Sold all my gold, got stung

[Glorfindel]

I sold 8oz of gold today and I'm feeling pretty annoyed with myself. I've lost about £600.

The gold was originally supposed to be a long-term investment but Brexit has me spooked. I decided to take a hit now rather than risk the price dropping back down to pre-2016 levels (for all the media talk, I think a no-deal scenario is extremely unlikely and once Brexit is finally over, the gold price will slowly come down... that's my guess anyway). I could easily be wrong but I feel it was a mistake to buy gold in such uncertain times.

Still, live and learn!

[Tn21]

Thanks for sharing but would you consider going into more details as to what price you sold for and what the items were?

 

[richatthecroft]

8oz of Gold might not have taken long to liquidate here on the Forum at 2- 3% above spot.  

I don’t know your circumstances, perhaps you needed to sell quickly? but did you consider selling it here or elsewhere coin by coin to maximise your return? 

[Glorfindel]

3 minutes ago, Tn21 said:

Thanks for sharing but would you consider going into more details as to what price you sold for and what the items were?

 

Nothing fancy. I sold to Atkinsons, you can check their prices on their website if you want.

3 x Britannia (2016, 2017)
1 x Queens Beast Lion
2 x Queens Beast Dragon
2 x Queens Beast Griffin

Not buying gold again unless the price crashes <500. 😂

[Glorfindel]

1 minute ago, richatthecroft said:

8oz of Gold might not have taken long to liquidate here on the Forum at 2- 3% above spot.  

I don’t know your circumstances, perhaps you needed to sell quickly? but did you consider selling it here or elsewhere coin by coin to maximise your return? 

I did consider it but I don't know this forum that well and it seemed too big a risk. And tbh I just wanted rid of the coins ASAP.

[FlorinCollector]

I'm not 100% sure what Atkinson's offer over spot but with those queens beast im pretty sure on here or ebay you could have broke even with the difference or made profit. Especially with the Lion. 

[MoralHazard]

You would have received easily £1250 per piece for the griffins here. Similarly £1200 for the lion. For the dragon £1100. Now you sold those coins for melt value to a dealer. Great job, you got drilled twice instead of turning for profits.

Atkinsson will resell the griffins for £1350 and £1300 for the lion a piece. Easy money for them

Edited November 30, 2018 by MoralHazard

[richatthecroft]

19 minutes ago, Glorfindel said:

Nothing fancy. I sold to Atkinsons, you can check their prices on their website if you want.

3 x Britannia (2016, 2017)
1 x Queens Beast Lion
2 x Queens Beast Dragon
2 x Queens Beast Griffin

Not buying gold again unless the price crashes <500. 😂

Hope you have lots of time to wait.  

Just wondering, where now with your capital?

 I am of the opinion that metals are a reasonably safe place to be invested when uncertainty prevails.

 

[Shinus73]

35 minutes ago, Glorfindel said:

And tbh I just wanted rid of the coins ASAP.

If holding gold coins worried you to such a degree that you ‘wanted rid ASAP’, then you were certainly correct to sell.

[Bullionbilly]

I know its a little late now but @Abyss would more than likely been interested in 5oz of that.

 

[sixgun]

Just for future reference the issue about Brexit is not about gold it is about Sterling. Gold is not going to go down the plug hole because of Brexit. What the UK does is neither here nor there. The British Empire was thrown away financing WWII when peace was the stroke of a pen away, after that we became a virtual irrelevance. So unless the Bank of England comes clean about stealing all the gold and selling it, the UK's antic aren't going to make a big impact.

If Brexit does not go the way the powers that should not be want it then expect Sterling to be pounded (to use a pun). This is exactly when you want to be in gold. When things look dodgy go to gold.

You should have sold on the forum. The coins would have sold over the weekend especially as it is the end of the month when quite a lot of members are paid. i would say this is THE safest place to sell. If you sell to longstanding members you will get paid. A few months ago i bought a sovereign on the forum. It did not turn up. The member refunded me. Then it turned up and i sent the money back.

Edited November 30, 2018 by sixgun

[Glorfindel]

42 minutes ago, richatthecroft said:

Hope you have lots of time to wait.  

Just wondering, where now with your capital?

 I am of the opinion that metals are a reasonably safe place to be invested when uncertainty prevails.

 

LISA.

As for people telling me I should have sold here, maybe, but I don't regret not doing so. Extra stress and delay for a few hundred quid is not worth it, for me anyway.

@sixgun Yes, you are right re sterling, but it comes to the same thing - Brexit is going to be resolved one way or another (either we get a deal or we don't leave), and that can only have a negative impact on the price of gold.

[MoralHazard]

9 minutes ago, Glorfindel said:

As for people telling me I should have sold here, maybe, but I don't regret not doing so. Extra stress and delay for a few hundred quid is not worth it, for me anyway.
 

I do not understand your reasoning: It is the buyer usually who needs to take a counterparty risk (pay first, get item afterwards). What extra stress is it for you?

You did not just lose few hundred, you lost almost £1000 for not doing your due diligence. And in gold relative terms you probably lost that £1500

Edited November 30, 2018 by MoralHazard

[Glorfindel]

Just now, MoralHazard said:

I do not understand your reasoning: It is the buyer usually who needs to take a counterparty risk (pay first, get item afterwards). 

You did not just lose few hundred, you lost almost £1000 for not doing your due diligence

Rubbish - nobody in their right mind would pay 200-300 over spot for those coins (and I would not trust anyone who offered).

But even if you are right, I've made over £1k back already from just putting the cash into a LISA. Gotta love free govt money. So no, I don't regret it. I'm not sure why people are so keen that I should.... my only regret is buying the gold in the first place.

[MoralHazard]

1 minute ago, Glorfindel said:

Rubbish - nobody in their right mind would pay 200-300 over spot for those coins (and I would not trust anyone who offered).

But even if you are right, I've made over £1k back already from just putting the cash into a LISA. Gotta love free govt money. So no, I don't regret it. I'm not sure why people are so keen that I should.... my only regret is buying the gold in the first place.

How about this: https://auragentum.de/1-unze-goldmuenze-queens-beasts-griffin-2017?number=9201863

And this: https://auragentum.de/1-unze-goldmuenze-queens-beasts-lion-2016?number=9201691

And this is just how much a dealer is willing to pay for it. Sorry pal you got screwed bad time.

[FlorinCollector]

4 minutes ago, Glorfindel said:

Rubbish - nobody in their right mind would pay 200-300 over spot for those coins (and I would not trust anyone who offered).

But even if you are right, I've made over £1k back already from just putting the cash into a LISA. Gotta love free govt money. So no, I don't regret it. I'm not sure why people are so keen that I should.... my only regret is buying the gold in the first place.

I think you done the correct thing because you were invested in something you didnt understand. 

Selling a long term investment on current thinking doesnt make sense to me. If you can be swayed with current world situations it was never a long term investment i dont think.

[sixgun]

24 minutes ago, Glorfindel said:

@sixgun Yes, you are right re sterling, but it comes to the same thing - Brexit is going to be resolved one way or another (either we get a deal or we don't leave), and that can only have a negative impact on the price of gold.g

Brexit has the potential to send Sterling down - this would mean it would cost you more GBP to buy gold.

As @JCRJM says you don't properly understand gold as an investment and hedge yet. Do not give up - keep reading and learning about the subject.

Edited November 30, 2018 by sixgun

[Tn21]

Everyone has Thier own plan with his/hers au&ag. I don't think there is a right way or wrong way of buying or selling au & ag.

 

Price is key in any aspect however can not be looked at in isolation. 

As long as @Glorfindel is content with his actions then that's all that matters. 

 

Gold for me is a long term play, hopefully glorfindel you find your love back in the yellow metal. 

[silenceissilver]

That's my perception

 

Can't find a translation for Dreispeichenregel (basically describing different assets going through long term cycles and alternating between which one is high or low at given time)

It's an objective fact that in the UK, real estates were 5 times overvalued compared to the overage income already 10 years ago, compared to the 50ies. It's an objective fact that shares, bonds etc are overvalued compared to the gross domestic products compared to most of the time after WW2. You buy when it's low, if it goes further down you hold unless you are forced to sell due to personal circumstances. On the other hand, if everyone did that, I don't see how this could still work. Of course you can never have 100% security ever, but having more trust in shares and bonds than in gold, right now is simply based on feelings, not on facts. Bad decision!

[dicker]

All good points

I am in for the very long term

best

dicker

[dicker]

And the reason for me is balance. Essentially it balances against my other investments.  

It is portable. 

If the terrible hits the fan I can get my family out of the U.K.

Inflation hedge

Plus a long long term investment. I won’t sell and give to my kids

I buy on dips and also on a scheduled basis for pound cost averaging. 

Best

dicker

[dicker]

Oh and additionally, I don’t trust the government not to confiscate my assets and pension

best

dicker

[Roy]

 

How long is long term?

 

[dicker]

If gold spiked I would sell a portion, otherwise it is there for very old age or a disaster

[Roy]

Sure, it was your avatar that confused me! 😉

I ask because I'm in my 6th decade of life and I don't know what is around the corner. 

I always read 'for the long term' or 'for my kids' yet it's alien to me. I haven't had that option.

Wait. What? Gold has been available for ever so why are people stacking 'for the long term' now when there wasn't that option before?

It seems that silver and gold have become the greatest asset class available. Well, since 2011 that is.

Don't give your kids gold. They know less what to do with it than you do. Should they leave it to their kids?

Use your gold. Buy bricks and mortar and land when everyone else has to sell. Spend it when it's most wanted.

As for inheritance, don't die a rich man. 😉