Atkinsons Bullion & Coins

A question we are often asked is: Why should I buy a pre-owned coin or bar rather than a new one? The answer is a simple one: they are normally cheaper in bullion terms. The exception to the rule may be a rare or exclusive coin which could have historical value, and therefore fetch a premium over precious metal prices. But in terms of physical amounts of gold or silver for your money, then the pre-owned products are often the best. In truth in such a competitive market place as the internet, new coins and bars have never sold at such low premiums. Therefore, the difference between old and new products selling price has never been smaller, but there is still a little bit to be saved and it all helps.

"We have gold because we cannot trust governments," President Hoover famously said in his statement to Franklin D. Roosevelt in 1933. President Trump has made numerous statements in the past about reverting to the ‘Gold Standard’. But what exactly is the gold standard? And would it really be practical to rebuild an international gold standard?

Anyone ever found themselves on the street corner amazed by the man doing the Three Cup Shuffle? I know I have. A Game of Chance? From London to New York, this game of chance (aka trick) is so often a feature of the tourist trap corner spots of the major city crossroads across the world. A small growing group of people suddenly gather to watch a man with a small table and his three plastic or wooden cups. Under one of the cups he places a pebble or even a small coin and then shuffles the cups. The idea is that you place a small wager on the cup you think the coin is under when he stops. Now why on earth would I explain one of the worlds oldest tricks? The reason is simple. I feel equally fleeced this morning as I would if I were taking part in the street corner ruse.

This morning has been quiet for gold, with prices slightly weakening by around 0.04%, at £958.620 at 10am this morning from Friday’s £959.010. Precious metals as a whole appear to be on the back foot, due to reduced safe haven demand amid the easing political tension in the Korean Peninsula.

It’s been a long time since we used Pounds, Shillings and Pennies. Sadly, I remember all too well that just as I had gotten to grips with LSD (the old terminology for Sterling, not the 1960’s drug of choice) it was all changed to decimalisation and that meant a whole new way of doing things. So, Sterling is the topic of my ramblings today and how its current volatility is causing price changes in our favourite precious metals, gold and silver.

Last week we saw gold move between a high of £960 and a low of £937, ending the week just shy of the average at around £946. Today, we are seeing the live price moving around the £940 mark… Not quite what we may have expected following the events of the weekend.

In the last 7 days, we have seen the price of gold go on a little rollercoaster ride, reaching highs of £957 on Wednesday and lows of £942 so far today. This dip could well be as a result of the dollar firming due to the potential of easing tensions between the US and North Korea.

The end of last week shared this sentiment, as we saw the fix move from £939 Thursday 22nd AM, to £952 Friday 23rd am. That’s quite a swing in just 24 hours, up £14. The speculation is that this was a reaction to losses on the global stock markets.

Last week we saw the gold fix price fall, starting the week at £950 GBP on Monday and ending on a fix of at £942 Friday PM.

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