Buying silver

I rang Revenue a few months back, before buying silver in Germany, and they said that as long as you pay VAT in Germany, you do not have to make up the difference in Irish VAT.

Go to page 128 of this document: http://www.revenue.ie/en/tax/vat/leaflets/vatguide_2008.pdf part(i)(d)

the issue, transfer or receipt of, or any dealing in, currency, bank notes and metal coins, in use as legal tender in any country, excluding such bank notes and coins when supplied as investment goods or as collectors' pieces,

Since they cannot prove that you are going to use the coins as investment goods, they technically cannot charge VAT on legal tender coins.

Quote from user "Slozer" in this thread on the 25-08-11:

Purchased some from Suisse gold http://suissegold.ch/home.php
I got the Austrian Philharmonics 1oz.
When they arrived here the deliver guy said there was a customs charge which worked out at about 10% of the total cost. I told them since they were legal tender there was no excise duty etc on the coins.(the silver phlharmonics are marked 1.50 euro). They were sent back to customs for inspection and they did not charge the excise duty. So I had nothing to pay.

It cost me about 2 euro over spot for each coin + shipping.

TheGoldRush

DarkDusk wrote: »

I rang Revenue a few months back, before buying silver in Germany, and they said that as long as you pay VAT in Germany, you do not have to make up the difference in Irish VAT.

Yes, that is correct. The key point is that you need to pay the VAT in Germany, and in order for that to happen, the buyer needs to be in Germany to legally pay the VAT in Germany.

DarkDusk wrote: »

Go to page 128 of this document: http://www.revenue.ie/en/tax/vat/leaflets/vatguide_2008.pdf part(i)(d)

Since they cannot prove that you are going to use the coins as investment goods, they technically cannot charge VAT on legal tender coins.

Good to know, thanks.

I'll admit that the laws hovering around importing silver are very hazy and unclear, I'm just recalling the experience I had and the experience many others had when importing.

All things aside, we should get back to talking about the silver market... I watched the newest episode of the Keiser Report this morning, one of the best episodes of all time imho. Here's for anyone that's interested, I'd highly recommend watching if you're interested in gold/silver.
http://rt.com/programs/keiser-report/episode-368-max-keiser/

If people haven't seen these yet, I'd also recommend watching them:
http://www.youtube.com/watch?v=E5VNAEmmBQM
http://www.youtube.com/watch?v=tj2s6vzErqY (watch in that order)

Did anyone spot the market manipulation this week? I think at least during 4 out of the 5 days this week, there was a big seller of gold and silver 3-4 minutes after the market opened in NY. However, the market was too strong and the price resumed to normal levels shortly after the below-market-price sell-off.
Time's running out though, as the guy in the Keiser Report said, we're running on thin ice right now, and it's soon going to break, with the price of silver going with it (upwards of course!)

Mahou

Just interested in people´s longer term plans towards silver. If it got close to 50 dollars again would you sell it and take profits. Or are you holding it for when the monetary system goes down. Regarding manipulation, how long can they drag this out. The silver scene seems to be full of cheerleaders promising huge rises by certain dates, none of these come to pass but these guys keep pumping it and pumping it, KWN news is the worst for this, it´s ridiculous and I stopped listening too it long ago. For silver one guy who makes a lot of sense is Eric Sprott and I think Jim Rickards is a great guy to listen to for Gold and general econ stuff.

It really depends on when it hits a certain price for me. I'll know when I want to sell when I want to, if you get what I mean... If Silver goes to 50 within the next 6 months, I'm not selling for definite. If it takes 3-4 years to hit 50 again, I probably will sell, but that scenario is very unlikely to happen imho. For now, I'm just going to hold on tight and take whatever it gives me. I'd love to have a crystal ball to see the price in 12 months time, that would be very interesting!

EDIT:
About holding until monetary system goes down, I think it's really difficult to know what's going to happen down the road in regards to how they're going to fix this mess - gold standard, write off all debts etc etc.
I have a good gut feeling when it comes to making decisions, I bought Silver on the 8th of August, when it was $28. If you look a graph, this is right before the price shot up to 30 and then to 35. Hopefully I will have the same "feeling" when it comes to selling.

Oh, and, 500 posts! Woohoo!

I may sell some of what I have in form of cutlery, bowls - some old sterling pieces but only to have it exchanged to bullion. I look at it as long term investment.
I may consider to go to Germany for one-two days just to get silver cheaper, it seems reasonable mainly when you can get philharmonics, maple or eagles for 29,50 with VAT compared to about 35 for them from dealers over here.

That's a good idea... Out of interest, does anyone have any junk silver joins (pre-1965), they seem to be very difficult to find in Ireland...

Mahou

A trip to Germany sounds like it´s worth if you´re buying big, I´d bring the missus for a weekend away and everyone wins ;-) . I´ve had no problem getting stuff sent to Spain from Germany. The only issue is when a company goes over their VAT allocation for a country. There´s no shortage of German bullion retailers though.
Pre 65 American stuff is pricey here and is often priced for its numismatic value. I´ve old mexican .720 coins(1968 25 pesos) and theres a Franco 100 pesetas coin which is ironically popular here.

Hi there, lads and lassies,

I've read the entire thread, which is a great help by the way. I would be a bit of a Max Keiser fan, although i know he can be a bit over the top etc...., but the message is clear.

Anyway, i'm interested in buying some silver, and from what i've read here, Germany is the place re: VAT. But its the deliverance that's a bit cloudy.

Order it (from Jan 2013), pay the VAT 7%, presume/hope that you don't have to pay VAT on it again on delivery or go over to germany for the day or two. Flights to Berlin via ryanair, if you book today, flying in Jan 2013 is €100 return, so this is viable, providing your buying enough.

DarkDust : Was it only on one occasion that you purchased from Germany via a delivery service?

Is there anyone else who has purchased via Germany online and what was your outcome?

Good to hear that the thread benefited you! I'm a big fan of Keiser, myself, aswell as Peter Schiff and Gerald Celente.

I've only bought from Germany once. For roughly 100oz of silver, the shipping would be about €30. They separate the packages into two for big orders because there is a limit on the insurance cover. The three people I talked to who did the same thing had no problems in relation to VAT or duties.
Yes, so you could wait till January and then make the order, Geiger take international bank transfer only, no CC, paypal etc.
PM me if you would like any more information about silver/gold investing, I'd be happy to help.

Thanks DarkDust, i will take you up on your offer in the near future, probably around Jan.

Thanks again.

No probs man.

Cheapest plane connection is ryanair kerry - frankfurt.

Do anyone know if it is truth or not? I just heard that German silver coin 7% VAT is being changed to 19% from 1.1.2013 - something about ECB pushing this and claiming their low VAT was "illegal".

TheGoldRush

I wouldn't be surprised... Government's hate competition! There's always Norway lads....

Min

If you have gold and/or silver and sell it for a profit, do you have to pay capital gains tax on the profit?

Park Royal

This may have been covered before.....

my experience of selling Gold Sovereigns was that some big advertisers

were buying at half.... 1/2 less than other buyers .....

at the time some were offering €140 compared to others offering €280.........

and €70 for a half Sovereign while others were offering €140.....

my advice.... if the ****er is smiling at you on the television he's probably

going to fleece you.....

Check and check again before selling or buying ......

patnor1011 wrote: »

Do anyone know if it is truth or not? I just heard that German silver coin 7% VAT is being changed to 19% from 1.1.2013 - something about ECB pushing this and claiming their low VAT was "illegal".

I always thought about the unfair competition... Where did you hear this? If it's true, there will be a lot of flights booked before January!

Link: http://www.globaliamagazine.com/?id=1352

This is a prime example of the elite yet again trying to take control of our money, they never stop, do they?

patnor1011 wrote: »

Do anyone know if it is truth or not? I just heard that German silver coin 7% VAT is being changed to 19% from 1.1.2013 - something about ECB pushing this and claiming their low VAT was "illegal".

"You just heard....."

What is your source?

May have to make a booking.

There is going to be a change in VAT rates in Germany, but its not coming into effect until 1st Jan 2014.

You can read here:

http://translate.google.com/translate?sl=de&tl=en&js=n&prev=_t&hl=en&ie=UTF-8&layout=2&eotf=1&u=http%3A%2F%2Fwww.wiwo.de%2Ffinanzen%2Fgeldanlage%2Fmehrwertsteuer-augen-auf-beim-silberkauf%2F7301478.html

andyK11

Hey everyone,

I apologize if this is in the wrong area!

I'm looking for people to be interviewed for a documentary about silver. Whether you buy it for investment/ stacking or if you just collect silver bars or coins, i'd like to speak to you.

Anyone who's interested please get in touch.

If this needs to be in another section please move it.

Regards,
Andy.

TheGoldRush

For all the silver fans out there here is a nice article to get your juices flowing...

http://www.tfmetalsreport.com/blog/4324/guest-post-forces-will-push-silver-over-100-srsrocco

GoldRush is banned, I knew there was something fishy going on...

Taken from the Gold thread, 8th November 2012:

Quote DarkDusk:

I think another gold and silver rally is beginning to develop, November should be a good month for PM's imho.

I would not say November. Precious metals are climbing quite long for now and will go further up. Fiat currency is loosing its power as governments worldwide engage in printing more and more of it.
It is not really that gold or silver are gaining but that fiat currency is losing value. Simple as that.
I was laughed at 4 years ago when I tried to buy some quantity of silver, they were asking me why do I want it. When I said that for investment purposes quite few said that nobody buy silver for investment, they asked if I did not wanted gold.

More about silver from Max

Watched the episode this morning, it was pretty good, as usual!

I went to Frankfurt, morning flight with AerLingus in the evening back. Got Philharmonikers from Robbe&Berking, nice people good price, overal experience very positive, I certainly visit them again. No hassle on airport only Germans took me in the office to check package for explosives, it look strange on xray as they were in tubes. I let them open package, they were very nice, at the end even thanked me for information

I gave them little speech about silver.

Watch out next week, the next FOMC meeting is looming again, and with the US economy as well as stocks looking in a dire state atm, I'd say extra asset purchases is nearly a certainty. Also, the Fed are running out of short-term bonds to sell, which means that they'll soon have to print twice as much to buy long-term bonds!