Sold all my gold, got stung

[Glorfindel]

29 minutes ago, Roy said:

 

How long is long term?

 

It was actually supposed to be a store of wealth for 4-6 years and a hedge against the next  crash, so maybe not that long-term compared to most of you. Calling it an investment is wrong, I shouldn't have said that - I'm not sure gold actually qualifies as a proper investment. I'm just glad I got out of it before I lost even more.

And @silenceissilver with respect, I do not take financial advice from a guy filming a video in his car. 

[Roy]

@Glorfindel, I'm sorry that you had a bad experience with gold and that you lost part of your 'investment'.

But that is nothing compared to how sorry I am that I wasn't able to pick up 1oz Queen's Beasts or Britannias for less than spot 🙁

[Glorfindel]

1 minute ago, Roy said:

@Glorfindel, I'm sorry that you had a bad experience with gold and that you lost part of your 'investment'.

But that is nothing compared to how sorry I am that I wasn't able to pick up 1oz Queen's Beasts or Britannias for less than spot 🙁

No worries - I don't always learn from my mistakes so you might get another opportunity in a few years.

[dicker]

Good you got out when you felt you had to, and each to his own. 

The forum is what I would call a “broad church” and its great to hear other views   

I do however think that *anything* can be classed as a “proper” investment, and asset values go up and down.  

Good luck with whatever else you chose to invest in.

best dicker

[Roy]

I hope so. For my sake, that is.

I've heard that house prices will fall dramatically after Brexit. Are you thinking of selling up?

😋

[silenceissilver]

23 minutes ago, Glorfindel said:

And @silenceissilver with respect, I do not take financial advice from a guy filming a video in his car. 

I don't give advice to anyone here, I just share my opinion and explain it. In this case I also emphasisied it with an emotional video.

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Posted 10 minutes ago

58 minutes ago, Roy said:

 

It was actually supposed to be a store of wealth for 4-6 years and a hedge against the next  crash

Which will come and make your newly aquired shares and bonds not completly worthless but they will go dowhnill big way. No one knows when but sooner or later it has to come in one of several possible forms, which are basically a hyperinflation or a biblical debt cancellation (= cancellation of monetary assets) unless - theoretically it can be carried on forever but only at the cost of a permanent 30ies style deflation. Occupy yourself with the monetary system thoroughly and you will probably buy PMs again. Don't just read about it from one perspective (one school of thought) but all alternative monetary sytems that exist. You can break it down to the full privatisation of money creation (Austrian School of economics), the full nationalisation (Irving Fisher etc) and Demurrage Money after Silvio Gesell and of course PM back currency. From every single perspective we are heading towards a crash - and you will be screwed because you are too easily scared off.

Edited November 30, 2018 by silenceissilver

[dicker]

No...I would not sell any of my houses in the same way I would not sell gold

But I am degrading my equity positions

To be straight I have a career in investment banking and have seen all sorts of crashes, panics, have seen fortunes lost and made in minutes.  

What works long term in my professional opinion is to buy and hold. 

Best

dicker

 

 

[dicker]

Just to add, if you are looking for a one way bet, then don’t invest in anything - you will always be disappointed. 

Best dicker

[Cornishfarmer]

Personally I think you made a good investment, with the correct coins you just sold them badly.      When you see them on Atkinson’s (that’s if they down already have a buyer lined up) you will see this.

cant remember members name but he was after 10 of each queens beasts and was paying very good money for them.      Rather than coming on here saying that it was a mistake buying after you sold, you should have come on before you sold and asked advice 

[dicker]

4 minutes ago, Cornishfarmer said:

Personally I think you made a good investment, with the correct coins you just sold them badly.      When you see them on Atkinson’s (that’s if they down already have a buyer lined up) you will see this.

cant remember members name but he was after 10 of each queens beasts and was paying very good money for them.      Rather than coming on here saying that it was a mistake buying after you sold, you should have come on before you sold and asked advice 

Wise words Sir

[BackyardBullion]

Just incase anyone else out there is looking to cash out on some 1 oz Queens beasts @BleyerBullion stated in their interview with me that they would pay above melt value for these coins where appropriate. Certainly better than spot price.

Also, as an aside - I will buy whatever number of Queens beasts lions and Griffin's at spot price even +5%. All day long. Gimmie gimmie gimme. I am sure @Abyss would say the same.

Another aside, I have and continue to offer intermediary sales services just for this very situation where new sellers might have cold feet about using the forum for large value sales.

I am going to be watching the Atkinson's pre owned page with a keen eye to see just how much money they are going to make in the next week from this trade!

[AlphaBeast]

"Sold all my gold, got stung"

Are you sure you know what being stung means? In other words, "Got scared, sold my gold, then tell everybody how I got stung yet happy to have sold at a loss"....

[Goldhooked]

I don’t understand why Brexit would effect the gold price?  Gold is a worldwide commodity, traded in 3/4 of the world who couldn’t give a damn about the outcome of Brexit.  As mentioned before, it’s the value of the Pound that’s at risk.  Surely gold is a good hedge against that?

Or am I way off the mark?

[fiveshotdon]

if the £ gains the amount of gold you get for your £ increases meaning the price drops.

[Xander]

If my memory serves me right I think, @Paul, sold about 8K worth of gold in a few hours on the forum. You just have to ask.

Edited November 30, 2018 by Xander

[Abyss]

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

Someone offered the above at spot +3% I would buy without hesitation because of number of QBs for sale. New seller or don’t have enough feedback @BackyardBullion offers intermediary service. As for @Glorfindel nobody knows the future and you maybe right to liquidate your position (most likely got better liquidation price on the Silver forums than a dealer). 

My stack PMs going used for one of two purposes.

Pass on as inheritance to my son or convert into another asset type (rental properties) if/when circumstances right in my lifetime.

This posts raises some interesting concerns and fears that are within everyone who has purchased PMs (including myself) have we made a bad decision? From current Gold spot price if it was to fall further 10-40% there would a lot individuals who would experience the same anxiety and fears as @Glorfindel. 

I am in Dubai on annual leave just now but before I left spoken senior ICICI life insurance people managing funds for NRIs (Non Residential Indians) in India and asked wanted anything from UK/Dubai and they stated just bring as much gold as you can 😁 (I was referring to sweets/chocolates). Go from on country to another swooping one piece of paper for another but Gold espically in Asia is viewed as real tangible wealth.

Edited November 30, 2018 by Abyss

[Glorfindel]

The thing I take issue with is people trying to make me feel bad for not selling them here. I just did not (and still don't) feel comfortable about informally selling to individuals who I don't know.  I'm by no means happy that I lost money, but I am relieved to have got out of gold with a relatively small loss. I could be completely wrong about the gold price/Brexit - but surely you can understand that I did not want to risk it? Money in a LISA saving for my first house is a much better use of the cash imo.

[flim]

usage of cash is your circumstances

not dealing with a stranger is your choice

not checking / shopping around for a better deal ?

this forum function like a community, where you can ask around for the going rate of an item, the people would direct to the better deals they know, thousands of members who know gold better than many many average folks out there

its seems like a custom to offer to our own forum members first, even eBay can get a better price, which seems to be contradictory

but sometimes you need help from another to get the desired items

Edited December 1, 2018 by flim
picture added

[Guest]

14 hours ago, Glorfindel said:

 I sold to Atkinsons, 😂

How did they pay? Cash or bank transfer? I'd like to dump some silver but I want cash.

Edited December 1, 2018 by Guest

[BackyardBullion]

21 minutes ago, savoyard said:

How did they pay? Cash or bank transfer? I'd like to dump some silver but I want cash.

I suspect you will get a better price for silver on the forum - certainly 1 oz coins there are people like me who will take them to melt 🙂

[AuricGoldfinger]

The OP is getting a hard time - and some good advice - which i agree with! But i think he has just got into gold at the wrong time in his life and i agree with him buying his first house is more important than holding gold (for him).

For me uncertain times makes me want to buy more gold! Assets rise and fall, the hope is if your diverse then if one thing is falling HOPEFULLY another is rising!

Good luck with your future investments, perhaps one day you will decide to diversify back into PMs.

[HelpingHands]

14 hours ago, sixgun said:

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

 

I've been thinking about this and my suspicion is that pretty much no matter what the outcome Sterling will recover.

Any decision may be better for Sterling than the current uncertainty.   

 

 

[augur]

9 hours ago, Glorfindel said:

The thing I take issue with is people trying to make me feel bad for not selling them here. I just did not (and still don't) feel comfortable about informally selling to individuals who I don't know.

This is all understandable and good practice when dealing with strangers, in particular if we are talking several grand. You are right: you could have lost the whole lot in a scam. In that way you have discovered that there is a safe route out of gold. 

You shouldn't feel bad for not selling here, they just equally feel their own lost opportunity, so don't. 

[vand]

Worst move ever.

Unless you needed cash for something immediate (in which case, you made stacker mistake #1 and didn't build a cash reserve) makes no sense at all. Just shows the breathtaking misunderstanding of the role of gold, even amongst many so-called stackers.

Edited December 1, 2018 by vand

[Nick1368]

 I am sorry to hear you had a bad experience with gold and I think you did the right thing by selling them all to a dealer without stressing yourself anymore than this, you weren't having fun with it, it wasn't for you.

But don't expect any sympathy from the members of this forum, because as far as I undesrtand everyone here is obsessed with gold and so upset that all those nice coins ended up with a big dealer, soon the same exact coins will be sold for a lot more than what you got paid for them and we are all going to have lion and griffin nightmares tonight 😆😫

I am new to gold stacking myself but unlike you I'm absolutely loving this journey, since I started buying gold I never thought that I made the wrong decision, I can't wait for the next opportunity to arrive to buy more gold and when I buy a piece of gold I am already having an eye on the next one.

if the time comes when I am desperate for cash then I will have to sell but other than that I don't see any reason to sell my gold or even silver.

economy crash, Brexit, uncertainty , PM price going up and down are not good enough reasons for me to sell, I guess I am just too attached to my gold 😂

I joined the forum before I bought anything and the amazing members of this forum helped me a lot, there are so many intelligent people here who will give you the best advice, you just need to ask, I learn a lot from this forum every single day.

anyways I wish you the best of luck with your next investment and I'm sure you have learnt a thing or two from this experience.