Gold

[kat1]

I have some fixed bonds which mature at the end of Feb & want to put the money into gold as the savings rate is rubbish 2%! How do i go about this? I don't want to buy over the net. Do you have to register it?

[woofgang]

well you can just go to a jeweller and buy a piece! Not the best way but certainly the easiest. Yes you have to register and produce proof of identity if you want to use a gold purchase and storage agency (money laundering) Why don't you want to buy over the net? Many of the net firms are bricks and mortar firms with an internet presence.

[factor-fiction]

It's a gamble of course- the price of gold can go down as well as up. And there will be commission/fees to pay in buying and selling so it may be a while before you show a profit

[woofgang]

Gold is also high at the moment. DH and I looked into it a few years ago but as I said it takes a little time to register to do it and in the waiting time, gold soared and we missed the boat. Keep in mind that if you buy the gold and keep in at your house in whatever form, you will need to increase your home insurance to cover it. Don't, whatever you do have anything to do with a gold dealer (not jewellers) who doesn't require you to register.

[Orderlimit]

Hi Kat1, Gold dealers are required by HMRC to hold certain information for large and or multi orders and individual buyers are required to register / supply identification for purchases normally over £1000, and accumulated purchases over £10,000 in a twelve month period.

There are many good companies who sell online and offer guaranteed buy-back schemes (offering a rate at 1% below market rate). As mentioned, stay well clear of unregistered and individual dealers until you know what you are doing. (compare the online companies to the dealers on ebay, who are often trying to charge nearly 60-80 % over market rates).

Do you have a market rate price you are looking to buy at ?

[Orderlimit]

lol (often trying to charge nearly 60-80 %) ***40 -60%

[Orderlimit]

Ok from another site:-

f you are paying by cash we do not require any identity for orders under £5,000 in a single transaction or less than £10,000 in multiple transactions over a 12 month period.

For orders in excess of these limits we are required to keep identification to comply with HM Revenue and Customs regulations. We need one piece of photographic identity (passport or drivers licence) and one household bill to prove your address (utility bills, bank statements, credit card statements). Certified copies must be signed by an authority figure (Lawyer, Accountant, Doctor, Policeman) or you can get the copies certified at the post office for a small fee. If this type of ID is required a member of the team will contact you to explain the process.

[Orderlimit]

Eva, why would you want to use a company located in USA?