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Silver a worthwhile investment in Ireland?

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  • 17-07-2023 12:04am
    #1
    bigned
    Registered Users Posts: 27 ✭


    Id love to buy some silver as an investment but it just looks like a terrible investment in Ireland due to the VAT added on when you purchase. I'm surprised that the bullion websites even sell it.

    I think gold and silver are being supressed and are due an almighty breakout.

    Sorry I just wanted to vent my frustration :D

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    #2
    RichardAnd
    Registered Users Posts: 3,629 ✭✭✭RichardAnd


    Silver suffers immensely from the application of VAT. There are some ways around this, however. If you do not take physical ownership of the silver, you need not pay the VAT, and many bullion dealers offer this service. Have a look for "VAT-free silver" and you will find many such offerings. Personally, I'm not a fan of this. As any stacker will tell you, you don't own what you don't hold...

    https://www.goldcore.ie/info/how-to-buy-silver-vat-free

    That aside, it is possible to buy junk silver or pre-owned bullion that is subject to a lower VAT rate. The issue that I've discovered with this option is that the silver often needs to be bought in from the USA or Canada, and after shipping, mark-up over spot and import duties are added, the cost makes it less attractive as an investment.

    One tactic that I've seen stackers in the USA do is to buy rolls of half-dollar coins from US banks. Pre 1964 coins of this type are 90% silver, and they are instantly recognisable by the lack of a copper-coloured tint on the rim of the coin. If you visit the US, I believe that there is nothing from stopping you from doing this, but I'm not sure.

    https://www.youtube.com/watch?v=fUuL9gLe4eo&ab_channel=RobFindsTreasure

    It is possible to find junk silver comprised of European coins, but most European states have long since removed silver from their coins (the UK did it in 1942, I believe). These older coins often have numismatic value, and this bumps up the price well over the spot value of the silver that they contain. That said, numismatic coins are an investment in and of themselves, and I do have a few in my collection for this reason.

    I own some silver, and I bought it knowing that I was taking a hit on the VAT. I did this because I like to have a reasonably large stash of coins. Hopefully, the bizarre situation of charging VAT on what is essentially just another form of currency will eventually be ended. Until that day, buying silver means contributing the finances of the state, but worry not; our wonderful civil servants will no doubt put the money to good use....ahem



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