Silver Premiums and Wait Times, what are you seeing?

[OldCoin]

I thought this would make a good informative thread given the upwards increases. To help correlate trends in wait times, and premium over spot (best to convert to USD. Please put as much info such as location, amount of oz for price break in premium 

In Australia I'm seeing average $10 AUD over spot which is about $7.80 USD

Some items are 7-14 days or out of stock temporarily across many sites, but product is available.

The shortage would appear to be worst in USA where premiums are higher than this and supply thin apparently

These higher premiums may increase everywhere or slowly pull back and the increased demand may fizzle out, but I doubt it as these next 3 months are usually big months for metals, at least we will know more after the next few months.

If demand stays up this will inevitably move price up, and bear in mind silvers well above it's 200 day moving average, unlike Gold.

[DuaneL]

My local pm dealer (Spokane Valley, Wa USA) just last week raised his premium from $4.50 USD up to $5.00 ($4.75 on over 100 oz) but still a lot better then can be found from online dealers (which if you are lucky you might find 10 oz bars for $5.50 over spot the 1 oz premium is at least $6 over spot (some dealers much higher)) only problem  with my local dealer is he can't keep silver in stock, it sells as fast as he gets it so have to keep an eye on his webpage and phone as soon as something is listed. He did only charge me 4.75 over spot on the 30 oz I got last week and $65 over spot for the 1 oz of gold I got yesterday.

Edited April 12, 2021 by DuaneL
clarification

[OldCoin]

The $10 AUD I'm paying on coins generally online and off shops.

On bars, an 5 oz today are $7.50/oz (or $5.70 USD) over spot and price breaks increasing from there in bar size and volume of order.

Edited April 12, 2021 by OldCoin

[Robda1986]

I've basically given up buying new in the UK it's just so heavily taxed its beyond a joke 😑

[OldCoin]

3 minutes ago, Robda1986 said:

I've basically given up buying new in the UK it's just so heavily taxed its beyond a joke 😑

I'm sorry to hear that, will they let you leave the country? We don't have a tax on silver or gold here.

[ScentSationCandles]

29 minutes ago, OldCoin said:

We don't have a tax on silver or gold here.

None in America either. Unless you make a profit off sales and you sell more than $10k of your stash at a time. Capital gains.

Edited April 12, 2021 by ScentSationCandles

[CadmiumGreen]

12 minutes ago, ScentSationCandles said:

None in America either. Unless you make a profit off sales and you sell more than $10k of your stocks at a time. Capital gains.

In the US, there is sales tax on silver and gold, depending on which states you are buying from.

For reference...

https://bullionexchanges.com/learn/taxation-precious-metals-irs-reporting

https://www.google.com/amp/s/amp.jmbullion.com/tax/

https://www.bgasc.com/sales-tax-gold-silver-bullion-coins

 

Edited April 12, 2021 by CadmiumGreen

[ScentSationCandles]

7 minutes ago, CadmiumGreen said:

In the US, there is sales tax on silver and gold, depending on which states you are buying from.

Lucky me. My state is exempt then.

[Justjoshinya]

I live in California usa and if I buy at least $1500 there is no sales tax so I try to buy only once or twice a year and at least $1500 to make sure I dont pay taxes on my silver (because premiums are high enough tax) the premiums I paid last year are double this year average $6 premiums and typically 2 weeks delay for what I want. I stay away from eagles because the premium is almost 50% sometimes unless you are buying ALOT so I've moved over to kruggerrands and kangaroos.

My local coin shops premiums are about on par. With online at this time. I'll usually load up my cart online then head to my local shop and show them my cart and ask if they can beat that price if they can I'll pull out cash and go with them if they cant I just walk out and buy online. Some LCS will see I'm serious and willing to purchase through them if they can beat the online premium for similar products. Some dont care.

[dicker]

Not buying silver at the moment because of the tax and premiums.

Best

Dicker

[TommyTwoShots]

I am not sure there is any point buying silver in the uk anymore. Such a shame.

[Spark268]

in the UK you can pay around £32 for an ounce retail, so the premium + taxes are 80%., which equates to a dollar premium of 19.60 plus spot.

on the other side of the coin though, most dealers offer steep volume discounts  (circa 10%) 

Edited April 12, 2021 by Spark268

[greektony]

unfortunately Brexit has meant that buying silver is pretty pointless with taxes and the premiums currently charged. I don't see the point in starting a silver stack if you are UK based. You are better off sticking to Gold. I feel sad for anyone who has only just started or those who didn't reach whatever silver oz target they wanted as I don't see how it is now a viable investment. Its a shame that covid resulted in massive silver premiums last year so us UK stackers couldn't fill our boots before Brexit screwed us over

[Pete]

The high  premiums on silver ( and platinum ) right now are governed by availability of coins and what the market will bear.
Spot price is not so high and the cost of mining continues to rise so what we pay for our coins in a kind of way is not connected to spot, unlike gold.
When supplies are restricted most dealers will increase their prices because people will still buy.
In the UK we are screwed with 20% VAT but on the resale market the price of silver can still be competitive, albeit everyone's prices are higher.
As for newbie stackers or collectors of date run sets you can place a "wanted" on this site and you will generally find a seller but it always helps to state a price for the quickest responses.

[OldCoin]

1 hour ago, greektony said:

unfortunately Brexit has meant that buying silver is pretty pointless with taxes and the premiums currently charged. I don't see the point in starting a silver stack if you are UK based. You are better off sticking to Gold. I feel sad for anyone who has only just started or those who didn't reach whatever silver oz target they wanted as I don't see how it is now a viable investment. Its a shame that covid resulted in massive silver premiums last year so us UK stackers couldn't fill our boots before Brexit screwed us over

That's sad to hear and I'd be just as disappointed. 20% is unbelievable, what the hell are they thinking. If I had my way and I was the king I'd make it mandatory that people had a PM retirement plan and I would give them a bit to get started as beneficiaries of the GDP, of the lands wealth, as an incentive to work harder.

So this nonsense even favors paper silver racket too because I bet that's not taxed.

lastly I wonder if you will regret not just paying the 20% when Silver is doing a 3x move, but who knows when.

So is gold not taxed? And was the 20% VAT on Silver only initiated at Brexit?

 

[OldCoin]

In Australia we have a 10% GST on goods and services, food and water exempt. We call it the get shafted tax, or get shafted twice tax as we pay compound GST, they charge GST on top of a contracted service, so if you buy something and there is a $25 freight charge by the companies freight sub contractor, the invoice will charge an extra $2.50 on top for that freight, even when the freight has a GST component also, many similar cases like this

[greektony]

5 minutes ago, OldCoin said:

That's sad to hear and I'd be just as disappointed. 20% is unbelievable, what the hell are they thinking. If I had my way and I was the king I'd make it mandatory that people had a PM retirement plan and I would give them a bit to get started as beneficiaries of the GDP, of the lands wealth, as an incentive to work harder.

So this nonsense even favors paper silver racket too because I bet that's not taxed.

lastly I wonder if you will regret not just paying the 20% when Silver is doing a 3x move, but who knows when.

So is gold not taxed? And was the 20% VAT on Silver only initiated at Brexit?

 

If silver does make a 3x move then I might have a tinge of regret, but then I'm assuming gold would be making a similar movement. The money I'm no longer spending on Silver goes towards Gold and cryptos so I still have my toe in the PM game.

VAT in the UK is currently 20%. It applied to Silver before Brexit as it is classed by the government as an industrial metal. Pre-Brexit, we could buy from Europe with minimal VAT and no import duties applied. This no longer the case. Gold has no VAT in the UK currently as it is currently not classed as an industrial metal. So if you were to buy any precious metals at the moment in the UK then to me gold is the only viable option. It is also painful to see people paying £28+ an oz when a year ago I was buying from Europe for around £13-£14 an oz. I can't stomach paying that much personally. I am trying to average down not up!

Silver is also pretty heavy which you appreciate once you've filled a monster box! I managed to achieve my personal goal of filling one and then some so I'm not itching to buy more unless there is a price crash, or at the least VAT is removed. 

I'm no expert in any of this. The markets generally do the opposite of whatever I'm doing so might be wise for anyone reading to just keep buying lol

 

 

[Herraaron]

On 12/04/2021 at 13:02, dicker said:

Not buying silver at the moment because of the tax and premiums.

Best

Dicker

I have been collecting a metals for a few years, and learning a lot on the journey. Only came here today, having heard a lot about the Forum via people like Backyard on Youtube, but recently I have been asked by friends if I can help them buy some Silver.  Done some research to get back up to date with prices and was not impressed with my findings, so thought I need to look in new places. Sad to see the sentiment about buying Silver at present is not looking very positive, but Will browse around and learn some more.

[Tn21]

It's getting harder and harder to get hold off from the retail sellers here in the UK, stock is very limited and apart from 1oz coins I'm struggling to find stock of 10oz coins and bars as well as other weights, 

Not that I'm in the market to buy but it's just strange to witness.

 

Edited April 15, 2021 by Tn21

[Bars]

On 15/04/2021 at 17:39, Tn21 said:

It's getting harder and harder to get hold off from the retail sellers here in the UK, stock is very limited and apart from 1oz coins I'm struggling to find stock of 10oz coins and bars as well as other weights, 

Not that I'm in the market to buy but it's just strange to witness.

 

 

“I see no changes wake up in the morning and and I ask myself, is silver worth investing? should I stop myself” 

2 pac said it best 

[SilverStorm]

Today I bought eight 1oz RCM silver maple leafs at Cdn$40.41 each, with Cdn spot price at $31.76.   So that's a premium of $8.65 per coin.  Other online bullion dealers here in Canada sell for more.  

[LawrenceChard]

On 12/04/2021 at 02:57, OldCoin said:

I'm sorry to hear that, will they let you leave the country? We don't have a tax on silver or gold here.

You do have import taxes into Australia which affects many coins, including sovereigns.

[adamantio999]

On 12/04/2021 at 02:53, Robda1986 said:

I've basically given up buying new in the UK it's just so heavily taxed its beyond a joke 😑

 

On 12/04/2021 at 13:02, dicker said:

Not buying silver at the moment because of the tax and premiums.

Best

Dicker

 

On 12/04/2021 at 13:34, TommyTwoShots said:

I am not sure there is any point buying silver in the uk anymore. Such a shame.

 

On 12/04/2021 at 16:33, Spark268 said:

in the UK you can pay around £32 for an ounce retail, so the premium + taxes are 80%., which equates to a dollar premium of 19.60 plus spot.

 

I agree with all of you. I live in the UK. Just checked the history of my online orders with three dealers.
Last silver purchase (five 1 oz britannia 2021) was on december 2020.
Second last (five 1oz britannia 2020) was on june 2020, almost a year ago.
Given up on silver right now.
Just buying a quarter ounce gold britannia every couple of months when I have free cash.