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An Important Tax Loophole & Gold Supply Decreasing? · The Bullion Advantage | Wealth Protection, Politics and Finance Insights From The #1 UK Gold Dealer

• 0:00
  SPEAKER_00: The taxman is coming for more of your wealth.
• 0:04
  SPEAKER_00: And the people who control the money are quietly buying gold.
• 0:07
  SPEAKER_00: That's the strange situation we're going to explore in today's episode.
• 0:11
  SPEAKER_00: Governments are under increasing pressure to raise revenue, with your wealth and your assets becoming an obvious target.
• 0:18
  SPEAKER_00: But there's a little known feature of UK gold ownership that could have very important tax implications.
• 0:24
  SPEAKER_00: Could British gold coins allow you to protect yourself from capital gains tax?
• 0:28
  SPEAKER_00: What exactly is the so-called HMRC loophole?
• 0:32
  SPEAKER_00: And why is this something that every UK saver should understand?
• 0:35
  SPEAKER_00: Here's the other side of the story.
• 0:38
  SPEAKER_00: Central banks are buying more and more gold.
• 0:41
  SPEAKER_00: The Bank of Korea is resuming gold purchasing for the first time in 13 years.
• 0:46
  SPEAKER_00: China continues to accumulate gold, and they're also pushing their currency to become international.
• 0:52
  SPEAKER_00: This is causing major confidence issues with the US dollar.
• 0:55
  SPEAKER_00: So why are the institutions that create the fiat currencies buying record amounts of gold?
• 1:00
  SPEAKER_00: An asset that can't simply be created at the press of a button?
• 1:04
  SPEAKER_00: What do they know that the average saver like you and me doesn't?
• 1:07
  SPEAKER_00: Today, we're bringing these two stories together: taxation here in Britain and the changing role of gold within the global monetary system.
• 1:16
  SPEAKER_00: By the end of this episode, you'll have a clearer understanding of the gold tax rules in the UK that you definitely need to know about.
• 1:22
  SPEAKER_00: You'll also know why central banks continue to accumulate gold and what all of it means for the future purchasing power of the money that you hold today.
• 1:30
  SPEAKER_00: Before we get into it though, please do remember to like and subscribe if you're watching on YouTube, and if you're listening on Spotify or Apple Podcasts, please do follow the show so you never miss an update.
• 1:41
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• 1:48
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• 2:14
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• 2:31
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• 2:33
  SPEAKER_00: Blair's here today to break this all down.
• 2:35
  SPEAKER_01: Yeah, hi mate.
• 2:36
  SPEAKER_01: Good to be on again.
• 2:37
  SPEAKER_01: I hope you're well.
• 2:37
  SPEAKER_00: Yeah, it's really good to have you back.
• 2:39
  SPEAKER_00: Thank you so much.
• 2:39
  SPEAKER_00: Let's start with the uh tax side of this.
• 2:42
  SPEAKER_00: Why has the taxation of wealth become such an important issue in this country at the moment?
• 2:47
  SPEAKER_01: Well, it's always an issue.
• 2:48
  SPEAKER_01: Governments will always need more revenue, and when you've got high levels of government spending and debt, the conversation inevitably will always move to where they're getting it from.
• 2:57
  SPEAKER_01: Right now, we've seen a new government come in pledging a lot of public spending in certain areas, and the conversation about where that money is going to come from has heightened.
• 3:09
  SPEAKER_01: You know, rightly so.
• 3:11
  SPEAKER_01: Is it going to be wealth?
• 3:13
  SPEAKER_01: Is it going to be income?
• 3:14
  SPEAKER_01: Probably both, you know, and there's a lot of people in the country that have spent years building up pensions or property portfolios, investing shares, and there's a lot of uncertainty right now.
• 3:24
  SPEAKER_01: So I don't I don't whether people should be frightened or not, they should be paying attention to it.
• 3:29
  SPEAKER_00: Yeah.
• 3:29
  SPEAKER_00: There's been a few discussions recently about looking to wealth and assets to raise this revenue.
• 3:35
  SPEAKER_00: Why should we as ordinary savers be paying attention to that right now?
• 3:40
  SPEAKER_01: The rules around wealth can matter just as much as the return that you're getting.
• 3:44
  SPEAKER_01: And if you've like I say, if you have spent 20 or 30 years accumulating these assets, you all you obviously don't want to know what they're worth, but you want to know what you're actually going to get to keep.
• 3:54
  SPEAKER_01: And I think that's where financial education becomes important.
• 3:57
  SPEAKER_01: Yeah.
• 3:58
  SPEAKER_01: People spend you know so much time asking what returns am I going to get, and maybe not enough time wondering or or finding out what the tax treatment is or the inflation risk and and what it's actually going to be worth to me in real terms.
• 4:12
  SPEAKER_00: Do you think there's a danger that's then that some people focus on how much their assets are worth in the moment rather than thinking about how much future gain they might actually get if they keep it?
• 4:22
  SPEAKER_01: 100%.
• 4:23
  SPEAKER_01: I mean, you can have an asset that's gone up dramatically in value.
• 4:26
  SPEAKER_01: You could think of many, many examples, and you can feel very wealthy on paper, or you can just feel that you've done really well on paper.
• 4:33
  SPEAKER_01: But it doesn't mean that you've actually got that amount of money to spend.
• 4:36
  SPEAKER_01: You know, like as I mentioned, you've got tax, inflation, and and other costs to consider that's going to come off your bottom line.
• 4:44
  SPEAKER_00: Absolutely.
• 4:44
  SPEAKER_00: So with gold, we are preaching the HMRC loophole today.
• 4:49
  SPEAKER_00: Where does that term come from?
• 4:50
  SPEAKER_01: Okay, so the term loophole, I don't love it.
• 4:53
  SPEAKER_01: It's just not taxed in every form, which I'll come to in a minute.
• 4:57
  SPEAKER_01: I mean, there are other things that are not taxed, you know, sort of children's items and things like that.
• 5:01
  SPEAKER_01: You wouldn't call it a loophole, they're just not taxed.
• 5:04
  SPEAKER_01: I would call it a tax advantage rather than a loophole.
• 5:07
  SPEAKER_01: We're so used to being taxed on everything when something isn't taxed.
• 5:10
  SPEAKER_01: It doesn't feel right, does it?
• 5:12
  SPEAKER_01: People start saying it's a loophole, which would imply that it's going to be closed or something like that.
• 5:16
  SPEAKER_01: So, what I mean is certain UK legal tender coins.
• 5:20
  SPEAKER_01: So legal tender is important.
• 5:21
  SPEAKER_01: I mean, if it's a coin, it's not legal tender, it's basically a medallion or something commemorative.
• 5:27
  SPEAKER_01: And you'll notice that sovereigns of Britannia's, although they're worth far more, they do have a legal tender value on them,£25 and£100 respectively.
• 5:35
  SPEAKER_01: So they have a particular tax treatment and they are exempt from capital gains tax for UK individuals.
• 5:42
  SPEAKER_01: So when you compare that to other assets that can grow well, of course, it can be a massive advantage to have that capital gains exemption.
• 5:49
  SPEAKER_00: So if governments continue looking for new sources of revenue, do you think capital gains tax could be increasingly important to people who have accumulated assets over the years?
• 5:59
  SPEAKER_01: 100%.
• 6:00
  SPEAKER_01: So you know if you're buying something with a five or ten or a twenty-year horizon, you need to be thinking what happens when you eventually sell that asset.
• 6:08
  SPEAKER_01: So you can have two assets that have increased by exactly the same amount, make it very simple.
• 6:13
  SPEAKER_01: But the amount you actually keep at the end can be very, very different.
• 6:16
  SPEAKER_01: So don't just look at the purchase price and the potential return, look at the whole picture.
• 6:20
  SPEAKER_01: For example, I did quite well out of stocks and shares during COVID.
• 6:24
  SPEAKER_01: Right.
• 6:25
  SPEAKER_01: I made some early informed decisions.
• 6:28
  SPEAKER_01: It sounds like inside of trading, doesn't it?
• 6:29
  SPEAKER_01: I just mean I looked at what was going on, what I thought was going to go on.
• 6:32
  SPEAKER_01: It's obvious stuff, uh, Shopify Amazon, Netflix, and I did quite well.
• 6:36
  SPEAKER_01: And by the time I'd paid the taxes and the charges for the platform, it was quite demoralizing.
• 6:42
  SPEAKER_01: And although there's a happy ending to the story, um, you know, I actually it helped buy the engagement ring for my now wife.
• 6:49
  SPEAKER_01: Lovely.
• 6:50
  SPEAKER_01: I would have simply done better had I just put the money in gold and then did nothing.
• 6:54
  SPEAKER_01: That's crazy.
• 6:55
  SPEAKER_01: But there we go.
• 6:56
  SPEAKER_00: So the the tax story is interesting in its own right, but there is another question underneath all this.
• 7:02
  SPEAKER_00: What exactly are we trying to protect our wealth from?
• 7:04
  SPEAKER_00: And that kind of is a good segue into fiat currency.
• 7:08
  SPEAKER_00: What actually gives fiat currency its value if it isn't backed by something like gold?
• 7:12
  SPEAKER_01: So it used to be backed by gold.
• 7:14
  SPEAKER_00: Of course it did, yeah.
• 7:15
  SPEAKER_01: But ultimately, now it's about confidence.
• 7:17
  SPEAKER_01: So if the fiat currencies aren't backed by a pile of gold sitting and vault, as I said, so it comes from confidence from the issuing country, its economy, institutions, its taxation systems, and ultimately it's monetary policy.
• 7:29
  SPEAKER_01: So it's obviously incredibly useful.
• 7:31
  SPEAKER_01: I'm not anti-fiat currency.
• 7:33
  SPEAKER_01: I get paid in pounds, I spend pounds, I keep cash in as as minimal as I can.
• 7:38
  SPEAKER_01: Ultimately, it's about convenience and liquidity, but there is obviously an important distinction between using a currency and storing your wealth in that currency.
• 7:49
  SPEAKER_01: Where, as we know now, inflation taxes, it's it's actually you can almost say it's a guarantee to lose value.
• 7:56
  SPEAKER_01: So this is where gold has an interesting role.
• 7:59
  SPEAKER_01: And gold it does not depend on a government promising anybody to maintain its purchasing power.
• 8:04
  SPEAKER_00: So people really need to know the difference between having more pounds in their bank account than actually increasing their purchasing power.
• 8:13
  SPEAKER_01: Absolutely.
• 8:13
  SPEAKER_01: This is about protection of wealth.
• 8:15
  SPEAKER_01: So whether you know, and obviously to grow, to protect, you have to grow, even just to break even due to things we've mentioned for inflation, etc.
• 8:22
  SPEAKER_01: For example, you know, if you have£100,000 right now and then in 10 years you have£150,000, it'd be easy to think you've done well without getting too complicated.
• 8:31
  SPEAKER_01: Economic factors, you may or may not have done well, but you have to ask yourself the question: what will that£150,000 now buy?
• 8:37
  SPEAKER_01: Yeah.
• 8:37
  SPEAKER_01: For example, if you had a property of the same value,£100,000, and then you sell it in 10 years' time for£150,000, but all the other properties in the area have also gone up by the same percentage, what would that be?
• 8:47
  SPEAKER_01: 33% roughly, then you haven't really made any money.
• 8:51
  SPEAKER_01: No.
• 8:51
  SPEAKER_01: So and it's the difference between nominal wealth and real wealth, and this is one of the reasons why I'm so bullish on gold.
• 8:57
  SPEAKER_01: It has always been a way for people to protect their purchasing power over very long periods.
• 9:04
  SPEAKER_01: I'm not saying it goes up every year, although it has gone up, I think, 18 out of the last 21 years.
• 9:10
  SPEAKER_01: Correct.
• 9:11
  SPEAKER_01: But in the long term, it is a mistake to ignore what happens to the purchasing power of cash, and so many people will leave large amounts of money in the bank, devaluing year on year on year, without really realizing what they're gonna be left with at the end.
• 9:26
  SPEAKER_01: Absolutely.
• 9:26
  SPEAKER_01: Obviously, we need money in the bank for everyday living emergencies, but it is definitely a question to ask yourself.
• 9:33
  SPEAKER_00: So this is where I think the story gets really interesting because if fiat currencies, they say, are the foundation of the modern financial system, you'd expect the intr institutions responsible for those currencies to have large amounts of confidence in them.
• 9:48
  SPEAKER_00: But at the end of the day, central banks are still continuing to accumulate gold.
• 9:52
  SPEAKER_00: So why are they buying so much gold?
• 9:54
  SPEAKER_01: Yeah, so I think this is one of the most compelling parts of the gold story.
• 9:58
  SPEAKER_01: So, you know, these are not retail investors that are reading headlines and and speculatively investing for for profit, these are central banks and institutions, sorry, managing national reserves.
• 10:11
  SPEAKER_01: Yeah.
• 10:12
  SPEAKER_01: So I think one of the main attractions of gold isn't someone else is that it isn't someone else's liability.
• 10:18
  SPEAKER_01: You know, if you own a government bond, there's a counterparty on the other side.
• 10:21
  SPEAKER_01: Gold does not have that same characteristic.
• 10:24
  SPEAKER_01: So central banks are increasingly looking at gold, not only as a way of diversifying their reserves, but protecting it.
• 10:31
  SPEAKER_01: You know, they know it's it's very safe, it can never be worth zero, and they're willing to put a part of that central bank's or government's money into gold, which I think tells a powerful story.
• 10:43
  SPEAKER_00: Yeah.
• 10:44
  SPEAKER_00: Do you think they're buying because they think the price will go up a lot, or is it just more of a fundamental kind of thing with their purchasing?
• 10:52
  SPEAKER_01: I mean, they have a very long-term perspective on it, of course.
• 10:56
  SPEAKER_01: So it's not the primary reason.
• 10:58
  SPEAKER_01: Like I mentioned, they're thinking about reserve diversification and and like the retail buy as well, geopolitical risk, sanctions, counterparty risks, the stability of the international monetary system.
• 11:10
  SPEAKER_01: So, of course, like anybody, they're happy it goes up, but and I can't speak for them.
• 11:14
  SPEAKER_01: But I don't think they're simply buying it as a trade.
• 11:16
  SPEAKER_01: Yes, I think they do know it will go up in the long term, but I think it's actually more bullish to me that they are buying it regardless of what it's going to do, because it you know it tells you where they believe gold, what role, what fundamental role gold will play in the gold global financial system.
• 11:35
  SPEAKER_00: Speaking of, China's obviously buying a lot of gold, but they're also taking steps to internationalise their currency, which is interesting.
• 11:42
  SPEAKER_00: And I think the fiat currency that's probably been debased the most recently is the dollar.
• 11:48
  SPEAKER_00: So, is this genuinely the beginning of the dollar's decline in the world reserve currency?
• 11:54
  SPEAKER_01: Yeah, it's a really, really good point, and this is coming up at work a lot.
• 11:58
  SPEAKER_01: So, quickly on on that, and this is kind of an answer to the previous question as well.
• 12:02
  SPEAKER_01: China, I think, are on a 23-month gold buying spree with record figures posted last month.
• 12:08
  SPEAKER_01: Yeah.
• 12:09
  SPEAKER_01: So they're obviously bullish on it, they're obviously confident, yeah, and they're not about to risk or expose that amount of money to huge risks.
• 12:18
  SPEAKER_01: That's saying, I don't think this is the dollar finished.
• 12:21
  SPEAKER_01: I don't believe the dollar is finished.
• 12:22
  SPEAKER_01: The dollar is still enormously powerful, it is deeply embedded in the global trade finance, but I do think we are moving towards a much more multipolar monetary system.
• 12:33
  SPEAKER_01: You know, try China, as we know, is trying to internationalise its you know, countries are always looking to diversify their results and accumulate gold.
• 12:42
  SPEAKER_01: And the interesting bit is that gold doesn't require you to choose between America or China, it sits in both systems, so it's not American, it's not China, it's not British, gold is gold.
• 12:53
  SPEAKER_01: And what is also important to remember is that gold is priced in dollars.
• 12:56
  SPEAKER_01: So the more they do internationalise their currency and the more powerful it becomes, it's not gonna be good for the dollar.
• 13:03
  SPEAKER_01: Like I said, I don't think it's finished, but it's not gonna be good for the dollar.
• 13:06
  SPEAKER_01: And when the dollar weakens, as we have seen this past week, gold will go up in value because it's priced in dollars.
• 13:13
  SPEAKER_01: If the dollar is strong, you get more gold for your dollar.
• 13:16
  SPEAKER_01: So, you know, draw your own conclusions, but moving forward, these Chinese are the biggest buyers, they're trying to strengthen their currency.
• 13:23
  SPEAKER_01: What do you think that is gonna mean for the dollar and then your gold?
• 13:26
  SPEAKER_00: Exactly, exactly that.
• 13:28
  SPEAKER_00: So you're saying that buying gold isn't really about predicting a massive financial collapse, it's more about just preparing for a range of any possibilities.
• 13:36
  SPEAKER_01: Yeah, I mean, don't get me wrong, if you predict a collapse and so you buy gold and then it happens, you are gonna be laughing all the way to the bank.
• 13:44
  SPEAKER_01: Yeah, 100%.
• 13:45
  SPEAKER_01: But it's I didn't buy smoke alarms at home because I predict there's gonna be a fire in my house, but obviously, if there is, I need them there in case.
• 13:53
  SPEAKER_01: And it's about uncertainty.
• 13:55
  SPEAKER_01: Buying gold is about that protecting yourself, and and you have to grow your money to protect yourself.
• 14:01
  SPEAKER_01: And then historically, uh and in recent history as well, last year, we know that it will grow or has grown more than just protecting yourself against inflation.
• 14:10
  SPEAKER_01: There's there's been some profit in there tax-free as well, but it's about uncertainty.
• 14:14
  SPEAKER_01: Unless someone has a crystal born exactly what's going to happen, there's always going to be uncertainty, and when there's always gonna be uncertainty, gold is gonna grow.
• 14:21
  SPEAKER_00: So, for someone thinking about owning gold, they could probably be watching the price day by day, seeing what happens.
• 14:28
  SPEAKER_00: If you become obsessed with the price of gold, do you think that's sort of missing the whole point?
• 14:33
  SPEAKER_01: Yeah, I do.
• 14:34
  SPEAKER_01: I mean, gold, there's your day trading or taking long and short options.
• 14:38
  SPEAKER_01: Gold is generally what we call an armchair vehicle where you don't have to manage it and watch it all the time.
• 14:44
  SPEAKER_01: It's a it's a place to park some money up that you don't need for day-to-day living or emergencies and watch it grow over time.
• 14:50
  SPEAKER_01: You know, it's if you're having a bad day because gold went down three percent, you're either obsessed or you've invested money that you probably needed for a rainy day fund.
• 15:00
  SPEAKER_01: So it's it's a great pay to diversify, but it shouldn't be causing you any stress.
• 15:05
  SPEAKER_00: Yeah, so today we've talked about fiat currencies, we talked about taxation, central banks.
• 15:10
  SPEAKER_00: If you had to connect all the stories, what's the bigger picture that you're seeing at the moment?
• 15:15
  SPEAKER_01: Yeah, so it's I think today it's about purchasing power.
• 15:18
  SPEAKER_01: Okay.
• 15:19
  SPEAKER_01: So cash is not a great, in fact, it is a guaranteed strategy at the moment to lose money.
• 15:24
  SPEAKER_01: So if you come back for it in time down the line, you're not gonna have the purchasing power that you had when you banked it.
• 15:31
  SPEAKER_01: And again, that can be the same for assets that have gone up in value, but you've got tax to pay on them.
• 15:36
  SPEAKER_01: So we all earn money, we'll save money, we'll invest money, but the that value can change over time.
• 15:42
  SPEAKER_01: And you know, I'm not saying fiat currency is bad or cash is bad, it's not a great store of wealth, but we do need it.
• 15:48
  SPEAKER_01: Not saying the whole system's broken, but it's about recognising where there are risks within the system, and I think that's why gold is interesting, it's a great form of diversification.
• 15:58
  SPEAKER_01: You'd say you're not putting everything into bank-based stuff, and don't rely on one thing to protect your wealth, but you certainly do need to think about that.
• 16:06
  SPEAKER_00: Yeah, definitely.
• 16:07
  SPEAKER_00: And for someone listening who's never owned gold, thinking about owning gold, sitting on the fence, maybe what's the first thing they should think about, or the first thing they should do?
• 16:16
  SPEAKER_01: Yeah, I mean, honestly, just ask yourself why you want it and what what's what's a simple answer to that question?
• 16:22
  SPEAKER_01: You know, what have you got?
• 16:23
  SPEAKER_01: What where do you want to be in five, ten, fifteen, twenty years?
• 16:27
  SPEAKER_01: And is what you're got and what you've got and what you're doing going to get you there?
• 16:31
  SPEAKER_01: Or if you're totally honest and the you know the taxes and inflation like we spoke about, are you going to be in a better or worse position regarding your spending power in that given time frame?
• 16:42
  SPEAKER_01: Yeah.
• 16:43
  SPEAKER_01: Often, more often than not, sadly, the answer isn't great to that question.
• 16:48
  SPEAKER_01: So, therefore, that's when you need to look at gold to make a hedge and and and and protect your money.
• 16:54
  SPEAKER_00: Yeah, absolutely.
• 16:55
  SPEAKER_00: And just finally, if the institutions that create our currency are buying gold while the governments tax our wealth and are looking for more revenue at the moment, what would you tell our listeners about the way they protect their own wealth?
• 17:08
  SPEAKER_01: Well, look, some of the biggest financial well, most of the biggest financial institutions in the world central banks are buying gold, so it's worth paying attention to.
• 17:17
  SPEAKER_01: Are they looking for more revenue?
• 17:19
  SPEAKER_01: Well, they're not gonna say no.
• 17:20
  SPEAKER_01: We looked at we've seen times recently where governments and central banks have really sold off huge amounts of gold to cover economic shortfalls caused by the war over in the Middle East.
• 17:29
  SPEAKER_01: So it's their most liquid and profitable asset that they have made good money on, so they're not gonna sniff at that, but there is a bigger picture to why they're buying gold other than just growth, and I think that is just as relevant for the person on the street as well.
• 17:44
  SPEAKER_01: So, yes, they need revenue, taxation is a big part of that revenue.
• 17:48
  SPEAKER_01: So, as an individual, you need to think about protecting what you've built.
• 17:53
  SPEAKER_00: Yeah, absolutely.
• 17:55
  SPEAKER_00: So, we've covered quite a lot today.
• 17:58
  SPEAKER_00: We've looked at the changing tax landscape here in Britain, and why the way you own your wealth could become increasingly important.
• 18:05
  SPEAKER_00: When it comes to gold itself, it isn't simply a case of choosing the cheapest product or buying whatever happens to be available.
• 18:13
  SPEAKER_00: The type of gold you choose can have implications for taxes, premiums, liquidity, and ultimately how straightforward it is to sell in the future.
• 18:22
  SPEAKER_00: But then we step back and looked at the bigger picture.
• 18:25
  SPEAKER_00: Central banks are accumulating gold, China is taking steps to internationalise its currency, alternatives to the existing dollar-based financial system are developing.
• 18:36
  SPEAKER_00: And while nobody can exactly say when the global monetary system will change, it is becoming increasingly difficult to ignore the direction of travel.
• 18:44
  SPEAKER_00: And that brings us back to the question we started with.
• 18:47
  SPEAKER_00: If central banks, the very institutions that issue our currencies, are choosing to hold more gold, perhaps it's worth asking why.
• 18:55
  SPEAKER_00: We don't know what will happen next, but preparing for the uncertain future is very different from trying to predict it.
• 19:02
  SPEAKER_00: And if you're considering physical gold, understanding what you buy, why you buy it, and how it fits into your wider wealth strategy could be just as important as the amount of gold you ultimately own.
• 19:14
  SPEAKER_00: If you'd like to learn more about physical gold and the different options available to you, please head over to guide.directbullion.com where you can download our guide to tax-free gold.
• 19:24
  SPEAKER_00: If you've enjoyed today's episode, please do remember to like and subscribe on YouTube, follow us on Spotify or Apple Podcasts, and leave a question below, we'll answer it in the next episode.
• 19:35
  SPEAKER_00: Just a gentle reminder, do enter our competition to win two ounces of silver.
• 19:40
  SPEAKER_00: The competition details are right in the description below.
• 19:43
  SPEAKER_00: Thanks so much for listening to the Bullion Advantage today.
• 19:46
  SPEAKER_00: Stay informed, stay prepared, and most importantly, stay golden.
• 19:51
  SPEAKER_00: The purchase of gold does not constitute an investment or offer financial returns.
• 19:56
  SPEAKER_00: Gold is considered a store of value and not an investment product.
• 19:59
  SPEAKER_00: Past performance of gold is not indicative of future performance.
• 20:03
  SPEAKER_00: Prices and values of precious metals can fluctuate and are influenced by various market factors.
• 20:08
  SPEAKER_00: Direct bullion does not provide investment or tax advice and recommends that you conduct your own independent research before making any purchasing decisions.