Buying Silver

RSNut

As a consequence of the Minamata Convention, and subsequent EU Legislation 2017 on the use of Mercury, which is now UK law, the use of silver mercury amalgam as a filling material in dentistry will be phased out.

The market for silver alone is likely to be significantly affected due to a reduction in the number of millions of silver amalgam fillings placed annually. It is possible that the price will drop, but on the other hand availability will increase.

You may be able to fill your boots with silver, but still end up feeling down in the mouth!

short_butt_sweet

Economic wrote: »

Be aware that you might have to pay VAT on silver (unlike gold, which is usually free of VAT).

that's precisely why my commodity investments are 100% in chocolate-covered cakes, 0% in chocolate-covered biscuits

Aretnap

evosy1978 wrote: »

Someone said it's a great investment for the future and the price will eventually go up.

Well that sounds like a foolproof investment strategy to me. I don't think I can really see any flaws in it.

Just out of interest was this someone
(a) in a pub
(b) on the internet or
(c) trying to sell you silver?
because I'd like to know where best to look for sure fire investment advice in future.

antrobus

Economic wrote: »

Be aware that you might have to pay VAT on silver (unlike gold, which is usually free of VAT).

You do have to pay VAT on silver.

Unless you buy it from Estonia, which has a 0% VAT rate, and is in the EU, so you don't have to worry about customs. God knows whether that will still be the case post Brexit.

atush

I like silver. I buy it as flatware and other usable items at auction at melt price or near.

If it goes up- fine. If it doesnt i have stuff I can use. I dont buy silver in virtual or other forms

markj113

https://www.silver-to-go.com/en/
https://goldsilver.be/en/
https://www.europeanmint.com/


I would avoid buying silver in the UK due to VAT, I would also avoid the Royal Mint as suggested above as they are expensive.

kidmugsy

markj113 wrote: »

I would also avoid the Royal Mint as suggested above as they are expensive.

You evidently have a flair for missing the point. I didn't recommend their prices I recommended their website.

System

antrobus wrote: »

You do have to pay VAT on silver.

Unless you buy it from Estonia, which has a 0% VAT rate, and is in the EU, so you don't have to worry about customs. God knows whether that will still be the case post Brexit.

"There is no sales tax to pay on BullionVault. Silver bought in Switzerland is traded inside a Zurich's tax-free freeport zone. Customers who buy silver in London avoid the UK's 20% sales tax (VAT) because BullionVault is recognized as an LBMA member and when silver is stored by a professional London-market participant, that tax is only triggered if you choose to withdraw your silver from the vault."
https://www.bullionvault.com/silver-guide/buy-silver#

markj113

Economic wrote: »

"There is no sales tax to pay on BullionVault. Silver bought in Switzerland is traded inside a Zurich's tax-free freeport zone. Customers who buy silver in London avoid the UK's 20% sales tax (VAT) because BullionVault is recognized as an LBMA member and when silver is stored by a professional London-market participant, that tax is only triggered if you choose to withdraw your silver from the vault."
https://www.bullionvault.com/silver-guide/buy-silver#

You dont pay VAT but you do have to pay storage fees which are also higher than the equivalent gold storage fees.


Bullionvault are well established and trusted also making it quick and easy to buy/sell but if you want to take delivery of the physical metal then buying from one of the dealers listed above is a much better choice than buying in the UK.


Seems insane that buying silver Britannias in the EU and getting them shipped here is cheaper than sourcing direct in the UK.