Hi Guys. I have always bought bars, but these are impossible to get at the moment. My local bullion dealer has access to sovereigns ( i'm in the uk) on pre-order. I have never bought coins before, and really don't know where to start. But my question as a last resort worth buying? or not? TIA
Duty of disclosure - I’ve got a weak spot for sovs. Worth buying yes but if your into bullion only buy bullion sovs and only pay bullion prices. If on pre order that’s up to you. In the current environment pre order not my cup of tea unless I know the trader but each to their own. Just my 2 cents
Of cause they are worth buying as long as they are genuine gold and not fakes! But you might get less for them than bars if selling back to dealers, as they are not .999 gold and therefore subject to GST. I am not sure if it is the same over in the UK with your value added tax. I myself am only into coins as I find bars and ingots unattractive and too easy to forge, but to each his own.
For immediate buying in UK head to thesilverforum.com and browse around for local advice. In UK sovs are probably the best liked, Britannias & Queens Beasts coins are also popular (for CGT reasons). Excellent little tool for you could also be http://goldprice.eu5.net Good luck.
My personal opinion only.............based on reality and history. Gold and silver coins are a waste of time, stick to bars. These coin were originally made for the coin collectors market only not for the purpose of storing wealth as what bars are for. 1.Gold is gold and silver is silver regardless of its form 2.The premiums are sky high for any gold and silver coin and even more ridiculously higher premium the smaller the coin. 3.If the time comes when fiat is worthless and gold will be widely accepted in a transaction then any form of gold and silver will only be worth its weight regardless of form 4. Go into any dealer, Cash Convertors, jeweler etc today...................and see what you get for it.
That is why only a moron would go to a gold dealer, jewellery store, or even worse Cash Converters, to sell their gold coins! Honestly people, there are so many ways to sell your gold coins nowadays for good money, that I cant fathom why anybody would go and sell to the above mentioned places for a pittance. A good place to sell sovereigns is right here on the forum, I sold a few bullion grade ones about a week ago on here and had no trouble getting a much better than spot prices for them. There are also many online trading and selling places which you could use to sell gold coins. And lets not forget eBay, I know some dont like to sell there due to a negative past experience, but it is not as risky as some people would have you believe. I have had a couple of hundred selling transactions on there over the last few years without any issues in regards to buyers honesty. The only reason I have stopped eBay selling is due to them not offering free or reduced commission listings anymore, and their 10.9 % normal commission rate is a little to high for my liking.
Why are people "morons" for going to these places? So were you a moron before you joined silver stackers?..................No I don't get this culture these days .......................everyone's a moron, dic%khead, idiot for doing something different to oneself. Its just different, unaware or uneducated !!!!!!!!!!!!!!!!!!!!!!!!!!!!!doesn't make them a moron
Thanks all, very informative. Coins will be an end of the world can't get anything else scenario for me i think. Regards
Ditto on the Sovs. Except for a few Kijang Emas and a few Ducats they're the only ones I've ever purchased. A solid buy when they can be had for a reasonable price.
