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Advice on buying and keeping gold.


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Why are you wanting to buy gold again, in the hope that the price rises or just to get your money into some solid asset?

 

He might be anticipating a Cypriot style bank theft.

 

Residents rush to pull money from Cyprus banks as EU takes aim at Russian deposits

 

Buy physical gold from reputable bullion dealers like Baird, Hatton Garden Metals or ATS Bullion.

 

Store in a good safe.

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Thanks geared. Just really speculation at this point. I suspect it's a probably a better investment than money in a bank account.

 

I did a little research; and it seems there is quite a big spread, % difference between what you can buy and sell for. Especially with coins. Not too bad with larger bars.

 

Unlike a bank account there's a very real risk that you will lose money though.

 

---------- Post added 18-03-2013 at 15:56 ----------

 

Thanks Cyclone. Do you know if that only applies to gold in form of sovereigns?

 

Possibly krugerands as well, it doesn't apply to bars though.

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He might be anticipating a Cypriot style bank theft.

 

Buy physical gold from reputable bullion dealers like Baird, Hatton Garden Metals or ATS Bullion.

 

Store in a good safe.

 

Not anticipating. I think it's already happened!!

 

...and the government is going to continue stealing from us, by way of keeping interest rates low, and inflation high; in order to help pay off the national debt.

 

Keeping savings in a bank, you're just going lose money (in terms of what it can buy); sure, it doesn't vanish all in one go, Cyprus style. However, I would suspect, that over the last say 5 years, my savings must have lost 10% of their value (taking in to account, bank interest and inflation). I suspect, with gold, there is less scope for the government to screw people over.

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Unlike a bank account there's a very real risk that you will lose money though.

 

---------- Post added 18-03-2013 at 15:56 ----------

 

 

Possibly krugerands as well, it doesn't apply to bars though.

 

Krugerands are not exempt. They're foreign currency. Only British legal tender gold and silver coins are exempt. e.g. Britannia, sovereign (doubles, full, halfs, quarters) and gold/siler versions of standard coins like 50p, £1, £2 are exempt.

 

I wish I could afford to buy some right now :(

 

Edit: Just to add if people are only going for small amounts then krugerands might still be a good idea. Like others said the threshold for CGT is quite high anyway, certainly beyond the profits available on a krugerand or two. Unless things go seriously mad that is.

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Just wondered if anyone here has experience buying and storing gold?

 

Presumably, you have to decide between buying physical gold, or something like gold bonds (where you own, but do not possess the gold).

 

Where would you buy it?

 

Where would you store it?

 

Thanks.

 

Go to an asian jewellers and ask if they have any bars in for sale, they usually have some that are due to get melted to turn into jewellery or can get you some and it works out cheaper than Bullion By Post etc.

This is how I bought mine and I paid the spot price per gram with no commision on top back in october last year.

The gold bonds I don't like, if you cant hold it don't buy it is my moto.

Only pure 999.9 gold is the one, forget the 9, 18 or 22ct and bars are better than jewellery unless you fancy wearing your investment.

Where you keep it is up to you, a 250g bar is smaller than a box of 10 fags but I would buy smaller bars as if you have a 250g bar but only want to liquidate 100g than you have to sell it all.

Gold investment is a mid to long term investment, if you are looking to make a profit in a year than I would forget it however you can also lose in gold too so it isn't risk free.

On gold coins you sometimes pay a premium on top of the gold price depending on the coin.

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I do honestly think if you're considering turning your home into a vault then however tight lipped you are you need to be of a disposition to defend it. Off site insured storage is probably a lot easier on the mind for most people. If you do go down the on site route then have a plan to defend your hard earned, I wouldn't dream of it without a FAC and proficiency with the relevant firearms in home defence, which I do have but I keep my gold off site nonetheless as it has the potential to attract very ruthless sorts if it slips out.

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