@@BackyardBullionMost of general public have debt and live from pay day to pay day. I have a family member who wanted to buy gold, I offered sovereigns, but he chose a heavy 9ct gold chain. Most people have no idea of what they need to prepare for. I have another family, struggling in all respects, (apart from a Disney trip to Paris.?) I have another family that is developing financially sound work ethics that have only recently got their passports. Also two more families that are financially savvy.
@MrBong0 if you have more than one child, when they grow up and disperse, then have children of their own, you get independent family units. Eventually if you live long enough to rarely see some of them...........
Pieces of eight isn't just a Styx album. However it makes the point on both sides. Smaller is sometimes better , but gold being gold at some point it can make it to a gold smith to be minted again.. Anyway that's what silver is for. Gold is a saving account. Silver is checking , and copper is in your pocket.
this is so fucking stupid. you can offload to so many dealers and even online sites in minutes. you dont need some intimate relationship to sell a piece of metal
An ounce of gold is always worth… an ounce of gold. The same applies to silver. Over the long term, the only reason that gold (and silver) get “more expensive” is actually because your fiat currency is worth less.
This is why I've been buying fractional gold (mostly 1/4 ounce coins and 10 gram bars) exclusively. Yeah, I know fractional has higher premiums. However, since I've bought most in the low $500s, I could sell most for a profit now and I see gold only going higher in the future. A lot more people can afford $600-700 than $2400-$2500/ounce in the future. We'll see if my approach works in the future.
@@BackyardBullion With precious metals, I'm not really looking for a profit. I see it as alternative type of savings and a way to protect myself from the continuing devaluation of the American fiat dollar.
My M8 needed to sell some gold fast so I offered him £1950 for 1 gold maple and 2 victoria half sovergn shield backs, the next week gold went up £200 per oz.. he wasn't happy 🤣 atkinsons seems to be the best prices for selling although its 40-50£ under spot
When some of the top UK dealers are paying nearly 4% under spot for 1oz gold Krugerrand, you can tell it's not the best time to sell your gold. Be patient and just keep it for the time being. If the things will escalate in the middle east, Ukraine will collapse (OR some NATO units will enter the conflict officially), some economic crisis will outbreak or some other Black Swan will take the place, people will be buying anything gold at whatever prices - I won't sell my gold under spot. In Europe, on the continent, the dealers pay full spot for 1oz coins and up to 10% OVER spot for 1/10th oz fractionals. Right now, what we can see is shaking off the gold from the weak peoples' pockets. Be patient and just wait.
As a buyer of the BYB BC i can say thank you for getting me some great deals that im currently sitting on a great profit on. As a seller through the BYB BC, I'm greatful for the gains you helped me realise. Thankyou
@@BackyardBullion I am not a big Fan of silver but if some one can make money trading just do it. Gold I hold for many reasons. One being I have to Hold around a little more than 3 Oz per Family member simply because there is no Zakkat ( tax) on Fold less than 85 grams held per family member . Also it provides a lot of protection to my Kids and family in case something happens they will asset to sell to get going.
If 2500 sounds too crazy for an ounce of lump of a metal think about bitcoin.. 60,000 each for something that doesn't really exist.. just numbers and data somewhere in cloud..
So if it’s to expensive now what do we do when the price continues to rise and rise and rise as is currently predicted, I give your own examples. And then there are the auctions. You are correct though it’s all in the margins.
@@des_smith7658 I'm not suggesting you buy it or follow me ! just saying for me personally clearing out through BYB when his club was running and putting it into BTC before it ran up from 16k to 70k was a good play for me after many many mistakes :-)
It's good to be diversified and have some bitcoin. I have some and it has appreciated quite a bit this year. But I view crypto as a form of gambling or extreme speculation. It has an entirely different role than precious metals. Gold is for security, not speculation.
The service that you offered was appreciated by ALL those that used it and your decision to not bring that service back, at this time, is your decision and your decision alone. I for one respect your decision and completely understand your reasoning. 🙂
All was doing well beyond belief last week, well until the comex hit it hard on the last 2 hours of trading! Next week is going to interesting, especially with the geopolitical events over the weekend! In my view, its going up again come the Asian markets opening on Mon. But lets see, Im just bullish on doom and gloom 😢
I was curious and looked on The Royal Mint website to see how much they would pay to buy gold and it was 96% of the spot price. Could anybody tell me if that’s a good deal? Is around 95% spot the absolute minimum one should accept when selling gold? I’m only wondering.
Gold was too expensive to buy when it was at $900 an ounce, then it was too expensive at $1200, then $1500, then $1800, then $2000, etc. I just ignore all the negativety and keep on buying.
Some time last year I tried to sell silver commemorative "coin" sets (medals) . One smaller set sold at slight above spot. The others I had a really hard time to sell at spot and in the end I just gave up. I was flooded by a lot of lucky riders that had all sorts of odd requirements and of course they obfuscated their identity. Some of them are probably fine (been in FB groups long) but I don't run those risks - and certainly not when they only want to pay scrap value - if even that much. No way I'll do the hassle and risks to sell to strangers when the dealer is just a few minuttes train trip from my work and involves zero risks (I'm not afraid of government in that respect). Spot or I'll sell to dealer instead. Bought gold at the dealer instead. Haven't calculated whether that was a good time or now is even better. I just wanted gold instead of silver that takes up space.
Interesting BYB. I understand the problem with gold, but I'm not so sure what the issue is with silver? I'm guessing that it's the premiums that have tanked, so that the spread between spot and what the dealers are buying/selling at are too tight for you to be able to position yourself between the two? That said, please don't give up on the Buyers Club - I'm relying on your service to being around for my family when I pop my clogs! 🙂
I congratulate you for offering the buyers service last year it was very helpful but I always thought you were a bit harsh on the good dealers. They have massive overheards, and have to have vast amounts in stock and have to sell everyday. They can't just pause when the margins aren't there . But i dont want to be negative with you you did get people a good price whilst it lasted.
My LCS is very hesitant to buy my gold and silver. If they pay way below spot, then does spot even mean anything? My gold and silver is really only worth what someone is willing to pay for it…in this case my LCS sets the price for my precious metals if I need to liquidate. Trying to mail it into a large buyer or trying to sell it on eBay doesn’t help me in any real crunch and thus my silver and gold don’t really have the value I had hoped for. Ugh.
Sold some of my gold, no takers on the forum even at spot, then slightly below nothing. But have re-invested in some spruce and mahogany! I'll bung an unboxing on my channel next weekend
GUTTED ABOUT THE BUYER'S CLUB, completely understand, tho. I guess you need to be a paying member for the silver forum, I can never find silver at spot on there. A tutorial would be a good video so I can get set up! Do you recommend sellers on the silver forum to prevent fraud?
Good update chap. Leaves you time to get our bars and rounds finished. 😂 a quick aside q. What do you think of the ASEs as 1oz coins? Is the quality up to snuff? Those looked good on camera.
Amount of head ache I get trying to sell sov and gold on market place, I sell basically scrap price which I tell them and they still offer less 😢 1 hour on the train I'm at Hatton Garden get top rates scrap
I buy from Hatton Garden Metals, and acquired some exceptional proof and bullion products. If you order loose proof sovereigns you tend to get dates for years that bullion sovereigns were never issued. Within a couple of hours my order is in the post for next day signed for delivery.
Selling to the every day people is pretty much impossible. Selling to my dealer no problem. Sell to a coin shop sometimes they won't buy silver back .everyone assumes its easy to sell back it not allways so easy
Not hard to sell if you can accept bullion price structures. If you are trying to sell premium or rare where the value is more subjective, it is more of a problem.
I can't even find a buyer for my 9oz of silver Britannia's on eBay at £270 +post at the moment. That's well below what you would pay from a dealer. No one is biting. I would get just under £234 after fees and post at that price which I think is just a little over the current silver spot price.
@@BackyardBullion I eventually sold the lot for about £23.15 per coin plus fees, plus post which at the time was about 25p over spot price. Still down though on what I paid for them but I needed the money and was in a hurry otherwise I would have sat on them longer. £252 before fees and post costs.
At these prices for gold, expect more and more gold plated tungsten even with small coins and bars. Just another reason why gold no longer works in our world.
Quarters and 1 goldback goldbacks. Dimes I think will be too hard to read the dates. Especially here in Canada where the haha caribou??? On our quarter is still on and the silver 1s go back to the 1920s??
Set up a paid membership that ships out like 5g bars to your members on a quarterly basis. Ive never participated because of high premiums but love the idea, if it can be done practically.
treat gold as an insurance policy, not to get rich. Silver is a speculative and quite disappointingof the last decade metal.
The dealer i use is happily buying gold from people like me.
Yeah, dealers can buy it but general public cannot
@@BackyardBullionMost of general public have debt and live from pay day to pay day.
I have a family member who wanted to buy gold, I offered sovereigns, but he chose a heavy 9ct gold chain.
Most people have no idea of what they need to prepare for.
I have another family, struggling in all respects, (apart from a Disney trip to Paris.?)
I have another family that is developing financially sound work ethics that have only recently got their passports.
Also two more families that are financially savvy.
@MrBong0 if you have more than one child, when they grow up and disperse, then have children of their own, you get independent family units.
Eventually if you live long enough to rarely see some of them...........
Same for me.
The digital gold I have is obliged to be bought back. 🤣🤣
Absolutely, as RM would say- A pause. I'm sitting this one out. The volatility is like nothing I've ever seen.
It's mad!
This is why I’ve been a 1/4 ounce gold buyer over the years. I was always worried about the spikes and not being able to off load metals if needed.
Good stuff!
trade it for land
APMEX is still buying gold
Pieces of eight isn't just a Styx album. However it makes the point on both sides. Smaller is sometimes better , but gold being gold at some point it can make it to a gold smith to be minted again.. Anyway that's what silver is for. Gold is a saving account. Silver is checking , and copper is in your pocket.
this is so fucking stupid. you can offload to so many dealers and even online sites in minutes. you dont need some intimate relationship to sell a piece of metal
It might not be too expensive, but we're just used to lower prices i think. we've been spoiled the last few years.
Yeah, this is also very true.
I've always thought silver was under priced and it will become the norm
An ounce of gold is always worth… an ounce of gold. The same applies to silver. Over the long term, the only reason that gold (and silver) get “more expensive” is actually because your fiat currency is worth less.
This is why I've been buying fractional gold (mostly 1/4 ounce coins and 10 gram bars) exclusively. Yeah, I know fractional has higher premiums. However, since I've bought most in the low $500s, I could sell most for a profit now and I see gold only going higher in the future. A lot more people can afford $600-700 than $2400-$2500/ounce in the future. We'll see if my approach works in the future.
Nice one, good idea.
@@BackyardBullion With precious metals, I'm not really looking for a profit. I see it as alternative type of savings and a way to protect myself from the continuing devaluation of the American fiat dollar.
Good to know. If you're not in a hurry fractional gold can still retain the premium nicely.
I have the same strategy here in the UK. Small will sell.
Same. I sucked up the additional premiums when gold was cheap with this exact situation in mind.
My M8 needed to sell some gold fast so I offered him £1950 for 1 gold maple and 2 victoria half sovergn shield backs, the next week gold went up £200 per oz.. he wasn't happy 🤣 atkinsons seems to be the best prices for selling although its 40-50£ under spot
I predicted a similar scenario for high street outlets, jewelry and pawn shops will lock away Gold or even close shop.
Totally, they will come out the woodwork when it's very lucrative for them
I'm predicting "cash for silver" shops spinging up next financial crisis in the same way the cash for gold ones did last time.
When some of the top UK dealers are paying nearly 4% under spot for 1oz gold Krugerrand, you can tell it's not the best time to sell your gold. Be patient and just keep it for the time being. If the things will escalate in the middle east, Ukraine will collapse (OR some NATO units will enter the conflict officially), some economic crisis will outbreak or some other Black Swan will take the place, people will be buying anything gold at whatever prices - I won't sell my gold under spot. In Europe, on the continent, the dealers pay full spot for 1oz coins and up to 10% OVER spot for 1/10th oz fractionals. Right now, what we can see is shaking off the gold from the weak peoples' pockets. Be patient and just wait.
Totally agree. Thanks for sharing
The main problem is "big" gold, e.g. 1oz+. Fractionals (1/4, 1/10, 1/20) are still going for over spot as they're simply more affordable.
Yeah, totally agree.
As a buyer of the BYB BC i can say thank you for getting me some great deals that im currently sitting on a great profit on. As a seller through the BYB BC, I'm greatful for the gains you helped me realise. Thankyou
My pleasure, thanks for the awesome feedback!
Backyard Bullion, Subscribed because your videos are so much fun!
Welcome aboard!
Gold is expensive now I have stopped buying but will hold what I bought earlier
Nice, thanks for sharing!
@@BackyardBullion I am not a big Fan of silver but if some one can make money trading just do it. Gold I hold for many reasons. One being I have to Hold around a little more than 3 Oz per Family member simply because there is no Zakkat ( tax) on Fold less than 85 grams held per family member . Also it provides a lot of protection to my Kids and family in case something happens they will asset to sell to get going.
If 2500 sounds too crazy for an ounce of lump of a metal think about bitcoin.. 60,000 each for something that doesn't really exist.. just numbers and data somewhere in cloud..
great and informative video as always, keep up the good work !!
Thanks, will do!
You're either desperate or dumb to sell right now. Stacking is all you should focus on despite the price.
Just drop down to smaller gold amounts even fractionals, yes higher premiums but you get these back. Gold will always be easier to sell than silver.
All I know is I bought another Morgan Dollar today, $35, fairly normal. I buy two of them every month; steady as she goes.
Was buying sovereign,s for £35 each and gold was £150 a oz ive made a fortune 🤑🤑🤑
Great video BYB, very interesting times!
Glad you think so!
So if it’s to expensive now what do we do when the price continues to rise and rise and rise as is currently predicted, I give your own examples. And then there are the auctions. You are correct though it’s all in the margins.
Yeah, if it goes a lot higher it will be a very tough market.
Im happy i cleared out and bought BTC
Oh dear oh dear oh dear.
Here comes the bitcoin shill list
Not a clever game.
@@des_smith7658 I'm not suggesting you buy it or follow me ! just saying for me personally clearing out through BYB when his club was running and putting it into BTC before it ran up from 16k to 70k was a good play for me after many many mistakes :-)
It's good to be diversified and have some bitcoin. I have some and it has appreciated quite a bit this year. But I view crypto as a form of gambling or extreme speculation. It has an entirely different role than precious metals. Gold is for security, not speculation.
The service that you offered was appreciated by ALL those that used it and your decision to not bring that service back, at this time, is your decision and your decision alone.
I for one respect your decision and completely understand your reasoning. 🙂
Thanks, really appreciate this feedback
Brilliant, Very down to Earth Summary
Thanks!
All was doing well beyond belief last week, well until the comex hit it hard on the last 2 hours of trading! Next week is going to interesting, especially with the geopolitical events over the weekend! In my view, its going up again come the Asian markets opening on Mon. But lets see, Im just bullish on doom and gloom 😢
Well, profit taking needed to happen really. It's natural.
Thank you BY, aint got much so will sit it out. That was the plan anyway, hold it fot my kids and grandkids.
Good stuff!
Does the 20% vat on silver make it a no go for most people ? Was looking to purchace silver but this has put me off ,anybody got answers ,
Atkinsons sell pre-owned silver with no VAT👍🏾
@@flowers1-2-1 yes but its 30% over spot so its a no win situation
Silver in the uk has VAT thats the killer ?
I was curious and looked on The Royal Mint website to see how much they would pay to buy gold and it was 96% of the spot price. Could anybody tell me if that’s a good deal? Is around 95% spot the absolute minimum one should accept when selling gold? I’m only wondering.
Atkinsons Bullion offer 98%
Gold was too expensive to buy when it was at $900 an ounce, then it was too expensive at $1200, then $1500, then $1800, then $2000, etc. I just ignore all the negativety and keep on buying.
Like 100🎉 Gold will still go up, and silver will follow definitely
I think this is very likely
Some time last year I tried to sell silver commemorative "coin" sets (medals) . One smaller set sold at slight above spot. The others I had a really hard time to sell at spot and in the end I just gave up. I was flooded by a lot of lucky riders that had all sorts of odd requirements and of course they obfuscated their identity. Some of them are probably fine (been in FB groups long) but I don't run those risks - and certainly not when they only want to pay scrap value - if even that much. No way I'll do the hassle and risks to sell to strangers when the dealer is just a few minuttes train trip from my work and involves zero risks (I'm not afraid of government in that respect). Spot or I'll sell to dealer instead. Bought gold at the dealer instead. Haven't calculated whether that was a good time or now is even better. I just wanted gold instead of silver that takes up space.
Interesting BYB.
I understand the problem with gold, but I'm not so sure what the issue is with silver? I'm guessing that it's the premiums that have tanked, so that the spread between spot and what the dealers are buying/selling at are too tight for you to be able to position yourself between the two? That said, please don't give up on the Buyers Club - I'm relying on your service to being around for my family when I pop my clogs! 🙂
The spread is the problem again. Sellers on the forum are asking the same price as dealers will buy from you. So I can't compete
I congratulate you for offering the buyers service last year it was very helpful but I always thought you were a bit harsh on the good dealers. They have massive overheards, and have to have vast amounts in stock and have to sell everyday. They can't just pause when the margins aren't there . But i dont want to be negative with you you did get people a good price whilst it lasted.
Noob here. So if it's hard to sell and there's bargains to be had it must be a great time to buy, but the prices are high, confused!
Right lol
If you were going to buy now regardless of where the spot price is the premiums are much lower. So you will get more than you would have done.
@@BackyardBullion that's what I was thinking. Thanks! 😊
@@BackyardBullion Doh, I get it, so it is in fact a good time to buy? cheers.
Yes, and a bad time to sell
Love those Royal Mint gold bars!! Thanks for the interesting content.
My LCS is very hesitant to buy my gold and silver. If they pay way below spot, then does spot even mean anything? My gold and silver is really only worth what someone is willing to pay for it…in this case my LCS sets the price for my precious metals if I need to liquidate. Trying to mail it into a large buyer or trying to sell it on eBay doesn’t help me in any real crunch and thus my silver and gold don’t really have the value I had hoped for. Ugh.
Sold some of my gold, no takers on the forum even at spot, then slightly below nothing. But have re-invested in some spruce and mahogany! I'll bung an unboxing on my channel next weekend
Nice, another guitar good one!
@@BackyardBullion Yep, plus the one I 'unboxed yesterday'. somewhere around 25 now.
That's quite the stack of guitars!!
GUTTED ABOUT THE BUYER'S CLUB, completely understand, tho. I guess you need to be a paying member for the silver forum, I can never find silver at spot on there. A tutorial would be a good video so I can get set up! Do you recommend sellers on the silver forum to prevent fraud?
Good update chap. Leaves you time to get our bars and rounds finished. 😂 a quick aside q. What do you think of the ASEs as 1oz coins? Is the quality up to snuff? Those looked good on camera.
They are great looking coins, love them a lot.
@@BackyardBullionthey don't milk spot like good old RM ?
I dont think so, no.
Never go into this expecting more than prevailing spot price for a return.
Who would have thought this things would be hard to sell when spot goes up? 😂
What a scam!
Amount of head ache I get trying to sell sov and gold on market place, I sell basically scrap price which I tell them and they still offer less 😢 1 hour on the train I'm at Hatton Garden get top rates scrap
Yep, it's a stupid market
I buy from Hatton Garden Metals, and acquired some exceptional proof and bullion products.
If you order loose proof sovereigns you tend to get dates for years that bullion sovereigns were never issued.
Within a couple of hours my order is in the post for next day signed for delivery.
I thought it was already paused ?
It was paused, but not for this reason. I had planned to bring it back around this time, but there is no point right now.
@@BackyardBullion I usually jump the gun
So close to 60,000! 🎉
Thanks buddy, soon!
Gold is not at an all-time high.
Corrected for currency printed it's miles off.
It would need £3.5k+ to get near.
Selling to the every day people is pretty much impossible. Selling to my dealer no problem. Sell to a coin shop sometimes they won't buy silver back .everyone assumes its easy to sell back it not allways so easy
I agree TSF is great!
It's amazing for deals right now.
You have to do what's best for you
Where would you sell gold and silver for new people what are trying to get into it
www.thesilverforum.com/
Most of the online bullion dealers have a buy back program.
It may have become too expensive for some. But they can only blame themselves for waiting too long.
The market has gone crazy !
Really has!
Not hard to sell if you can accept bullion price structures. If you are trying to sell premium or rare where the value is more subjective, it is more of a problem.
I have a gold coin for sale on my website right now at 95% if spot and it's still for sale.
I can't even find a buyer for my 9oz of silver Britannia's on eBay at £270 +post at the moment. That's well below what you would pay from a dealer. No one is biting. I would get just under £234 after fees and post at that price which I think is just a little over the current silver spot price.
Well, unfortunately people can buy 9 oz of silver for about £216 on the silver forum so your price is not realistic.
@@BackyardBullion I eventually sold the lot for about £23.15 per coin plus fees, plus post which at the time was about 25p over spot price. Still down though on what I paid for them but I needed the money and was in a hurry otherwise I would have sat on them longer. £252 before fees and post costs.
@@daviniarobbins9298Congrats on the sale! May you make more on the next one
Iv still buying, you never know if you bought high or low - only time will tell
At these prices for gold, expect more and more gold plated tungsten even with small coins and bars. Just another reason why gold no longer works in our world.
Possibly, but finding fakes is much easier than it used to be
Quarters and 1 goldback goldbacks. Dimes I think will be too hard to read the dates. Especially here in Canada where the haha caribou??? On our quarter is still on and the silver 1s go back to the 1920s??
Goldbacks are a gimmick, total waste of money
@@BackyardBullion lol nice
Before selling anything, look at the selling prices of anything before you buy....
Come again?
I think you mean before you buy check what they sell for
@@BackyardBullion yep 100%
Set up a paid membership that ships out like 5g bars to your members on a quarterly basis. Ive never participated because of high premiums but love the idea, if it can be done practically.
I.r.s. capital gains tax..28%!!
Yes, it is!
the proliferation of fakes makes selling also difficult
Yes, you are very correct.
Hard to sell? Not around here.
Lol
First
Thanks!
Buy Bitcoin. Easy to buy, sell, store, transfer, and it has a set inflation rate. 😊