![]() Many pawn shops and cheque-cashing outlets will also buy scrap gold, as do specific cash-for-gold outlets and mail-order companies – however prices paid can be very low in relation to market value.Īs with any purchase it pays to do basic groundwork before selling or buying gold bullion in the UK – if you want your transaction to be worry and problem-freeĬommon issues such as customer service complaints, high buy-sell spreads and increasing concerns over fake bullion products mean this is an important first step when dealing with a new company for the first time. ![]() Areas with high concentrations of bullion dealers should see the most competitive prices paid – and always remember that a fancy showroom is paid for by high spreads between buy and sell prices. Prices paid can vary significantly from dealer to dealer with some offering 60%+ less than others so it pays to seek at least 3 valuations before selling your gold. ![]() Nearly all UK bullion dealers buy bullion bars and coins, with many also trading in numismatics and scrap gold. There is also question over just how much gold London’s vaults actually hold – in particular with relation to London-traded gold derivatives. The UK’s once sizeable holdings of gold bullion were famously sold off cheaply by chancellor Gordon Brown in the early 21st century and now stand at only 310.3 tonnes or 7.4% of the UK’s total reserves (down from 32.8% in 2000). High sales in the UK and massive gold trade volume passing through the UK do not reflect the UK state’s actual ownership of gold. The UK is also home to a generous number of numismatic / coin dealers with 4 major numismatic societies being based in the UK. Most national and local UK bullion dealers have a web presence with the larger dealers operating e-commerce platforms carrying a good stock of popular investment gold. This concentration of dealers has led to the UK being the world’s top gold trading hub, with the LBMA, the association responsible for nearly all global gold trade certification being based in London. As well as a thriving local market, the world’s wealthy buy and store gold bullion in the UK due to low taxation (see below) and high competition levels ensuring that dealers cut premiums aggressively to get sales. The majority of UK national bullion dealers and the UK’s international bullion dealers are also based in London – which is hardy surprising considering London’s status as a global trade and banking hub, but other regions, notably the South East, West Midlands and North West are home to a significant portion of the UK’s dealers.īuying gold bullion is a very popular investment in the UK, evidenced by the number of dealers per head of population in comparison to other countries. UK bullion dealers are our 2nd most highly searched bullion dealer category after the USA, listing 150 UK precious metals and coin dealers (as of April 2018) with London offering the greatest number of UK dealers (53) out of all UK regions. We offer a buy-back guarantee for our gold bars and gold coins: we can always buy back your gold at an honest market price.UK Gold Dealer Category – Market Background Physical gold is easy to store and is globally recognised and easy to trade. For example, you can buy derivatives on the stock market that track the gold price, but for which you do not receive any physical gold. Physically buying gold provides much greater certainty than buying gold in any other manner. You can store the gold yourself and have it within reach. When you physically buy gold, you become the owner of the gold and you are no longer dependent on a bank or another party. ![]()
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