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Reputable places to buy physical gold

  • 22-07-2013 12:35AM
    #1
    Gotham
    Registered Users, Registered Users 2 Posts: 406 ✭✭


    Is there anywhere reputable in Ireland I can buy small amounts of pure gold and physically collect it?
    Anything in 100 euro segments would be great, like coins etc.


Comments

  • #2
    DarkDusk
    Registered Users, Registered Users 2 Posts: 914 ✭✭✭DarkDusk


    If you want €100 worth of gold, you'd have to buy 2/3 grams. There are 30 grams in an ounce, which is the standard way to buy gold.

    Only place to get 1 gram coins (which are nearly microscopic btw) is on ebay and the price you have to pay per ounce is huge.

    It is not worth buying less than €1000 of gold. If you are trying to get your hands on precious metals, I would suggest silver which is seen as gold's "little brother". The price of silver compared to gold right now is very undervalued, at a 1/65 ratio, which historically is very low 9or high, whichever way you look at it). Silver is more volatile than gold, which means that it will fall faster but also rise faster than gold. I see great potential in silver in the next 2-5 years and I think it will outperform gold. Silver is more liquid as it can be sold to people easier because it is cheaper. It also has a wide range of industrial uses which leaves gold in the shadows.

    Silver can be bought for around €20 an ounce, so you'll be able to pick up 4 maybe 5 ounces of it for €100.

    You can buy gold/silver from any of the gold bullion dealers in Ireland but you will be hit with 23% VAT straight away. Bullion Direct seems to be the popular one. These will not sell small quantities such as a few grams as far as I know.

    Here's a few links to ebay to get an idea of prices, I actually can't believe that the silver coin is the cheapest Buy It Now american eagle on the site. This is the real price of silver, not the paper price the bears like to rave about.

    http://www.ebay.ie/itm/2013-1oz-American-Silver-Eagle-Dollar-Coin-1-Troy-Ounce-999-Fine-Silver-Bullion-/300932868845?pt=UK_Coins_USA_RL&hash=item4610ff2aed

    http://www.ebay.ie/itm/2-5-GRAMS-SUISSE-PAMP-GOLD-999-9-PURE-BAR-/261241243889?pt=UK_Coins_Bullion_Bars_SM&hash=item3cd33108f1


  • #3
    newmug
    Banned (with Prison Access) Posts: 3,571 ✭✭✭newmug


    DarkDusk wrote: »
    You can buy gold/silver from any of the gold bullion dealers in Ireland but you will be hit with 23% VAT straight away. Bullion Direct seems to be the popular one. These will not sell small quantities such as a few grams as far as I know.

    So if you buy a 1 ounce gold coin, worth E3K, you will really have to pay E3690? Historically speaking, how long would it take for gold to rise to that price, just so you could break even?

    And when it would surpass that price and you decided to sell your coins, would BullionDirect give you the true value of your coins, or would they haggle and charge commission etc. and give you slightly less?


  • #4
    DarkDusk
    Registered Users, Registered Users 2 Posts: 914 ✭✭✭DarkDusk


    newmug wrote: »
    So if you buy a 1 ounce gold coin, worth E3K, you will really have to pay E3690? Historically speaking, how long would it take for gold to rise to that price, just so you could break even?

    And when it would surpass that price and you decided to sell your coins, would BullionDirect give you the true value of your coins, or would they haggle and charge commission etc. and give you slightly less?

    It's hard to know about how bullion dealers will react to prices in the future. Apparently, they can sell it again back to the mints for a better price so there isn't much risk on their part. Also, they can just sell it on to their customers. You'll get far better prices when selling on eBay though


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