Gold bars

[CroftingCarrie]

If I bought gold and hid it under the floorboards for 40 years could my DC just sell it without any paperwork?

I am watching a series about Brinks Mat which has prompted my question.

I don't think you do. You just weigh it in at resale and the purity is assessed. You'll probably have an original purchase receipt to go with them. Better in a safe box I would think

Depends where you live. Just send me your full address once you've hidden it and I'll make sure it stays safe.

😂

I'm not sure about the paperwork side of things but one of my family members buys it occasionally. He likes to spread his finances around.

I thought this thread would be how scandalously Gold Bar biscuits have shrunk 😂

@BluebirdBoogie

We can go halves, I've got a FAST car.

Excellent idea - yum!

Another one who thought we were talking Gold chocolate bars. Quite disappointed now!

There's no paperwork when you buy gold, like a certificate of authenticity you mean?

It comes in plastic packaging and if the packaging is intact it doesn't need to be tested before purchase. If it's been opened they will send it off to be checked first.

Buying gold is a long term investment though, you don't get much of a return for a good few years.

I think buying and selling gold is tax free so there is really no tracking of it, so yes I would think. Although it would be avoiding IHT, and hiding of assets for care homes fees, etc. But if no one knew no one would know.

I wasn't thinking about authenticity but if my DC rocked up to sell it would they be able to do so or would they have to prove ownership?

If anyone steals my chocolate biscuits I swear I will do time.

of cousrse she can - many jelwelers around but if you ar talking re a KG gold bar, they may need to break it up and sell it in portions - you could have jewellery made take it abroad and sell it and build a house etc, pay builders cash etc

I imagine they would take it to a place that deals in gold bars and coins, not a jewellers.

Gold is very dense.

A 100 gram bar is about 5 cm cubed (1 cm x 1 cm x 5cm) and currently would have a value of about £6000.

It could be misplace easily.

I misplace everything so maybe this isn't the plan for me. I think it has been in the back of my mind since I read Five on a Treasure Island.

Don't think of gold as an investment, think of it as a store of value. You don't buy gold to make money later on, you buy it with the intention of your money being degraded in value, which it will be with inflation and constant money printing.

I know it's a meme, but it demonstrates the point accurately.

Is that meme accurate? How much gold is that?

i just googled it myself - it does stack up!

Although someone investing the money in the stock market over the same period (rather than buying gold) would be many many times better off.

It's a meme, but it's not completely inaccurate. Without going all the way back to 1923 and taking an average house price and then adjusting it for inflation, it's a good enough representation. That bar in the meme is 1kg. The point is it retains price purchase parity, whereas fiat currency doesn't.

I can't even imagine trying to find somewhere to sell it though. So many scams about. I'd be scared to carry it anywhere too!

I just noticed yesterday at Costco that these gold things in the photo by VolvoFan don't have VAT added. Unlike the jewellery next to them in the same display case. I wonder why?

Gold bars are exempt from VAT but not capital gains tax. Which is why it's better to buy gold sovereigns and Britannias.

Can you get gold bars at costco?

Are coins exempt from CGT?

Gold coins such as sovereigns are legal tender with a face value of £1, which makes them exempt from capital gains tax. Gold bars are exempt from VAT because it's an investment. BullionByPost says their bars/bullions are exempt from VAT because it's investment, I'm not sure how far that rule extends.

I have sold gold coins for a five figure sum without any receipts or proof of ownership, though I did have to submit some ID (passports and proof of address). I had bought them a few years before (and some of them were bought from the dealer that I sold it back to, so perhaps they checked back on those records). Tax free (mostly Britannias) and sold to a dealer in Hatton Garden.