Anyone else buying gold?

_Jimlad_ · 4 Sep 2009 at 10:27

I’m sure you have all seen the big push on the TV and adverts around the place offering to buy gold, I have a friend in the know who gave his job up and now plays the currency markets, he has recently been buying up gold/silver coins and and the general prediction is that gold will double in price and silver could go the same way if not much more, clearly these are predications and with any kind of investment there is a risk.

I have been watching this site and see the gold Krugerrand go from £580 to £650 in the last 6 weeks.

http://www.goldinvestments.co.uk/shop/ (live prices)

I’m leaning towards making an investment myself, if another stockmarket crash happens it could rocket up in price, the last crash did not have this effect as large banks and investeres flooded the market with gold to safeguard there cash flow issues, but seeing as that has now happened another stockmarket crash would not have the same effect, that would be why we are seeing a flood of “sell your gold adds”

With the euro, $ and £ all doing quite badly against each other gold/silver seems to be the way to go when the stock market goes sideways and more so if and when it crashes…

Be interested to know others views on this?

antijoke · 4 Sep 2009 at 10:30

I hate those adverts.

_Jimlad_ · 4 Sep 2009 at 10:31

anticonscience said:
I hate those adverts.

yeah i do as well, praying on the poor and putting ideas in people heads! "lets rob a house and send the gold of in the post for cash"

the point is, these people know gold is on the up as predicted late last year

.Lethal · 4 Sep 2009 at 10:31

Months ago I would agree (with hindsight I say this). But today I would be a lot more careful, hasn't the "worst" already happend in regards the the euro/pound etc?

I cant see another major crash happening any time soon.

_Jimlad_ · 4 Sep 2009 at 10:33

Damonic said:
Months ago I would agree (with hindsight I say this). But today I would be a lot more careful, hasn't the "worst" already happend in regards the the euro/pound etc?

I cant see another major crash happening any time soon.

i would agree, but the market has been going sideways for sometime now, and the price of gold is still rising, where it will rise or fall to is where the risk is and where you become loaded of weighed down with coins!

The Dread Pirate · 4 Sep 2009 at 10:35

The prices of Gold & Platinum are still rising rapidly, Silver is a bit of a dark horse as it's price never stays steady.

_Jimlad_ · 4 Sep 2009 at 10:39

Capn' $qu!ff said:
The prices of Gold & Platinum are still rising rapidly, Silver is a bit of a dark horse as it's price never stays steady.

i have a 5k sitting doing bugger all, getting me a few quid each month, i wanna invest and buy up some small coing (£650 each) and then hopefully cash them in a few months down the line, but if i'm honest i'm having trouble parting with the cash! as it could go sideways!

aardvark · 4 Sep 2009 at 10:41

gold is only going to go one way in the long term - up.

it will be interesting to see if it breaks $1000 today.

scorza · 4 Sep 2009 at 10:45

_Jimlad_ said:
the point is, these people know gold is on the up as predicted late last year

Don't they just melt the gold down into bullion and sell it on the open market? I'm not aware of these places being fronts for gold speculators, just looking for a quick cash return on a high commodity price.

Kennysevenfold · 4 Sep 2009 at 10:45

anticonscience said:
I hate those adverts.

That old guy gets on my nervs.!!

knip · 4 Sep 2009 at 10:46

Does anyone know how much gold is actually worth, like if I had a gold necklace, how much would does it need to weigh to get me however much money? Hope that makes sense!

The Dread Pirate · 4 Sep 2009 at 10:47

knip said:
Does anyone know how much gold is actually worth, like if I had a gold necklace, how much would does it need to weigh to get me however much money? Hope that makes sense!

All depends on the carat(purity) and weight of your item

knip · 4 Sep 2009 at 10:49

Capn' $qu!ff said:
All depends on the carat(purity) and weight of your item

Yes but thats what I want to know, how do I work that out? Ive got bits and bobs of gold jewellery lying about, but I just worry one of these companies would undervalue it to get as much profit themselves, surely there must be a rough guide of it somewhere.

_Jimlad_ · 4 Sep 2009 at 10:49

well i'm just about to buy 4 gold coins for for 2.5k... i'm ready to bite the bullet!

The Dread Pirate · 4 Sep 2009 at 10:50

Usually the hall marks will state the Carat of you're gold the weight well use some scales and then you should be able to calculate the price but you are correct the companys advertising on the TV will try to get the smallest price possible they'll always offer under the asking price as they're targeting people who are becoming desperate for cash

knip · 4 Sep 2009 at 10:52

Capn' $qu!ff said:
Usually the hall marks will state the Carat of you're gold the weight well use some scales and then you should be able to calculate the price

So where can I find weight converter once ive sorted the carat of it?

aardvark · 4 Sep 2009 at 10:52

knip said:
Yes but thats what I want to know, how do I work that out? Ive got bits and bobs of gold jewellery lying about, but I just worry one of these companies would undervalue it to get as much profit themselves, surely there must be a rough guide of it somewhere.

well, 24 carat is 100% so you can work out the purity from there.
spot price in pounds can be found at many sites - here's one http://www.goldline.co.uk/metalPricesPage.page

easy to work out.
don't go for one of those places offering to 'buy gold now!' - they will rip you off.

aardvark · 4 Sep 2009 at 10:53

oh, you'll need to convert to troy ounces using this:
http://www.convert-me.com/en/convert/weight

The Dread Pirate · 4 Sep 2009 at 10:54

beaten

knip · 4 Sep 2009 at 10:55

Last question and then I will shut up, the lower the carat the lower the purity then? So something thats 9 carat is a lot less pure (and therefore worth less) than something thats of a higher carat.