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Glorfindel

Sold all my gold, got stung

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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!

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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? 

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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. 😂

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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.

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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.

 

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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.

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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 by MoralHazard

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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.

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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.

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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 by sixgun

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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. 

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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!

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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

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