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Gold

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    #482
    amens
    Registered Users Posts: 174 ✭✭amens


    I wouldn't buy anything less that an ounce. The premium would be too high, even in quiet times which is not the case now. 1g of gold will definitely be worth €300 someday. You just have to wait long enough for the euro to devalue even further.


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    #483
    B.A._Baracus
    Registered Users Posts: 11,178 ✭✭✭✭B.A._Baracus


    Thanks for getting back.
    Yeah the premiums are a killer alright. Honestly wouldn't mind amassing a nest egg for retirement.

    Buy some gold here and there for the next 20 / 30 years then when it's time to retire sell it.


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    #484
    amens
    Registered Users Posts: 174 ✭✭amens


    B.A._Baracus wrote: »

    Buy some gold here and there for the next 20 / 30 years then when it's time to retire sell it.


    Why don't you save some euro every month until you have enough for an ounce?


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    #485
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,032 Mod ✭✭✭✭Jim2007


    B.A._Baracus wrote: »
    Buy some gold here and there for the next 20 / 30 years then when it's time to retire sell it.

    Have you every actually tried to sell physical gold??? You can walk in to any bank on the Bahnhofstrasse in Zurich and walk out with €25k worth of Gold no questions asked, it's your legal right. And yet only the dumb use the facility for money laundering - it's very hard to sell physical gold at the market price in any large quantity.


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    #486
    amens
    Registered Users Posts: 174 ✭✭amens


    Jim2007 wrote: »
    Have you every actually tried to sell physical gold??? You can walk in to any bank on the Bahnhofstrasse in Zurich and walk out with €25k worth of Gold no questions asked, it's your legal right. And yet only the dumb use the facility for money laundering - it's very hard to sell physical gold at the market price in any large quantity.




    He can sell his gold a few ounces at a time as well. I've many Vienna philharmonic coins from Kettner. Today you can fill out a form to sell an ounce back to him for €1692:
    https://www.kettner-edelmetalle.de/ankauf?id_product=41
    You send it back by courier and the money is transferred into your bank account. You can do better than that though, especially at the moment as demand for gold is high. Dealers will have no bother selling second hand coins to the frenzied masses. I see that Heubach is selling this coin for €1787 and buying it back for €1759. Such is the large premium they are charging for selling coins it seems they can afford to pay more than the spot price for old coins.


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    #487
    dxhound2005
    Registered Users Posts: 20,657 ✭✭✭✭dxhound2005


    amens wrote: »
    I wouldn't buy anything less that an ounce. The premium would be too high, even in quiet times which is not the case now. 1g of gold will definitely be worth €300 someday. You just have to wait long enough for the euro to devalue even further.

    That would be about €8,500 an ounce?


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    #488
    B.A._Baracus
    Registered Users Posts: 11,178 ✭✭✭✭B.A._Baracus


    amens wrote: »
    Why don't you save some euro every month until you have enough for an ounce?

    I could and something I should look into. But I guess at this point I want to start small. I know to a seasoned investor it might seem small Pickens but best for entry I feel with regards to my situation.


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    #489
    B.A._Baracus
    Registered Users Posts: 11,178 ✭✭✭✭B.A._Baracus


    Jim2007 wrote: »
    Have you every actually tried to sell physical gold??? You can walk in to any bank on the Bahnhofstrasse in Zurich and walk out with €25k worth of Gold no questions asked, it's your legal right. And yet only the dumb use the facility for money laundering - it's very hard to sell physical gold at the market price in any large quantity.

    I have heard it can be hard to liquidate it when the time comes if you have a decent amount. But I'd rather be in that position than missing out and being stupid and not investing I guess.

    Am guilty of never thinking about my future when I was younger. Am sure that will hit home with many. Now I kind of think that buying a 1gram bar each month, which I could afford, for the next 20 years could be a nice investment for the older me.

    As I say I am new to this. Been doing my homework (of sorts) recently and that idea does seem appealing to me. Save now. Reap the rewards later in life.


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    #490
    An Ri rua
    Registered Users Posts: 4,475 ✭✭✭An Ri rua


    dxhound2005 wrote: »
    That would be about €8,500 an ounce?

    That's not unrealistic anymore. Gold can easily reach 4000 and, due to the very small size of the market, could bubble very quickly.

    No one knows. Other than its never been this good for gold.


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    #491
    hawthorne
    Registered Users Posts: 596 ✭✭✭hawthorne


    Anyone seen these reviews on trustpilot?

    https://ie.trustpilot.com/review/irishgoldbullion.ie

    There seems to be a shortage of bullions on the market. All you seem to get is old stock from the 70s/80s. Probably all scratched and damaged.

    Seems to get rough out there if you go by other reviews.

    Anyone with a tip about a good trustworthy supplier of gold bullions?


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    #492
    amens
    Registered Users Posts: 174 ✭✭amens


    hawthorne wrote: »
    Anyone seen these reviews on trustpilot?

    https://ie.trustpilot.com/review/irishgoldbullion.ie

    There seems to be a shortage of bullions on the market. All you seem to get is old stock from the 70s/80s. Probably all scratched and damaged.

    Seems to get rough out there if you go by other reviews.

    Anyone with a tip about a good trustworthy supplier of gold bullions?


    It's called bullion not bullions. I've only bought from german dealers as the whole process was more transparent, easier and cheaper. If I had a local dealer that I could meet in person I would prefer that. Took about a week for delivery. They usually have one product like Krugerrand 2020 which is slightly dearer but you know you will be getting a new coin and then another generic Krugerrand product which states you may get a used product. Any used coins I've received had only minor imperfections. I've never bought though in a period of high demand.


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    #493
    hawthorne
    Registered Users Posts: 596 ✭✭✭hawthorne


    amens wrote: »
    It's called bullion not bullions. I've only bought from german dealers as the whole process was more transparent, easier and cheaper. If I had a local dealer that I could meet in person I would prefer that. Took about a week for delivery. They usually have one product like Krugerrand 2020 which is slightly dearer but you know you will be getting a new coin and then another generic Krugerrand product which states you may get a used product. Any used coins I've received had only minor imperfections. I've never bought though in a period of high demand.

    I have good connections to Germany. Never explored the possibility of buying over there.
    How is it with the transport? I noticed that there is a problem with the insurance. They all tell you that everything is "fully" insured. But when you check the small print of the couriers you will find out that all of them exclude gold from their services. Gold is on the list of prohibited goods.
    Suppose your bullion is delivered to some neighbours house- and just vanishes afterwards. The insurance will wiggle itself out of any compensation in claiming that a prohibited good was transported- and that stuff is excluded from any transport and insurance...regardless what the dealer says!
    I came across this a few times- but only got excuses from the dealers.


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    #494
    amens
    Registered Users Posts: 174 ✭✭amens


    hawthorne wrote: »
    I have good connections to Germany. Never explored the possibility of buying over there.
    How is it with the transport? I noticed that there is a problem with the insurance. They all tell you that everything is "fully" insured. But when you check the small print of the couriers you will find out that all of them exclude gold from their services. Gold is on the list of prohibited goods.
    Suppose your bullion is delivered to some neighbours house- and just vanishes afterwards. The insurance will wiggle itself out of any compensation in claiming that a prohibited good was transported- and that stuff is excluded from any transport and insurance...regardless what the dealer says!
    I came across this a few times- but only got excuses from the dealers.




    For a package with a value of say 5 ounces I used to pay Kettner around €25 and he'd use UPS who always found me easily and wanted to deliver it to me personally. I've had other couriers dropping off parcels in the local town so I wouldn't want any of them delivering anything of value. Heubach would be around €20 for the same order and he'd use dhl which anpost would deliver. I've had no problem losing any package although once I saw that one had been delivered to a different person and when I rang anpost they couldn't tell me anything. In the end the package turned up with a different tracking number.


    I think no courier will insure contents if there are precious metals. I think the way it works is that the dealer has a private insurer who insures every package he sends as long as he sticks to certain conditions such as how the goods are packed and the max value to be sent in any one package. A large german dealer might be shipping hundreds of packages a day for which the insurer gets paid and if one goes missing every now and again the insurer pays up. I've no personal experience of trying to claim for a lost package though. When selling back I dont think you can get insurance so ship in small quantities to minimize risk. Put the coins in a box of screws or similar.


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    #495
    amens
    Registered Users Posts: 174 ✭✭amens


    amens wrote: »
    I think no courier will insure contents if there are precious metals. I think the way it works is that the dealer has a private insurer who insures every package he sends as long as he sticks to certain conditions such as how the goods are packed and the max value to be sent in any one package. A large german dealer might be shipping hundreds of packages a day for which the insurer gets paid and if one goes missing every now and again the insurer pays up. I've no personal experience of trying to claim for a lost package though. When selling back I dont think you can get insurance so ship in small quantities to minimize risk. Put the coins in a box of screws or similar.


    Was just coincidently watching the video that I've linked to below confirming pretty much what I said above:

    https://youtu.be/pNaUxh4G3Hg?t=376

    Namely that under german consumer protection legislation the dealer is liable for the transport of the product. He says that this year no package has been lost and last year they sent 30k packages and there was one claim.


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    #496
    YossiA
    Registered Users Posts: 46 ✭YossiA


    Try Merrion Gold in Dublin, I collected directly from them.


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    #497
    RobAMerc
    Registered Users Posts: 5,862 ✭✭✭RobAMerc


    I'd like to buy a few quids worth of gold on a monthly basis and hold on to it for..... as long as I can.
    Instead of buying it from a broker and paying god knows in fees - would buying on eToro or such not be a decent option ?

    Sorry if this is a stupid question - I just have had enough of 'saving' i a bank account. it earns nothing and is too easy to spend it I think.


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    #498
    dxhound2005
    Registered Users Posts: 20,657 ✭✭✭✭dxhound2005


    I first heard about the vaccine on the 12 noon news on BBC Radio 09 Nov. An hour earlier the gold price was $1960, by 5 pm it was down to $1850, back up today to around $1890. Looks like no information was leaked.

    Just by chance last Saturday a neighbour who has a daughter who works in Pfizer told me that they had a warehouse full of the stuff in Dublin, and more in Belgium. He was able to tell me about the two dose regime as well. Somebody could have made a killing with inside information on the stock markets, or they would have known it was a good time to sell their gold. The cliff edge on the chart is very pretty to look at. Gold never got much above the 2K mark, despite predictions here that it was on a much higher trajectory.

    https://www.bullionbypost.ie/gold-price/week/ounces/USD/


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    #499
    crushproof
    Registered Users Posts: 2,737 ✭✭✭crushproof


    dxhound2005 wrote: »
    Somebody could have made a killing with inside information on the stock markets

    No doubt plenty of insiders and their friends made an absolute fortune towards the end of last week


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    #500
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,032 Mod ✭✭✭✭Jim2007


    crushproof wrote: »
    No doubt plenty of insiders and their friends made an absolute fortune towards the end of last week


    Really, perhaps you could now explain where you got that information from and more importantly how they got around the standard set of checks carried out, as a lot people would be very interested in doing the same thing?


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