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silversky

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About silversky

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What I am collecting / Investing in.

  • What I am collecting / Investing in.
    Now profile pic in honour of the Lunar dog!!!

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  1. Sure has. Was backed by very influential people as well. https://www.zerohedge.com/news/2016-01-01/trail-dubais-stolen-gold-client-breaks-silence-and-fascinating-detail-emerges Check this out next time you're tempted to let someone else hold on to your physical for you. I only had a small amount with them and for fun took delivery of it about two months before this happened. I'd never held any physically before and decided it would be fun to look at. I was completely oblivious to what happened shortly after until I found out six months later. These things go down in near secrecy and the sordid details get hushed up. Strange because it was so well known and had been running a totally legit business in physical for a long time. Seemed to have state level support with outlets in big hotels etc with their own minting and branding. Close call for me and I will never forget the lesson. When banks and large institutions go under the little guy is always last to know and always gets the shaft. There is no state protection for him no matter what is implied. Ever. And that includes your bank account if SHTF by the way.
  2. Indeed. Call me old fashioned but you still have the same old conundrum that if you don't hold it you don't own it. Years ago I was fortunate enough to take physical delivery of the very small amount of vaulted silver that I owned. A month later they ceased trading and everyone else was told that their physical never even existed. Ouch. That lesson has remained with me and I will likely never buy any form of PM other than physical.
  3. A further point to add is that the European market for investment silver was essentially killed with the addition of VAT. Larger players obviously still buy and sell using vehicles outside of Europe and so are not effected. However, the smaller retail players were knocked out of the game with only a few avenues left for reduced VAT silver available on dealers profits etc. This has generated a culture whereby silver has quite possibly been permanently severed from European minds as a source of investment/saving. However, Europe is not the planet and in other nations and continents it is most certainly regarded as a savings and investment vehicle. How long the UK is prepared to shut out this market will be interesting to see play out. Given the seemingly low quality of the political figures arguing for dominance in the Brexit process, I don't hold much hope for any sensible open market approach to be developed any time soon. That leaves the EU running a game where silver is a dirty little secret that is still possible to own if bought correctly and the UK seeing this market disappear altogether. Overall, I don't think the European wide retail market has been sizeable for a long time so it probably plays only a tiny part in worldwide demand.
  4. Something I would like to know the answer to is how much investment silver is still held as investment silver? How big is this reserve compared to historical reserves held by individuals and institutions and what is the direction of the flows in the last 2 decades. The large institutions could easily have liquidated their holdings into industrial demand directly and it would never have shown up again. The retail holders may or may not have sold back to bullion dealers who then liquidated their coins to industrial usage but I'm doubtful that large amounts of coins are being melted down each year to make i-phones and solar panel parts. Maybe, maybe not, who knows. If it's the case that most coins and small bars essentially never get melted down, then this demand has acted like a giant sponge over time, absorbing previous supply and filling to a limit like a capacitor. At some point this capacitor will resist further filling as retail decides it holds enough. Surely this along with feelings of it all being pointless will lower retail demand freeing up supply to cover the steady industrial demand. Silver is shrouded in secrecy so its all a bit of a guess.
  5. The price for metals can and has been below mining cost price in the past. It can also remain well below mining cost for an extended period of time before recovering. Silver is a classic example of that with the pumpers forever claiming that mine supply is limited due to mothballed mines etc. and that stored supply above ground is running out but then it just keeps going for what seems far far far longer than is possible if those previously established truths are true. A lot of disinformation and mystery surrounding actual inventories and usage demand. In the end though you are right. Eventually the price has to rise when it all runs out and new investment is needed to get mines up and running again. It's just a question of how much time you can bear waiting for this to happen. I've been reading about and keeping an eye on silver for 9 years now and it's certainly an interesting subject.
  6. Wow. I've won! That was unexpected. Always nice to get an unexpected surprise.
  7. silversky

    FOIA on silver VAT

    Well done for making the effort. It will be interesting to find out. I'm sure the VAT will turn out to be pitiful. Anyone who has been buying more than small amounts has been buying from the continent and will simply continue to do so by vaulting in Europe if required to avoid the unjustified 20%. Hopefully the info will justify a call to abolish vat on silver and promote the UK as a silver trading hub after Brexit I can but dream.
  8. This is from an article in the Telegraph in 2010. "VAT was originally a French idea, started in the 1950s. Britain introduced it as part of its condition of joining the European Economic Community. All countries joining the EEC had to replace their indirect taxes with the VAT. It replaced the Purchase Tax, which was a fairly complex system that had many different rates." https://www.telegraph.co.uk/news/election-2010/7582869/VAT-a-brief-history.html Personally I think it's a dreadful tax. It manages to slow everything down and adds an enormous drag on every transaction in an economy. It's nice and easy though for governments which is why it's their weapon of choice. Without doubt it hits the least well off the hardest and it has some weird side effects as well.
  9. It's complete hypocrisy for the German led EU to push vat laws on silver for other members of the EU while allowing German and Belgian dealers to charge vat only on their profit margin. German dealers have cornered the market as a result and they have devastated the dealers in the rest of Europe that tow the line. Once the UK leaves, it has a genuine chance to redress the balance in this area if it chooses to do so. Just imagine if UK dealers were suddenly able to sell silver VAT free. It would immediately return all of that business currently going to Germany, Belgium and Estonia back to the UK. If they do nothing and continue with VAT on silver then 95% of the business volume will collapse. The Germans won't get it and nor will HMRC. It will simply evaporate somewhere else. So, the correct way to propose this is that the UK dealers would have a sudden boom if the VAT on silver was removed and that boom in sales would increase their profit margins. This would then be taxable to the HMRC and they would in fact make a gain on silver for the first time in a very long time. Currently they make nothing on silver and by de VAT-ing it they stand to make money on dealer profits. Of course, the counter argument is that they will force everyone into gold instead and make the additional tax on dealers profits but it's surely worth a shot. Making the point that without attention, the UK would become the only country in Europe actively preventing a silver market and making nothing out of it. Preventing business is not a good way to start Brexit. Brexiteers are keen to support business and open the UK up to opportunity so this could well be a persuasive argument for the right politician.
  10. yeah I seem to remember reading that. I'm guessing that it's only business customers that they provide insured transport of pm's for.
  11. silversky

    69 Sovs

    https://www.ebay.co.uk/itm/2019-Alderney-50th-Anniversary-of-the-Moon-Landing-1-Pound-Silver-Proof-Coin/163494848921?hash=item26110d6999:g:CHIAAOSw7C5cP0js:rk:9:pf:0 Or a Guernsey £1 proof of the 69 landing.
  12. silversky

    69 Sovs

    https://www.ebay.co.uk/itm/NASA-First-Landing-Moon-Apollo-11-1969-Three-999-Silver-Medal-Coin-Set-/372464830954 How about a moon landing medal? Not sure what these are or if they are genuine or at a decent price but must be an Apollo coin somewhere
  13. Whilst I'm not particularly fond of Gove and he's clearly grandstanding for a run for PM at some point, this speech is rather amusing.
  14. That strikes me as the type of dictionary entry that might have come from viz