The price of precious metals has been a hot topic in recent years.
Gold prices have been on a huge bull run, peaking at the end of January 2026 at $5,500 an ounce, compared to $2,000 an ounce in January 2024.
This compares to the 10-year spell before that when gold prices were relatively stable, staying within an $800 an ounce swing, between $1,200 and $2,000.
It’s no wonder then, that in the past 18 months, a bullion specialist located just off Picadilly in London – within spitting distance of the glitz and glamour of the Ritz Hotel – has been busier than ever.
Sharps Pixley has history stretching back hundreds of years, but director Giles Maber is keen to point out to This is Money on a recent visit to its St James’s showroom that it is now an incredibly modern business and a wholly owned member of Degussa Group, one of Europe’s largest bank-independent precious metals providers.
It offers buyers the chance to snap up bullion and coins without appointment, while sellers can stroll in off the street with broken jewellery or damaged coins and be given a price for it there and then.
Meanwhile, underground there is a veritable treasure trove, as it has a vault and storage boxes for customers.
Given the location and the highly polished look of the premises, you’d be forgiven for thinking that it only caters for wealthy customers.
But Giles says this is a misconception – people from all walks of life come in to do business. In short, you don’t need to be rich to buy physical gold and precious metals, or sell them, at Sharps Pixley.
Where the modern part of Sharps Pixley comes into play is if an owner of items in the vault want to sell, they can get a price almost instantly and, in some cases, money wired to their bank account within 10 minutes.
Gold rush: Sharps Pixley is located in St James’s and welcomes buyers and sellers of precious metals
Why investors are buying physical gold
Giles says the huge rush of buyers and sellers has tailed off a little in the past month, given the gold price has cooled to $4,500 an ounce – and silver slipped down to $74 an ounce from a peak of $118 in January.
A large part of the business is selling coins, mainly from the Royal Mint. On display is a King’s Beast set, priced for an interested buyer recently at $44,000.
These coins are incredibly popular with international buyers, while at home coin sales are booming thanks to Royal Mint-issued coins being exempt from capital gains tax.
This is especially of interest as investors have recently been clobbered with a double CGT hit. Firstly, the annual allowance (the profit you can make before tax is applied) has been lowered from £12,000 in 2022/23 to its current £3,000.
Meanwhile, the rates of CGT were upped two years ago to 18 per cent for a basic-rate taxpayer and 24 per cent for higher-rate and additional-rate taxpayers.
Giles also says there is a growing demand to hold physical assets – such as coins and gold bars.
Bullion: Sharps Pixley offers an array of options for buyers of gold and silver
The coins and bars investors can buy
Locked away in secret drawers at are the best sellers, the Sovereigns, Britannias and Krugerrands hugely popular with investors.
It also sells credit card sized thin gold bars that can slip into a wallet and can even be broken off in pieces akin to a chocolate bar.
Giles also shows me some of the more niche 1oz coins available to buy, including ones from Australia, Canada and the US.
On its website, Sharps Pixley – a member of Degussa – clearly highlights the premium associated on products such as coins and gold bars, so buyers can clearly see what they’re paying.
Large gold bars typically carry the lowest mark-up, typically between 1 per cent and 3 per cent above the spot price.
Standard 1oz bars and coins have a typical mark-up between 3 and 6 per cent, while fractional bars and small coins tend to be a little higher than this.
One of the biggest reasons buyers bypass the Royal Mint and buy coins from Sharps Pixley, however, is being able to go into the physical showroom and pick them up, rather than relying on having them delivered to home.
Big and small: Sharps Pixley offers plenty of entry-level prices to invest in gold
How to scrap your gold
In terms of selling scrap gold, items are tested and weighed to ensure the most accurate valuation possible using specialist equipment.
Once the purity has been recorded, the metal is then weighed with sellers in the room as the metal is tested.
They are then offered a scrap price, reflected as a percentage below the spot price, which factors in manufacturing and shipping costs involved in recycling the gold.
Once an offer has been made and accepted, the seller can choose to have it paid in cash or by bank transfer the same working day.
Down in the vault…
Down in the vault, Giles explains the huge demand for storage boxes. Indeed, the largest boxes and smallest boxes are sold out with a growing waiting list, with only medium sized ones available.
A medium box costs £550 per year and all storage boxes are available to visit during showroom opening hours, with private viewing rooms and extensive security measures.
While naturally many people think of Hatton Garden when it comes to precious metals and storage, Giles says much of the demand comes from those who want a more central location for their valuable items.
For more sophisticated investors, it also offers a service where you can buy gold to put into your pension – but it is wise to take financial advice before going down this route.
Sharps Pixley – a member of Degussa, is a full member of the London Bullion Market Association (LBMA) and is registered with the Financial Conduct Authority (FCA).
It has 2,323 reviews on Trust Pilot with a score of 4.7 out of 5, with customers praising it for its excellent service, highlighting the staff’s politeness, professionalism, and helpfulness.
To find our more, visit www.sharpspixley.com or call 020 7871 0532.
You can also visit its showroom, open Monday, Tuesday, Thursday and Friday 9am to 5pm, with Wednesday having a later opening time of 7pm – 54 St James’s Street, London, SW1A 1JT.
Disclaimer: Physical precious metals are not regulated investments in the UK and are not covered by the Financial Services Compensation Scheme or the Financial Ombudsman Service. Prices can go down as well as up and losses may occur.
