Hello. Are these prices correct?

[goldking]

Hi folks.

I've been doing a lot of reading prior to making my first gold purchase and I have some questions. 

I've seen Derren3gs price comparison thingy, also seen the link to the old one from that other goldcompare guy who put it behind a paywall and also the thread of bullion dealers which has a link to another price comparison, gold-price.co.uk.  It's the latter that I want to ask about.  The prices are suspiciously cheap on a number of products and closer examination finds that for many of them it is showing the pricing if you purchase 50+ items rather than a single one, but... if I select a Krugerrand it's showing me a price of £1198.03 as I write, from Gerrards.  Clicking through to the site confirms the price and also states free delivery.  This is over £22 cheaper than the cheapest one on Darren3gs comparison page for same.  What am I missing here?  

 

My other question is to ask what is the best gold "product" to buy for minimal loss (ignore spot price changes, assume the price stays the same)?  I was planning to buy some 5 or 10g bars from Sharps as they seem to have the lowest mark-up/cheapest, then probably sell on here at some point in the distant future, asking for spot, but then I read a thread where people buy gold sovs UNDER spot and so wonder if buying those would be better instead to keep my losses to a minimum?  Can you usually sell them for spot as well?

I should add that I have no interest in coins or their designs and I'm not buying gold to "invest" either.  It's a purchase to hedge against fiat potentially going tits up - an insurance policy if you will - so don't care whether it's bars, coins, "rounds" or whatever, so long as the spread between buying and selling is as small as possible.

Thanks 

[Xander]

Sovereigns are a good buy. They are really easy to re-sell quickly and will hold their value.

I had a short venture into gold 1oz bars and 1oz Krugerrand the bars were more expensive than the Krugs ,although when I wanted to re-sell them I got more for the krugs

You should try HGM 

[goldking]

8 minutes ago, Xander said:

Sovereigns are a good buy. They are really easy to re-sell quickly and will hold their value.

I had a short venture into gold 1oz bars and 1oz Krugerrand the bars were more expensive than the Krugs ,although when I wanted to re-sell them I got more for the krugs

You should try HGM 

Thanks for the reply.  I quick check of HGM and Sharps shows 1oz Krugs to be £10-11 more expensive than 1oz bars.    I expect the bars would sell at spot or close to, so does that mean that Krugs can be sold for £10-11 over spot or am I misunderstanding something?

[HawkHybrid]

I vote bullion sovereigns.

 

HH

[Xander]

2 minutes ago, goldking said:

Thanks for the reply.  I quick check of HGM and Sharps shows 1oz Krugs to be £10-11 more expensive than 1oz bars. 

Maybe I purchased them at the wrong time, it seems like swings and roundabouts with them. 

The humble bullion sov though is best for selling quickly as its only 7.324 grams and more affordable to forum members, you will always get a fair price on here. 

[goldking]

OK.  I'm feeling confused already.  The prices seem to vary wildly from around £284 to £322 for the same thing from looking at Sharps and HGM offerings.  If I bought a 2019 sovereign for £288.85 as per HGM current price, realistically what would that sell for in the forum just to give me an idea please? 

[Darr3nG]

37 minutes ago, goldking said:

if I select a Krugerrand it's showing me a price of £1198.03 as I write, from Gerrards.  Clicking through to the site confirms the price and also states free delivery.  This is over £22 cheaper than the cheapest one on Darren3gs comparison page for same.  What am I missing here?  

Hi @goldking,

I'm afraid Gerrards [preciousmetals.co] is not on my list of websites for price comparison - I'm sure there are many other dealers out there with cheaper prices too, but unfortunately I can't scan them all.

Just had a look to see if they have enough different gold coins listed to add to my site, but it says they are down for maintenance. Maybe they realised they were selling Krugs too cheaply

Thanks for using my site and providing the feedback.

[goldking]

1 minute ago, Darr3nG said:

Hi @goldking,

I'm afraid Gerrards [preciousmetals.co] is not on my list of websites for price comparison - I'm sure there are many other dealers out there with cheaper prices too, but unfortunately I can't scan them all.

Just had a look to see if they have enough different gold coins listed to add to my site, but it says they are down for maintenance. Maybe they realised they were selling Krugs too cheaply

Thanks for using my site and providing the feedback.

Hi.  Ah!  The link took me directly to the product so I didn't see the banner on their home page saying they are down for maintenance, so I'm guessing then that their prices are outdated which would explain the difference.

[Darr3nG]

14 minutes ago, goldking said:

If I bought a 2019 sovereign for £288.85 as per HGM current price, realistically what would that sell for in the forum just to give me an idea please? 

Most of the 2019 Sovs I've bought from the Silver Forum have worked out about Spot+1% (including postage).

At today's Gold Spot price, that would be between £281 and £284

[PapaLazarou]

Malcolm Ellis sells Krugs @ spot + £10 + delivery.

 

[goldking]

Thanks Darren, that's very useful to know.  I read somewhere that buying mixed year sovs is better than year specific ones as the latter command a slight premium which you don't tend to see back when liquidating.  Would you agree with that?

Also, where do you buy them under spot?  I read that in an older thread on here where people were regularly buying them under spot, but it wasn't mentioned where.  Presumably not the buy & sell forum on here otherwise you wouldn't be paying 1% over spot for them! 

[Darr3nG]

I've always looked to buy the cheapest gold, not too bothered about specific years. Guess that makes me more of a stacker, then collector. I believe certain years command a premium, due to mintage.

Most Sovereigns which I've bought have indeed been from right here on the forum, some even under spot on the day - you need to be a premium member to see those listings as they post - well priced coins go fast!

The vendor Harrington & Byrne sometimes have good deals on Sovereigns (£279 posted, today) but I'd advise you to read some of the forum posts about their excessive marketing practises before going there.

[goldking]

Thanks Darren.  Yes,  I am aware of H&Bs practices courtesy of a BYB video (although he didn't name them but was easy enough to work out via some cross-checking with the forum posts at the time).  Also aware of HGMs seemingly non-existent QC on their sales.

Other than the aforementioned marketing practices, are there any other caveats or gotchas I should be aware of before purchasing those £279 sovereigns?  Seems a bit too good to be true in view of the current gold spot price.  What am I missing? 

[Darr3nG]

The price is correct but you are limited to a "Max 3 Sovereigns per household per year"

 

[Xander]

39 minutes ago, PapaLazarou said:

Malcolm Ellis sells Krugs @ spot + £10 + delivery.

 

That looks good.🤑

[Xander]

11 minutes ago, goldking said:

Thanks Darren.  Yes,  I am aware of H&Bs practices courtesy of a BYB video (although he didn't name them but was easy enough to work out via some cross-checking with the forum posts at the time).  Also aware of HGMs seemingly non-existent QC on their sales.

Other than the aforementioned marketing practices, are there any other caveats or gotchas I should be aware of before purchasing those £279 sovereigns?  Seems a bit too good to be true in view of the current gold spot price.  What am I missing? 

I had 3 attempts at buying sovs from them last year when they were £229.00 Sadly, still waiting.☹️

[goldking]

2 minutes ago, Xander said:

I had 3 attempts at buying sovs from them last year when they were £229.00 Sadly, still waiting.☹️

Oh.  That's not good news Xander.  I was about to place an order for 3.  Has anyone on here bought them and received them yet?

[goldking]

46 minutes ago, PapaLazarou said:

Malcolm Ellis sells Krugs @ spot + £10 + delivery.

 

Nice info thanks.

Looking at the website he seems to sell them at spot (and sovs)?  No mention of the extra £10 unless I'm going blind?  https://www.malcolmelliscoins.co.uk/gold-and-other-coins-for-sale.html

Further down the page it says that £10 is to cover the cost of insurance and delivery, so pricing appears to be current spot + £10 delivery.

[PapaLazarou]

Website not updated for ages. My info is up-to-date.

[Darr3nG]

12 minutes ago, goldking said:

Oh.  That's not good news Xander.  I was about to place an order for 3.  Has anyone on here bought them and received them yet?

I bought 3 x Sovs and 3 x 1/2 Sovs at different times, last year, without issue (apart from the excessesive junk mail).

[CadmiumGreen]

Welcome aboard The Silver Forum!

[goldking]

On 10/01/2020 at 19:29, PapaLazarou said:

Website not updated for ages. My info is up-to-date.

Spoke to him yesterday and he's put his sov prices up quite considerably!  Now selling at £300 each + delivery.  Krugs £1215 + delivery.

 

@cadmiumgreen thanks, I missed your post earlier.

[AndrewSL76]

HGM is good if you are able to visit them. I regularly buy from there - you can place an order and then go into collect and discuss which coins you actually want. Last time I was there I was able to chose the sovs I wanted from the mixed selection they had available. I appreciate if you buy and have them delivered you are letting them decide...there were a few when I was last in that I would have been disappointed to receive, but then again, it is bullion at bullion prices...

[Dobber]

On 10/01/2020 at 19:20, goldking said:

Oh.  That's not good news Xander.  I was about to place an order for 3.  Has anyone on here bought them and received them yet?

I brought from them a few weeks ago & received after a few days, all well & good, I ticked the three boxes indicating that I did not wish to receive any marketing such as e-mails or post, so far so good, there is a seperate thread regarding ordering from them, I suggest you give that a read, I would be happy to use them again as you can't beat gold under spot price.