Royal Mint adds platinum, silver to Signature line
- Published: Dec 6, 2017, 5 AM
Did you know that 1 gram (0.035274 ounce) of platinum can be stretched into a mile-long wire? Or that all the platinum ever produced would only cover your ankles in an Olympic-sized pool?
You don’t need to know these fun facts to be an investor, as the Royal Mint has recently made it easier for individuals to get into the platinum game. In November, the Royal Mint expanded its Signature bullion line to include platinum and silver alongside gold.
Starting with as little as £20, precious metals investors can now add these new products to their portfolio via the Royal Mint's trading platform. Investors can purchase a fraction of a physical gold, platinum or silver bar, retaining full legal ownership. The bars are insured and held in the Royal Mint’s secure precious metal storage facility.
“We are thrilled to see that the Royal Mint has diversified its Signature range to include platinum, particularly as the offering is VAT free when purchased in this way through the Signature platform,” said David Crawford from the World Platinum Investment Council in a press release. “Platinum is a precious metal that benefits from healthy demand and constrained supply and the Signature platform provides … the public a new and convenient way to purchase this rare and valuable metal.”
All three metals can be purchased in 0.001-ounce (0.0311-gram) units and are priced at the market spot price at the time of purchase and a premium. The purchase doesn’t attract VAT on any metal; however, the storage/management fee is subject to VAT at standard rates.
The premium percentage depends on the total amount spent (the more you spend, the lower the premium), ranging from 2 to 1 percent (platinum), 4 to 1 percent (silver), and 1 to 0.5 percent (gold). Platinum and silver purchases include a management fee of 1 percent plus VAT per annum, based on the average daily value of the total holding in each metal. Gold purchases include a management fee of 0.5 percent plus VAT per annum, based on the average daily value of the investor’s total gold holding.
The platform is available for transactions 24/7, so investors can trade their metals at any time.
For more information, visit www.royalmint.com/signature.
MORE RELATED ARTICLES
US Coins May 24, 2022, 1 PM
World Coins May 24, 2022, 1 PM
Paper Money May 23, 2022, 12 PM
US Coins May 23, 2022, 11 AM