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I sold 1oz of Gold


Tn21

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Hi Fellow forum members I just want to share a brief story with you all

I have sold my first ever 1oz gold bar which i bought from BBP. The price I paid for it was £1017 at the time. 

A close family member (blood)  is currently on holiday in Canada and I spoke to a dealer over the phone and via email to see whether they will buy this 1oz gold metalor bar but pay in cash (Canadian Dollars). The bar has been cashed in now and the amount received was 2020 Canadian Dollars.

The current selling price of an oz of AU in the uk will give me £1217 or there abouts (on Atkinsons), that same figure will result in  1917Canadian dollars. 

 

Although the 1oz  bar is now gone and the chances of me replacing this are slim in this current market, this transaction in Canada just proved to my family members who were doubters of the yellow metal how valuable it is and also how it can protect their purchasing power. I got back the spot price which which we rounded down to £1200 and the family member got even more bang for their bucks as they would have got less Canadaian dollars had they just converted £ in to Canadian dollars in a travelx, post office or Sainsburys etc. 

This is the place where the bar was sold to https://canadianbullion.ca/about-us-precious-metals-dealer
It was easy and straight forward, they offered 1% under Spot. Happy with their level of service. 

My belief in PMs have strengthened further.  

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To put a little more perspective on this trade @Tn21 it would be handy to know how long you held the 1oz Bar?  

I’m certain you couldn’t have got this percentage of profit by sticking cash in the bank- and certainly none of the risks taken by trusting your hard earned cash to other forms of investment. 

Gold is a fantastic investment/ wealth preservation tool long term, and sometimes in the short term. 

Well done! And you might well of converted others to see the potential Gold offers. 

 

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Yh good point @richatthecroft

The bar was purchased mid 2017. I was not in desperate need for the cash so I would have kept on to this for a much longer period of time. I decided to sell just to test the waters and aid a family member. 

£200 profit for 2 years of holding is not amazing but it is still far better then what most would get from interest on a current account for sure. 

Also just an additional point no issues at Gatwick or at Toronto airports either. 

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29 minutes ago, Tn21 said:

The bar was purchased mid 2017. I was not in desperate need for the cash so I would have kept on to this for a much longer period of time. I decided to sell just to test the waters and aid a family member. 

£200 profit for 2 years of holding is not amazing but it is still far better then what most would get from interest on a current account for sure. 

Yes, I absolutely got why you traded the bar- nice experiment to exemplify to doubters the value of investing PM’s.  I think nigh on £200 profit on £1k is a marvelous return.  

29 minutes ago, Tn21 said:

Also just an additional point no issues at Gatwick or at Toronto airports either. 

This is encouraging too. 

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That’s one of the problems I’ve been going through now for quite some time. Should I buy Gold in Bars or Coins?

The Gold Index regulates itself as we all know. 1oz of Gold = Price ?

The Gold Index for Coins differs! Sought after Coins can fetch a far better  premium than that of 1oz  of Gold.

You have to find a buyer but the rewards are worth the task. At least I still have 1oz piece of Gold!

Regards

Howie

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6 minutes ago, AuricGoldfinger said:

Never even considered using it as a means to exchange currencies. Good work 

Neither did I until around a year ago an Australian member of the Forum arranged to sell some Silver 1kilo bars when he flew into the UK- win/win both ways! 

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1 hour ago, richatthecroft said:

  I think nigh on £200 profit on £1k is a marvelous return.  

 

I had second thoughts Rich and that return is a good solid return and maybe I played it down a bit too much. 

 

44 minutes ago, Serendipity said:

You are one of my favourite Silver Forum members. I’m not the least surprised that you have gained while others have lost out on their overpriced proofs and numismatic coins. You stack with your head, not your heart.

Thanks my friend, you have boosted my confidence up 🤣 each to their own I guess

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1 hour ago, Howie said:

That’s one of the problems I’ve been going through now for quite some time. Should I buy Gold in Bars or Coins?

The Gold Index regulates itself as we all know. 1oz of Gold = Price ?

The Gold Index for Coins differs! Sought after Coins can fetch a far better  premium than that of 1oz  of Gold.

You have to find a buyer but the rewards are worth the task. At least I still have 1oz piece of Gold!

Regards

Howie

Yh gold is gold and in this example I got just under spot by 1%. Coins tend to do better here on the forum I think. If the price is right go for what ever you like best.

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Good stuff, this reminds me of the tales of pilots carrying sovereigns with them to exchange with the locals in the event they were shot down :D

Gold has done its job, if you had held sterling for the same time you would have far less dollars to show for it. Well done 👍

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Just to clarify was the bar presented in person to the dealer in Canada?  1% under spot sounds a cracking deal.  I doubt I could personally replicate that deal if I were to sell to an overseas buyer the logistics for me sound too complicated.  Well done!

Going slightly off topic I need to flex my 'goldmoney' account as I haven't tested the transaction costs yet.  Although on paper at least it sounds a solid concept along the lines you were talking about.

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2 hours ago, AuricGoldfinger said:

Never even considered using it as a means to exchange currencies. Good work 

done similar loads of times, using sovereigns to Cyprus! - no FX exchange rate to think of and no commission - bullion dealer in Cyprus has become a personal friend - 

If market favours you there is money to made "going on holiday" LOL - - 

BTW this was £ to Au to Euro

on at least 3 occassions ive made over £80 - when I replaced em back in the UK!!

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1 hour ago, universalcurrency said:

Just to clarify was the bar presented in person to the dealer in Canada?  1% under spot sounds a cracking deal.  I doubt I could personally replicate that deal if I were to sell to an overseas buyer the logistics for me sound too complicated.  Well done!

Going slightly off topic I need to flex my 'goldmoney' account as I haven't tested the transaction costs yet.  Although on paper at least it sounds a solid concept along the lines you were talking about.

Yh that's correct bar was taken by the family member who went to the dealer and carried out the deal. They were in the shop for less then 2 mins as the dealer was already aware of the incoming bar. It was pretty straight forward from what I heard. The bar was carried inside the hand luggage and there was no issues at all. 

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Convertibility yellow metal into any fiat currency you require whenever you require it while preserving purchasing power and removing all third party risk. Yellow metal certainly does shine bright with 5,000 years of history and mentioned numerous times as real money in biblical times.

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3 hours ago, KDave said:

Good stuff, this reminds me of the tales of pilots carrying sovereigns with them to exchange with the locals in the event they were shot down :D

Gold has done its job, if you had held sterling for the same time you would have far less dollars to show for it. Well done 👍

And even James Bond did it when he had them inside his briefcase...lol.

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1 hour ago, Abyss said:

Convertibility yellow metal into any fiat currency you require whenever you require it while preserving purchasing power and removing all third party risk. Yellow metal certainly does shine bright with 5,000 years of history and mentioned numerous times as real money in biblical times.

The good thing about gold and maybe not do good is that it has no memory which is why the Germans poured into Switzerland with their stolen gold which was melted down into ingots which if they didn't return for it the Swiss simply then reeled it into Swiss gold and nobody knew the wiser, gold from africa, from australia, moved around the globe to benefit from taxation has made a few people very wealthy...my thought was to buy some real expensive Cuban jewelry and pay with my jewelry then wear it into britain and then give it to my mother, but my mother is not around to do that with any more.



Added 0 minutes later...
7 minutes ago, 5huggy said:

Yeah He did and then got "Goldfingers! 🤣

Maybe it's time bbb bought himself a rolls royce for group orders...lol.

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12 minutes ago, DarkChameleon said:

The good thing about gold and maybe not do good is that it has no memory which is why the Germans poured into Switzerland with their stolen gold which was melted down into ingots which if they didn't return for it the Swiss simply then reeled it into Swiss gold and nobody knew the wiser, gold from africa, from australia, moved around the globe to benefit from taxation has made a few people very wealthy...my thought was to buy some real expensive Cuban jewelry and pay with my jewelry then wear it into britain and then give it to my mother, but my mother is not around to do that with any more.



Added 0 minutes later...

Maybe it's time bbb bought himself a rolls royce for group orders...lol.

£350 for a gear knob, £2000 for a wheel cap...this could catch on...do we know anyone who smelts on the continent?. may e store the jewelry in the petrol tank like riviera touch....big diamond under the bonnet like 11 harrow house...

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6 hours ago, Howie said:

That’s one of the problems I’ve been going through now for quite some time. Should I buy Gold in Bars or Coins?

The Gold Index regulates itself as we all know. 1oz of Gold = Price ?

The Gold Index for Coins differs! Sought after Coins can fetch a far better  premium than that of 1oz  of Gold.

You have to find a buyer but the rewards are worth the task. At least I still have 1oz piece of Gold!

Regards

Howie

For me it''s coins only. One ounce and smaller gold bars usually come in plastic, thus there is hardly a way to test if it's real. If you take them out, people might think it's a fake - because it usually comes in plastic. Also, no serial numbers on coins. From what I know that was the reason South Africa introduced the Krugerrand in the first place. The only advantage of bars - it doesn't matter that much if they have big scratches. But with bullion coins it's not that important either and there are capsules for them.

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4 minutes ago, silenceissilver said:

For me it''s coins only. One ounce and smaller gold bars usually come in plastic, thus there is hardly a way to test if it's real. If you take them out, people might think it's a fake - because it usually comes in plastic. Also, no serial numbers on coins. From what I know that was the reason South Africa introduced the Krugerrand in the first place. The only advantage of bars - it doesn't matter that much if they have big scratches. But with bullion coins it's not that important either and there are capsules for them.

With you on that.

My point being 1oz of Gold is 1oz of Gold full stop. However collectible Coins do have the overhand. For eg. I bought a Queen’s Beasts „The Griffin of Edward III“ in 2017 for €1350,00 it’s now selling for up to €2200,00 by CoinInvest Germany. Admittedly I have to find a buyer but the reward speaks for itself. 

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