What ..... after Brexit for our Silver & Gold ???

[Myblueheaven]

I'm a little confused ( I'm a simple man ) about what will happen after Brexit with our Silver & Gold.

If I'm correct, we will have to pay VAT on silver from Europe making it as expensive as buying in the UK, so GS.be and S2Go will no longer be an avenue to pursue.

So.......

Where will we buy our silver ?

Will we no longer buy Silver from dealers and choose to trade on the pre owned market only ?

Should we buy as much Silver as we can pre Brexit ?

Will this have any effect on buying Gold i.e will it make it even more desirable as people may switch from Silver ?

These may be silly questions to some on here so I am sorry if these have been asked or covered before.

Any constructive advice or opinions much appreciated.

Myblueheaven

 

[Finbinfin]

It's a very valid point. When petitions to parliament open again I'm going to set one up saying VAT should be removed on silver bullion, the very least on legal tender government minted silver coins. It makes no sense that 1p cupro-nickel all the way up to gold coins carry no VAT but a silver (and platinum / paladium) one does.

 

 

[Myblueheaven]

Makes no sense to me but that's my uneducated view.

 

[sixgun]

Well first of all people importing silver coins from outside the EU which are more than the most basic bullion should claim back the VAT they have been overcharged. Silver items of numismatic interest are 5%, not the 20% they will routinely get clobbered with. i have only once been charged duty and it worked out a very tiny percentage so i didn't rattle the cage.

We will have to see what happens about Brexit. Personally i do not believe this Brexit will happen. 'The powers that should not be' do not want Brexit, so we see propaganda on the tel-lie-vision every day about how bad it is b/c of Brexit and how bad it will be. If the government was serious about Brexit the country would be out by now. A whole year was spent doing nothing. All the jibber jabber we hear is just BS.

There is talk about trade agreements and customs agreements. It could be that nothing changes post Brexit. 

If we can no longer officially get reduced VAT coins then all the more reason to stock up on silver now. If nothing changes you have a bigger stack of silver.  Most of my efforts on the precious metal side go into silver these days. 

Silver coins are dealt with favourably in some of the EU states as VAT is only charged on the dealer's profit. i do not know how many £millions of silver coins are not sold in the UK b/c UK buyers can find a better price in the EU. 

i see there have been several petitions for the removal of VAT on silver. Here are two on the government website. 

https://petition.parliament.uk/archived/petitions/1799

https://petition.parliament.uk/petitions/128929

The number of signatures is utterly pathetic. 

Personally i will still be able to get 'VAT free' silver. If you have an address in the EU you are ok. 

For those simply in the UK you either take a trip to the Continent, pay with Bitcoin and take the chance pirates don't search your car. There is a potential route having silver sent to Ireland and then coming into the UK through the North. It is all taking a chance. The final option is paying the VAT. Prices in the UK would go up. The cheaper silver would have dried up, so it is inevitable this will happen.