Gold Q&A: The Royal Mint is selling gold for as little as £20
The precious metal is kept in a secure vault
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.What’s happened?
The Royal Mint is offering people the opportunity to buy gold for as little as £20. Of course, you could always buy gold in coins, costing around £95, or bars, costing at least £800, but ‘signature gold’, as the new service is called, means you can buy tiny amounts of gold by price.
How much gold can you get for £20?
About three-quarters of a gram, but prices fluctuate. This service offers gold by price rather than weight, which the Royal Mint says allows it to offer economies of scale. That means the amount you get for £20 will change according to live prices, linked to the current metal price.
Signature Gold offers direct ownership of real, physical gold without the delivery or fabrication fees associated with coins and bars
Right. And why would you want to in the first place?
People usually buy gold because of financial uncertainty, such as inflation or fluctuating foreign exchange rates. Low interest rates in the UK might encourage people to ground their money elsewhere. Governments buy gold as a kind of insurance against big fluctuations in currency – if a currency is suddenly devalued by inflation, all that gold in the vaults of a bank should still be worth a stable amount.
Great, I’ve always wanted some gold grills. Do they deliver?
Sadly no. It’s only a sliver of a 400 oz bar. Instead the Royal Mint keeps it in a vault, guarded by the Ministry of Defence police, and charges a 0.5 per cent custodian fee.
Shame. Where can I get my gold?
First you open a Royal Mint account. Then you can buy online. Simple!
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments