Hello All, My first post I live in Australia, but currently in the UK earning GBP. I've taken an interest in purchasing gold/silver, so I did some research about where it is best to buy my coins/bars. I may be missing something here (highly likely!), but I picked a couple of items and compared the price in the UK and Australia. The first item is a PAMP 1oz gold bar. UK Spot Price: 709.24 Dealer Price: 766.06 Premium Over Spot: 8.01% https://www.bullionbypost.co.uk/gold-bars/1-ounce-gold-bar/pamp-1oz-gram-gold-bar/ Australia Spot Price: $1,509.48 Dealer Price: $1,558.30 Premium Over Spot: 3.23% https://www.abcbullion.com.au/store/gold/pamp-gold/gfslak011oz-pamp-lakshmi-minted-bar At current GBP/AUD exchange rates if I was to purchase the bar in Australia it would cost me the equivalent of 731.78, whereas it I was to purchase in the UK it would cost the equivalent of $1,631.25. Like I said, either I'm doing something wrong or it would be better for me to send my wife to pick up the bar from ABC Bullion at $,1558.30 instead of purchasing it in the UK in . Why is the premium over spot between UK/AUS so different? The bar looks the same, so I'm a bit confused or quite correct that I should investigate an item in UK and Australia before deciding where to buy it. I've done the same calculation for an Australian Silver Koala and the difference is huge. Just looking for some thoughts on this. Thanks
Suggest that you pick your dealer and the product carefully. If in the UK I would be checking out Sovereigns, Double Sovs and Five Pounds. Silver has VAT, so concentrate on gold, and half and full Sovs are available in bullion quality. Many stackers have success stories in finding shops that sell on gold price but ignore numismatic Sovs. Check out Chards, Atkinsons, Bairds online. It appears that premiums are generally up, but http://goldprice.org/gold-prices/uk-gold-coins.htm is a good place to start, and implies that Angels may be around 5% premium. A good Sov at 5% can be a lottery ticket win. Oh - and welcome.
Noticed this is your first post, Scarlet. Welcome to the forum. The VAT charged on silver products in the UK is prohibitively high that you're just better off sticking to gold. Buying from UK or Australia, you'd be paying for the exact same product, I don't see a reason why you'd pay a higher premium than you absolutely have to.
Suggest you try hatton garden metals, goldline or atkinsons, cheaper than bullion by post - Hatton Gardens - most gold 3% over spot, sometimes premium & proof items at this price. - Sovs @ 4% over spot or 3% over if you buy 10. http://www.hattongardenmetals.com/buy/cid0/all-stock Atkinsons - prices quoted inc. shipping - http://atkinsonsbullion.com/ Goldline - Great value 1oz gold lunar series (from 725 currently) https://www.goldline.co.uk/
Thanks - yeah, that was the whole point of my post I guess. I'll buy whichever place is cheapest. Just wanted to check that I was not making this up in my own head Thanks for the welcome.
I've looked at Hatton Gardens, but when I check what they have in stock (online) it is always pretty limited. I already have 6 sovereigns that I have unwittingly accumulated over the years so will look to build on these. Will probably buy some more sovereigns while I'm in the UK and get the wife to buy cheaper items in Australia! Thanks for your help.
