Asset class · Real assetsUpdated September 2026

    Precious Metals for UK Private Investors

    Gold, silver, platinum and palladium as a store of value. Learn the difference between allocated bullion, ETCs and gold-backed lending, what drives prices, and how UK investors hold metal tax-efficiently.

    Compare precious metals platforms →Learn how it works
    3
    active UK platforms
    £1+
    entry via vaulted bullion
    Any
    holding period
    Medium
    risk · high liquidity
    At a glance

    Precious Metals in ten seconds

    Drawn from the 3 UK platforms we track in this category and our editorial research.

    Typical investment
    £100–£50k+
    Investment horizon
    Any
    Liquidity
    High
    Risk
    Medium
    Return potential
    Medium, uncorrelated
    Income
    None
    UK retail access
    High
    Common structures
    Vaulted bullion, coins, ETCs, gold-backed lending
    What it is

    What is precious metals?

    Precious metals are physical commodities held as a hedge against inflation, currency debasement and financial stress. Gold dominates; silver, platinum and palladium add industrial demand.

    Unlike most alternatives, metals are liquid and priced continuously. The choice is about form — allocated vaulted bars, coins in hand, exchange-traded products, or lending secured on gold.

    How it works

    The precious metals lifecycle

    No lifecycle — a holding, not a project
    1. 01

      Choose form

      Allocated bullion, coins, ETC or gold-backed loan.

    2. 02

      Buy

      At spot plus a premium — lowest for large vaulted bars.

    3. 03

      Store

      Professional vault (insured, audited) or home storage.

    4. 04

      Hold

      Value tracks the metal price; no income accrues.

    5. 05

      Sell

      Instant on live order books; coins via dealers at a spread.

    Ways to invest

    Three ways to get precious metals exposure

    Allocated

    Vaulted bullion

    Own specific bars in professional vaults, traded on a live order book.

    £1+ minimumHigh liquidity
    Physical

    Coins & small bars

    Take delivery; Britannias and Sovereigns are CGT-free for UK residents.

    £50+ minimumMedium liquidity
    Wrapped

    ETCs & funds

    Exchange-traded gold in an ISA or SIPP.

    1 share minimumHigh liquidity
    Returns

    What returns look like

    No income; return is price appreciation alone. Gold has historically moved independently of equities, which is why it is held.

    Spot price
    The live market price per troy ounce.
    Premium
    Dealer mark-up over spot — 0.5% for vaulted bars, 5%+ for small coins.
    Storage fee
    Annual vault and insurance cost, typically 0.1–0.5%.
    Risks

    What can go wrong

    Capital is at risk. Most precious metals products are high-risk investments under FCA rules and may require an appropriateness assessment.

    Price volatility

    Gold fell 45% from 2011 to 2015 before recovering.

    No income

    Metals cost money to hold and pay nothing.

    Counterparty

    Unallocated accounts are a claim on the dealer, not on metal.

    Custody

    Home-stored metal is uninsured and a theft risk.

    Currency

    Sterling investors carry USD/GBP exposure.

    Scams

    Cold-called 'rare coin' and cask-style schemes.

    Access

    How UK investors can access precious metals

    From least to most accessible. Each route trades off minimums, liquidity and control.

    Institutional

    Bullion banks

    Wholesale allocated gold, 400oz bars.

    Wealth

    Gold ETCs

    Exchange-traded physical gold in an ISA or SIPP.

    Dealers

    Coin & bar dealers

    Royal Mint and dealers for physical delivery.

    Platforms

    Vaulted bullion platforms

    Buy, hold and sell allocated metal in professional vaults from £1.

    Lending

    Gold-backed lending

    Loans secured on gold for eligible investors.

    Platforms

    Precious Metals platforms in the UK

    3 active · 0 closed or inactive

    Capital Protocol logoCapital ProtocolUnregulatedUK financial technology platform that gives eligible investors access to gold-backed private lending opportunities, while also providing its zkTLS collateral-verification infrastructure to lenders and credit providers.Min By arrangement (HNW/Soph. only)DebtBullionVault logoBullionVaultUnregulatedUK online bullion exchange where investors buy, hold and sell physical gold, silver, platinum and palladium held in professional vaults, with prices set by a live order book between users.Min VERIFYEquityGoldCore logoGoldCoreUnregulatedIreland-based precious metals dealer offering UK investors physical gold, silver, platinum and palladium for insured vault storage overseas or for delivery, with a broker-led rather than exchange-style service.Min VERIFYEquity
    Compare all 3 platforms →
    Guides

    Go deeper on precious metals

    Insights

    Recent research

    FAQ

    Precious Metals questions

    Is gold a good inflation hedge?
    Over long periods gold has held purchasing power, but over shorter periods it is volatile and driven by real interest rates and the dollar.
    What is allocated vs. unallocated gold?
    Allocated means specific bars are yours and held in custody; unallocated is a claim on the dealer's balance sheet.
    Do I pay CGT on gold?
    UK legal-tender coins — Britannias and Sovereigns — are CGT-free. Bars, foreign coins and ETCs are not.
    Is bullion VAT-free?
    Investment gold is VAT-exempt in the UK; silver, platinum and palladium attract 20% VAT unless held in bond.
    How do I store it?
    Professional vaults charge 0.1–0.5% a year including insurance. Home storage is cheap but uninsured.
    Are bullion platforms FCA regulated?
    Physical bullion dealing is not a regulated activity, so most are not. ETCs and gold-backed lending are.
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    Looking for the full list? Browse every precious metals platform in the directory.

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