“£425,” came the reply.
“But the spot price for a kilo of silver is only £275,” I spluttered. The assistant dutifully called her boss. After a hushed conversation punctuated by furtive glances in my direction, she returned. “We can do it for £415,” she announced generously.
“But that’s 60% above the spot price.”
“Ah, well. There’s a physical shortage, you see.” But is there really? Are these reports I’ve been reading about a silver shortage really true?
I ended up going to all the other smiths on the island. The cheapest I was able to find was £355, 35% above the spot price (and, remember, there’s no Value Added Tax in Guernsey). When you’re buying small amounts like a kilo, you expect to pay a bit of a premium to spot, but even 35% seemed rather high.
Meanwhile the silver chart is starting to look very bullish with very strong support at around $16.50, where I have drawn the horizontal line. There might be some resistance as it hits the descending trend line, but there seem to be plenty of buyers at $16.50. “
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are commoners in the UK allowed to buy n hold silver bullion as an investement (well moew like a kind of insurance against currencies colapse) sorry not a comment but a question and if so how much over the odds will we have to pay and very important are we allowed to hold the bullion outself physically or will we just “owne” it on paper? wuich case everything colapses we be left with worthless bits of IOU papers
Comment by takis sozou — December 10, 2008 @ 1:04 am |