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Tavex buys also damaged gold and silver. Damaged goods and mint condition bars and coins have always different price setup. As a general rule any kind of damages decreases the value of the bar and coin. Tavex would like to sell our customers and product in a defensible state. It is only fo the used jewellery where the condition of the item is not relevant. Damaged gold and silver can despite of all this be sold to Tavex.
Used gold and silver items shall be melted and refined into new products. Damaged bars and coins are as a general rule always bought below market price. Therefore Tavex always reserves the right to assess the condition of the product and offer a purchase price that is in accordance with the condition with the product.
The price Tavex offers for mint products is always displayed on the product page. For the sake of transparency Tavex always displays the purchase and the sales price of the product. For example the 100g PAMP Fortuna Investment Gold Bar is sold in a sealed plastic package. If the packaging is damaged or the investment gold bar has been taken out from the packaging the purchase price will be different. Tavex is in that case not anymore able to offer the purchase price displayed on the product page. The purchase price will be the price displayed on the page for scrap gold. To avoid this, we recommend that you keep your coins in the enclosed plastic capsules. The package of the bars also need careful handling.
There are several reasons why invest in physical gold and silver. Most people buy precious metals to possess a financial asset that has had a real value for the past 5000 years. Merely for this reason gold and silver has been used as payment instrument by many civilizations. Gold has been used for multiple purposes and not only as a payment instrument. A big part of the gold in use today is being carried around by them as jewellery.
The Philharmonic is widely known investment product and that is produced by Austrian Mint. They supply us with 1 oz Austrian Philharmonic Gold Coin and the Philharmonic has widely gained popularity among our European customers. The Austrian Philharmonic is a pure gold (24 karat/999) investment gold coin. The the face value of the coin is 100 euros.
Investing in gold or silver can be hedge tool against crises. Gold price moves differently than for example, bonds or stocks. That is why it is a good idea to invest in physical gold and silver. Tavex has more than 100 different gold and silver products in stock.
At Tavex, we have a slogan: “Don’t buy gold to get rich, but rather to never be poor.”
Almost everyone who invests in physical gold or silver might have this question. How are the weight an purity of the precious metals measured? The weight of gold and silver items is sometimes given in either kilograms or grams. The official unit of measure for precious metals is however the troy ounce. One troy ounce (oz) equals 31.1034768 grams. Do not mix the Troy ounce of English ounce (28.34g).
The purity of gold and silver is measured in fineness. Ultimately fineness is the ratio to other metals in the product. The fineness indicates the purity of the metal in parts per thousand.
For example, a 1 oz Canadian maple leaf gold coin has a fineness of 0.9999, which means that the coin is made of 99.99% pure gold. Therefore, the coin actually weighs 31.1065875 grams, which means 31.1065875 x 0.9999 = 31.1034768. Say. 1 oz of 100% pure gold.
Another example is the 1 oz South African Krugerrand Investment Gold Coin, which has a gross weight of 33.93 grams and a fineness of 916.7, which is equivalent to 91.67% purity, which means that 33.93 x 0.9167 = 31.1034768 and thus 1 oz of 100% pure gold.
In addition to fineness, the traditional unit of purity for gold is the carat (K). The highest carat is 24, which is at least 99.9% pure gold. The purity of European jewelry is often 14 or 18 carats, which is 14/24 = 58.3% and 18/24 = 75% pure gold.
Carat is often used to describe the purity of jewelry, where fineness is clearly most advantageous for investment gold, but is also often used in jewelry.
Therefore the question of how the weight and purity of precious metals are measured can be a tricky one.
Many people who would like to sell their gold and silver items come across a very simple question. And this question is how to sell gold and silver to Tavex. You can simply come to our store in Budapest to sell your gold or silver items, but you should make an appointment. You can sell for your products cash or get paid via a bank transfer. For bank transfer we may charge a fee. When payment is made via bank transfer, we will provide you with a receipt of payment. For selling large quantities (above HUF 4.5000.000 and more) the transfer time can take up to 5 banking days.
It is also possible to send investment gold or silver to us by post. Please contact us prior to posting the parcel. The products must be packed in a proper manner to avoid damages during transportation. We recommend to use value parcel service with distribution to our address and assign a contact person. Please attach a document with your contact information and account numbers (also in IBAN format), as well as a scan of a valid photo ID (passport, EU/EEA driver’s license and EU/EEA residence permit). As soon as we receive the package, we shall contact you to provide you the purchase price. If you do not wish to accept the offer, the package will be sent back to you at your expense.
Testing can damage your items
Tavex reserves the right to test the gold in the manner we deem necessary before the purchase is finalised. This can mean for example that your item will be cut into half, weighing, measuring and conducting a sound test.
You must contact our store in Budapest if you want to sell scrap gold and silver. You cannot send your scrap gold and silver items by post. Always remember to bring a valid photo ID. We accept passport, EU/EEA driver’s license and EU/EEA residence permit. We can pay out in cash or by wire transfer. For the sale of scrap gold you must also have an appointment.
We hope sincerely that you received the answer to your question how to sell gold and silver to Tavex.
Currently we only accept prepayments. We cannot accept cash payments on delivery from you unfortunately. This means that you must prepay for your order before we can ship the goods to you from our stock. You can though buy investment gold and silver bullion in cash if you prepay and we can ship it to your desired location after the payment. All the shipments from us to you are fully fully insured and trackable. The responsibility transfers to you only after you have signed for the parcel and received it. You can read more about our delivery and insurance policy HERE. Please do not hesitate to call or write if you have any questions, such as whether you can pay cash on delivery.
Did you know that we use couriers who deliver the parcel personally to you? Normally you receive your parcel within one working day after we have received the payment. You should have a valid ID ready and present it to the courier. Passport, driving license and national ID qualify as valid ID documents.
Did you know that you can trace your parcel 24/7? You will be provided with the tracking number and you can trace your order whenever you want or wherever you want.
One very common question what people come up prior to their purchase is which investment products should I choose. We will try to help you a bit. There are three important things to keep in mind when choosing the right investment product. These are:
the lowest price per gram
the tradability of the product globally
the separate size and value of the product
In general, even the largest products have the lowest grammes. For example, it is significantly cheaper to buy a 100 g investment gold bar than a 100×1 g combibar, while a 100×1 g combibar provides more flexibility if you have to sell your gold over time. Therefore, Tavex recommends finding the right balance between these 3 points.
The following products have the lowest price per gram and are among the most reputable products that can be easily sold to Tavex or other gold traders:
Many of us are really not aware which type of gold there exist and what exactly does Tavex buy and sell. It happens quite often that we receive inquiries with a question what is investment gold. We try to provide with clarification below. It is actually a legal term in EU. If gold items meet the criteria enacted in the law, then as a general rule these products are not subject to VAT. This means that trading this type of gold is more attractive to consumers. In EU investment gold can be a bar or a coin. For a gold bar to qualify as investment gold, it must have a very high purity (99.9%). For gold coins the purity threshold is lower. Gold coin must be as a minimum with 90% purity.
The EU VAT directive is implemented into the domestic legislation in all member states, herein the Hungarian VAT law.
You can read more about the purity of gold bars and coins HERE. Please do not hesitate to call or write us if you have more questions about our products, herein their purity. You can find information about each product’s purity on the product page. You should click on “Details” tab for this data to appear.
When you place an order through our online shop, you have two options to get a hold of your order. Firstly, you can either choose to have your order delivered to you personally by Fedex. Secondly, you can choose to collect your order personally from our office in Budapest. If you make the purchase physically in our shop, you have also an option to have the order sent to you by a Fedex courier.
A. Delivery to you by Fedex. After we have received your payment, your products will be dispatched to you within the next banking day. Your order will be delivered personally to you by a Fedex courier. Delivery time from dispatching is normally within 1 to 3 working days. You will receive an e-mail with the relevant tracking information after we have prepared the parcel for delivery. The tracking information enables you to have a full overview of the delivery process. Please be aware that the Fedex courier will require you to present a valid identification document at delivery. If you present a passport, driving license, national ID card, residence permit it will qualify as sufficient ID document at the delivery.
B. Self pick-up. You are welcome to come and collect your products in our office in Budapest. If you chose the pick-up option, we will send you a notification immediately your order is ready for pick-up. The order can be collected only after we have received the payment for your order in full. You will also be required to present a valid ID if you choose pick your parcel up from our office. If you present a passport, driving license, national ID card, residence permit it qualifies as sufficient ID document for pickup.
All the parcels we send you are insured by us. In the extremely unlikely event that your package is lost or damaged, we will re-ship the items or refund your money. The insurance only applies whilst the products are in transit. Our insurance ceases to be valid from the moment you sign for the receipt of the parcel. This means that you must carefully inspect the parcel at delivery. You should ensure that it is missing obvious signs of tamper prior to confirming the receipt. If you discover obvious tamper or opening signs on the parcel you must reject the parcel and inform us immediately.
We are sending your products encased in protective wrapping and placed in a discreet, unbranded padded package.
4. Shipment Tracking
Once your order has been packaged, we will send you a tracking number via e-mail.
Should a delivery delay occur or if the ordered product is out of stock, we will always contact you by email or phone to provide you details about the delivery.
6. Shipping Prices
Delivery charges are covered by you (the buyer). Delivery charges we apply in our webshop are only applicable to deliveries within Hungary. The delivery price you pay depends on the order value and its weight. The price generates automatically by the website in the checkout process. Prices may vary from 4.000 HUF to 18.000 HUF. We reserve the right to implement a policy that delivery from a specific order value is free of charge. Pick-up from our office is always free of charge. If you wish to have your products delivered to another country, please contact us.
What are the payment options? There are two options how you can purchase investment gold and silver bullion from us. Firstly, you can order through our online shop. Secondly, you can visit our office in Budapest. Purchasing investment gold and silver bullion in our office in Budapest requires an appointment. Please be aware that according to our policies the the payer and the recipient goods must always be the same person. This applies both to purchases in our online shop and in our office.
Payment options in the webshop
We accept bank wire transfers and cash payments in our webshop.
For safety reasons, we cannot accept transfers from Revolut.
Paying by wire transfer. Once you have placed an order in our webshop, an offer containing the payment details will be automatically sent to the e-mail address that you have provided us. The issued offer includes the data for making the bank transfer. Please make sure you include the offer number in the details of the payment.
If you choose to pay with a wire transfer, please be aware of the following:
Clearing of funds. The clearing of your payment may take 1-3 business days depending on who you bank with.
Transfer limits and fees. There is no maximum or minimum limit nor are there any fees when transferring funds to us via bank transfer.
Payment in foreign currency. If you wish to make the transfer in another currency, e.g. EUR, USD, GBP, PLN, RON, BGN, DKK, SEK or NOK, please contact us on +36 20 225 1515.
Payment options in the office
For purchases over the counter, Tavex accepts cash, credit card and foreign currency.
Cash: You can pay cash in our office. Please note that cash payment can be subject to enhanced due diligence, herein a valid ID and documentation regarding the origin of the funds etc.
Wire transfer. The same terms apply for wire transfers for orders made in our office as to orders made via our webshop.
Many of our customers ask us whether investment gold and silver is exempt from VAT in Hungary. You can buy and sell investment gold without any Value Added Tax in Hungary. Because Hungary is an EU member state and has fully implemented the EU VAT directive. The fact that investment gold is not subject to VAT makes trading of these goods more attractive and affordable to everyone. The reason for this is that VAT effects negatively the spread on the product. If you are interested and would like to read more about the most common terms concerning trade of precious metals please click HERE.
Silver on the other hand is not exempt from VAT in Hungary. This means unfortunately that you need to pay VAT on most of the silver products. Be aware that there is though one exception though. This exception applies to silver products that physical persons have sold back to us. To these items we can apply VAT margin scheme and means that you pay VAT only on our sales margin.
If you are interested and would to know more about VAT in EU you can read the EU VAT directive.
You can read more about the definition of investment gold HERE.
We hope we managed to answer your question whether investment gold and silver are exempt from VAT.
Many of our customers ask us frequently: does Tavex sell products that are not in stock? One of Tavex’s core values is swift delivery (we use Fedex for delivery) and it is therefore that you can only buy products from our web shop that we can ship right after we receive payment. Products that are sold out have no sales price on the price list page. For some products we have also clearly indicated that the product is out of stock. You can however still order products that are currently marked as not available in the web shop by contacting us. You should be aware that the delivery time for some products can be many weeks. For some products it is only a few days. If you would like to inquire about a product that is sold out please call or write us.
Hopefully we managed to sufficiently answer the question whether Tavex does sell products that are not in stock. If you have any additional questions, please call us +36 20 225 1515 or write us an e-mail. Our opening times are available HERE. You are also more than welcome to use our contact form which is available HERE.
Tavex is also a wholesaler of precious metals to other retailers. Every contract is tailored to the individual client. If you are a company that is interested in working as a reseller of Tavex’s products, please contact us via phone or e-mail!
Does Tavex offer discounts on large gold and silver purchases you might wonder. Specially if thinking about bigger investment of precious metals. We can make you a special offer in case of larger orders.
For orders over HUF 36 000 000 please contact us via phone or e-mail to discuss even better prices.
One of Tavex’s core values is to provide products with competitive prices and low margins. This ensures that the products are also available to the wider public. Tavex is part of the Tavex Group which operates in 11 countries. We operate for example in in Denmark, Sweden, Norway, Finland, Poland, Bulgaria, Estonia, Latvia, Poland, Romania and Hungary. The Group is Northern Europe’s largest dealer of precious metals.
Austrian Mint is a supplier of the 1 oz Austrian Philharmonic Gold Coin, which is an investment product which has gained popularity among our European customers. The Austrian Philharmoniker is a pure gold (24 karat/999) investment gold coin. The producer of this coin is Austrian Mint and the face value of the coin is 100 euros.
Is delivery outside Hungary possible? Yes, we can ship our products all over EU though our primary market is Hungary. We use international carriers for this type of delivery (Fedex, TNT etc). You can also buy directly from another Tavex subsidiary in a specific country. See list of of Tavex offices HERE. Please call us on +36 20 225 1515 or write us an e-mail at email@example.com for more information. You can also make an appointment and visit our office in Budapest.
Unfortunately it is not possible to order the products with the stock status ‘arrival unknown’ in our webshop. To have up-to-date information, please contact us via phone or e-mail about a possible order of such items.
If you forgot to add the invoice number at the money transfer, you do not need to worry. Every invoice has a unique sum and therefore we do not usually have any problems matching your payment with your order. But we recommend that you inform us if such problem occurs. Contact us via phone or e-mail.
Before you start investing in precious metals, make sure you know the basics: what is spot, bid & ask, spread and premium?
The spot is the current market-clearing price of gold or silver that is set by factors of supply and demand in the global financial markets. The spot price refers to 1 troy ounce of .999 fine gold or silver.
The bid (or buy as a layman’s term) is the price at which market participants, such as Tavex, are ready to buy gold or silver at any given time.
The ask (or sell as a layman’s term) is the price at which market participants, such as Tavex, are ready to sell gold or silver at any given time.
The spread is the difference between the ask and the bid price. For example, if the bid for a 1 ounce Austrian Philharmonic gold coin is €1500 and the ask price is €1540 then the “bid-ask spread” is €40. A low bid-ask spread is often a good indicator of high liquidity. Products with high liquidity, such as the Gold Philharmonic coin, will have a lower bid-ask spread compared to other less well-known gold coins. This means that you, as an investor, will save money when trading in and out of your investment.
Every product that Tavex sells comes with a premium. A premium is added to cover the cost of the fabrication and distribution of the item. The premium is calculated by taking the price of a product minus the spot price of the metal. For example, if the current spot price of gold is €1520, and if Tavex sells a 1 ounce Gold Philharmonic for €1570 then the premium is €50.
We hope the main terms are clearer now for you – the basics: what is spot, bid & ask, spread and premium.
Another rather important question about the investment gold and silver is: what are the weight and purity measurements of precious metals?
Although the weight of gold and silver is sometimes quoted in kilograms or grams, the official weight measurement to gauge the mass of precious metals is the troy ounce. One troy ounce (oz) equals 31.1034768 grams. Note that a troy ounce is not the same as an avoirdupois ounce (more commonly known as the kitchen ounce). The latter equals approximately 28.34 grams.
The purity of gold and silver is measured in millesimal fineness, which denotes the purity of the metal in parts per thousand. For example, the PAMP 100 gram gold bar contains a gold fineness of 999.9, which means that the bar is 99.99% pure gold.
In addition to fineness, the traditional purity measurement of gold is the karat (K). The highest karat rating is 24 and this equals or is greater than 99.9% pure gold. Gold jewellery in Europe most often contains a gold purity of 14 and 18 karats. This equals 14/24 = 58.3% and 18/24 = 75% pure gold respectively.
We hope now you know more about the basics – what are the weight and purity measurements of precious metals?