Slovakia sees investors pursue tax‑free silver options as gold prices stay high

Silver prices have fallen about 50% from their recent peak, prompting many Slovak investors to consider buying the metal. In Slovakia, a 23% value‑added tax applies to physical silver, unlike investment gold which is VAT‑exempt. Legal ways to avoid the tax include purchasing silver‑linked exchange‑traded funds (ETFs/ETCs) through brokers such as XTB, where no VAT is charged on the purchase and, if held for more than a year, gains are also tax‑free. Another option is storing physical silver in a customs‑bonded warehouse, often in Switzerland, where import VAT is deferred until the metal leaves the warehouse.

Meanwhile, the global gold market remains strong. The London benchmark price averaged $4,506 per ounce in the second quarter of 2026, about 8% below the record high but still 37% above a year earlier. Total demand stayed steady at roughly 1,269 tonnes annually, with investors and central banks driving the bulk of purchases. Jewelry demand fell 17% year‑on‑year, yet the value of jewelry sales rose 14% to $40 billion, reflecting higher prices. Overall, the first half of the year saw gold holdings increase by 2% to 2,522 tonnes, valued at a record $380 billion.