problems with them and I am loyal to good service. B)

Do you mind if I ask is this your first time buying gold?

I'm only thinking of buying some at the minute and was reading here about gold prices so wondered where to even go and buy some if the notion took me.

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You need to make up your mind; another few months and it will be too late. If you haven't got some now, then today's prices will look very very cheap, a year from now.

Agreed with all the other recommendations, I would add Atkinsons Jewellers in Sutton Coldfield; very good customer service, and he's a nice guy too.

Edited by Old Nis

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You need to make up your mind; another few months and it will be too late. If you haven't got some now, then today's prices will look very very cheap, a year from now.

Agreed with all the other recommendations, I would add Atkinsons Jewellers in Sutton Coldfield; very good customer service, and he's a nice guy too.

Do you think Silver is ready to go up.?

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Ok so for a novice why is there such a difference in price? a quick comparison for 1 Krugerrand @ 16:15 today

Current Gold Price per oz - £825.28

Hatton Garden Metals - £853.50

Bullion By Post - £886

Coin Invest Direct - £879.19

Why is there such a difference in price?

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Just how fat the retailer's profit is are and / or their stock / speciality. Make sure to include p+p costs too though obviously :-)

Hatton Garden were always cheapest for me for Krugerrands when I was in the market but Elm were cheaper for Sovereigns.

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I'm only thinking of buying some at the minute and was reading here about gold prices so wondered where to even go and buy some if the notion took me.

Don't forget that there are other precious metals to consider. I invest in silver as historically it is undervalued compared to gold.

and why are bullion bars cheaper than coins?

It is more expensive to make a coin than to create a slab of the metal. Coins come from mints which are trying to make a profit on the coins they sell.

Edited by 98% Chimp

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Hatton Garden Metals - £853.50

Bullion By Post - £886

Coin Invest Direct - £879.19

Why is there such a difference in price?

That's not much difference. It can be explained by the various suppliers "jockeying for position" by altering their premiums as they know comparisons are made online and they are seeking the best balance of price and cash-flow. This is genuine price discovery, unlike the manipulated "official" price. Also some of them are hedged and others are not. Others may have a sale on, and seek to shift coinage that has just been sold to them by some wealthy individual, or move the majority of their stock when then next batch comes in. It's down to proper competition. Having said that, there is definitely a tendency for some known big players to be cheaper than others.

Do you think Silver is ready to go up.?

Yes, I think it's going to start going up from today onwards. There may be a delay of a few days, but the word is out that the Fed decision today is expected to be that "tapering" is going to be put off. That is very bullish, if the Fed does not surprise us. They haven't got any stocks of silver left, so it's easier to manipulate Gold than Silver. Even if I'm wrong about timing (notoriously the most difficult thing to assess) there is now zero doubt that all PMs are going massively higher in the next year or so. Those that have got PMs are definitely recommended to "hold" and those that haven't got anything have one last chance to buy before the price goes out of reach. Wages are nowhere near the increase in PM price (value remains the same, it's the fiat price that is going up).

and why are bullion bars cheaper than coins?

As a previous poster said, it's a little cheaper to make bars than coins, but the main reason is simply that coins are more desirable. If you sell a bar, you'll get spot minus a percent or two (at best - NEVER go to a Cash-For-Gold type place); but a coin will normally get spot. Beware of casual jewellery buyers, they'll try to give you the scrap price for a bar which can be sold again immediately. Coins are also much more difficult to forge.

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Yes, I think it's going to start going up from today onwards. There may be a delay of a few days, but the word is out that the Fed decision today is expected to be that "tapering" is going to be put off. That is very bullish, if the Fed does not surprise us. They haven't got any stocks of silver left, so it's easier to manipulate Gold than Silver. Even if I'm wrong about timing (notoriously the most difficult thing to assess) there is now zero doubt that all PMs are going massively higher in the next year or so. Those that have got PMs are definitely recommended to "hold" and those that haven't got anything have one last chance to buy before the price goes out of reach. Wages are nowhere near the increase in PM price (value remains the same, it's the fiat price that is going up).

First timer here too. Can't seem to find much information regarding this:

What implications does having to pay VAT on silver have? How does that even work? Or do you just buy from a dealer that already has it in the country?

Looking at buying some physical bold coins. What do the different styles of coin mean regarding price or rarity? According to the sticky some coins are more desirable than others but what is the reason for this and are there types to avoid?

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There are 2 main types who buy coins: investors who are mainly interested in the gold content and coin collectors who are interested in the rarity. If you're not a coin collector then you want to steer clear of the fancy rare stuff and go for plain old bullion coins ie anything that's not rare and collectible.

VAT on silver will be charged from when you buy it if in the UK. If not bought from the UK then you are supposed to declare it I presume. Although there was mention of someone contesting the VAT due to some old law that meant VAT should not be charged on valid currency (coins like Britannias have a face value in £)

Incidentally my first purchase was from Bairds (www.goldline.co.uk) and they made a slight error in the order. Imagine my surprise when I received a package that felt very light, (I thought gold was supposed to be heavy!) and only contained one coin when it should have been 10 :D they sorted it immediately though and I've continued to use them as they are reputable and always reasonably priced.

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First timer here too. Can't seem to find much information regarding this:

What implications does having to pay VAT on silver have? How does that even work? Or do you just buy from a dealer that already has it in the country?

Looking at buying some physical gold coins. What do the different styles of coin mean regarding price or rarity? According to the sticky some coins are more desirable than others but what is the reason for this and are there types to avoid?

You normally "get the VAT back" when selling to private buyers, that is, the buyer would have to pay VAT, so you can charge them a price a bit higher than the ex-VAT price. I have found that Silver increases so reliably that the VAT element disappears into the haze of profit fairly soon. Having said that, of course it's a right pain to have to pay it. If you go to Guernsey, then drop in at the Guernsey Mint and buy £390 worth of Silver in addition to any Gold you wish to buy. You are allowed to bring back £390 worth of goods without paying VAT or duty. This is in addition to your "duty-frees", however, you must travel there in person and only by public transport (how this makes a difference, I haven't the faintest idea). If you travel in a private plane or boat, you can only bring in goods worth £270 without paying tax or duty. Gold is VAT-free anyway.

The coin dealer will add VAT to the invoice before you pay for the Silver (or Palladium or Platinum). If you buy from abroad, then the VAT is due on importation, and normally the Royal Mail grab the parcel and send you a letter (about a week later - they're not at all efficient) requiring you to collect the parcel and pay not only the VAT but also their disgusting and insulting £10 "admin fee". Sometimes, they miss the parcel, in which case you are supposed to send the HMRC the VAT directly.

Don't buy numismatic Gold coins. Get bullion. Sovereigns & Britannias are both CGT-free, if the price of Gold goes through the roof one day. Also you could buy Krugerrands, Pandas or any of the Aussie Gold coins.

With £2K to spend, I would buy 5 Sovereigns and use the rest on Silver. Best of luck.

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First timer here too. Can't seem to find much information regarding this:

What implications does having to pay VAT on silver have? How does that even work? Or do you just buy from a dealer that already has it in the country?

Looking at buying some physical bold coins. What do the different styles of coin mean regarding price or rarity? According to the sticky some coins are more desirable than others but what is the reason for this and are there types to avoid?

Don't buy physical silver from the UK if you are going to have to pay 20% VAT on it.

I bought my physical Silver from Germany back in late 2010, when it was just less than $30 per ounce. I paid just 6% VAT on it and carried it in hand luggage back on the plane. There is no additional tax to pay on any consumer good when travelling between borders in the EU.

In more recent times, I have invested much more money in silver via Goldmoney.com. Very fast and efficient with regards to jumping out when it feels like the the road ahead is a rough bumpy declining one. From 10K invested in the past 2 years, I have only lost a few hunderd quid over the piece. Had I bought 'hold in yer hand' physical, then I would either still have it (and thus have gotten slaughtered in terms of value lost), or it would have taken much more effort to sell it (especially in declining market) and I would have lost much more than I have done.

If you are planning on keeping your metal for the long long term, then get physical, if you are looking to profit on what should/could be a more or less rising market from here on out, then think about using some allocated account service.

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Don't buy physical silver from the UK if you are going to have to pay 20% VAT on it.

I bought my physical Silver from Germany back in late 2010, when it was just less than $30 per ounce. I paid just 6% VAT on it and carried it in hand luggage back on the plane. There is no additional tax to pay on any consumer good when travelling between borders in the EU.

It will be 20% from next year.

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Then don't buy physical silver.

20% + dealer premium is an insane amount to be under the moment you make any investment.

A private buyer will accept that the price he pays includes any VAT that was incurred by a non VAT registered seller. The VAT effectively becomes included in the price.

You can always purchase from a dealer in Estonia, the sale of silver legal tender coins in Estonia is exempt from VAT.

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