Silver Monitoring Thread £ (GBP) only.

[Wonger]

1 hour ago, HighlandTiger said:

Seeing as silver is supposed to be a safe haven when the terrible hits the fan. Then why has it dropped like a stone during the biggest viral epidemic in nearly a century.

Beginning to think the silver "experts" have been conning us all these years.

If silver isn't going to go to £50 an oz during this crises, I doubt if ever will. 

 

Its dropped because of this, its the only thing that matters to paper prices

Edited March 16, 2020 by Wonger

[sovereignsteve]

yes but isn't the COT report always a few days behind? a lot can happen in a few days😉

[Minimalist]

Frank Giustra on Silver

[5huggy]

SPIKE up followed by SLAP down

[HawkHybrid]

https://www.youtube.com/watch?v=C23V1K4hFlA

 

HH

[Cointreau]

I'm waiting on some funds to clear in my Goldmoney account whereupon I will buy an extra 100 oz.

I think silver is the way to go right now.

[TheRegalOne]

Encouraging couple of days, up from £10.80 to currently £12.37

[Scuzzle]

Not spot price but retail, last month I pre-ordered half a dozen of the latest Queens Beasts from Goldsilver.BE and they were £29.00 each, today the same coin is listed at £41.00. 

[SurreyStacker]

On 24/03/2020 at 09:20, Cointreau said:

I'm waiting on some funds to clear in my Goldmoney account whereupon I will buy an extra 100 oz.

I think silver is the way to go right now.

With Gold MOney do you have to store metal with them or can you store privately elsewhere?

I have not used them before is this best place to buy bigger bars/quantities?

 

 

[Sulster]

I’ve been noticing that as prices drop, premiums get larger. I’m really curious to see what people think about silver at $30-50/oz. Will the premiums be just as large - would there be any buyers at those prices? I wonder if physical prices will ever be less than ETFs (just as we’ve seen where physical is significantly above ETFs)

[sixgun]

1 hour ago, Sulster said:

I’ve been noticing that as prices drop, premiums get larger. I’m really curious to see what people think about silver at $30-50/oz. Will the premiums be just as large - would there be any buyers at those prices? I wonder if physical prices will ever be less than ETFs (just as we’ve seen where physical is significantly above ETFs)

The so called 'price' is the paper price. The paper price can go anywhere - it is created inside computers - not dug out of a mine and poured in a refinery like real silver is. 
So the paper price falls - supposedly because buyers don't want silver, except in the real world when price takes a dive, real people are all over gold and silver like a bad rash. Physical buying goes up. 
Dealers in the face of increased orders and quite likely stock on their books at a higher price, they don't drop their prices the amount you might expect. Then with this virus thing we have had closures of mines, mints and refineries. This means production all but stops so the dealers run out at the very time demand goes through the roof. This is all a recipe for high premiums and waiting lists - exactly what we have seen.

What i have noticed on the forum and especially in gold, is that when the price of gold went up before the virus thing kicked off, i see the premiums fall - you would see members selling at or just above spot in gold. Premiums in silver were lower and certainly much lower than we see on the forum and at dealers at the moment. From a percentage point of view i would expect gold and silver to be better value the higher the spot prices rise.

Consider this (forgetting taxes) - the amount it costs to design and make dies, to mint coins, to pack and distribute them - it won't be any different between a £2800 2 oz gold coin and the average 2 oz silver Queen's Beast - so as a percentage of the total cost of the coins, the cost of creating a silver coin is much higher - similarly the dealer's mark up will likely be in percentage terms higher. If silver is $16 spot, coin might be $20 ex-VAT (25% above spot), if silver went up to $50 an ounce the ex-VAT might be $55 (10% above spot). If silver went to $500, the ex-VAT might be $510. The higher the price, the lower the premium.

[FlorinCollector]

@Sulster I think when the refineries and mints open again regardless of price the premium will come back down and a lot of people will lose out on the high premiums they have just paid and will have to hold for a longer period of time to break even. 

[Sulster]

1 hour ago, sixgun said:

The so called 'price' is the paper price. The paper price can go anywhere - it is created inside computers - not dug out of a mine and poured in a refinery like real silver is. 
So the paper price falls - supposedly because buyers don't want silver, except in the real world when price takes a dive, real people are all over gold and silver like a bad rash. Physical buying goes up. 
Dealers in the face of increased orders and quite likely stock on their books at a higher price, they don't drop their prices the amount you might expect. Then with this virus thing we have had closures of mines, mints and refineries. This means production all but stops so the dealers run out at the very time demand goes through the roof. This is all a recipe for high premiums and waiting lists - exactly what we have seen.

What i have noticed on the forum and especially in gold, is that when the price of gold went up before the virus thing kicked off, i see the premiums fall - you would see members selling at or just above spot in gold. Premiums in silver were lower and certainly much lower than we see on the forum and at dealers at the moment. From a percentage point of view i would expect gold and silver to be better value the higher the spot prices rise.

Consider this (forgetting taxes) - the amount it costs to design and make dies, to mint coins, to pack and distribute them - it won't be any different between a £2800 2 oz gold coin and the average 2 oz silver Queen's Beast - so as a percentage of the total cost of the coins, the cost of creating a silver coin is much higher - similarly the dealer's mark up will likely be in percentage terms higher. If silver is $16 spot, coin might be $20 ex-VAT (25% above spot), if silver went up to $50 an ounce the ex-VAT might be $55 (10% above spot). If silver went to $500, the ex-VAT might be $510. The higher the price, the lower the premium.

This makes sense, I guess in that way silver will be cheaper (% wise). I still don’t quite understand the whole VAT thing as I buy silver VAT free and can sell to the UK/EU VAT free, but I guess we’ll see. I’m really excited to find out what it’s like at higher premiums.

[Sulster]

48 minutes ago, JosephM said:

@Sulster I think when the refineries and mints open again regardless of price the premium will come back down and a lot of people will lose out on the high premiums they have just paid and will have to hold for a longer period of time to break even. 

I’m not sure about this, I have a feeling silver will rise quite a bit in the coming months due to delays, backlogs at the post and shortages at dealers even if the mints open. I’m curious to see if 2020 will be a low mintage for everything 

[sixgun]

17 minutes ago, Sulster said:

This makes sense, I guess in that way silver will be cheaper (% wise). I still don’t quite understand the whole VAT thing as I buy silver VAT free and can sell to the UK/EU VAT free, but I guess we’ll see. I’m really excited to find out what it’s like at higher premiums.

How do you "buy silver VAT free and can sell to the UK/EU VAT free"?

Now i see you are in Canada so you avoid the tax on silver but those importing into the EU would normally pay VAT when the silver is imported. You won't charge it but the Customs and Excise do.

Edited April 12, 2020 by sixgun

[Sulster]

10 minutes ago, sixgun said:

How do you "buy silver VAT free and can sell to the UK/EU VAT free"?

Now i see you are in Canada so you avoid the tax on silver but those importing into the EU would normally pay VAT when the silver is imported. You won't charge it but the Customs and Excise do.

I’ve been selling for about 1.5 years to the UK and EU (on Facebook) and none of my customers have gotten VAT on packages less than 500 grams. The customs regulations for Canadian imports to UK/EU are different and I don’t need to do export or CN22 forms for 500g packages or less. For heavier packages it’s different

Edited April 12, 2020 by Sulster

[sixgun]

4 minutes ago, Sulster said:

I’ve been selling for about 1.5 years to the UK and EU (on Facebook) and none of my customers have gotten VAT on packages less than 500 grams. The customs regulations for Canadian imports to UK/EU are different and I don’t need to do export or CN22 forms for 500g packages or less. For heavier packages it’s different

How much does it cost to send a package under 500g to the EU?

[Sulster]

It changes based on exchange rate, roughly €16.50 for 15oz. I have many big clients down there

---

Added 0 minutes later...

9 minutes ago, sixgun said:

How much does it cost to send a package under 500g to the EU?

It changes based on exchange rate, roughly €16.50 for 15oz. I have many big clients down there

[GoldenPhil]

Silver price just managed to ease over 40p a gram (£12.50 an ounce). 

[Magma]

On 12/04/2020 at 01:59, Sulster said:

I’m not sure about this, I have a feeling silver will rise quite a bit in the coming months due to delays, backlogs at the post and shortages at dealers even if the mints open. I’m curious to see if 2020 will be a low mintage for everything 

I have a feeling that it will be a “go slow”  quarter 3 in 2020 and whatever attempt to rack things up towards Christmas to make some kind of money will be half hearted because of the backlog and personal finances getting sorted out (business bankruptcies, mortgage arrears). People are going to push things back and massage the financial statistics to get some kind of upturn on the graphs. But it’s just my opinion. I’d much rather be wrong about all of this.

[InvestInCoins888]

Silver taking a hit again!  I honestly thought we’d be swinging back up by now!

[GoldenPhil]

I shorted it as I work out what is logical and exactly should happen then I do the complete opposite 😄

[GoldenPhil]

21 hours ago, GoldenPhil said:

I shorted it as I work out what is logical and exactly should happen then I do the complete opposite 😄

Markets are behaving strangely all over the world at the moment.  Could be natural or more likely manipulation by governments,  although when it's by governments we call it interventions (if discovered). Lol

https://www.dawn.com/news/amp/1550176

 

 

[Cointreau]

On 11/04/2020 at 00:12, SurreyStacker said:

With Gold MOney do you have to store metal with them or can you store privately elsewhere?

I have not used them before is this best place to buy bigger bars/quantities?

 

 

Sorry. My laptop died on me and it was a devil of a job getting a new one. I use Goldmoney to diversify my risk.  I just put another grand in there and  waiting for it to clear but they are finding it hard now to source the metals and very few of their vaults around the world have any metal available for you to buy and store.  I have 600 oz of silver and 2 oz of gold with them, Gold and silver still very much a buy.

[Cointreau]

On 17/04/2020 at 13:21, InvestInCoins888 said:

Silver taking a hit again!  I honestly thought we’d be swinging back up by now!

The bullion banks are pushing a beach ball below the water, Wait till Deutschebank goes bust....