Low to Zero Margin on Silver

[Pete]

Noticing that silver coins are selling for between £23 and £24 per ounce currently.
With spot at £19.60 and adding 20% VAT that sets the price at £23.50 meaning zero margin.

I know many of us can source our silver VAT free or with differential VAT until next month but why are prices currently relatively low ?
Even good silver is occasionally selling on eBay for around £23 per ounce so once fees are paid the sellers can be getting a poor return.
Are people moving out of silver, taking some profit or is there apathy right now in the market ?

[dangelo]

I'm listening

[Robda1986]

My guess is people are hunting for the cheapest deal and sellers are hungry to make the sales before people go broke due to layoffs 

[Shinus73]

£19.60 was a short lived peak of recent prices. £18-£18.50 is more representative of the last couple of weeks, so £23-£24 is reasonable for basic bullion.

eBay usually takes a week or two to catch up or down to decent moves.

[Erolroller]

What would be a fair price for a 1oz silver maple leaf in pristine condition? 

[Martlet]

20 hours ago, Pete said:

Noticing that silver coins are selling for between £23 and £24 per ounce currently.
With spot at £19.60 and adding 20% VAT that sets the price at £23.50 meaning zero margin.

I know many of us can source our silver VAT free or with differential VAT until next month but why are prices currently relatively low ?
Even good silver is occasionally selling on eBay for around £23 per ounce so once fees are paid the sellers can be getting a poor return.
Are people moving out of silver, taking some profit or is there apathy right now in the market ?

Answer in bold, there is more competition from VAT free buyers.  Not that i've seen these £23-24/oz coins, an outlier on ebay.  

[HighlandTiger]

For those interested, I'll be putting up a number of silver bullion 1 ozt coins up for sale over the weekend here on the forum. Some will be priced at £24   Some might even be priced a few quid lower  

[bluemoon]

Are you sure the delivery price wasn't overly high to make up the total price? eBay is usually the most expensive place for silver.

[Pete]

6 hours ago, bluemoon said:

Are you sure the delivery price wasn't overly high to make up the total price? eBay is usually the most expensive place for silver.

Not necessarily - several nice one ounce silver coins recently sold for £23 each.
Postage in line with the actual cost of shipping and many sellers combine shipping so additional coins are shipped for free.

As for those who cannot believe that you can buy good silver bullion delivered for £24 per ounce only need to check our own forum -

 

16 hours ago, Erolroller said:

What would be a fair price for a 1oz silver maple leaf in pristine condition? 

£24 possibly less now that silver has dropped 5%

[RacerCool]

On 10/11/2020 at 01:50, bluemoon said:

Are you sure the delivery price wasn't overly high to make up the total price? eBay is usually the most expensive place for silver.

Here's one I saw recently and was shocked that someone would try it. What I wonder is if anyone has ever bought it, thinking it was a good deal. Though even at current high markup trends it's about $100 over priced.