FAQ'S

What are the most common precious metals? The most common precious metals include gold, silver, platinum, and palladium. These metals are rare, valuable, and widely used for jewelry, investments, and industrial applications.

How are precious metals formed? Precious metals are formed through natural geological processes deep within the Earth's crust. They can be found in ores, which are rocks containing a high concentration of valuable minerals. Precious metals are extracted from these ores through mining and refining processes.

What are the primary uses of precious metals? Precious metals are used in various applications, including jewelry, investments, and industrial purposes. Gold and silver are popular for jewelry and as a store of value, while platinum and palladium are widely used in automotive catalytic converters and other industrial applications.

How do precious metals differ from base metals? Precious metals are rarer, more valuable, and less reactive than base metals. They are resistant to corrosion and oxidation, making them ideal for use in jewelry and long-term investments. Base metals, such as copper, zinc, and nickel, are more abundant and less valuable than precious metals.

What factors influence the prices of precious metals? Several factors can impact precious metal prices, including supply and demand, economic conditions, geopolitical events, currency fluctuations, and changes in interest rates.

What are the various ways to invest in precious metals? Investment options for precious metals include physical bullion (coins, bars, or rounds), exchange-traded funds (ETFs), mining stocks, and mutual funds focused on precious metals.

How can I determine the purity of precious metals? Precious metals are often measured in terms of fineness, which is the proportion of pure metal in an alloy. For example, 24-karat gold is 99.9% pure, while 18-karat gold contains 75% gold and 25% other metals. To verify purity, look for hallmarks or have the metal tested by a professional.

What is the significance of hallmarks on precious metal items? Hallmarks are small markings stamped on precious metal items, indicating their purity, manufacturer, and sometimes the year of production. They serve as a guarantee of the metal's authenticity and purity.

How do I store and care for precious metal items? Store precious metal items in a cool, dry, and secure location. Use soft cloth bags or acid-free tissue paper to protect jewelry from scratches. For bullion, consider a safe deposit box or a home safe for added security.

What are the environmental and social impacts of precious metal mining? Precious metal mining can have significant environmental impacts, including deforestation, habitat destruction, and water pollution. It can also contribute to social issues, such as worker exploitation and community displacement. Responsible sourcing and ethical mining practices are essential to mitigate these impacts.

How are precious metals recycled and reused? Precious metals can be recovered from various sources, including electronic waste, industrial scrap, and old jewelry. They are then refined and reused in new products, reducing the demand for newly mined metals.

What is the history of precious metals as currency or store of value? Throughout history, precious metals have been used as a medium of exchange, a store of value, and a symbol of wealth. Gold and silver coins were among the earliest forms of currency, and their value was based on the metal's weight and purity.

Are precious metals a safe investment during economic downturns? Precious metals, particularly gold, are often considered a safe haven during economic turmoil. They can provide a hedge against inflation, currency devaluation, and market volatility. However, it's essential to

How do taxes and regulations affect precious metal investments? Taxes and regulations on precious metal investments vary by country and can include sales taxes, capital gains taxes, and import/export duties. It's essential to familiarize yourself with the tax implications and legal requirements in your jurisdiction before investing in precious metals.

What are the differences between physical precious metals and exchange-traded funds (ETFs)? Physical precious metals refer to tangible assets, such as coins, bars, or rounds, that you can hold, store, and sell. ETFs, on the other hand, are financial instruments that track the price of a specific precious metal without requiring you to own the physical asset. While investing in physical metals provides direct exposure to the asset, ETFs offer a more liquid and convenient option, often with lower management fees and storage costs. However, it's crucial to consider the risks and benefits of each investment option before making a decision.

Are there taxes on buying precious metals in Ireland? There is no Value Added Tax (VAT) on gold investment products in Ireland, such as gold bullion coins and bars. However, VAT applies to silver, platinum, and palladium products at the standard rate (currently 23%). The tax treatment may vary depending on the type of precious metal product and whether it's considered an investment or a collectible.

What are the capital gains tax implications for owning precious metals in Ireland? In Ireland, capital gains tax (CGT) applies to the profits made from selling precious metals at a higher price than their initial purchase cost. The current CGT rate is 33% on the gain. However, certain exemptions may apply, such as the annual exemption of €1,270, which can be used to offset capital gains.

How can I safely store my precious metals in Ireland? Safe storage options for precious metals in Ireland include home safes, safety deposit boxes at banks, or private vault facilities. Each storage method has its pros and cons, so it's essential to consider factors such as accessibility, cost, and security when choosing the most suitable option for your needs.

Where can I buy and sell precious metals in Ireland? You can buy and sell precious metals in Ireland through various channels, including local coin shops, bullion dealers, online retailers, and auction platforms. OneTroyOunce sources its bullion from an LBMA certified wholesaler in Germany. It's essential to research the reputation and reliability of the seller, as well as compare prices and premiums, before making a purchase.

Can I include precious metals in my pension plan in Ireland? Certain types of gold investments, such as gold bullion bars and coins that meet specific purity standards, can be included in a self-directed pension plan in Ireland. However, other precious metals like silver, platinum, and palladium are generally not eligible for pension investment. It's essential to consult with a financial advisor or pension expert to determine the best investment options for your specific pension plan.

Are there any restrictions on importing or exporting precious metals in Ireland? There are no specific restrictions on importing or exporting precious metals in Ireland. However, you must declare cash or equivalent assets, including precious metal coins or bullion, valued at €10,000 or more, when entering or leaving the European Union (EU). Additionally, you may be subject to import duties or taxes, depending on the type and value of the precious metals being imported or exported.