Just Bought My First Silver Bullion - Think I Paid Too Much?

Am I right in saying that I pay capital gains tax when I sell silver bullion in the UK? The price above is a good price for the UK. I paid £24 for a silver maple with around £5.00 postage.

I guess you can't avoid it. I just hope I'm doing the right thing long-term by investing in this stuff as I hope to sell again in years to come when the spot prices rises enough to give a good enough return. But even then, who and where would I sell as I have no local dealers around me and online dealers pay less than spot to buy back etc.

 

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Russel, why do you buy precious metals?

 

Well, I'm buying it to invest. For example if I save £500 and keep it in a box under my bed - it'll still be £500 in 5-10 years time but worth less due to inflation.

But if I've save £500 worth of bullion, I'm hoping it'll be worth more than £500 in cash in 5-10 years. That's the plan. I think buying bullion is a smarter way to save money long-term. I'm not planning to try and build cash flow short term from it or anything.

I want to build my stack over time and hopefully cash out one day for a return.

At the current interest rate of 0.5% in the UK saving your actual money at the moment is pointless.

Just my thoughts.

 

Welcome to bullion buying. I learn something from every coin that I purchase and I've been doing it for a while. I think you have a good plan. I would add, keep your bullion out of the system. They can't take or tax what they don't know about.

 

Thanks for the welcome fatima. I've just bought my second silver maple for the same price. Good tip about keeping it out of the system. How is your bullion investing going?

 

I "liked" a retailed called Silver Towne on facebook because they post the opening and closing prices for silver every trading day.

 

Don't worry too much about overpaying for that coin, I've made much worse purchases

I'd try to buy govt minted bullion for $3 maybe $4 max over spot. (canadian maple leafs/silver eagles/vienna philharmonics/mexican libertads)

Generic silver you should be able to get for $1-2 over spot if buying in quantity. If only buying a small quantity I'd suggest Silvertowne, they offer their 1 oz silvertowne bar for less than $3 over spot including shipping. (and you can use a CC without the extra 3% charge most sites have)

Good sites are Provident and Goldmart for 20-499 oz of silver, best site for 500 oz+ is Tulving. Best site for under 20 ounces is probably Silvertowne although you could compare with provident and goldmart as well.

 

You do realize that the OP started this thread more than 7 months ago, don't you?

Chris

 

No lol, I wasn't the one who bumped the thread. Oh well

 

Lol whoops why did this thread appear near the top of the thread list for the forum when it was 7 months old??

 

Because someone posted to it! That's okay, though. Sometimes I've even caught myself prepared to post when I happened to notice that a resurrected thread was 5 or more years old.

Chris

 

maybe you accidentally clicked the pages near the bottom of the screen, it looks like it came from page 51, which is an available option for me. I'm guessing that is what happened