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Since other people are asking similar questions, I will follow up with some specific questions rooted in my ignorance of the UK property system (I am in the USA
by runako 4y ago
Since other people are asking similar questions, I will follow up with some specific questions rooted in my ignorance of the UK property system (I am in the USA).
Are you saying that in the UK it takes 4 months to transfer ownership of a gold bar or a collectible item? Do real estate transactions really take 4 months in the UK? Do you know if there are many other countries where ownership transfer is similarly cumbersome?
- nibbleshifter 4y agoIt can take many months to do a real estate transfer in many countries: in the UK it can be anywhere from a couple of months to a year. Its not a fast system, basically the seller and the buyers lawyers have to mutually verify the sale is legal etc etc (that the seller actually can sell the property, that its not encumbered by a mortgage or such, etc). Buyer needs proof of funds, etc. Pre-clearing the property and potential buyers can cut this time to days or hours.
- leashless 4y agoFor gold the issue isn't speed of transfer - you can buy and sell gold as an e-commerce type transaction for smaller quantities. But when you get up to 400 oz "Good Delivery" bars things start to change, as you would expect with higher value transfers. Having a very hard proof of title on a gold bar, which is automatically updated if there's any change of circumstances, opens up a lot of useful functionality for gold owners.
- nibbleshifter 4y agoI've bought smaller amounts of gold before (up to a couple ounces), and yeah, its just normal ecommerce. Some try enforce KYC, most don't. Interestingly, most gold I've seen above an ounce come with a cert and a serial number.