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Friend with 10k


dicker

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Hi All

One if my friends wants to turn about GBP10K into PM’s to balance out his portfolio and his interest is primarily in Gold. 

I am not an advisor (professionally), but he wants some of my ideas...

My natural inclination is to buy Sov’s and Brits/ QB’s

Anyone have other thoughts?

thanks

dicker

Not my circus, not my monkeys

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1 minute ago, Goldhooked said:

If it was me I would be buying 40ish full sovs.  Probably not all at once.  Maybe 5 or 10 a month.  And spread around at least 2 dealers to keep below the limit before they have to advise HMRC of your purchases.

I knew some dealers asked for ID to prevent fraud but dd not realise they hand over details to HMRC? It may be in the small print on dealers websites but I rarely use them

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1 minute ago, matrawr said:

I knew some dealers asked for ID to prevent fraud but dd not realise they hand over details to HMRC? It may be in the small print on dealers websites but I rarely use them

It’s a legal requirement.  Have a look at section 3 here - https://www.gov.uk/guidance/gold-acquisitions-imports-investments-and-vat-notice-70121#notify-hmrc-about-exempt-supplies-of-investment-gold

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Probably depends on how he sees gold.
Does he want to collect it or does he want 'just gold'?

Ask someone here and that person will say sov, QB's or other fancy and shiny stuff, ask an financial guy and he will probably say gold with the lowest premium.
In other words, is there any joy for him in PM's?

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There is an element of interest from him which is perhaps just lowest over spot is not the only factor.  Thanks everyone for your thoughts

Not my circus, not my monkeys

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  • 2 weeks later...

Many thanks all. I saw my friend for lunch yesterday and he is about to make an investment. Sovereigns at a rate of 5 a month. 

Thanks for your thoughts. 

Not my circus, not my monkeys

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5 hours ago, Willike said:

WOW i just learned a valuable lesson here i have not informed anyone of my gold purchases yet. 

Lol be careful of HMRC knowing your stuff ,with your big purchases I seen on YouTube in a short amount of time, sellers keep records of your purchases for money laundering reasons and if they find it suspicious to notify HMRC and keep records for if HMRC ever want to check.

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1 hour ago, NRSovereign said:

Lol be careful of HMRC knowing your stuff ,with your big purchases I seen on YouTube in a short amount of time, sellers keep records of your purchases for money laundering reasons and if they find it suspicious to notify HMRC and keep records for if HMRC ever want to check.

Hey I am happy to notify HMRC I do things by book my money is earned through hard work nothing to hide from them.

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1 minute ago, Willike said:

Hey I am happy to notify HMRC I do things by book my money is earned through hard work nothing to hide from them.

I don’t think you have to inform HMRC when you purchase.  You would only need to inform them of any taxable profit when you sell them.

Dealers are legally required to inform HMRC when customers purchase over certain limits as per the link I posted above.

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Just now, Goldhooked said:

I don’t think you have to inform HMRC when you purchase.  You would only need to inform them of any taxable profit when you sell them.

Dealers are legally required to inform HMRC when customers purchase over certain limits as per the link I posted above.

Another lesson learned lol so this is about selling them and profits made on it now I understand. Most of my purchases are private used online about 3 times so far.

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36 minutes ago, Willike said:

Another lesson learned lol so this is about selling them and profits made on it now I understand. Most of my purchases are private used online about 3 times so far.

It is about swapping out your fiat for real money - keeping your head down and not involving the pirates. No CGT on UK gold coins anyway.

Always cast your vote - Spoil your ballot slip. Put 'Spoilt Ballot - I do not consent.' These votes are counted. If you do not do this you are consenting to the tyranny. None of them are fit for purpose. 
A tyranny relies on propaganda and force. Once the propaganda fails all that's left is force.

COVID-19 is a cover story for the collapsing economy. Green Energy isn't Green and it isn't Renewable.

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