Gold!

How are you preparing
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itsybitsy
Posts: 8435
Joined: Sat Nov 27, 2010 5:51 pm
Location: East Yorkshire

Re: Gold!

Post by itsybitsy »

tfish wrote:Does anyone know where I can buy gold sovereigns on the high street? There some great mail order sites but I want to buy in cash locally.
The only place I could think if would be a pawn shop?
bloke

Re: Gold!

Post by bloke »

Visit the bigger antiques fairs. There's always a couple of people selling sovereigns.
Moony
Posts: 525
Joined: Fri Feb 17, 2012 6:23 pm
Location: Area 7

Re: Gold!

Post by Moony »

tfish wrote:Does anyone know where I can buy gold sovereigns on the high street? There some great mail order sites but I want to buy in cash locally.
I realise you probably want to support your local economy, but any local seller will probably need to sell at a significant mark-up. Local jewellers and some of those cash-for-gold type shops will probably sell what they have bought from the general public, but it isn't a cheap way of doing so.

Large online / mail-order retailers buy in bulk direct from the mint and thus can pass on the savings to you. The list price of a 2012 sovereign is £379, but I buy mine from http://www.chards.co.uk/ who manage to sell them at £272 due to the fact that they place huge orders. (in fact I think they ordered about 60%+ of the entire 2011 issue). I've had no issues with this particular seller personally, but obviously have a look around first and make up your own mind :)

It might be worth checking local auctions, antique shops and even car boot sales, there are still occassions where you might well be able to pick up one or two at below the market value of the gold if you are lucky !
I'm in Area 7 !
TwoDo

Re: Gold!

Post by TwoDo »

tfish wrote:Does anyone know where I can buy gold sovereigns on the high street? There some great mail order sites but I want to buy in cash locally.
If you are anywhere near Birmingham you could always walk up to the BullionByPost offices in the Jewelry Quarter, hand over cash and walk away with sovereigns.

http://www.bullionbypost.co.uk/
tfish

Re: Gold!

Post by tfish »

Cheers for tips Gold diggers!
bazonbeleza

Re: Gold!

Post by bazonbeleza »

I have considered small gold ingots of the smaller 1g 2.5g 5g sizes as a useful medium for emergency cash / exchange anywhere in the world and as a very easily concealed form of currency.

The jury is still out though, because of the problems of the high value, you can't exchange a 40 quid gram of gold for a bunch of bananas and expect change. Another problem is if you start flashing gold around people get the wrong idea and you have a high chance of getting robbed.

A much better form of barter for me would be easily traded items, universal currency (USD) cigarettes, spirits, quality food, etc which would not attract attention like a fistful of gold would. I think gold has a place but as a long term, never to be used unless absolutely necessary.
The Pasta Banker

Gold bullion SIPP Pensions

Post by The Pasta Banker »

Hi apologies for being a newbie but couldn't find a Finance/Pensions specific thread.

We know our savings could dissapear if/when TSHTF and some of us have moved into precious metals.
But some people also have pension funds that we may have overlooked. are they any safer when the global enonomy capsizes?

I just found out about a thing called a SIPP (self invested personal pension) apparently you can transfer your pension funds and manage them youself (via a 3rd party) and you decide where to put your investments - Tax free Gold Bullion (managed and vaulted by a 3rd party) is apparently one of the options.

Does anybody have any experience of transferring to a gold bullion SIPP? is it a possibility or am i mistaken?
Frufru

Re: Gold!

Post by Frufru »

I've no interest in keeping gold or silver as part of my prepping.

All my preps are centred around what is practical and consumable - as I could not consume gold and I cannot 'do' anything with it then it is no use to me. Besides, I couldn't afford to buy gold!

Keeping an amount of cash to be used only for emergencies is essential IMO - But I always end up spending it :roll: Must try harder on that score!
metatron

Re: Gold!

Post by metatron »

Frufru wrote:I've no interest in keeping gold or silver as part of my prepping.

All my preps are centred around what is practical and consumable - as I could not consume gold and I cannot 'do' anything with it then it is no use to me. Besides, I couldn't afford to buy gold!

Keeping an amount of cash to be used only for emergencies is essential IMO - But I always end up spending it :roll: Must try harder on that score!
You could consume gold, it will not do you any damage :)
Moony
Posts: 525
Joined: Fri Feb 17, 2012 6:23 pm
Location: Area 7

Re: Gold bullion SIPP Pensions

Post by Moony »

The Pasta Banker wrote:Hi apologies for being a newbie but couldn't find a Finance/Pensions specific thread.

We know our savings could dissapear if/when TSHTF and some of us have moved into precious metals.
But some people also have pension funds that we may have overlooked. are they any safer when the global enonomy capsizes?

I just found out about a thing called a SIPP (self invested personal pension) apparently you can transfer your pension funds and manage them youself (via a 3rd party) and you decide where to put your investments - Tax free Gold Bullion (managed and vaulted by a 3rd party) is apparently one of the options.

Does anybody have any experience of transferring to a gold bullion SIPP? is it a possibility or am i mistaken?
Pensions should be considered an important prep for anyone who isnt prepping for some apocalypic event ( in which case it'd be pointless ;) ) Its a very complex issue that you should really get professional, unbiased advice on (not from a broker).

You can use the method mentioned to invest your pension in gold without physically getting hold of it, you should look carefully at management fees on these sort of investments, however. If the SHTF event you are worried about is a severe financial collapse or a sudden drop in share markets, you may or may not be better off investing in gold. Almost certainly in such a situation gold's value will outperform typical stocks and shares 'normal' pensions are invested in, but as these funds are closely interlinked with the market you might have trouble drawing on your funds. Investing your entire pension fund in something like this would be quite risky, it's probably be better to portion out the fund, using gold (if you decided to go with it) as a hedge against poor performance from more traditional investments.

Also remember that your pension fund (well 75% of it at least) must be used to buy an annuity when you retire, and if the stock market is in the $%£&house at that time you will still be affected due to the low annuity rates you will be offered. If your pension is invested in tradtional funds at this time you'll get doubly screwed over of course, as you'll have less money in the pot to buy the annuity in the first place :(
I'm in Area 7 !