Why is Silver bullion such a rip-off in Europe?

S

Silverbugs

New Member
A friend was speaking with "The Silver Guy" about the rip off charges Europeans must pay to buy Silver Bullion: He had this to say when it came to buying Physical Silver bullion in some countries in Europe. He had called a bullion dealer/broker the previous week and this is the quote he was given:

Daily traded price or Spot + 22% premium on Physical Silver Eagles but it didn't end there, they would then add 23% VAT ( Value added Tax ) on top of that and insured delivery of your metal would cost you an extra 1 per 1oz coin on top of that, so 500 ( $668 / 422 ) on a monster box just for delivery. Vat rates & Premiums differ from country to country in Europe so you better do your homework before you buy. Gold's premiums are nowhere near as high and there is no vat on Gold in European countries, charges averaging around 5/6% over spot. But why are they trying to keep phyzz Silver out of peoples reach....

I'm not sure if I can cut and paste the whole interview due to copyright, so here's the link:
 
In Europe we get screwed on most things, silver is no exception. Just back from a ski holiday in the French Alps where they charge 5.50 for a small plastic bottle of coke. Got to pay for all the free stuff like health, immigration and fat salaries for our Eurocrats and still we get horsemeat in our 100% pure beef burgers.
 
1. Goldpelican---The link wasn't in your post. Could you add it in for us? Thanks.
2. Does anybody know what an American vacationer visiting the UK (or anywhere else in western Europe) would end up dealing with if he (above board and declared--NOT smuggling it) brought a couple or few dozen ounces of silver bullion over with him?
 
Photonaware said:
In Europe we get screwed on most things, silver is no exception. Just back from a ski holiday in the French Alps where they charge 5.50 for a small plastic bottle of coke. Got to pay for all the free stuff like health, immigration and fat salaries for our Eurocrats and still we get horsemeat in our 100% pure beef burgers.
Click to expand...

Not wanting to derail this thread but the horse meat thing is yet another EU big government problem. The EU just banned the Romanians from using horse-and-carts on their roads. So everyone in Romania is sending their horses to the abbattoirs at low prices since they can't use them anymore. Maybe the idiots in Brussels thought banning horses would see the poor Romanians send all their horses for a pleasant genteel retirement in the fields instead.

Suddenly, overnight, all the cheap meat available is actually horse....surprise! The EU did it again!
 
Hi Guys, the link was there when I posted the thread, they must have removed it and just left the intro, shame as it was an interesting piece and it would have been great to get your feedback and opinions and of course the funny bit was at the end!! :(
 
Australia is generally more expensive than Europe. Exception may well be bullion where we have a vast array of options and great prices not far over spot.
 
Fat Freddy said:
1. Goldpelican---The link wasn't in your post. Could you add it in for us? Thanks.
2. Does anybody know what an American vacationer visiting the UK (or anywhere else in western Europe) would end up dealing with if he (above board and declared--NOT smuggling it) brought a couple or few dozen ounces of silver bullion over with him?
Click to expand...

You need to check what personal allowance of gifts and other purchases is permitted without having to delare to customs.
That value is safe, anything above technically needs to be declared.
For the UK that is currently 390 which is about $600 so roughly equivalent to 20 oz of silver, i.e. a tube of Eagles.

You would be extremely unlucky if you were stopped by customs.
They are primarily looking out for drug smugglers, money laundering sheisters and people bringing fresh foods etc.
Nervous looking and sweating people will be spotted and likely questioned.
The sniffer dogs aren't trained to detect silver but the VAT is 20% payable on the spot but if your coins are collectors items the VAT rate is 5%. Might have some difficulty convincing a customs officer about the lower / reduced VAT for numis though.
 
I am also looking at a way to get Silver into the UK. Im returning to the UK with roughly 6 Kilos of Silver and 3 Ounces of Gold. I will be heading back around September.

I was thinking of giving the 3 ounces of Gold to family members to take home in april when they are over. Do you guys think they will have to pay any charge on that?

The silver I was either going to Sell if the price is reasonable ( I refuse to sell at a loss ) and then rebuy gold in the UK, sod paying the VAT etc. Or if the price is crap I was going to just put in the crate of household items such as electricals and computers that I am sending back. Do you think they would check that?

Thanks Guys
 
danodp said:
I am also looking at a way to get Silver into the UK. Im returning to the UK with roughly 6 Kilos of Silver and 3 Ounces of Gold. I will be heading back around September.

I was thinking of giving the 3 ounces of Gold to family members to take home in april when they are over. Do you guys think they will have to pay any charge on that?

The silver I was either going to Sell if the price is reasonable ( I refuse to sell at a loss ) and then rebuy gold in the UK, sod paying the VAT etc. Or if the price is crap I was going to just put in the crate of household items such as electricals and computers that I am sending back. Do you think they would check that?

Thanks Guys
Click to expand...

Gold is okay - no duty or tax.
Silver bullion expect to pay VAT tax on its value at a rate of 20 % on the spot, cash or credit card.
Personally I would not recommend concealing kgs of silver in any parcel as you could loose the lot plus get a fine.
You should sell and convert to gold or cash.
 
So you can see why we in the US are pushing back hard against our current socialist administration.

You are all (EU) taxed to death in a bizarre wealth re-distribution shell game.

Thank God we are armed in the US the fight Tyranny (for now anyway).
 
GreyGhost--Your third statement is refers to a very tenuous situation. Il Duce (the Emperor of NY) recently took the biggest step ever taken to bring that condition to an end in his kingdom and the Principal Socialist in Washington is poised to take his steps toward achieving the same goal in the very near future, as well. I hate to say it, but we may be nearing the end of the era of ready access to arms for American citizens. It's really strange living in a conflicted and self-contracidtory place (a police state operated by allegedly liberal alleged Democrats).

But... I don't want to derail this thread, so please let me redirect and get it back on the tracks here...

What's going on these days makes me wonder if the Principal Socialist in Washington will push for a UK-style VAT on bullion as part of his overall "wealth redistribution" scheming. That possibility genuinely alarms me. The possibilities of a UK-style VAT &/or another (FDR-style) federal gold confiscation horrify me. I can only hope he ends his term without causing too much more damage and fades out into the lecture circuit and the mists of history.
 
Fat Freddy said:
1. Goldpelican---The link wasn't in your post. Could you add it in for us? Thanks.
2. Does anybody know what an American vacationer visiting the UK (or anywhere else in western Europe) would end up dealing with if he (above board and declared--NOT smuggling it) brought a couple or few dozen ounces of silver bullion over with him?
Click to expand...

2. I've bought silver in the U.S. and brought it back to the UK with me. No issues at all getting into the UK (although as earlier people have said there are things to consider). I was thinking more of the U.S. customs when bringing it out. The silver tubes look odd in the xray machine so they will stop you, at least they have with me, but you don't really get many questions about it.
 
There is a Belgian dealer (since a year I think) that sells delivered silver without tax. According to someone that visited him, he does this based on law text that says that legal tender currency denominated silver is exempted from tax.
Also, he would have said that he got calls from other dealers who were angry because of him doing this.
If this is true, it signals that on some places, dealers insinuate tax while there isn't.
This would also explain some weird sell price/buy back price differences and contradicting website statements I observed during recent years.
And this is then something quite serious. A massive scam.
If true of course.
Yet, the fact is there, this dealer does sell since his appearence silver without tax. It's by far the cheapest in the entire multicountry region.
 
Taking a few ounces of gold into most countries is easy - a few one ounce coins or several soverigns even in a pocket should pose no problem.

Silver, hmmm, you could wear many ounces but more than a dirty big chain and bracelet would bring you undone - I get searched every time going through x ray.

Pure gold supposedly does not show on the walk through metal detectors but would show on a body scan.

Have a great night

Gazza
 
Just buy from this forum. (or at least from me)

I have sent PM's heaps of times to Europe with item description as "machine parts", "medallions" or some other BS you can dream up..... no tax at all. :)

Likewise, I have recieved from Europe with my description and price, no troubles.
 
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