just to confirm im not going mad can i please verify the sense in stacking silver in the uk prices taken at random from atkinsons 5.15 pm today silver 12.77 oz gold 798.67 oz 1oz gold bar at atkinsons 820.01 1 0z silver bar 14.37 + vat 17.23 dosent that mean silver has to rise some 50% to get near your money back where gold needs a much smaller rise, im ready to take the plunge but just to get this right in my head obviously these are the prices for large quantaties on smaller purchases the storys much worse, arent i better buying gold in the uk with the vat issue regards craig
Yup VAT on silver takes the P*%&& in the UK. Though with most sales you will get the VAT premium back with a private sale if not you aren't asking the right price!! Gold does avoid VAT in some cases and also capital gains tax, though silver britannias also avoid CGT in the UK as well being exempt which 'correct me if am wrong' is because they are legal tender with a - GBP face value to them. Vat Free 2nd hand can be a better way to accrue silver imo, I have been buying for about 2 months now and have accrued over 1kg of silver all 2nd hand, mostly 925 silver jewelery/coins though I have a handful of walking liberty dollars and a few Britannias some of which I purchased below spot price. Try an add in the local paper but be prepared for scam merchants, get a neodymium magnet and watch a few you tube vids to see how to identify/test for silver/gold with them, testing acids are handy for some stuff too but will leave a nasty stain that ruins coins! Don't be afraid to approach various merchants face to face with an offer in the UK or ask their best price/offer as the worst they can say is no, however you will need some self discipline for this approach so you buy within 5-10% of spot and don't get stung for a high premium if its an item you like, be sure to use a calculator (my mobile phone has one) to calculate total silver content/value when buying 925 items and also spot price/premium. Also ask friends and family if they have any old or broken jewellery as they may be willing to sell though I usually offer just below spot, if people are cagey about selling tell them to ask a local jeweler for an offer and match/beat it as you can guarantee most jewelers will offer well below spot price. If the jewellery items are broken look for findings and parrot clasps, bolt and split rings on fleabay as you can purchase them relatively cheap to easily repair most chains/bracelets and sell on for a nice premium when prices lift a bit. Though do note that 9ct gold takes up more space than higher purity items like coins and sovereigns. One of the best places to sell general PM scrap (if its not readily salable to collectors/stackers) in the UK is the Birmingham jewelers and dealers so google and bookmark a few so you can check prices when it comes time to sell, most 2nd hand shops use them ime. Other than that you are mostly stuck with the VAT charge, 'Numismatic coins' SHOULD only attract a 5% VAT premium at UK customs though from what I have heard/read on many forums 20% is charged every time as standard practice by UK customs and getting the difference back is time consuming! (makes me wonder if we could charge administration costs for recovery of the difference with genuine numi coins as its their mistake/liability?) Hope that helps/clarifies this for you.
