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Buying gold a rip off?
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By (user no longer on site) OP
over a year ago
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Took a half sovereign, minted in 1701 in to get valued.. And was quoted the price as the intrinsic value of gold. I asked how much they would sell it for. Answer: intrinsic value plus 90 quid! So.. Is all the adverts about buying gold a big rip off? |
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By (user no longer on site)
over a year ago
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If you got what you considered the value to be - I guess it would be fair. Seems like a hefty commission to me, but I guess they might not sell it straight away. |
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Isn't half a sovereign ten bob? 50p in today's money?
Have a look on Ebay, especially at completed listings, there seem to be a few on there and it could give you an indication of value. Either way it sounds like you'd be better off at a coin specialist.
Mr ddc |
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By (user no longer on site)
over a year ago
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"Took a half sovereign, minted in 1701 in to get valued.. And was quoted the price as the intrinsic value of gold. I asked how much they would sell it for. Answer: intrinsic value plus 90 quid! So.. Is all the adverts about buying gold a big rip off? "
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Your getting confused?.
Do you want to invest in gold or invest in rare coins or both.
Gold investment is a bit trickier than you think... It's not like it just goes up with inflation, in fact it's more of a hedge against bad "stuff"like inflation
Rare coins, well how rare, how wanted, how fashionable... It's a bit like paintings!.
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By (user no longer on site)
over a year ago
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"Took a half sovereign, minted in 1701 in to get valued.. And was quoted the price as the intrinsic value of gold. I asked how much they would sell it for. Answer: intrinsic value plus 90 quid! So.. Is all the adverts about buying gold a big rip off? .
Your getting confused?.
Do you want to invest in gold or invest in rare coins or both.
Gold investment is a bit trickier than you think... It's not like it just goes up with inflation, in fact it's more of a hedge against bad "stuff"like inflation
Rare coins, well how rare, how wanted, how fashionable... It's a bit like paintings!.
"
Agree totally. It's a long term investment. One of the reasons lenders buy gold is to offset their risk. |
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By (user no longer on site)
over a year ago
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"Oh right.. I tried 2 places and got similar answers. Was just thinking of the adverts encouraging people to buy gold.. Either bars or coins."
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You should get nearly the exact same answers.
Gold is what, I dunno something like 1200 dollars an ounce?.
So a half ounce ring gives 600 dollars of gold plus worth of coin?. That could be nothing or a hundred pounds, in your case it sounds like the coin has minimal value!.
The dollars been on a surge recently so you'll get less pounds for your dollar, its probably about 1:45? at moment , so 600 bucks buys you what £450.
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The surge in precious metals came with the bank uncertainties, so your hedging your paper investments going tits up agaist an "intrinsic" investment |
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By (user no longer on site) OP
over a year ago
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"Took a half sovereign, minted in 1701 in to get valued.. And was quoted the price as the intrinsic value of gold. I asked how much they would sell it for. Answer: intrinsic value plus 90 quid! So.. Is all the adverts about buying gold a big rip off? .
Your getting confused?.
Do you want to invest in gold or invest in rare coins or both.
Gold investment is a bit trickier than you think... It's not like it just goes up with inflation, in fact it's more of a hedge against bad "stuff"like inflation
Rare coins, well how rare, how wanted, how fashionable... It's a bit like paintings!.
"
oh right.. |
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By (user no longer on site)
over a year ago
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Your best bet is to list in on eBay at 99p no reserve with good quality photos and list in the title the year etc
I presume it's a gold half Guinea ? Condition is key if it's very rubbed etc then don't expect a huge amount over scrap for it
A lot of people buy gold coins as they are exempt from CGT but this coin is before the 1837 at which that rule applys
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By (user no longer on site)
over a year ago
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I dontbknow for sure, but I think the current government sold off our gold reserves just before the price of it shot up. Now the price has your encouraged to buy it. Some one stands to make a healthy profit.
You're not being encouraged to buy it in order to benefit your self. |
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By (user no longer on site)
over a year ago
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"I dontbknow for sure, but I think the current government sold off our gold reserves just before the price of it shot up. Now the price has your encouraged to buy it. Some one stands to make a healthy profit.
You're not being encouraged to buy it in order to benefit your self. "
Nothat was Gordon brown.
Gold is back on the way down now though iirc from the high of the financial crisis.
Which ironically lead to lots of people buying gold as a safe bet at very high prices and its now worth a lot less |
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By (user no longer on site)
over a year ago
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"I dontbknow for sure, but I think the current government sold off our gold reserves just before the price of it shot up. Now the price has your encouraged to buy it. Some one stands to make a healthy profit.
You're not being encouraged to buy it in order to benefit your self. "
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No the BOE still hold a fair old chunk.
In fact the last few years most central banks have been increasing their stock, especially Russia and China.
There's always stories going around on gold or silver, you really have to sift through the bullshit to get any sort of truth from it.
The price is always bring manipulated both ways |
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By (user no longer on site)
over a year ago
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It's down considerably from its high point but it's at a strong price again now, it's been gradually rising all year and is sitting around £10.30 a gram at the moment for 9ct which is still a strong price. It lingered around £9 for most of last year so it's definitely picked up in 2016 |
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By (user no longer on site)
over a year ago
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"It's down considerably from its high point but it's at a strong price again now, it's been gradually rising all year and is sitting around £10.30 a gram at the moment for 9ct which is still a strong price. It lingered around £9 for most of last year so it's definitely picked up in 2016"
Absolutely 
I had someone trying to buy 28oz of silver off me for £11 per oz last week 
Both gold and silver have risen quite well this year.
I'm currently looking into buying silver from Germany since the VAT rate is lower there. Can buy in Guernsey very cheap but can't import it without paying the VAT and holding it in storage there defeats the object of buying it for me. |
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By (user no longer on site)
over a year ago
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"If you weren't happy with the price, why not test your luck and sell it directly via eBay or some other auction. "
A well listed Ebay auction would probably get the best price, only a serious collectors auction would get anywhere near since buyers will be paying a minimum of 15% on top of the hammer price |
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By (user no longer on site)
over a year ago
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"If you weren't happy with the price, why not test your luck and sell it directly via eBay or some other auction.
A well listed Ebay auction would probably get the best price, only a serious collectors auction would get anywhere near since buyers will be paying a minimum of 15% on top of the hammer price"
Just really depends on visibility and level of interest. At least it's usually free to list on eBay, so OP could try it risk free. |
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By (user no longer on site)
over a year ago
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"It's down considerably from its high point but it's at a strong price again now, it's been gradually rising all year and is sitting around £10.30 a gram at the moment for 9ct which is still a strong price. It lingered around £9 for most of last year so it's definitely picked up in 2016
Absolutely
I had someone trying to buy 28oz of silver off me for £11 per oz last week
Both gold and silver have risen quite well this year.
I'm currently looking into buying silver from Germany since the VAT rate is lower there. Can buy in Guernsey very cheap but can't import it without paying the VAT and holding it in storage there defeats the object of buying it for me. "
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Certificates are pointless, you really need to hold it yourself and even then you want to hold it without really having any paper trail back to you.
It's only ever going to go through the roof when the shit hits the fan.
If that happens.... Well you know they'll come for it |
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Unless it's a very rare coin, or a very good bit of jewellery or a good watch, the price you get will be the price of the weight of gold. Sovereigns are just worth their weight in gold, literally.
Try on fleabay, but don't use the outfits that advertise on TV or Internet. They won't give you a good deal .
Most high street independent jewellery will give you a fair price.
You can check the gold price easily on line.
I got a load of bits of broken, damaged and tatty gold jewellery left to me; got a good price for it, by weight, in the high street. |
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By (user no longer on site)
over a year ago
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"It's down considerably from its high point but it's at a strong price again now, it's been gradually rising all year and is sitting around £10.30 a gram at the moment for 9ct which is still a strong price. It lingered around £9 for most of last year so it's definitely picked up in 2016
Absolutely
I had someone trying to buy 28oz of silver off me for £11 per oz last week
Both gold and silver have risen quite well this year.
I'm currently looking into buying silver from Germany since the VAT rate is lower there. Can buy in Guernsey very cheap but can't import it without paying the VAT and holding it in storage there defeats the object of buying it for me. .
Certificates are pointless, you really need to hold it yourself and even then you want to hold it without really having any paper trail back to you.
It's only ever going to go through the roof when the shit hits the fan.
If that happens.... Well you know they'll come for it"
I only ever take physical possession. Lots of other ways to buy it cheaper...but as you say. Unless you hold it, you don't own it |
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Gordon Brown sold 60% of UK gold holdings around 2001/2, when gold was at it's lowest for ages. This depressed the gold price further. He bought Euros which were at their highest level for ages, which then fell and lost value.
Gold was a bargain at that time, around £200 per oz. Knowing what a twat Gordy was and waht an absolute dunce he was at finance, I bought gold after he dumped ours, at £200 per oz. Even with it's fall from a high a couple of years ago, it's still around £800 per oz - a 400% return.
As someone said above, coins are a bit like paintings in that their desirability is down to what's in fashion with collectors, but you will always get the gold value, assuming the coins are at least 99.99% gold (which is much purer than any gold jewellery) |
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By (user no longer on site)
over a year ago
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"Gordon Brown sold 60% of UK gold holdings around 2001/2, when gold was at it's lowest for ages. This depressed the gold price further. He bought Euros which were at their highest level for ages, which then fell and lost value.
Gold was a bargain at that time, around £200 per oz. Knowing what a twat Gordy was and waht an absolute dunce he was at finance, I bought gold after he dumped ours, at £200 per oz. Even with it's fall from a high a couple of years ago, it's still around £800 per oz - a 400% return.
As someone said above, coins are a bit like paintings in that their desirability is down to what's in fashion with collectors, but you will always get the gold value, assuming the coins are at least 99.99% gold (which is much purer than any gold jewellery)"
I like thinking of Brown going rogue and selling it all.
You not think he was advised to make that decision? |
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By (user no longer on site)
over a year ago
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"From my experience at auction.
Lego is what we should be buying "
One of my best friends spends hundreds on new and second hand sets. Ridiculous to me, it's a toy. |
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"...
I like thinking of Brown going rogue and selling it all.
You not think he was advised to make that decision?"
I don't know - he said it was to diversify our liquid holdings, he was the chancellor and supposedly the one with a grasp of international finance - who do you suppose might have told him to do it? |
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By *olgateMan
over a year ago
on the road to nowhere in particular |
All these businesses are charities, they don't need to make any profit, their premises don't cost anything to run and they don't have overheads.
Now let's get back to the real world. They have to invest in your sovereign, gold ring or whatever and then find a buyer. That piece of gold could take them months to sell and all the time they have overheads to pay.
I have no idea what your item is worth but it doesn't sound like a lot of a mark up to me.
Wait until you find out what the markup is in the fresh produce section in the supermarkets |
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By (user no longer on site)
over a year ago
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"All these businesses are charities, they don't need to make any profit, their premises don't cost anything to run and they don't have overheads.
Now let's get back to the real world. They have to invest in your sovereign, gold ring or whatever and then find a buyer. That piece of gold could take them months to sell and all the time they have overheads to pay.
I have no idea what your item is worth but it doesn't sound like a lot of a mark up to me.
Wait until you find out what the markup is in the fresh produce section in the supermarkets "
Totally understand and everyone has to make a profit, but good is slightly different as its a commodity and just goes straight into the melting pot, instant pay out |
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By (user no longer on site)
over a year ago
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"...
I like thinking of Brown going rogue and selling it all.
You not think he was advised to make that decision?
I don't know - he said it was to diversify our liquid holdings, he was the chancellor and supposedly the one with a grasp of international finance - who do you suppose might have told him to do it?"
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It was the head of commodities for Goldman Sachs!.
They were in a pickle with a gold-yen short.... Selling gold at announced auctions was purposely done to drive down gold! I mean if somebody announces the sale of hundreds of tonnes of gold into the market at a set price... Well you know it's going down.
He then bought currency with the profit which drove up the price of the yen, which in turn got goldman Sachs out of a great big hole!.
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I should add the head of commodities at Goldman was married to a woman who was Gordon Brown's PR consultant.
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Yes it it's true... were all in it together.
Sorry I mean there all in it together  |
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By (user no longer on site)
over a year ago
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"Not for sovereigns "
Not what? Not melt ? You'd be surprised, most of the people buying scrap gold take them to the jewellery quarter/Hatton garden and sell them with the scrap just the same
Unless there in great Condition or a rare year plenty are still scrapped |
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By (user no longer on site)
over a year ago
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"...
I like thinking of Brown going rogue and selling it all.
You not think he was advised to make that decision?
I don't know - he said it was to diversify our liquid holdings, he was the chancellor and supposedly the one with a grasp of international finance - who do you suppose might have told him to do it?"
The Treasury did the studies on whether or not it was a good idea to sell our reserves. And the IMF helped raise the value after the sale. |
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By *olgateMan
over a year ago
on the road to nowhere in particular |
"Not for sovereigns
Not what? Not melt ? You'd be surprised, most of the people buying scrap gold take them to the jewellery quarter/Hatton garden and sell them with the scrap just the same
Unless there in great Condition or a rare year plenty are still scrapped "
only the scrap gets scrapped. A good quality rare date is worth a premium |
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By (user no longer on site)
over a year ago
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"Not for sovereigns
Not what? Not melt ? You'd be surprised, most of the people buying scrap gold take them to the jewellery quarter/Hatton garden and sell them with the scrap just the same
Unless there in great Condition or a rare year plenty are still scrapped only the scrap gets scrapped. A good quality rare date is worth a premium "
Yes that's what I said lol a rare year or good condition saves it but plenty are still scrapped. I know from vast personal experience |
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By (user no longer on site)
over a year ago
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"All these businesses are charities, they don't need to make any profit, their premises don't cost anything to run and they don't have overheads.
Now let's get back to the real world. They have to invest in your sovereign, gold ring or whatever and then find a buyer. That piece of gold could take them months to sell and all the time they have overheads to pay.
I have no idea what your item is worth but it doesn't sound like a lot of a mark up to me.
Wait until you find out what the markup is in the fresh produce section in the supermarkets
Totally understand and everyone has to make a profit, but good is slightly different as its a commodity and just goes straight into the melting pot, instant pay out "
If you're just melting it in a pot youre gonna need to get it sll certified arent you?
Dont imagine that's cheap |
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All investments carry risks with no guaranteed gains or break even. Low demand items potentially more so, with a longer period to make a loss.
With the banking industry and state banks offering lower returns more emphasis went upon investments like gold.
All investment choices are better as part of a long term plan, with reduced costs of sale with frequent transactions.
One dealer too high cost? Look at other options for cashing in etc. |
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By (user no longer on site)
over a year ago
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"...
I like thinking of Brown going rogue and selling it all.
You not think he was advised to make that decision?
I don't know - he said it was to diversify our liquid holdings, he was the chancellor and supposedly the one with a grasp of international finance - who do you suppose might have told him to do it?
The Treasury did the studies on whether or not it was a good idea to sell our reserves. And the IMF helped raise the value after the sale. "
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Gavin Davis and his wife was something Nye?.
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By (user no longer on site)
over a year ago
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"All these businesses are charities, they don't need to make any profit, their premises don't cost anything to run and they don't have overheads.
Now let's get back to the real world. They have to invest in your sovereign, gold ring or whatever and then find a buyer. That piece of gold could take them months to sell and all the time they have overheads to pay.
I have no idea what your item is worth but it doesn't sound like a lot of a mark up to me.
Wait until you find out what the markup is in the fresh produce section in the supermarkets
Totally understand and everyone has to make a profit, but good is slightly different as its a commodity and just goes straight into the melting pot, instant pay out
If you're just melting it in a pot youre gonna need to get it sll certified arent you?
Dont imagine that's cheap"
Certified ? You don't have gold certified. You just take to a refiners and they pay you for the gold and they melt it but they never certificate it |
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