making money with gold sovereigns

[pinder325]

Hello,

 

I am considering buying my first gold sovereign, with the intention of adding to the collection in the future as a long term saving strategy. I have heard that the buy and sell back price of these coins should be very similar as companies work on tight margins. But from what I can see the sell back price is actually quite a lot less than the buy price. So what is the best way to sell gold? I'm just worried because I wouldn't want to make a big loss. Whats the best way to buy and sell gold sovereigns?

Just to mention I am in the UK if that makes a difference, and also I am not planning on selling the coins for a long time, I am just curious as I wouldn't want to make a big loss by doing this. 

 

Thanks

[BackyardBullion]

31 minutes ago, pinder325 said:

Hello,

 

I am considering buying my first gold sovereign, with the intention of adding to the collection in the future as a long term saving strategy. I have heard that the buy and sell back price of these coins should be very similar as companies work on tight margins. But from what I can see the sell back price is actually quite a lot less than the buy price. So what is the best way to sell gold? I'm just worried because I wouldn't want to make a big loss. Whats the best way to buy and sell gold sovereigns?

Just to mention I am in the UK if that makes a difference, and also I am not planning on selling the coins for a long time, I am just curious as I wouldn't want to make a big loss by doing this. 

 

Thanks

Try to think of investing in precious metals as a preservation of wealth activity rather than a money making one. 

If we all could make lots of money with gold and silver then it would be much more common for people to buy and sell it. 

My best advice is to have a think about what your goals are for the future. Why are you buying? What is the money going to be for? What timeframe?

Then you can formulate a strategy. Selling your gold in 10 years? The gold price will be very different then to now - how different is part of the fun of the game!

Have a look at this thread with my "beginners guide" videos:

 

[Gordon]

I sell on ebay I wait for the £1 final value fees deal to save a lot on fees and i do ok 

[Pete]

38 minutes ago, Gordon said:

I sell on ebay I wait for the £1 final value fees deal to save a lot on fees and i do ok 

Does this offer on eBay relate to gold coins etc.
When I received one of these offers I checked the small print and it excluded PMs so maybe it changes from time to time ?

[Gordon]

Yes ive sold lots of sovereigns and bits of silver on ebay over the last few years with this deal i get the offer every 2 weeks to a month you still have paypal fees though 

[HawkHybrid]

1 hour ago, Pete said:

Does this offer on eBay relate to gold coins etc.
When I received one of these offers I checked the small print and it excluded PMs so maybe it changes from time to time ?

 

you might try:

very collectible 1928 sovereign, over 18 million sold worldwide

obtain a piece of history. 

 

HH

[tbone]

Sounds like you just want to flip for a profit.  Nothing wrong with that, but you need have a good sense of whats hot or will be in near future.  Not my thing, I see PMs and numismatics as a long term savings plan.

You may be better off reselling cheap Chinese goods on Amazon or ebay (seriously, I know a few people who make decent $ from it).

[Murph]

9 hours ago, tbone said:

Sounds like you just want to flip for a profit.  Nothing wrong with that, but you need have a good sense of whats hot or will be in near future.  Not my thing, I see PMs and numismatics as a long term savings plan.

You may be better off reselling cheap Chinese goods on Amazon or ebay (seriously, I know a few people who make decent $ from it).

Really, even with the VAT and duty overhead that Chinese sellers don't often pay?  The fact you can't keep much stock in a lot of cases because things are updated so quickly and the Chinese sellers seem to be able to send things from the other side of the world for less than we are charged to send something a few miles.

[tbone]

20 minutes ago, Murph said:

Really, even with the VAT and duty overhead that Chinese sellers don't often pay? 

Sorry, I keep forgetting how much taxes you guys pay over there.  And the inventory I'm talking about is cheap common stuff that doesn't get outdated.

[ilovesilverireallydo]

23 hours ago, Pete said:

Does this offer on eBay relate to gold coins etc.
When I received one of these offers I checked the small print and it excluded PMs so maybe it changes from time to time ?

I have never had an issue listing PMs on these offers.