So, you’re interested in gold coins. You’re not the only one; Brits have been hiding them away for years. Are you a little nervous about taking your first step? Don’t worry. This is a straightforward approach to help you confidently start owning gold. Go here!
Begin with stores that are well-known. It may seem easy, but the gold market is not free of fraudsters and fakes. Check for reputable merchants with clear pricing and contact information, whether you do business online or in person. Don’t allow anyone pressure you into a contract.
Stick with well-known coins. The most valuable coins are British Gold Britannias and Sovereigns. They are well-known, easy to prove, and easy to exchange later on. Coins that are hard to find can seem cool, but selling them later could feel like trying to sell a mystery item at a car boot sale.
Be careful about the extras. The spot price of gold is more than the melt value of every coin. Some coins, such proof or limited edition ones, cost more than others. As a new investor, search for basic bullion coins that don’t cost too much extra.
Start small. Britannias come in varying weights, so don’t feel like you have to buy a whole ounce right away. If you ever need quick cash, coins that are a quarter or half ounce can be easier on your wallet and easy to sell.
Think about storage. You shouldn’t keep gold coins in your sock drawer. Think about getting a home safe, a bank box, or a professional storage service. A basic safe at home will suffice if you only have one or two, but don’t forgo getting insurance.
Look over the papers. Get receipts and, if you can, certificates of authenticity. Having proof makes it easy to sell again in the future and gives purchasers peace of mind that you’re selling real gold.
Understand your tax condition. Good news for UK buyers: coins like Britannias and Sovereigns are legal tender, so you won’t have to pay capital gains tax when you sell them for a profit.
Don’t rush. The gold market changes, but not very quickly. Don’t let anyone talk you into deals that are only good for a short time. Keep asking questions, learning, and adding to your collection at your own speed. Keep in mind that every stacker started with one coin.