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Buying gold bars

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    Buying gold bars

    Anyone have any experience of buying gold bars?

    My cousin and her husband are expecting their first child and to mark the occasion, they're looking to buy a 100g gold bar for the new arrival.

    I think its a great idea and it got me thinking about it too.

    100g gold bars are currently selling for just under £3400, but there are so many places selling it, some even by post!

    Royal Mint are also selling it and if I bought it, think I'd buy from them, just for peace of mind, that I'm getting what I paid for.

    Couple of questions:
    1) Gold is marked as 999.9 fine. So lets say it costs £3400 - how much would I get if I were to sell it (assuming same gold price and FX rate)? How easy is it to liquidate the asset and to whom would I sell it to, jeweller, etc?
    2) any tax implications or anything to be mindful of making such a purchase?

    I quite like the idea of handing something down to my son, he's only 2 so tucking this away and forgetting all about it for 20 years is the intention.

    Any advice before I dip my toes into the unknown world of gold buying?

    #2
    There's a vending machine in Atlantis on Dubai's Palm where you can buy a gold bar

    Isn't silver more usual for new borns?

    Comment


      #3
      I think the snag with buying gold is that if it is removed from secure storage i.e. a bank vault its value reduces significantly, on the grounds that its purity can no longer be assured.

      Also, if Kleptoe & co win the next election it's quite on the cards that they nationalize all gold holdings and make it illegal to own gold.
      Work in the public sector? Read the IR35 FAQ here

      Comment


        #4
        Originally posted by OwlHoot View Post
        I think the snag with buying gold is that if it is removed from secure storage i.e. a bank vault its value reduces significantly, on the grounds that its purity can no longer be assured.

        Also, if Kleptoe & co win the next election it's quite on the cards that they nationalize all gold holdings and make it illegal to own gold.
        Not so sure. Sovereigns? Not a problem keeping them under the bed. Small gold bars? Keep them sealed in the original packing and keep the original certificate of purity. No problems. If you shop around there is a bit of variation in the price of, say, 1oz bars, but not if you keep it for twenty years. For a small premium, you can buy the bar in a nice box as a keepsake. If you keep the paperwork, the original bullion dealer will buy it back from you. A jeweler may well rip you off.
        Public Service Posting by the BBC - Bloggs Bulls**t Corp.
        Officially CUK certified - Thick as f**k.

        Comment


          #5
          Originally posted by ContractorBanking View Post
          Anyone have any experience of buying gold bars?
          Can't you pop down to your local gold supermarket, like PhiltheGreek's wife does....?

          Comment


            #6
            Put £3400 on a Global Index Tracker instead, then put £100 a month in until they're 18. At the end of it, it will be worth a lot more* than some crappy gold bar that'll probably get lost/stolen etc.

            * Approximately £55,000 Assuming 7% growth per year average.
            Originally posted by Nigel Farage MEP - 2016-06-24 04:00:00
            "I hope this victory brings down this failed project and leads us to a Europe of sovereign nation states, trading together, being friends together, cooperating together, and let's get rid of the flag, the anthem, Brussels, and all that has gone wrong."

            Comment


              #7
              Buy them a bitcoin.

              Gold is an ancient relic.
              First Law of Contracting: Only the strong survive

              Comment


                #8
                Just another idea. If you really do want to buy physical gold but don't like keeping it under the bed, then a physical gold fund could fit the bill nicely. I suggest you take a look at iShares Physical Metals PLC, Physical Gold ETC (SGLN). HTH.
                Public Service Posting by the BBC - Bloggs Bulls**t Corp.
                Officially CUK certified - Thick as f**k.

                Comment


                  #9
                  I thought you bought silver for a baby?
                  Last edited by northernladuk; 1 September 2017, 10:40.
                  'CUK forum personality of 2011 - Winner - Yes really!!!!

                  Comment


                    #10
                    Originally posted by northernladuk View Post
                    I thought you bought sliver for a baby?
                    Yes, a sliver of gold...
                    His heart is in the right place - shame we can't say the same about his brain...

                    Comment

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