Live silver price in British Pounds (GBP) per troy ounce and per gram. Based on the LBMA Silver Price — the global silver benchmark set in London twice daily by CME Group on behalf of the LBMA. Price updated daily from the international silver spot rate at the live GBP/USD rate.
The LBMA Silver Price (formerly called the "London Silver Fix" or "Silver Fixing") is the globally recognised benchmark price for silver, published twice daily — at 12:00 noon London time — by CME Group on behalf of the London Bullion Market Association (LBMA). It is used worldwide as the reference price for silver contracts, ETFs, mining company sales agreements, and jewellery industry procurement.
The LBMA Silver Price is determined through an electronic auction mechanism — a significant change from the historic "London Silver Fixing" operated by three banks (Deutsche Bank, HSBC, and Bank of Nova Scotia), which was discontinued in August 2014 following regulatory concerns about manipulation. The current electronic system, administered by CME Benchmark Europe, provides a transparent, volume-weighted auction price set twice per day in US Dollars per troy ounce — then converted to GBP, EUR, and other currencies at live spot FX rates.
The LBMA Good Delivery standard for silver defines acceptable silver bars for settlement in the London market: minimum 99.9% fineness (999), weight between 750 and 1,100 troy ounces, manufactured by an LBMA-approved refiner. Major UK-based participants include Johnson Matthey, ICBC Standard Bank, and several global bullion banks operating through London.
Silver is taxed very differently from gold in the UK — understanding this is essential before buying
For UK private investors: (1) Silver Britannias — You pay 5% VAT (reduced rate for coins) rather than 20%, and any gain is completely CGT-free. Ideal for long-term holding. (2) Silver ETCs in an ISA — Instruments like WisdomTree Physical Silver (PHSP) or iShares Physical Silver (SSLN) qualify for a Stocks & Shares ISA, making gains AND income completely tax-free. No VAT on purchase. The best choice for ISA investors. (3) VAT-registered businesses can reclaim input VAT on silver bar purchases, making physical bars more attractive for corporate buyers.
The 999 fine silver price in the UK today is £24.89 per troy ounce and £0.800 per gram, based on the LBMA Silver Price. Note that 20% VAT is added for private buyers — so the actual cost is approximately £29.87 per troy ounce including VAT. Silver Britannias (Royal Mint) carry 5% VAT and are CGT-free.
The LBMA Silver Price is set once daily at 12:00 noon London time via an electronic auction administered by CME Benchmark Europe. Participating bullion market makers submit orders to buy or sell silver in a sealed-bid process. The algorithm iterates until supply and demand are matched at a single price — this becomes the day's LBMA Silver Price, published in USD/troy oz. It replaced the old telephone-based "London Silver Fixing" in August 2014. The price is then converted to GBP, EUR, and other currencies at prevailing FX rates for use in silver contracts worldwide.
Under UK/EU VAT law (retained in UK law post-Brexit), investment gold is specifically exempt from VAT (0% rate). "Investment gold" is defined as gold bars and coins of at least 99.5% purity. This exemption was created to facilitate gold as a monetary asset and store of value. Silver has no equivalent exemption — it is treated as a commodity/commodity product for VAT purposes and subject to the 20% standard rate. The policy rationale was that silver is primarily an industrial metal whereas gold is primarily a financial/monetary instrument. This 20% cost hurdle significantly disadvantages physical silver versus physical gold for UK private investors.
Physical silver cannot be held in a Stocks & Shares ISA or SIPP — HMRC does not permit direct holdings of physical precious metals (except gold in a SIPP under specific conditions). However, silver ETCs (Exchange Traded Commodities) such as WisdomTree Physical Silver (PHSP/SSLN) and iShares Physical Silver (SSLN) are LSE-listed securities and CAN be held in a Stocks & Shares ISA. Gains within the ISA are completely tax-free, there is no VAT on purchase of ETCs, and the ETC is backed by real physical silver in a London vault. For most UK retail investors, a silver ETC inside an ISA is the most tax-efficient silver exposure available.
Yes — Silver Britannias (and other Royal Mint silver coins with legal tender status such as the 1oz Silver Lunar and Silver Queen's Beasts series) are UK legal tender with a face value of £2. Under HMRC's Capital Gains Tax rules, gains on disposal of sterling legal tender coins are exempt from CGT. So if you buy a Silver Britannia at £30 and sell it for £45 — the £15 gain is completely tax-free. This makes Silver Britannias the most tax-efficient way to hold physical silver in the UK. Note: VAT of 5% (reduced rate for coins, not the full 20%) still applies on purchase. Foreign silver coins (American Eagles, Canadian Maples, Krugerrands) do NOT qualify for UK CGT exemption.
Silver is priced internationally in USD per troy ounce (LBMA Silver Price). To convert to GBP, the USD price is divided by the GBP/USD exchange rate. If GBP weakens against USD, UK silver prices rise even if the international USD price is unchanged — and vice versa. For example: if silver is $31.50/oz and GBP/USD is 0.79, the UK price is £24.89. If GBP weakens to 0.75 (GBP/USD), the same $31.50 becomes £24.89 × (0.79/0.75) = £26.25 — a 5.5% rise with no change in global prices. UK silver buyers therefore face both silver price risk AND GBP/USD currency risk simultaneously.
The Silver Britannia is the Royal Mint's flagship silver bullion coin, first issued in 1997. Specifications: weight 1 troy oz (31.1035g), fineness 999.9 (99.99% silver — finer than the old 999 standard), diameter 38.61mm. Obverse: HM King Charles III effigy. Reverse: Britannia (the allegorical female figure of Great Britain) — redesigned several times, most recently in 2023. Legal tender face value: £2. Mintage: varies by year. Popularity reasons: (1) CGT-exempt — biggest tax advantage. (2) Recognised globally — easy to sell. (3) Royal Mint quality guarantee. (4) 5% VAT (vs 20% for bars). (5) Collectable as well as investable. Available directly from royalmint.com and all major UK bullion dealers.
The gold:silver ratio is approximately ~79:1 — meaning one troy ounce of gold buys approximately 79 troy ounces of silver. At the current UK prices of approximately £1,963/oz gold and £24.89/oz silver, the ratio is directly calculable. The long-term historical average is approximately 55–65:1. A high ratio (current: ~79:1) means silver is historically cheap relative to gold. Many precious metals investors watch this ratio for switching opportunities — buying silver when the ratio is high and switching to gold when it compresses. The 20% VAT on UK silver bars complicates this strategy, however — Silver Britannias (5% VAT, 0% CGT) are the preferred vehicle.