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Hatton Garden Metals - So what happened?


HighlandTiger

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5 years ago, when I started my PM adventure, HGM were the "go to" company. Sovs were cheap, only a few % over spot, Shields only 10% over spot at worst. All sovs from Vic to Liz were the same price. People would post when they spotted a rare coin at a great price, and then there was a great rush to see who was quickest to grab it. Then we'd all be asking who had got it. There'd be times when they'd be out of all gold coins, and we'd be waiting with baited breath for new stocks

When I came back to PM's a few months ago, the first place I looked was HGM's website and I couldn't believe their prices. Everything had changed, silly premiums on bog standard common sovs, and some coins sitting there unsold for weeks.

So what happened? Did greed take over? New management? 

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26 minutes ago, HighlandTiger said:

So what happened? Did greed take over? New management? 

Someone found a coin values book and took it to management?

There are still some low premium coins but nothing anybody really wants. They have a St Gaudens eagle which has been there for over a month, six months ago that wouldn't have lasted more than a couple of hours, it seems they have bumped the price up over a £100 and its just sitting there. Their overall sales must have dipped, maybe they are being offset by the higher premium sales?

 

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Shame about Hatton Garden Metals only come into owning physical PMs last year and found out that the UK bullion dealers uncompetitive to those want to buy a single oz Gold. UK dealers only competitive have the funds to buy 250 oz Gold on a single purchase. For newly minted Gold bullion for competitive prices you have to purchase from European dealers. I am hoping the entire situation changes if we get free trade deal with United States. Bullion dealer in the US doing free shipping (in the US) and only 3% over spot on Gold.

The only UK bullion dealer found competitive selling Gold is Harrington and Byrne 2019 Sovereign £224 free delivery (opt out of all marketing) or Chards pre-owened bullion

https://www.chards.co.uk/gold-britannia-1-ounce-coin/britannia-bullion-coin-pre-owned/2759

https://www.chards.co.uk/1-ounce-gold-coin/1oz-gold-bullion-coin/one-ounce-best-value/486

But with Chards I would want to visit them in person to buy the pre-owened bullion to ensure coins are in good condition.

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They simply got wise.

It didn't take much doing, all they did was notice which coins sold instantly and kept bumping up the prices.

Shields still sell at whatever ridiculous premium they now charge but hang around longer.

I'm not sure if they sell any of the named monarchs/dates at the increased premiums, some seem to hang around for ever but we don't know the turnover.

The bread and butter "best value" sovereigns still sell in huge numbers; someone posted in another thread how many.

They have always dealt with the odd rare coin they get differently. these are not sold via the website but offered to certain customers they know would be interested or sent to auction.

The one thing they are still doing wrong is lumping together the half shields; YH and JH. These tend to sit on the website for ages now as the JHs are vasty overpriced.

Profile picture with thanks to Carl Vernon

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For anyone that can get to Farringdon station, hgm are hard to beat imo.

A lot of the coins are bullion grade. They handed me a 1oz krug that had seen better days a few months back. 

But over the counter trade and back on a train 5 minutes later. 

Suits me.

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2 minutes ago, Xander said:

I wonder if their buy back price is reflected in these massive hikes.😋

no, as far as i can tell, all gold coinage is bought in at the same or similar price, regardless of type/rarity etc

they do sometimes sell coins on behalf of customers, presumably on a commission basis.

Profile picture with thanks to Carl Vernon

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They are still the cheapest around for some European coins. 2% over spot for LMUs often. And are really good with checking dates and sending extra pics if you want them. 

Margins are low in this business, considering they are in central London their rates and rent must me insanely high now compared to before. 

 

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HT it was a couple of the guys on here were going into HGM buying the better coins, they had a deal with HGM.   Also HGM were selling bullion and a few of the guys on here were sending coins back saying that the coins were in bad conditions, I mean can you believe that you buy a bullion coin and you want a ef grade so you can slab it. 

That's what happened HT greedy Bastards ruined it for everyone else. 

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4 hours ago, Pipers said:

HT it was a couple of the guys on here were going into HGM buying the better coins, they had a deal with HGM.   Also HGM were selling bullion and a few of the guys on here were sending coins back saying that the coins were in bad conditions, I mean can you believe that you buy a bullion coin and you want a ef grade so you can slab it. 

That's what happened HT greedy Bastards ruined it for everyone else. 

@Pipers I can actually remember when I was here in my first incarnation certain unnamed people returning bullion because it wasn't perfect. I hadn't realised how much the slabbers had fecked it up for the rest of us. Obviously this is the downside of the silver forum. Whilst it does great work spotting deals and allowing trades, by its very nature that same deal spotting will lead to abuse and those deals disappearing. Those of us who are just stacking gold don't need perfection in coins, just weight. It's a shame the collectors ruined it for the stackers. 

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On 05/06/2019 at 21:35, sovereignsteve said:

They have always dealt with the odd rare coin they get differently. these are not sold via the website but offered to certain customers they know would be interested or sent to auction.

Thanks @sovereignsteve! This does explain why the PMs I regularly sell to HGM rarely appear on their website. I was always puzzled by that, but now realise they are in good enough condition to either sell direct to collectors or auction off. Thanks for clarifying that point.

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4 minutes ago, Serendipity said:

Thanks @sovereignsteve ! This does explain why the PMs I regularly sell to HGM rarely appear on their website. I was always puzzled by that, but now realise they are in good enough condition to either sell direct to collectors or auction off. Thanks for clarifying that point.

well if you're habitually selling better than bullion sovereigns to HGM at their bullion price, perhaps you'd be better selling elsewhere, contact me for example😉

Profile picture with thanks to Carl Vernon

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26 minutes ago, Serendipity said:

 The PMs I regularly sell to HGM..............

Why don't you post them here?

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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2 minutes ago, sixgun said:

Why don't you post them here?

If you do a search for “Tonkinese” you’ll find that one of the pieces I sold today at HGM was a 1/5oz Isle of Man cat coin. I was staggered by the American interest in a quintessentially British coin. I didn’t know any better and was showcasing the coin rather than selling. I’m in the habit of flipping fractionals in order to buy better quality fractionals or 1oz gold coins.

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13 minutes ago, Serendipity said:

If you do a search for “Tonkinese” you’ll find that one of the pieces I sold today at HGM was a 1/5oz Isle of Man cat coin. I was staggered by the American interest in a quintessentially British coin. I didn’t know any better and was showcasing the coin rather than selling. I’m in the habit of flipping fractionals in order to buy better quality fractionals or 1oz gold coins.

Well get into the habit of giving the poor buggers here first shout.

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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On 14/06/2019 at 01:41, Serendipity said:

If you do a search for “Tonkinese” you’ll find that one of the pieces I sold today at HGM was a 1/5oz Isle of Man cat coin. I was staggered by the American interest in a quintessentially British coin. I didn’t know any better and was showcasing the coin rather than selling. I’m in the habit of flipping fractionals in order to buy better quality fractionals or 1oz gold coins.

As one of the largest fractional buyers on this forum I would certainly want your coins more than HGM does ;) 

Hit me up in the future if you don’t mind, would have loved that Man cat.

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Of course if your coin was popular you’d have to be quick or lucky to see them as coins often go within minutes of appearing on hgm.  Given it may take them a little while to put them on the site as well if you’re just looking after they have paid you you migh have to sit for a while refreshing your page.

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