Silver Monitoring Thread £ (GBP) only.

[InvestInCoins888]

8 hours ago, GoldenPhil said:

Markets are behaving strangely all over the world at the moment.  Could be natural or more likely manipulation by governments,  although when it's by governments we call it interventions (if discovered). Lol

https://www.dawn.com/news/amp/1550176

 

 

It’s clear there is some serious manipulation going on right now. You can be sure there is an small group of elite making themselves even more money...

[InvestInCoins888]

On 12/04/2020 at 01:59, Sulster said:

I’m not sure about this, I have a feeling silver will rise quite a bit in the coming months due to delays, backlogs at the post and shortages at dealers even if the mints open. I’m curious to see if 2020 will be a low mintage for everything 

I’m 100% with you here. Once all this virus stuff has settled, I think we will see Silver level out at a significantly higher spot than we’ve been used to. 

Im a betting man and I’ll lay a tenner on spot price of silver this time next year between £25-35oz.

[Notafront4adragon]

18 minutes ago, InvestInCoins888 said:

I’m 100% with you here. Once all this virus stuff has settled, I think we will see Silver level out at a significantly higher spot than we’ve been used to. 

Im a betting man and I’ll lay a tenner on spot price of silver this time next year between £25-35oz.

I'll take that bet!

[Tn21]

👀

[Notafront4adragon]

On 18/04/2020 at 21:00, Notafront4adragon said:

I'll take that bet!

 

On 18/04/2020 at 20:31, InvestInCoins888 said:

I’m 100% with you here. Once all this virus stuff has settled, I think we will see Silver level out at a significantly higher spot than we’ve been used to. 

Im a betting man and I’ll lay a tenner on spot price of silver this time next year between £25-35oz.

No bet? 😔

[l1am44]

What is your guys opinions about the current difference between the spot price of silver and the cost of buying silver in GBP, quite a significant difference, approximately 66% more expensive to buy 1oz silver coins compared to the spot price right now.

[GoldenPhil]

42 minutes ago, l1am44 said:

What is your guys opinions about the current difference between the spot price of silver and the cost of buying silver in GBP, quite a significant difference, approximately 66% more expensive to buy 1oz silver coins compared to the spot price right now.

Seems like a rip off. Spot price + premium (25%) + VAT. It's a total joke. 

[Russell]

On 26/04/2020 at 18:37, l1am44 said:

What is your guys opinions about the current difference between the spot price of silver and the cost of buying silver in GBP, quite a significant difference, approximately 66% more expensive to buy 1oz silver coins compared to the spot price right now.

I did a fake buy of 1000g bar at Baird yesterday and total came out ay £530 a rise of £30 in 3 weeks!  On Ebay I was buying coins eagles maples etc. at £21 average and now see them being snapped up at £27 average!

[Roy]

Spot price is £388/ kilo and people are paying £530/kilo?

[Paul]

The bullionvault silver price is a little better to stomach in these days of crackers price premiums, delivery delays, VAT for delivered physical silver 

[GoldenPhil]

5 hours ago, Roy said:

Spot price is £388/ kilo and people are paying £530/kilo?

Yes. It's a total ripoff and crazy. But how can it be avoided? I dont know anyone selling 1 kilo silver bars for £388. 

[KDave]

1 hour ago, GoldenPhil said:

Yes. It's a total ripoff and crazy. But how can it be avoided? I dont know anyone selling 1 kilo silver bars for £388. 

£496 delivered for a Bairds kilo is a good buy in my limited experience (and I am biased because I bought some Bairds bars for similar sub £500 delivered money). It is fair value for delivered physical because it will happily fetch that price at current spot when sold privately even when everything was fine with the world. 

I have a record from May 2016 a buy of 2 kilo bars for £850 delivered, £425 each - these were Cook Island coin bars with face value (no VAT, very low premium) bought from Europe, spot silver was between £11/£12 an ounce. I remember selling them a year later for £520 each, private sales, priced competitively with other kilo bars, they sold quickly. Silver was a bit higher than now (£12-£13 an ounce) but the principle I learned is kilo bars will sell above spot, roughly VAT added plus dealers premium prices or just under.   

I have not seen coin bars generally as cheap since, certainly not over the last couple of years - the Fiji Argor-Heraeus coin bars are technically the same product but don't seem to be sold for much less than a normal silver bar, even though they should be VAT free. Cook Island bars are the same. I wonder if the tax application on them changed, or whether the dealers just worked it out and put the premium up on them to match the other kilo products.

[GoldenPhil]

22 minutes ago, KDave said:

£496 delivered for a Bairds kilo is a good buy in my limited experience (and I am biased because I bought some Bairds bars for similar sub £500 delivered money). It is fair value for delivered physical because it will happily fetch that price at current spot when sold privately even when everything was fine with the world. 

I have a record from May 2016 a buy of 2 kilo bars for £850 delivered, £425 each - these were Cook Island coin bars with face value (no VAT, very low premium) bought from Europe, spot silver was between £11/£12 an ounce. I remember selling them a year later for £520 each, private sales, priced competitively with other kilo bars, they sold quickly. Silver was a bit higher than now (£12-£13 an ounce) but the principle I learned is kilo bars will sell above spot, roughly VAT added plus dealers premium prices or just under.   

I have not seen coin bars generally as cheap since, certainly not over the last couple of years - the Fiji Argor-Heraeus coin bars are technically the same product but don't seem to be sold for much less than a normal silver bar, even though they should be VAT free. Cook Island bars are the same. I wonder if the tax application on them changed, or whether the dealers just worked it out and put the premium up on them to match the other kilo products.

Seems the problem is VAT. Perhaps we should all start advocating for its removal from bullion sales? 

[l1am44]

Just now, GoldenPhil said:

Seems the problem is VAT. Perhaps we should all start advocating for its removal from bullion sales? 

I dont believe that it is just VAT that is the issue as it only accounts for 20% of the difference in price.

[KDave]

Premiums are high on silver even without VAT though, buy a VAT free coin from Europe whats the best premium you can get?

[GoldenPhil]

1 hour ago, l1am44 said:

I dont believe that it is just VAT that is the issue as it only accounts for 20% of the difference in price.

I do not begrudge sellers a premium that is often how they make a living. 

[sixgun]

i notice the volume of open interest on the Comex is really low and falling (the green line) -  there are fewer and fewer open contracts - liquidity is drying up. Interest must be moving elsewhere and off the Comex. 
 

Edited May 15, 2020 by sixgun

[vand]

Whisper it quietly but silver's actually showing some decent strength in the last few sessions.. Nice move up this morning, let see if we can hold onto those gains going into the weekend.

[GoldenPhil]

Had my eye off the ball. Silver is at £13.50 an oz

[Russell]

You aint seen nothing yet silver heading for triple figures and gold who knows stratospheric.  Banks going long and the crooked manipulating short sellers forced out of the market at the same time as more and more investors head for a safe store of value.  Perfect Storm in our favour.

[vacancies]

On 15/05/2020 at 03:36, sixgun said:

i notice the volume of open interest on the Comex is really low and falling (the green line) -  there are fewer and fewer open contracts - liquidity is drying up. Interest must be moving elsewhere and off the Comex. 
 

Feels like comex has detached from reality - price of 17usd/14gbp aren't really available anywhere. Does anyone have insight into the prices industry are paying for it - is that offsetting the difference maybe.

[GoldenPhil]

Recently I have been trying to wholesale 925 1oz necklaces as i believe there is a very small but significant chance at some point governments may start seizing gold and silver but if they do it will be the coins they take especially anything with a queens head on it , maybe bullion bars as well. BUT hallmarked jewelry MAY be left alone.

This morning I was quoted a wholesale price of £80 per 1oz necklace. Totally crazy prices . 

[MancunianStacker]

3 minutes ago, GoldenPhil said:

Recently I have been trying to wholesale 925 1oz necklaces as i believe there is a very small but significant chance at some point governments may start seizing gold and silver but if they do it will be the coins they take especially anything with a queens head on it , maybe bullion bars as well. BUT hallmarked jewelry MAY be left alone.

This morning I was quoted a wholesale price of £80 per 1oz necklace. Totally crazy prices . 

Better off with Asian 22k Gold jewelery from Asian jewelers. No VAT on Gold and usually better value than 18kt Western jewelers. 

Edited May 24, 2020 by MancunianStacker

[silvernewbie]

5 minutes ago, MancunianStacker said:

Better off with Asian 22k Gold jewelery from Asian jewelers. No VAT on Gold and usually better value than 18kt Western jewelers. 

I buy 22ct chains/Gold and UK gold jewellery has vat and super HIGH labour charges

i buy most of mine in dubai or asia

 

[MancunianStacker]

6 minutes ago, silvernewbie said:

I buy 22ct chains/Gold and UK gold jewellery has vat and super HIGH labour charges

i buy most of mine in dubai or asia

 

Yup, 2nd hand Asian gold can be found a little cheaper.