Precious Metals News 30th July 2011 - Celticgold

Precious Metals News 30 th July 2011 

Hello and welcome to the first CELTICGOLD newsletter. 

This free information is designed to inform you with the latest news 

in the precious metals markets and help to preserve your wealth. 

Three to four times a month you’ll be informed about recent developments 

and in depth knowledge of the gold and silver markets. In addition 

to the in depth analysis, we also provide a bit of quirky stories about 

money. 

Each newsletter we will summarize the views from some of the top 

traders and technicians in the gold and silver market today. 

We hope you enjoy reading this first newsletter and find the information 

Helpful and educational – thank you for your time. 

All the best, 

Stefan Krämer 

Director CELTICGOLD 

Weekly update for the Gold Market 

Gold continued to show strength holding steady above the important 

$1610 technical level. Much of the positive action in the Gold Market 

this week has been due to the continuing sovereign debt crisis in Europe 

and the concern over the debt ceiling and the deteriorating fiscal 

condition in the US. 

This week you’ll find: 

- Markets: Gold 

and silver 

- Knowledge: 

VAT on silver 

coins in Europe 

- Story/Tale: How 

to pay with 

precious metals 

today –two true 

stories 

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Contact: info@celticgold.eu Phone: +44 20 8144 4339 CG IOM Ltd. Ramsey, Isle of Man 

This information is for private use only. The opinions and views expressed are those of CELTICGOLD. CELTICGOLD is a precious 

metals dealer and is not a certified financial advisor. Before making an investment decision please consult a qualified financial 

professional.


The fact that Gold is exhibiting such strength during the summer season, 

which is typically the slow season for the yellow metal is a very bullish 

sign for a possible major move up in the coming weeks and months. The 

next technical support level on the upside for Gold is the $1665-1675 

level. However we may have resistance as gold approaches the $1650 

level. (Source for technical indicators: www.jsmineset.com) 

According to trader Dan Norcini who writes on Jim Sinclair’s site we 

could see a pull back to as low as $1525 if we have some positive news 

come out of both the US and Europe as far as the debt situation is 

concerned. Should that happen a major buying opportunity would occur 

in our opinion. We expect that Gold price could move up rapidly in the 

fall months as the debt situation worsens in the US and in Europe. 

Our view at Celtic Gold is that regardless of what the Gold price does in 

the coming weeks do not sell any of your core physical metal. Continue 

to add to your holdings should we get a dip in price. We believe that the 

Gold bull market has much further to run. We will do our best to help 

you navigate the market and identify the best time to add to your 

positions. 

Update on the Silver Market 

Silver prices tend to be more volatile than Gold and therefore harder to 

forecast short term price movements. However the same factors driving 

Gold prices higher are also driving Silver prices higher. 

Silver has outperformed Gold during July and has shown strong 

resilience holding above $40/ounce. Keep in mind that should we have 

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professional.


some weakness in the Gold price in the month of August, Silver will likely 

decline more than Gold in percentage terms. 

Silver investors should not panic if this occurs as the long term 

fundamentals are just as strong if not stronger than the Gold market. 

Just as with Gold, should we have a bit of a pull back in Silver during 

August this would be a buying opportunity in our opinion. 

We will likely see much action in the Gold and Silver markets next week 

as the debt ceiling issue in the US comes to a head. 

Knowledge: VAT on silver coins 

In the old days, silver and gold was equally used as legal tender. But 

that got changed in 1800’s by the British government. 

If you wish to buy silver, you can choose between bars and coins. Mostly 

in Europe governments charge a value added tax (VAT) on coins and 

bars. 

There has been an ongoing discussion between silver dealers in Ireland 

and the Irish Revenue. The question was: Are silver coins with a face 

value officially legal tender subject to VAT? 

Irish Revenue stated: Legal tender coins in use are not subject to VAT. 

Legal tender coins ‘in use’ means the Euro coins that we use in daily life. 

All traded pure silver coins are therefore not legal tender. This includes 

all of the most popular silver coins sold in Europe, such as the Vienna 

Philharmoniker, the Canadian Maple Leaf, the American Eagle and the 

Australian Kookaburra. (See table to the right) 

We have thoroughly researched the VAT situation in Ireland when 

customers started to buy silver coins. On March 29 th 2011 the Irish 

Revenue clarified the vat on silver coins. 

For more information click on link below: 

Source: http://www.revenue.ie/en/tax/vat/rates/decision-detail- 

01692.jsp 

VAT rates on silver 

coins and bars in 

Europe: 

Austria 20% 

Belgium 21% 

Denmark 25% 

France 19.6% 

Germany 7% 

Italy 20% 

Ireland 21% 

Luxembourg 15% 

Netherlands 19% 

Spain 18% 

United 

Kingdom 20% 

1oz Maple Leaf silver 

coin – traded at 33.00 

EUR incl. 7% VAT. 

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professional.


What can you do if you would like to buy silver coins but your 

country has a high VAT rate? 

1. You buy through a country that does not charge VAT on coins 

such as United States of America, Canada and Switzerland 

If you buy in one of the above countries and keep it stored there, 

you will not be charged VAT on coins. However if you ship your 

coins out of one of these countries you’ll need to pay a VAT to 

the country you ship to. Another option is to fly into one of these 

countries, buy the coins below 10,000 EUR (or US$, or CHF) 

and bring them back personally without declaring. 

Please check the Carry-on allowances with your airline when 

carrying silver for 10K. 

2. You buy through a European country that has the lowest VAT 

rate on silver coins – in this case Germany. 

For everyone who would like to own silver coins, Celticgold 

partners with ‘pro/cent Inc.’ a German company. pro/cent is 

also run and owned by myself. 

There are two ways that we help you to own silver at the lowest 

VAT rate in Europe: 

- We process your order through pro/cent and your coins are 

stored in a fully insured high security vault in Germany. 

- pro/cent processes your order and you either take delivery in 

Germany and personally transport the coins to your home 

country or you hire a reputable curier service which we can help 

you identify who then transports the coins directly to you. 

You’ll find current silver prices on our celticgold website 

including 7% VAT. However prices do not include shipping fees. 

Please call us for more details. 

2010 15 EUR Silver 

coin ‚Horse’ 

The price of this 

Centralbank coin costs 

36 EUR and weighs 

28.28 gram with a 

purity of 925/1,000 

Current silver prices @ 

www.kitco.com 

The 1oz (31.1 gram) 

Vienna Philharmoniker 

What subject or 

theme are you interested? 

Please let us know and 

we are happy to answer 

in one of the next 

newsletters. 

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professional.


Why is the EURO silver coin sold without VAT and is it a good 

value? 

As investors we’re interested in buying coins that are very close to the 

current silver price. Historically coins issued from central banks are over 

priced for the amount of pure silver you’re receiving per coin. 

Although these coins are classified as ‘collectors coins’ and are therefore 

not legal tender, central banks do not charge a VAT on these coins. 

The market price for these coins are traded at a 30% premium over the 

spot price of silver. In comparison, the 1oz Philharmoniker silver coin 

(see in box right) will typically trade for only 8 to 10% over spot. If you 

include VAT you’re still receiving a much better value on your 

investment. 

On the funny side of things: How to pay with 

precious metals – today! 

Many clients that invest in precious metals ask: How can I use my silver- 

or gold as money? 

Here are two fun stories: 

I have been travelling in and out of Ireland for over two years and have 

fell in love with Kinsale. While in Kinsale I needed to get a haircut. 

Usually I avoid going to the hairdresser for weeks and weeks and then I 

look a bit unkempt and hairs growing everywhere. One night at the 

Spaniard, I met Fintan the local ‘maitre de hair’ and booked an 

appointment. 

A bit short in cash I asked him if it would be possible to pay in silver and 

he was very interested. So I showed up with an 1oz Vienna 

Philharmoniker silver coin that was trading at that time for 28 EUR and 

we shook hands - two haircuts for one ounce of silver. 

Well, that was in December last year and I still have one free haircut – 

Kinsale I’m coming ☺. 

A female friend of mine also needed a haircut and we all know girls are 

a bit more expensive than us boys, so she rocked up with 1 gram of 

pure 24K gold. 

Always worth a visit: 

Fintan Lynch in Kinsale 

+353 (0)21 477-3900 

Write us your quirky 

story about money to: 

info@celticgold.eu 

If we publish your story 

you receive one of our 

cute and cuddly 

celticgold keyring 

teddys 

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professional.


Now that sounds really precious and it is, but one gram of gold is tiny, 

about the size of a 1 cent Euro coin. At the time of the appointment she 

easily could pay with the 1 gram gold bar and our friend Fintan was 

happy with his new assets. 

Since December prices have gone up about 20+%, so that gives him a 

lovely tip. 

If you would like to have a bit of fun and try this out for yourself, we 

have 1 gram gold bars available for sale. 

* We strongly advise you hold your core gold and silver positions for the 

long term. 

Celticgold: Our take on the financial markets 

We at celticgold believe that a stratospheric rise of gold and silver 

happens in the next few years. Government bailouts, billions and trillions 

of dollars and euros of budget deficits at the expense of the taxpayer 

and massive money printing by central banks will result in a collapse of 

the major currencies. 

We at celticgold believe that one of the few ways to protect your wealth 

from the coming economic chaos is through physical ownership of the 

precious metals. 

Preview for next 

week: 

Knowledge: Storage 

Options – Pros and 

Cons of the different 

options 

Story/Tale: 

Euros4Gold – What’s 

behind it? 

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professional.

Precious Metals News 30th July 2011 - Celticgold

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