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jpidding

You Guessed It.....gold Again!

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OK, apologies if this is discussed at length in other threads but I'm sure that we are just scratching the surface in gold discussion.

I have a reasonable sum to invest and I'm currently very worried about my exposure to sterling in terms of masked inflation, potential IR drops next year and devaluation vs other currencies.

I have visited www.taxfreegold.co.uk and done some reading. Also called them to get some verbal advice and quotes.....

For £37 to £70k best price they will give me on sovereigns is 5.5% over gold content spot price. They buy back at 0.98, so that means bid/offer spread is around 7.5%.....a bit high. Also holding 5kg in gold coins at home has its own worries and risks. One plus point for sovereigns is that they are still legal tender and hence not subject to capital gains tax. This could prove far more important than the 7.5% if gold hits $1000 some time in the next few years. Anyone know of a dealer in SE/London who offers a tighter market?

Also, does anyone have any experience of Swiss banks in terms of allocated gold accounts? What kind of questions should I be asking? My understanding is that they have no CGT at all there so no probs. I would like to know if I can go and pick "my" gold should I wish to. (I worry about mere numbers on computer screens telling me how rich I am).

More questions to follow as I think of them.

James.

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As a UK resident, wouldn't CGT apply no matter where the profits were made?

Well without getting into the finer points of avoiding uncle gordons long arm, the answer is "not necessarily".

BTW Piltdown Man, I*m from Crowborough....a stone's throw from Piltdown. Are you local too?

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As a UK resident, wouldn't CGT apply no matter where the profits were made?

That's what some accountant at Pete Marwick told me ...

I sold out anyway within my CGT allowance.

For £37 to £70k best price they will give me on sovereigns is 5.5% over gold content spot price. They buy back at 0.98, so that means bid/offer spread is around 7.5%.....a bit high. Also holding 5kg in gold coins at home has its own worries and risks. One plus point for sovereigns is that they are still legal tender and hence not subject to capital gains tax. This could prove far more important than the 7.5% if gold hits $1000 some time in the next few years. Anyone know of a dealer in SE/London who offers a tighter market?

James.

You could try www.goldline.co.uk but 5.5% over spot looks good to me.

Sovereigns are legal tender? Oh well, holding 5kg of coins is an issue, I use the Royal Bank fo Scotland's safety deposit box facility for about £25 per annum. No questions asked and it woud take a crack bomb team to break in. The items are not insured though, you'd need to get quotes.

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I use the Royal Bank fo Scotland's safety deposit box facility for about £25 per annum. No questions asked and it woud take a crack bomb team to break in. The items are not insured though, you'd need to get quotes.

I've considered a safety deposit box myself but it's not unprecedented for governments to compulsorily purchase gold bullion from private citizens I believe?

If that ever happened in the UK, the banks would roll over like pussycats and hand over your gold to whichever desperate chancellor happened to be occupying No 11 at the time.

"Under the mattress" is the preferred option for me ;)

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OK, apologies if this is discussed at length in other threads but I'm sure that we are just scratching the surface in gold discussion.

I have a reasonable sum to invest and I'm currently very worried about my exposure to sterling in terms of masked inflation, potential IR drops next year and devaluation vs other currencies.

I have visited www.taxfreegold.co.uk and done some reading. Also called them to get some verbal advice and quotes.....

For £37 to £70k best price they will give me on sovereigns is 5.5% over gold content spot price. They buy back at 0.98, so that means bid/offer spread is around 7.5%.....a bit high. Also holding 5kg in gold coins at home has its own worries and risks. One plus point for sovereigns is that they are still legal tender and hence not subject to capital gains tax. This could prove far more important than the 7.5% if gold hits $1000 some time in the next few years. Anyone know of a dealer in SE/London who offers a tighter market?

Also, does anyone have any experience of Swiss banks in terms of allocated gold accounts? What kind of questions should I be asking? My understanding is that they have no CGT at all there so no probs. I would like to know if I can go and pick "my" gold should I wish to. (I worry about mere numbers on computer screens telling me how rich I am).

More questions to follow as I think of them.

James.

If you have the discipline then spread betting IMHO offers the ultimate opportinuty to hedge sterling exposure tax free. but

a) work out the size of your hedge before hand.

B) set yourself reminders to ask them to roll your position

c) dont mishedge or use your account to try and time the market.

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Guest Bart of Darkness
I use the Royal Bank fo Scotland's safety deposit box facility for about £25 per annum. No questions asked

That sounds ideal, but do they really just let you put in say a brown paper package in without checking it?

Do you hand over the items for them to put in or is it like in the films, they leave you alone with your key and your deposit box?

Do they make enquiries about its value for insurance purposes?

Nosey aren't I? ;)

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That sounds ideal, but do they really just let you put in say a brown paper package in without checking it?

Do you hand over the items for them to put in or is it like in the films, they leave you alone with your key and your deposit box?

Do they make enquiries about its value for insurance purposes?

Nosey aren't I? ;)

No questions asked at Barclays

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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% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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