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Operational Update

Key Points

After a week of high demand, we are happy to announce we have estimated delivery dates on a range of our top products. Please note our longer lead times are a result of buying products across the globe to bring you the lowest premium products. If we bought the same products in the UK, we would be unable to bring you the same premium deals! 

Our customer service team are calling customers who are awaiting stock and are happy to take a call should you need re-assurance or an update. Our customer service desk is very busy and we thank our customers for understanding whilst we work hard to deliver your order.

We have a large inventory of bullion and numismatic coins and keep an In-stock Bullion page updated daily for customers who wish for a faster delivery.

All in stock items will be despatched within 2 working days. If you have any queries you can speak to our Customer Service Team by requesting a call back on our contact page or emailing us on [email protected] Appointments are also available for contactless collections for local customers. 

With thanks, 

Ian - Bullion Manager

Operational Update

For those customers who have ordered it will come as welcome news to hear products are flowing freely and just today, we took a delivery of silver Britannias to our bonded facility in Zurich. We expect a number of orders containing gold Britannias, sovereigns and double sovereigns to land in the coming weeks. Silver Britannias are expected later than this although our supplier has put an estimated timeframe of mid-March. We pass this information to be transparent to show customers we are looking at week, not months, and ask for understanding that these are estimated delivery dates. Please note not all orders will be fulfilled on the first delivery and we ask for patience as we proceed on a first come first served basis.

Gold and silver bars are still flowing freely, and we have not been advised of any delays to our usual supplier lead times. If this changes we will of course keep our customers updated.

Our customer service desk remains busy and the best way to make an enquiry is to email [email protected] If you wish to buy a product, we recommend you checkout on the site using bank transfer and we can then liaise with you for a balance. Customers are reminded we also offer metal accounts for those who wish to buy digital metal to transact into coins or bars of their choice when stock becomes available for despatch.

Any awaiting stock products are on back order with suppliers and we are financially committed to all quantities. We advise customers that we want the products on site as much as you do both so we can ship orders and put our own supplies into stock.

Covid-19, Brexit and now "Re-occupy Wall Street" have all played havoc today with the precious metal markets. As always, we are maintaining transparency on our prices and premiums only increasing them in line with supplier costs. There is little we can do in terms of improving lead times and we pass on any news and information on the day we receive it. We use dealers across the globe to bring you the best premium deals, however this does introduce complexity and longer lead times.

Lead Times Updated

As of today (5 Feb 2021) we have all ordered products now set to a 6-8 week lead time as slowly suppliers advise us on deliveries. We pass this information on in good faith and wish not to be held to exact dates as we want to keep customers informed that we are talking about weeks, not months.

Wall Street Bets and the Twitter Storm

The short squeeze mania which played out with GameStop shares (amongst others) recently appeared to have entered the precious metals market, namely silver. Whilst unconfirmed, it is alleged that Reddit users on the 'WallStreetBets' forum were responsible, but other factors such as media hype and sensationalism seem to have played a bigger role in driving the frenzy.

The concept/theory/fake news is that there is not enough silver to satisfy physical delivery of the derivative contracts traded on Comex and banks have for a long time been suppressing price. The silver price is thought to be suppressed as its scarcity and industrial use case should provide the basis for a higher price. The mechanism is that the day traders can go out and buy silver ETFs and if enough participants take physical delivery the paper market could be laid bare. On both counts this would result in price appreciation whilst racking up heavy losses for those who have taken short positions.

The banks can and will wriggle out of physical delivery but will pay a heavy price and premiums to exit contracts. If 'all goes to plan' this will be met with delight by silver bugs and those who have always seen silver as a hedge against inflation.

Brexit

We thought our Government might do things differently with Brexit, this time taking the care and attention to get such a bloody huge job right. It is clear the logistical carnage at the borders is affecting many sectors in addition to driving prices up as many wholesalers battle with costs to get stock in and out of the UK.

We source our bullion products from the European Union, Far East, Australia and the United States. We do this to keep premiums as low as possible even though it is not the easiest option for us. We still believe this is the best offer for our customers and will continue with this strategy. We ask for patience and understanding whilst we work diligently with suppliers to get products here in a timely fashion. 

Covid-19

Covid-19 blew the markets open last March and we were proud to have been able to support all of our customers who wished to buy precious metals in 2020. Dashed were our hopes that 2021 might bring normalisation as new variants of the virus emerged and lockdown version 2, 3 or 4 or whatever number we are on now took hold. Supply chains have been in some sort of recovery (or should I call it adaptation) but freight prices remained elevated since March 2020. Air freight was rendered uneconomical with supplies often taken off aircraft in place of PPE for hospitals and charities. The switch to shipping containers was welcome news and supply has been maintained even though deliveries now take 3-4 weeks instead of the 3-5 days we were accustomed to. Flights had slowly started coming back online but again delivery times are extended into weeks.

Shipments into Britain

Deliveries are now expected on major product lines of at least a few weeks, in some cases this may be longer. For gold bullion customers, we have recently sourced 2020 Double Sovereigns which are now due to be delivered to our showroom in Blackpool. As always, customers can switch their orders to these coins, with only the live premium to pay/be refunded. This may be of interest for those looking to receive their CGT exempt gold bullion coins in a quicker timeframe. 

Product Updates

2020 Double Sovereigns - These pieces were on site with our wholesale supplier, so are hopefully going to be shipped promptly. We will advise on delivery times when we learn more and we anticipate a couple of weeks.

2021 Gold Britannias2021 Silver Britannias2021 Platinum Britannias2021 Sovereigns – Delays due to COVID and Brexit. Current estimates are for a mid-March delivery (approximately 6 weeks).

2021 Platinum Queens Beasts – We have been informed that these coins are now in Britain and awaiting customs clearance. 

Just Another Day In The Office

We have been in business for over 55 years and have been through many a crisis in that time, and we have always delivered on our promises. Our offer to you where you can sell bullion back to us even before delivery reaches you still stands, as always.

We hope this latest update will be reassuring during these times; as news becomes available, we will provide updates to all our customers via social media, email and the website.

Further Reading

If you wish to read about how we managed during 2020's pandemic, you can click to see our supply updates from last year.