Frequently Asked Questions
Can I store my precious metals with you?
Yes, you can. You will be given the option of renting a safe deposit box within Coventry Safety Deposit Centre . The box will be in your name and only you will have access to it. The rental is a set annual fee, which means that you can store as much in your box as it will allow without being subject to precious metal price fluctuations experienced when charged a % fee of the value of your metal with other storage providers. You can also store many other items in your box, not just precious metals.
How do I know my Items are safe when vaulted with you?
Coventry Gold is situated within Coventry Safety Deposit Centre. The vault was purpose built and approved by mysecuritybox.co.uk an insurance company that specialises in safety deposit centres. Coventry Safety Deposit Centre is also registered with the FCA, The Safety Deposit Association and The Safety Deposit Federation. The box will be in your name and only you have access to it, throughout the period of your rental.
What Payment Methods do you accept?
We accept cash and BACS/EFT’s. Final or ‘Lock-in’ pricing is only given upon cleared funds into our account.
Do I have to pay VAT on bullion products?
Currently, investment gold is exempt from VAT , this includes all gold bullion bars and coins purchased in the UK. However, silver bullion is subject to VAT, presently at 20% in the UK.
Are there any bullion products exempt from CGT?
Yes. All coins produced by the Royal Mint that qualify as British legal currency are exempt from Capital Gains Tax. This includes all silver and gold Britannia coins and post-1837 gold sovereign coins.
CGT is payable on all other gold and silver coins which do not fall into the category. All gold and silver bullion bars are taxable.
How long will it take to receive my order?
A typical waiting time to receive the goods from the time of the order being placed, is usually within 2-5 working days if paying by CHAPS or Faster Payment.
Should I buy coins or bars?
The coins and bars that Coventry Gold supply are all investment grade, 24 carat products. Each bar and coin carries a premium above the spot price of the metal. The premium is determined by the availability, desirability, mining and refining costs. Typically, coins command higher premiums than bars. Unless you have a preference for a particular item, it would be cheaper to purchase bars.
I notice your price for Gold is above current market price. Why is this?
The global spot price for gold is based on inter-bank transfers of large numbers of London Good Delivery Bars which are 12.5 kilograms each. This price is only available to large banks and does not include any brokerage fees, transportation, storage or insurance.
Smaller bars are always sold at a premium to the London spot price to reflect the additional costs of producing and testing smaller bars. Our premiums are extremely competitive and are lowest on our larger bars.
Do I have to buy a minimum amount?
No, we can supply you with coins or bars from as little as £20 – ideal if you are looking for a gift. We can also supply coins of specific years – perfect for a present for a special birthday or anniversary.
Do you buy scrap gold and silver?
We also buy gold and silver scrap such as jewellery and non LBMA bars. We do not buy filings, grain or dental gold.