Hello All :)

[MackWhite]

Very happy I managed to find this forum, I am an absolute newbie which decided to hide a bit of savings in precious metals. If there would be a possibility to suggest where I could start gaining knowledge on the subject. I did consider buying bars but after hearing it might cause loosing 25% of value while selling iw will have a go with coins first, so any tips what to look at and how to verify them would be appreciated.

[trp]

Hello and welcome to TSF!  

[Agpanda]

Hi and welcome from Sweden!

[stefffana]

Hi, and welcome on forum!🤗

[ArgentSmith]

Welcome you have found the right place to buy terrible and learn terrible 😁

[LawrenceChard]

5 hours ago, MackWhite said:

Very happy I managed to find this forum, I am an absolute newbie which decided to hide a bit of savings in precious metals. If there would be a possibility to suggest where I could start gaining knowledge on the subject. I did consider buying bars but after hearing it might cause loosing 25% of value while selling iw will have a go with coins first, so any tips what to look at and how to verify them would be appreciated.

When you mention loosing 25% on bars, it sounds like you are thinking about silver rather than gold.

All new silver attracts VAT at current rate of 20%, whereas "Investment Gold" is exempt.

It would be worth you reading:

https://www.chards.co.uk/blog/advice-guide-for-uk-bullion-investors/1041

Which explains a lot!

😎

[James32]

6 hours ago, MackWhite said:

Very happy I managed to find this forum, I am an absolute newbie which decided to hide a bit of savings in precious metals. If there would be a possibility to suggest where I could start gaining knowledge on the subject. I did consider buying bars but after hearing it might cause loosing 25% of value while selling iw will have a go with coins first, so any tips what to look at and how to verify them would be appreciated.

Welcome aboard firstly. 

Loosing 25% on bar's? Assume you mean silver, but even so if you buy right and sell right ( spot price depending of course) then that's total codswallop. There's premium getting into silver, but also premium getting out if you sell at correct time.

Coins are more liquid and will sell quickest and if choosing britannias or a few other British coins,then they are CTG free.

But bar's especially kilos etc are the cheapest way of keeping cost average down, but then on the selling side you will also receive less profit. 

 

[daca]

Welcome aboard and enjoy the ride!

[ChrisSilver]

Hello and welcome to The Silver Forum  

[MackWhite]

On 05/11/2022 at 20:21, LawrenceChard said:

When you mention loosing 25% on bars, it sounds like you are thinking about silver rather than gold.

All new silver attracts VAT at current rate of 20%, whereas "Investment Gold" is exempt.

It would be worth you reading:

https://www.chards.co.uk/blog/advice-guide-for-uk-bullion-investors/1041

Which explains a lot!

😎

Thank You for interest and attempt to fill the gaps in my knowledge but unfortunately the link doesnt seem to work

[James32]

Just now, MackWhite said:

Thank You for interest and attempt to fill the gaps in my knowledge but unfortunately the link doesnt seem to work

Chards site is currently down, but will be back up and running soon. 

[MackWhite]

On 05/11/2022 at 21:44, James32 said:

Welcome aboard firstly. 

Loosing 25% on bar's? Assume you mean silver, but even so if you buy right and sell right ( spot price depending of course) then that's total codswallop. There's premium getting into silver, but also premium getting out if you sell at correct time.

Coins are more liquid and will sell quickest and if choosing britannias or a few other British coins,then they are CTG free.

But bar's especially kilos etc are the cheapest way of keeping cost average down, but then on the selling side you will also receive less profit. 

 

Im wondering how easy is to sell 1000g silver SEMPSA bar without certification, and how much it may cost me in percentace aspect off the spot price (assuming it will require testing)

Edited November 7, 2022 by MackWhite

[MackWhite]

4 minutes ago, James32 said:

Chards site is currently down, but will be back up and running soon. 

Thank You, will try later

[James32]

15 minutes ago, MackWhite said:

Im wondering how easy is to sell 1000g silver SEMPSA bar without certification, and how much it may cost me in percentace aspect off the spot price (assuming it will require testing)

A sempsa bar sold recently, not sure on price ( can't remember) but any kilo right now should achieve £680-£700 ish on here.

Hope this helps 

Ps, as for certification, not to much of an issue tbh, those buying kilo's will be able to test authenticity.

[MackWhite]

Just now, James32 said:

A sempsa bar sold recently, not sure on price ( can't remember) but any kilo right now should achieve £680-£700 ish on here.

Hope this helps 

Thank You for the reply. It would seem that the offer is fair basing on price You have just quoted. My worry is would a new potential buyer require a cert or is the lack of it become a reason to get lower price? Or Silver isnt as valuable for people to be overly suspicious. Is there any way to check and get a certificate while owning bars. Thank You for patience its all new for me and im trying to get a grip on it.

[James32]

2 minutes ago, MackWhite said:

Thank You for the reply. It would seem that the offer is fair basing on price You have just quoted. My worry is would a new potential buyer require a cert or is the lack of it become a reason to get lower price? Or Silver isnt as valuable for people to be overly suspicious. Is there any way to check and get a certificate while owning bars. Thank You for patience its all new for me and im trying to get a grip on it.

Newish members will prefer certificate, but me personally..I don't view them worth the paper they are printed on ( someone decent with computers could print their own lol)

Are you looking to buy a kilo or sell a kilo?

As for testing..

Magnet test ( check YouTube)

Pull manufacturers specs from website if possible then..

Weigh, check dimensions,then if still unsure do a specific gravity test ( check backyard bullions YouTube video explaining)

 

[MackWhite]

Im buying two and wondering how liquid are they without any papers as i will try to sell them at the right price. Actually all my doubts come from backyard bullions clip regarding need to test thicker bars.

[LawrenceChard]

2 hours ago, MackWhite said:

Thank You for interest and attempt to fill the gaps in my knowledge but unfortunately the link doesnt seem to work

2 hours ago, James32 said:

Chards site is currently down, but will be back up and running soon. 

I hope the link works for you now, I just checked and it does for me.

I am aware we had an internal server error at about 4.30 this afternoon, and don't know how long it lasted. When I became aware of it, I checked with our tech support guy, and he was already aware, and working on it.

😎

[LawrenceChard]

2 hours ago, MackWhite said:

Im wondering how easy is to sell 1000g silver SEMPSA bar without certification, and how much it may cost me in percentace aspect off the spot price (assuming it will require testing)

Strangely enough, I had never heard of Sempsa before, although they were mentioned in Lisbon recently at the https://www.lbma.org.uk/articles/lbma-lppm-launches-precious-metals-conference-2022-in-lisbon, and I believe they are now on the LBMA Good Delivery list.

😎

 

[LawrenceChard]

1 hour ago, MackWhite said:

Im buying two and wondering how liquid are they without any papers as i will try to sell them at the right price. Actually all my doubts come from backyard bullions clip regarding need to test thicker bars.

That @BackyardBullion! Always putting doubts in people's minds!

I am only joking, and he is a great guy.

😎

[Petra]

If you are worried, why bother buying them. There are large silver bars for sale on here on a pretty regular basis, no doubt with coa etc. 🤔

[MackWhite]

13 hours ago, Petra said:

If you are worried, why bother buying them. There are large silver bars for sale on here on a pretty regular basis, no doubt with coa etc. 🤔

As offer compared with spot price was more than fair. 

[Oddjob]

G'Day and welcome.

[iiann]

Welcome to the forum!