Silver

[marky1]

I'm sure it has been discussed here before but struggling to find anything. Does anyone have any recommendations on how/where to buy physical silver - not futures. Just doing a quick glance saw Bullion Vault but know nothing about them, are they safe?

Edited by marky1 on Monday 20th May 15:29

[Dave 500]

I take it you know all about physical silver?

Best place to buy from is probably

http://www.atkinsonsthejewellers.com

or

http://www.guernseymint.com (delivery times can take a while)


How low will it go

[marky1]

First one looks like you have to pay VAT on it?

Can you sell back to these companies at spot price minus their margin?

Just curious to know what do you mean by "take it you know all about physical silver"? Don't know much about it - can trade futures on it but would like to hold it longer term and avoid having to roll on expiry.

How low can it go - thought we could see a break below 20 but not sure now - I think around 18-19 I would buy.

[Dave 500]

marky1 said:

First one looks like you have to pay VAT on it?

You will have to pay VAT on the other one to when it goes through customs unless you are lucky.

Some people buy through Germany as they pay a lower VAT rate, but after the extra postage charges the cost will likely be the same.

marky1 said:

Can you sell back to these companies at spot price minus their margin?

Yes

marky1 said:

Just curious to know what do you mean by "take it you know all about physical silver"? Don't know much about it - can trade futures on it but would like to hold it longer term and avoid having to roll on expiry.

Most people don't understand you have to pay VAT unlike Gold and you buy over spot and sell for under (sounds stupid but some people don't know) I think you wlll be fine

I've made the assumption you are in the UK.

[Dave 500]

Some forums for you to have a look at

http://forums.silverstackers.com

http://www.housepricecrash.co.uk/forum/index.php?s...

[marky1]

Not in the UK but thanks for all the info, will have a look at those links.

[Scooby72]

I believe Bullionvault or Goldmoney.com are as reputable as they come.

You do not pay VAT on these because you do not actually take possession of the metal it is held in a vault under your name.

For me this is preferable to having the coins or bars in your house (risk of theft) or buying ETF's which are just paper and may not be fully backed by the metal (ie. may turn out you don't own any metal at all)

[marky1]

Scooby72 said:

I believe Bullionvault or Goldmoney.com are as reputable as they come.

You do not pay VAT on these because you do not actually take possession of the metal it is held in a vault under your name.

For me this is preferable to having the coins or bars in your house (risk of theft) or buying ETF's which are just paper and may not be fully backed by the metal (ie. may turn out you don't own any metal at all)

Wonder what happens if they go bust though - even if the metal is in your name? I.e is it really?

[hornet]

Baird & Co also do a savings account :-

http://www.goldline.co.uk/goldsavers.page

Were I to open such an account, I'd feel happier having it with a physical refiner and dealer rather than a purely electronic operation. That said, I can find nothing on their website stating it's allocated, which would be something to check up on. I'm also guessing you're outside the FSCS, so very much caveat emptor. I've toyed with an account to allow me to have a little bit of a play, but I'm not sure I'd be entrusting too much of my hard earned.