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Bullion by Post, also known as BullionByPost, is an online dealer of bullion based in the UK. They claim to be one of the best dealers for precious metals. But is that the truth? We've taken a look at exactly what they offer, what their customers have to say, and what advantages and disadvantages you'll face with an investment.
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About Bullion by Post
Bullion by Post is the biggest online seller of precious metals in the UK. They offer free, fully-insured next-day delivery to customers in the UK. In addition, they have a customer service phone line that's available from 8 AM to 10 PM every day of the week.
The company's website updates constantly with new information about the prices of gold, silver, and platinum. You can see information about the price in US dollars, euros, and British pounds. In addition, you can view charts to see how the price has fluctuated in different currencies.
Since you can deal in different currencies, the market is favored by people who want to take advantage of changing currency values. For example, you might buy gold using British pounds when the American dollar is weak. Then, when the dollar surges again, you can sell the gold through the dollar and earn a profit.
The company website updates with new prices for the coins and bullion, based on the market retail price. You can get bars and coins in both gold and silver. There's also an investment calculator that allows you to post your budget and preferred precious metal. The company will tell you what combination of purchases is best for your goals.
The investment calculator is exceedingly easy to use. All you need to do is type in your ideal budget. Then you'll need to specify whether you're planning to invest in silver, gold, palladium, or platinum.
Once you do that, you'll be taken to a page that compares different packages available. Each package is optimized for a different purpose. The right one for you will vary depending on your investment needs, goals, risk tolerance, and total funds.
When we put 5,000 pounds into the gold investment calculator, we were shown the following options:
Since you see all of these options together, you have a chance to decide which works best for your goals.
The best value package gives you the most gold for the price you have listed. With the value we input, the total value was 44.85 pounds per gram. The tax-free package had a flat value of 45 pounds per gram, while the cheapest bars cost 45.06 pounds per gram.
What's helpful about the website is that unlike many other sites, this site updates its prices in real time. You always know exactly how much you can expect to pay, and you can view the benefits and drawbacks of different packages all on the same page.
You can fill your shopping cart and make a purchase online. With each package, you have your choice of getting the metals shipped free to your address, or making a purchase that also includes secure storage options.
In 2009, founder Rob Halliday-Stein created the company. The company grew over the following years, with sales reaching more than 87 million pounds per year by 2013. Since the company sold metals at a relatively low markup, they brought in a two million pound profit.
Bullion by Post belongs to Jewellery Quarter Bullion Limited, which is a larger trading company. As of 2016, this is the largest online dealer of gold in the UK. There was a point at which the company managed to gross 5.6 million pounds within one day.
According to the founder of the company, this large increase in market activity was related to Donald Trump's run for President of the United States. His campaign had upset the global markets and led to a lot of economic uncertainty, both in the US and globally in Europe.
In keeping with this trend, by late 2016, the company began to make nearly 10 million pounds in daily sales each day. The more gold people bought, the more the metals tended to increase in price.
Since then, the company has held strong through different economic crises. When the global economy is going through turbulent times, precious metals tend to increase in value. Since the economy has been so turbulent lately, the dealership has done very well for itself.
How the Service Works
This is one of the easiest marketplaces to use if you want to buy precious metals online. Part of why they're the largest dealer in the UK is because of the convenience. You get access to live pricing and can make your purchases right through the site.
You can use the investment calculator to compare different packages if you want. This will show you the pricing of different types of gold, silver, platinum, and palladium. You'll be able to choose the best value to accomplish your personal investment goals.
Since there's the investment calculator, you don't have to worry about dealing with a pushy representative. Instead, you can calculate exactly what package works for your exact budget. If you don't have a lot to spend, you can find out what your different investment options are at a lower price point.
To purchase precious metals through this website, these are the steps you'll need to take:
Once you've done this, all that's left is to pay for the metal. After the metal is shipped to you, you can keep it wherever you want. Or you can pay to have it securely stored.
Regardless of whether you have the metal shipped or stored, all packages will be insured through Lloyd's of London. This ensures that if the package is stolen or lost, you can be reimbursed for the money you spent. Many people find that the insurance helps take some of the anxiety out of the purchase.
You can hold onto the metals for as long as you want. Some people use precious metals to make quick sales using different currency fluctuations. Others prefer to hold onto the metals for long periods of time to help hedge against potential inflation.
If you do decide that you want to sell your metals, you can sell them directly back to Bullion by Post. This will help you get the closest to market value for your items. You can also shop around at different retailers to look for a better price quote. You're not legally obligated to sell back to the company you originally purchased from.
Company Products and Services
The products and services are straightforward. You can purchase precious metals bullion in coins or bars. You have the option of investing in different items based on your overall goals and budget. Different packages have different prices per gram, but they tend to be relatively similar.
You're able to get silver and gold bars and coins in any weight and at any price point. There's no minimum investment here, so even if you have a relatively tight budget, you can still invest a small amount of your savings.
One important note is that the company does not offer IRAs. That's because they don't work in the US, so they aren't experts in US tax laws. In addition, US investors won't be able to take advantage of things like the free next-day shipping.
Since the UK is smaller than the US, it's much easier for UK buyers to get the overnight shipping. You should be able to have your items shipped to UK countries outside of Britain, like Wales and Ireland. If you're concerned about the shipping times, you can contact the company customer service line and ask.
There are very few fees associated with this company. However, you should be aware of a few things.
First, you'll be expected to pay the price listed for the package on the website. You'll also need to pay this within a certain period of time. That's because the website is constantly updating the gold and silver prices with an algorithm based on the live price charts.
This is a solid setup because you always know exactly what you're going to pay. But you should make sure that you're positive you want the precious metals. Otherwise, returns might get complicated and even impossible.
As mentioned, you get free shipping and insurance for your package while it's in transit. You can either have it shipped to your home or to a storage facility of your choice. There's also an option to open a vault with Bullion by Post. You can store your metals there instead of having them shipped.
If you do hold an account with Bullion by Post, you will still be the sole owner of the metals in the vault. You can remove them at any time. Similarly, you can sell them back to the company at any time. There's a fee of 10 pounds per month to have your items held by the company.
In comparison to some other storage fees, that's relatively low. It's nice that the fee isn't based on a percentage of your holdings. In addition, your items should be fully insured, so you're protected against damage, loss, and theft.
Bullion by Post has a buyback program. Once you're ready to liquidate your assets, you can sell them your items at the metal's market price. Because you will purchase them at a slight markup, you might take a loss if you haven't held the metals long enough for them to grow in value.
You can also shop your metals around to find out how much other market dealers will pay. We recommend doing this, especially because of one particular Trustpilot complaint.
The one star review of the company said that the buyback program gave them the lowest price of all online gold buyers. The reviewer warned people that they should research the market rate and potential prices before they accept Bullion by Post's price.
This isn't very unexpected, since Bullion by Post also needs to make money on the goods they buy. However, there are dealerships with buyback programs that pay much closer to market price. That's especially important when you need to liquidate assets quickly in the middle of an emergency.
Countries that the Company Serves
Bullion by Post mostly works with countries in Europe, particularly those that are part of the European Union. In addition to selling to each of the countries in the UK, they also sell to countries like France, Sweden, Germany, Belgium, and Austria.
People who live outside the EU may still benefit from the company services. There aren't restrictions based on your global location. You will still get quick and fully-insured delivery through Lloyd's of London.
However, people in non-EU countries need to be aware that there may be taxes or fees outside of the company's control. For example, you'll need to take into account:
In addition, the location of the shipping might be limited based on your country's political affiliation with the EU. The company also does not claim any responsibility for regional taxes that might be imposed in your location.
With orders shipped to non-EU countries, the company doesn't charge value added tax automatically. You will be expected to pay the taxes when the shipment gets to customs in your country. The taxes will need to be paid prior to the release of the shipment.
This is because Bullion by Post is not familiar with all of the different tariffs and taxes incurred by different countries. They cannot calculate a price that takes every international tax law into account. Prior to making a purchase, the company strongly recommends that you research the customs regulations in your country.
Is Bullion by Post a Scam?
Bullion by Post is not a scam. The company has been well-established as the top UK dealer for online gold purchases. Their prices are available through the website and constantly updating thanks to their intuitive algorithm.
Because they are not based in the US, they do not have a page with the Better Business Bureau. But there are several hundred reviews on Trustpilot, many of which are glowing. There are also channels you can use to get answers about your concerns.
The company doesn't have the most solid customer service on the market, but they do have some lines of inquiry. If you have any issues with a purchase, you can call the telephone line during certain hours every day of the week. You can also email with any concerns that you have.
The two biggest drawbacks of the customer service setup are:
Some people have also stated that they've had issues with the customer service team.
On the Trustpilot website, there are more than 600 reviews with a total average of 4.7 out of 5 stars. This indicates excellent service. Most customers who buy through this website are satisfied with their purchases.
Of the reviews, just 3 percent indicate that the person had a poor experience. Customer complaints help us understand more about how different companies perform, so let's take a look.
One bad review states that the user couldn't input their address, which resulted in the item not being shipped. Then their money was refunded. The user was disgruntled because they didn't have a big order, so the hassle seemed like a waste of time.
The company responded to this to say that they tried to reach out via phone, only to find that the customer had input the wrong phone number. A correct phone number is required if a new customer needs their delivery details authenticated. This helps ensure that the shipping process goes smoothly and that the buyer's information remains secure.
That seems like a fair response to us. It might be frustrating for the customer to need to verify their identity, but when you're purchasing precious metals, you want the company to care about your payment details.
Another review states that the customer purchased silver and had their package arrive with no silver inside. They reported the potential theft to the police. The customer service team was meant to call back, but the person states that they never did. Bullion by Post has not responded to this review.
On a similar note, one review states that a customer had their package stolen when another person signed for it. The Bullion by Post customer service team was not very helpful, and the person struggled to get their money back. Though the mix up was the fault of the Royal Mail, the apathy of the customer service team isn't very encouraging.
Another review complained that the person could not get a company representative to help them make a purchase. They stated that they had already spent 75,000 pounds within the past year and therefore expected premium treatment.
This review did have a response from the company. Bullion by Post stated that all of their representatives were busy at the time of the call. They took the caller's details and followed up right away. Within an hour, the sale was completed. It seemed like the customer was angry that the company could not magically free up an advisor right at the second that they wanted one.
All in all, the reviews are positive. We believe that if you live in the UK, you're likely to have a good experience buying from this company. Just make sure you're home to sign for the package when it arrives, and double-check the market prices before you sell your metals back.
Pros and Cons
Bullion by Post is a solid company that provides real-time prices for precious metals. They make it quick and convenient to purchase gold and silver. You can also compare the value of different plans for your budget.
This company works best for people in the UK or in European Union countries. If you're outside the UK, you can expect to pay extra taxes due to customs regulations. In addition, they don't have gold IRA services for United States retirement account holders.
Although we do think that Bullion By Post is a solid company, we believe that there are better companies out there to make your investment with.
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