Does anybody know anything about buying/selling gold?

[andyxxx]

Hi. I know nothing about this apart from a bit of googling.

Are some companies better to deal with or avoid?

I assume people purchase coins instead of bars because of CGT?

Am I correct that It seems expensive to sell, losing about 10%? (if bought and sold immediately)

Am I correct in thinking the main reason people consider gold is because they are hoping/gambling/guessing that If the gold price rises in line with present inflation (lets say 10%) you are into positive gains (after the 10% selling cost) after year one?

[Evoluzione]

Am I correct in thinking you never bothered to look at the existing Gold thread?

[Scootersp]

andyxxx said:

Hi. I know nothing about this apart from a bit of googling.

Are some companies better to deal with or avoid?

ATS, Bullion by post I've used......just shop around for better deals (less premiums), some ask for personal info when trying to buy for the first time

andyxxx said:

I assume people purchase coins instead of bars because of CGT?

Personally, Gold coins, silver bars and coins

andyxxx said:

Am I correct that It seems expensive to sell, losing about 10%? (if bought and sold immediately)

Yes it is, like almost any retail purchase would be, it's more a buy and forget, then liquidate if you need the money? EFT's less so but then you don't always own the Gold, it's more a vehicle for gain/losing from the price movement.

andyxxx said:

Am I correct in thinking the main reason people consider gold is because they are hoping/gambling/guessing that If the gold price rises in line with present inflation (lets say 10%) you are into positive gains (after the 10% selling cost) after year one?

There are various reasons, some quite extreme tinfoil hat!
It's alternative physical 'money' all of our other money being effectively electronic fiat (It's a tier one asset for banks ie is considered money)
So central/commercial banks that control/make fiat money still hold Gold, so I just feel I should too (one of the most compelling reasons imo)
It's a hedge against currency devaluation ie it'll retain wealth better than a devalued currency in the long run (no one wants Egyptian pounds, less people want our £'s these days, most want dollars, everyone will accept Gold?)
It has a long history of trending up over time, it's basically better than holding cash, people have billions in premium bonds that are seen as very safe/sensible by most but have next to nothing in something like Gold which is seen as mildly crackpot by most! (look at Golds 20 year chart)
Fiat currency supply has exploded in recent decades and some think there may be a return to some sort of commodity backed currency(s)?
It's shiney shiney

[andyxxx]

Evoluzione said:

Am I correct in thinking you never bothered to look at the existing Gold thread?

You would be correct in knowing the PH search function is not good

[andyxxx]

Scootersp - thank you

[DodgyGeezer]

Best advice is don't ask Gordon Brown to do it for you