Thinking of a meaningful silver purchase, so thought I'd go for GoldMoney, but you apparently can't even BUY silver until you're "CAP" verified, which requires a 9-page form, photo ID and a policeman/judge etc to countersign your app. This is truly an impediment! Anyone got another supplier of allocated silver? I suppose I could go physical, but with Silver? please!

EDIT: I know this should be in the metals section, but I need a swift answer!!

I got CAP verified in 48 hours it's not that much grief.

What's CAP verified please, and why all the malarky over silver when one can buy gold for cash, no questions asked. Does it have to to with the historic silver basis of Sterling?

CAP means they know who you are and that you're not money laundering.
Silver to gold price ratio is at historic lows, typically it was around 15:1 now is't at 55:1 !!!
This amongst other things leads me to believe silver is underpriced.

I got mine done very quickly.
I answered their questions as follows:

"Why do you want to open a Goldmoney account"
"Why not?"

"Where will your money come from?"
"It's mine, I earned it"

etc, they still processed it without due delay.

I seem to remember, I could set up my first purchase before the CAP verification procedure. You get the price fixed, and send the money for whilst the CAP verification is in progress.

This may have changed since I started.

Yes you seem to be on to something i agree but has silver not been going up fast in recent years.

'money laundering' well thats me because i was stoped at an airport after customs the other week and asked if i had lot's of money on me and when i said about 200 quid then guy asked if that was all in sterlin or was some in euro's.

Soom they will be employing a load of queers at airports to ensure i'm not smugling too much beer.

The people that need watching for 'money laundering' is our MP's who all seem to live beyond their declared income and thats after taking in to account 200k p.a as expences and yet we are powerless to ask them questions and on the odd accasion they are caught, nothing happens.

Police are lossing the suport of the public for good reason i thinks.

Do a spread bet on silver, it's the best way.

Disagree. Don't do paper. Paper will go up in flames in this financial firestorm.

I am very happy with my silver purchases via Goldmoney so far. I will buy more. Hopefully, we'll also be able to buy silver in Zurich soon.

Have a look at the Perth mint in Aus - fully backed by the Western Australia government & allocated gold & silver storage (if you want it) http://www.pmcg.com.au/pages/homepage.aspx
I am in the process of setting up an account to buy silver (i have gold through BV). I am Aus based but the FAQs imply it is open to non residents. There is no tax (VAT equivalent) on gold or silver in Aus - my understanding is that there is the the UK on silver? This would hit your investment pretty hard from the outset, you'd need to make 20% odd just to make your money back??

ps. yes, it is still a hassle to go through the ID verification process

Hello, I'm in the process of opening an account with GoldMoney. I can't find the information I require on their website so I am hoping an account holder can answer a few questions?
Is commission payable when selling?
Is it possible to take physical collection?
Which government officials can verify the CAP? My bank will not verify my documents and I don't know a solicitor or accountant (I have just moved back to the south east).

Thank you
Keith

Or just the tincy-wincyest little possibility that gold is overpriced?

I think not, you sell at spot. Therefore the high fees when you buy.


I don't think so. Possibly under extreme circumstances.


A GP can.

Watcha smokin'?

Doesn't silver attract VAT ?

Yeah, gold is VAT exempt, but not silver...

http://customs.hmrc.gov.uk/channelsPortalW...ment#P901_81170

Had it done in 48 hrs, just got it signed in the bank (manager) to verify the ID.

There's a 5.24% charge to buy silver

GoldMoney is registered on the Channel Islands. I have never paid any VAT for my silver stored with them.

Goldmoney is based in Jersey, where silver does not attract VAT.

Is that so ...Should have done my research...D'oh

Edited: Great cheers cgnao didn't see you there

Me too - even happier with my VAT free silver eagles and maples

Talking of maples, i'm enjoying the look and feel of the maple leaf gold coin that arrived today.

It puts my trusty Krugerrands to shame imo, probably due to being of higher purity. Its a lot smaller too!

Does anyone see any disadvantages to buying a Silver ETF? I have mostly physical but some in an ETF, which I am planning to top up.

I've got wood.

Basically any coin is nicer than a Krugerrand.

lol yeah. No wonder i buy them and just stash them immediately

Even thought the maple design is fairly bog standard, the finish has something about it. Probably the purity of a higher density of pure gold.

Nuggets and Pandas are very nice. I also like Eagles and Britannias. Haven't got a Buffalo yet.

I can barely even lift 100KG on a bench press!

What sort of buy/sell spread is there on gold coins? The Baird&co site only gives sell prices.
Any recommendatios for other coin merchants?

Welcome Cosmic.

You don't pay commission when you sell, you receive the spot price at the time you sell (on the website) unless it's over a certain amount (1kg or £10k maybe?) of which you get the spot price at the time the London market opens.

You pay the commission when you buy. I you buy over £6k's worth, you buy at a cheaper rate.

You can take physical collection, if it's in full bars (i.e. you need shed loads of gold to do this).

Can't you use your doctor for verification? I don't think I had to send anything off when I joined a few years ago.

i can barely squat it, forget bench pressing it.

Not all of us are expecting the bomb to drop tomorrow.

Is there capital gains tax on the silver though (even if there is no VAT because of no physical delivery)? Not a big deal for me as I'll be investing less than 4K anyway...

Yes, there is the danger that the fund might not be backed up with any silver at all.
It just follows the spot price with nothing backing it up.