Reply With QuoteWhat sort - if bullion - Sovs are good. Chards or Atkinsons Bullion are trusted and good prices.
Anyone here buy gold
Just looking for a bit of info if poss.
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What sort - if bullion - Sovs are good. Chards or Atkinsons Bullion are trusted and good prices.
Bullion by Post are very good IME, but I haven’t bought from them in a few years
Just looking at it now
Not sure if coins are best or those bars.
Don’t like the idea of paper gold though.
Do coins sell at the day rate or carry a premium?
Just a bit of a fuzzy area I think you need to know a bit more than I do
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I know you say you don't like paper gold but a gold fund has worked well for me. Very easy to trade in/out as the price moves.
I have a friend who buys and sells gold but he only buys when prices are dropping and is selling now. He is just chasing profit.
He often moans about taxation on bullion. He claims that the moment you either buy or sell gold, HMRC are informed, something to to with money laundering and they will be after you. Also some bullion attracts VAT.
None of this is my information just his but I would check it out just in case.
Selling bars attracts capital gains tax, whereas coins, if UK legal tender like 1oz Britannia's, are except
Do you mean if I go to Costco for example and buy a bar they have there is a return to be filed by Costco on the purchase?Originally Posted by Mick P
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It more of a trust thing and not knowing how they are regulated.
If they have a £million in bullion what stops them selling/trading £1.2 million as folk never touch it?
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I’m new to this too.
After lots of research I decided on gold bullion coins, either UK Sovereigns or Britannias, no vat or cgt on these.
1oz coins or above offer slightly better value. I purchased through Atkinsons who were superb, there website it very upfront showing the purchase price and market price on the same screen so you know exactly what margin you are paying (typically 5%).
Their website even has a sell back to us section that quotes buy back prices for all items especially standard items like coins.
It’s all pretty fascinating.
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Last edited by T1ckT0ck; 13th January 2023 at 11:58.
I normally buy Sovs, but the silver & gold funds offered by BullionVault are excellent, used them quite a bit over the years and it works really well.
I have looked at them they seem ok just the regulation of company is where I am a bit hesitant
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All I can say is that I was told that HMRC are advised of any single purchase of bullion if it exceeds £5000.
There's an annual CGT allowance of £12,300 so unlikely an issue unless a sizeable holding is sold in one year.
That's incorrect.
At BullionByPost we keep records of all transactions made for seven years, however we do not voluntarily forward details on to the HMRC unless explicitly requested. All customer data is held securely in keeping with GDPR regulations.
I am only guessing so am prepared to be corrected but I would imagine that most bullion buyers are doing it to help fund their retirement. In that case the allowance of £12,300 could be easily exceeded.
Like I said, I am merely repeating what I have been told by a friend who has been buying the stuff for year. I do not buy gold so basically don't care but he has stated that if a single purchased exceeds £5k, it is done automatically.
It is down to the OP to check or just take a chance.
My friend told me the world is flat. I'm going to tell all the people on a forum, so they think I have a clue what I'm on about, but in fact I will look a fool. Yours sincerely, Mick in Spain.
Not for long, reducing to £6k for 23/24 tax year and £3k the year after for the foreseeable
The gift that keeps on giving. I hope MPs expenses are not being cut. It is still important that while paying for their second home we also heat it….lol
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I sold about 90 units of dental gold scrap that my patients turned their noses up at when I offered them back to them. I asked to be paid in gold & received 11 Sovereigns.
I've often wondered what happens to all those full gold crowns which get cremated....
One of my patients is an undertaker. Gold teeth aren't a perk of the job....
But they collect the hip replacements for scrap & chuck them in a bucket!
When my mother died I was given the choice of having her hip joints given to me or they would be disposed of in a secret location.
Depends who buys it. I have a number of sovereigns(doing very nicely, thank you). If I need to sell a few they go to a buyer no qustions asked.
just bought theses lovey things this week, i have never bought gold to make a quick buck, but am well up now !
there a saying if you don't hold it you don't own it !!
does anyone buy sovereigns at auction? - im no expert but it seems that its doesnt matter what year sov you buy its going to sell for the same price as any other when you come to sell it (unless its a rare year /mint) - i.e whats the point of buying new sovs instead of used /older ? (unless im missing something)
Hard to make out, What is it? a Beast?just bought theses lovey things this week, i have never bought gold to make a quick buck, but am well up now !
there a saying if you don't hold it you don't own it !!
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Last edited by T1ckT0ck; 13th January 2023 at 18:18.
That £12,300 is the profit so will be a lot more gold - could be, say £50,000. Taking that out every year should see them comfortable.
(Though been pointed out below that this £12,300 is being reduced in future years.)
no ( but i do have a full set of first edition beasts) its a one year design of George and the dragon by Timothy Noad, this along with the 2012 one year design again are my favourite designs
feature Ian-Rank Broadley’s fourth official portrait of Her Majesty the Queen, paired with a reinterpretation of Benedetto Pistrucci’s classic St George and the dragon reverse by Timothy Noad. It’s a modern design, used only for 2005 Sovereigns
gold/ silver can be as addictive as watches and just as expensive
Last edited by mitch1956; 13th January 2023 at 18:59.
Yes that is true but it could hit if say you decided to splash out on a new car. Evidently a lot of newly retired couples splash out on a new up market car within a few months of actual retirement. It's always best not to pay tax.
Are people buying for store of wealth or investment speculation? Looking at the gold price over the last 50 years, it was effectively flat from 1980 to 2005, since which it has increased 6 fold and is currently approaching an all time high. Appears a little over-heated to me.
Satisfyingly heavy and shiny mind.
I'm accumulating 1/2 sovereigns as a prepper
Biggest challenge with Au is that is pays no dividend.
Few theories depending on your view. Buy low sell high. You may be waiting a while to catch the dips and peaks. I bought 10 krugerrands (1 ounce gold coins) at £800 each they went down to £750 they went back up and I sold. Then wanted some more but price hasn’t gone back down to £800 a coin in years.
The other way of buying which could be fun is to buy one sovereign each month out of your monthly wage regardless of price so eventually after one year you’ll have 12, after two years you’ll have 24 and so on. Not sure the current price of sovereigns but I remember them around £220 but think they are £300 plus currently.
Or you can pump the same amount into premium bonds each month and hope for a win…
True, and furthermore it costs money to hold if you’re keeping it in a safe deposit box etc.
I’ve been thinking of buying sovereigns, but wouldn’t want to keep them at home even if I had a safe (which I don’t), so have been looking into renting a safe deposit box. Any recommendations for these in London?
Metro bank but their tends to be a queue on smaller boxes (i.e. cheaper to rent).
Halifax also have deposit boxes at their flagship store in London.
Harrods is another place I've heard folk recommend.
Just bury it the garden.
Obviously don't advertise the fact and leave details for executors etc.
On my way to your house with a shovel
Thanks for the replies if anyone in the know is it better to buy a year at a premium or just buy any year that’s cheap?
Is there a great advantage other than collectability
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