Metale szlachetne
Investing in silver
Silver has a dual identity: a centuries-old monetary metal, but today more than half of annual demand is industrial — solar panels, electronics, EVs and medical uses. That mix makes silver more volatile than gold and more cyclical.
Supply and demand
Roughly 55 to 60 per cent of demand is industrial, with photovoltaics the main growth engine. On the supply side about 70 per cent of silver is a by-product of lead, zinc, copper and gold mines, so a higher silver price does not quickly bring new supply.
The result is a market that can run in deficit for years, absorbed by above-ground stocks and recycling — until those stocks tighten and the price moves in steps.
The gold/silver ratio
The ratio shows how many ounces of silver buy one ounce of gold; historically roughly 45 to 90, spiking above 100 in crises. A high ratio suggests silver is cheap relative to gold, but the ratio has no natural equilibrium and silver's industrial share has grown.
Volatility
Silver typically moves 1.5 to 2 times gold in both directions. Drawdowns of 40 to 60 per cent are realistic, so treat it with an equity-like horizon: phase in, avoid leverage.
VAT: silver's structural drag
Unlike investment gold, physical silver carries VAT in the EU — 21 per cent in the Netherlands and Belgium. The margin scheme for second-hand coins and bonded-warehouse storage soften this; a physically backed ETC avoids VAT altogether at the cost of issuer risk.
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Najczęstsze pytania
Is silver better than gold during inflation?
Not automatically. Silver outperforms when growth holds up, but lags in stagflation with weak industry.
Can I avoid VAT on silver?
Only via the margin scheme for second-hand coins or bonded storage. ETCs carry no VAT.
What is a normal gold/silver ratio?
Roughly 45 to 95 in recent decades; there is no fixed equilibrium.
How much silver belongs in a metals allocation?
Many investors cap silver at a quarter to a third of the metals sleeve because of its volatility.
Czytaj dalej
Investing in gold
How the gold market works: central banks, real rates, London and Comex, physical versus ETC, costs, tax and gold's role alongside bitcoin.
Investing in copper
Why copper is called Dr. Copper, how data centres and grid upgrades drive demand, where supply stalls and how to invest.
Buying and storing physical metal
Premiums, spreads, authenticity checks, vault options, insurance, ID rules and selling: the practical side of physical gold and silver.