Gary Bottomley

Posts by Gary Bottomley for News:

Weakening Silver

Silver is currently weak as an investment and has now experienced its sixth consecutive down week and ninth in the last eleven.

Precious Metals on the Rise

Posted 3 years ago by Gary Bottomley

After weeks of pushing the £20/oz barrier, this morning silver finally broke the ceiling and is trading in excess of £20/oz for the first time since the Reddit push of…

#silversqueeze Fails

Posted 3 years ago by Gary Bottomley

The weekend frenzy from Reddit’s squeeze on the silver price seems to have failed as retail purchases of available bullion silver runs dry and the Chicago Mercantile Exchange raise the…

Reddit’s push on silver

Posted 3 years ago by Gary Bottomley

Following the push in shares last week for US video games retailer GameStop, the same social media group has now turned its attention to silver and consequently the price has…

Mutation

Posted 3 years ago by Gary Bottomley

As news over the weekend in the UK of the new quick-spreading coronavirus mutation hits families wishing to spend Christmas together, investors turn their attentions to precious metals and Monday…

Confidence

Posted 3 years ago by Gary Bottomley

Confidence is all important for investing in stocks and shares and right now that confidence is highly sensitive, causing great volatility in all markets.

Quick Recovery

Posted 4 years ago by Gary Bottomley

The recovery was swift! Just one week after the dramatic 15% fall in the silver price on August 11th, the price has bounced back and with spot price above £21/oz is…

Covid-19 Vaccine Approved

Posted 4 years ago by Gary Bottomley

Good news for the World is rarely good for the precious metal markets! Let’s be clear though that the news that Russia has approved a vaccine for Covid-19 is fabulous, but…

Setting the Bar Even higher

Posted 4 years ago by Gary Bottomley

As it roared through the 19’s, the spot price of silver this morning has broken the psychological £20/oz mark, whilst gold sets ready to smash the unprecedented £50/gram barrier.

The Silver Rocket Continues to Climb

Posted 4 years ago by Gary Bottomley

The price of silver has maintained its steep ascent with a rise of over 20% in just 7 days from a midday fix of £15.

We can provide instant quotes for your silver based on the current spot or fix prices, but these are subject to change according to variations in the market.

Silver received in the post will be priced according to the advertised website quote at the time of receipt. If you would prefer not to sell at that particular price, you must inform us before 10.45AM. Your items will then be kept until we are informed to sell (see stow away service).

Silver brought in by hand before 2PM will be priced according to the advertised current website prices.

Our highest prices are based on the LBMA midday silver fix and are only applicable for quantities in excess of 500 tr.oz. (15kg). These prices are tiered for levels of 500oz+ (15kg), 1000oz+ (31kg) and 3200oz+ (100kg). These higher rates are available to clients who either have metal account facilities with us or have delivered the silver in advance. The silver must be sold before 10.45AM and will be based upon the next midday fix.

If you are a VAT registered business then it makes sense to sell the silver as a metal. We pay out the full rate of 20% on top of the net value. In order to do this we require some form of suitable proof and a valid VAT number. The VAT should be declared in the same manner as any other full VAT sale.

Perversely, for antique dealers on the margin or global accounting VAT schemes, it is actually beneficial to sell metal rather than an article. If sold as a metal you will receive the entire sold value of the item and declare the VAT in your returns. If sold as an article, you would pay VAT on your profit and therefore actually receive less gross profit! So unfortunately there is a financial inducement for silver dealers to scrap, rather than deal in articles.

If you are a member of the public or a non VAT registered business, then we will pay out the net amount without the extra VAT.

For quantities less than 500 troy ounces (15 kg), we invariably pay out on the day of delivery for items received in the post, or whilst you wait if the items are delivered in-person. For quantities over 500 troy ounces, the majority are paid out immediately as described above, or once metal checks have been completed (always within 3 days).

We can pay by bank transfer, cheque or Paypal. For the former, please provide you bank account number and sort code with your order.

Metal account facilities are available for regular clients. Silver can be sold from this account at any time during normal working hours. An account can be topped up with fresh metal deliveries by appointment and sold when the price is right. Account holders will receive regular statements and have the ability to forward sell.

To comply with Anti Money Laundering legislation, we carry out due diligence for all orders over £1000 and all trade clients wishing to open a metal account. We require two forms of ID (one with photo and one with address) and a completed Due Diligence form. Online Companies House checks will be performed where appropriate.

Regular clients can forward sell in anticipation of the next fix before 10.45AM. This is a binding contract and if the silver is not in an existing metal account, then the silver must be received within three to five days depending upon quantity. Forward selling in excess of 3200oz (100kg) must be received within 24 hours.

As an alternative to a metal account we offer our unique and popular Stow Away service. This service will safeguard you against a sudden overnight drop in price. If you have posted goods to us and there is an overnight drop in price you can phone/email us before 10.45am and ask us to hold off selling. We store your silver in a temporary metal account until such a time that the price is right for you. All you then need to do, is phone/email us before 10.45am on the day you wish to sell.

The Stow Away Service is only available to trade clients for quantities in excess of 100tr.oz or 3kg.