Precious metals

[jansman]

Scoobie has kindly set this new section up after a number of requests. So I will kick off. Precious metals are a common topic amongst the survivalist and prepper community. PMs have be one of the most basic forms of currency, so I reckon that is as good a place as anywhere to start a thread about finance.

Personally I collect junk gold, antique silver coins and silver bullion ( coin and ingots) where I can, mainly as a hedge against future financial shocks. For me it is very long term. What about you?

[itsybitsy]

I am a silver convert (thanks, J)!

[pseudonym]

1 oz and Fractional silver coins for me.

[Lanky Yankee]

Where is a good place to buy silver? I've looked at a couple sites but haven't committed to anything yet as I'm putting my money to food stores and my allotment.

Also not really sure about buying coins or ingots.

[itsybitsy]

Where is a good place to buy silver? I've looked at a couple sites but haven't committed to anything yet as I'm putting my money to food stores and my allotment.

Also not really sure about buying coins or ingots.

The mods are using http://www.abbotssilvercoins.co.uk and http://atkinsonsbullion.com/ at the moment.

Other sites are available!

[Brambles]

1oz Silver coins and Gold Sovereigns when I can afford them. They form the basis of my pension pot so I'm looking to hold on to them long term. Buy and sell price is not really something I take much notice of. However, if Silver suddenly became worth $500/oz and Sovereigns £2,000 each, I might be tempted to sell.

Have used both of the vendors itsy has highlighted. Both good in different ways. Abbots good for one or two coins, Atkinsons cheaper for volume.

There are a few things to remember when buying PM's.
1) New silver coins or ingots attract VAT @20% but secondhand doesn't. However, some merchants will still charge the same price.
2) Gold is VAT free.
3) Coins of the realm are Capital Gains Tax free.
4)Scrap Gold and Silver jewellery will have different purity so make sure this is taken into consideration when purchasing.

[Arzosah]

How interesting! Thank you for this

I haven't really got into buying yet, though I'm very interested I do have half a dozen half crowns, the sort with 50% silver, not the modern stuff. I use these guys http://www.silverrecyclers.com/Calculat ... lator.aspx not to buy from, but to work out the precious metal value of coins offered for sale on famous auction websites They go over the value quite often, because you're competing with coin fanciers, but it helps to establish the price that *I'm* prepared to pay. Groups of coins are better value, I've found.

I also *sold* some silver - it was Zimbabwean, a "home made" ornament, if you get my drift, not anything that could be usefully used over here, so I sold it for the weight value alone.

Thanks for opening this Scoobie

[Lanky Yankee]

Good info. Thanks everyone

[jansman]

How interesting! Thank you for this

I haven't really got into buying yet, though I'm very interested I do have half a dozen half crowns, the sort with 50% silver, not the modern stuff. I use these guys http://www.silverrecyclers.com/Calculat ... lator.aspx not to buy from, but to work out the precious metal value of coins offered for sale on famous auction websites They go over the value quite often, because you're competing with coin fanciers, but it helps to establish the price that *I'm* prepared to pay. Groups of coins are better value, I've found.

I also *sold* some silver - it was Zimbabwean, a "home made" ornament, if you get my drift, not anything that could be usefully used over here, so I sold it for the weight value alone.

Thanks for opening this Scoobie

I buy from that place too Arzosah.I use the same buying strategy too, set a limit and stick to it. Btw , I know not if you are aware,but pre 1920 English silver coins are 90+% purity. Anything after is your aforementioned 40%.

[Plymtom]

Interesting but I just don't have the funds, if I did - sure in many ways PMs could be better than money in the bank, which I don't have much of anyway