VAT on silver bullion

You will get the VAT back when you sell it. In fact, if you are not VAT registered you won't have to pay the net VAT on the profit to HMRC, so you are probably better not registering.

From a public policy point of view, I'm not sure what the benefit to the economy is in making silver bullion investment easy, except in the general sense that all savings tend to lead to reduced social security costs.

You may find that, if your dealing exceed the VAT threshold, you do have to register for VAT, anyway. I would suspect that, one way another, you will have no choice on whether you are treated as a business for VAT, and the only question will be about registering below the threshold.

Not unless the business has a valid reason for being VAT registered.

(and even then, perhaps not)

tim