Gold and silver prices are down

[Varmint]

So how can us regular people buy ANY coins and have any hope of not getting scammed??

Just buy from the top vendors like Apmex and you're pretty safe. Safer than your investment accounts probably.

 

[Varmint]

Buying US 90% silver coin is pretty safe if you stay in the lower denominations. Silver dollars have been known to be china counterfeit. I don't know of many US quarter counterfeiters. Buy from a reputable dealer and you should be good to go. Slabbed coins carry too much of a premium for me unless it is a MS70 2020 last year of design. I bought a number of those and will do it again with the MS70 2021 SE's for sets of last and first issue.

I got a $10 roll of quarters from Citizensbank that turned out to be fake. They were actually silver quarters.

 

[Varmint]

Ebay is also refusing to sell over a certain limit ($500?) to you unless/until you go through some sort of secondary verification process. Maybe not worth the trouble when you figure in the scammers.

I only buy from Apmex, MCM and a couple others. Haven't bought in a while so not sure I've done that verification, but did see it pop up when I did Add to Cart.

 

[Rob Boudrie]

I got a $20 roll of quarters from Citizensbank that turned out to be fake. They were actually silver quarters.

I'm familiar with the $10 rolls. Are the $20 ones really long or did mean to say $10?

 

[HappyHarry]

Loogadis:

Some things never change. It took the Treasury department from 2/13/1890 until 7/17/1890 to process this. The three notes in the other photo are real.View attachment 345562View attachment 345563

Thanks for posting the pics. That is a very cool piece, I've never seen a letter like that.

 

[Varmint]

I'm familiar with the $10 rolls. Are the $20 ones really long or did mean to say $10?

$10 yeah, sorry, the 40-count roll.

 

[whacko]

Nice little rally yesterday. Hope that keeps up.

Online vendors still show out of stock or 15 day shipping delays.

 

[smokey-seven]

Ebay fixed that, if you haven't looked recently.

Thanks for that. I will look things over. My basic problem is I shop for walking liberties and getting over 1K$ is hard to do.

Ebay is also refusing to sell over a certain limit ($500?) to you unless/until you go through some sort of secondary verification process.

Really? Know what kind of verification they need?

I got a $20 roll of quarters from Citizensbank that turned out to be fake. They were actually silver quarters.

I read your typo correction. It is still possible even in these days to get a roll of silver. My last big hit was a $10 Gold certificate! It was before they changed the format to the common one today. I always ask if the bank has a roll of 1/2 dollars. That is were they show up most in my experience. Sometimes more than one in a roll.

 

[not new guy]

This sort of explains it: The new eBay policy on GOLD and bullion??? Buyer MUST be verified now!!!

 

[Varmint]

Thanks for that. I will look things over. My basic problem is I shop for walking liberties and getting over 1K$ is hard to do.



Really? Know what kind of verification they need?



I read your typo correction. It is still possible even in these days to get a roll of silver. My last big hit was a $10 Gold certificate! It was before they changed the format to the common one today. I always ask if the bank has a roll of 1/2 dollars. That is were they show up most in my experience. Sometimes more than one in a roll.

you mean you got a $10 bill that turned out to be a gold certificate? I'd never heard of those, that's awesome!

 

[Varmint]

So i went to park in Cambridge with a roll of quarters I got from the bank, and I'm feeding the parking meter, and it's not working. I tried another meter, that wasn't working either. I drove to another meter 100 yards away. that didn't work either. Checked my wallet, and the quarters in there did work, so I'm like WTF. Then I look at the roll of quarters, it's dull - very worn. Tried a couple more that weren't worn, didn't work. Then I looked at the date of the next quarter. 1944. And it looked kind of silver. Next one, 1957. Next one, 1964.

I think the bank gave me a roll of junk silver quarters, and I popped like 10 of them into the meters. Ahhh, fock.

Posted the silver quarter story back when it happened, lol.

 

[smokey-seven]

you mean you got a $10 bill that turned out to be a gold certificate?

Yea, this was way back when the bills were, "old style" and the only noticable difference between a Gold Certificate and a Fed Res Note was the yellow seal and serial instead of the green one.



Now the back side of the story was that I put it in a thick book so it would press and look better. I have never found it since!

Posted the silver quarter story back when it happened, lol.

Talk about kicking oneself in the ass.... Do the NH tokens still work in the newer meters?

.

 

[Varmint]

In case anyone wants to buy gold or silver and not pay a premium, there is Sprott physical trusts.

Eric Sprott is probably the biggest gold and silver investor, and he wanted an alternative to GLD and other paper gold ETFs, so he created these.

They purchase physical gold and silver to match 100% of their funds' value, so no paper derivatives like in GLD. The fund (PHYS) is 100% physical gold. It is redeemable for physical for large investors (not sure the cutoff), and all the metal is stored at the Canadian Royal Mint. A bonus is the tax rate is capital gains vs ordinary income for gold ETFs or physical.

You can buy them through your brokerage account like any other stock.

You can calculate live on the website the current value of one of the stocks in gold - right now PHYS is valued at a few dollars below spot.

Physical Bullion Funds

Physical Bullion Funds

sprott.com

 

[Rob Boudrie]

I read your typo correction. It is still possible even in these days to get a roll of silver. My last big hit was a $10 Gold certificate! It was before they changed the format to the common one today. I always ask if the bank has a roll of 1/2 dollars. That is were they show up most in my experience. Sometimes more than one in a roll.

Silver dollar roll searching is well known and not a lucrative as it used to be (I think it works out to less than minimum wage on average). The trick that worked for a while was that the 40% Kennedy halves 65-70 were clad and many people did not know that they had silver content.

 

[whacko]

In case anyone wants to buy gold or silver and not pay a premium, there is Sprott physical trusts.

Eric Sprott is probably the biggest gold and silver investor, and he wanted an alternative to GLD and other paper gold ETFs, so he created these.

They purchase physical gold and silver to match 100% of their funds' value, so no paper derivatives like in GLD. The fund (PHYS) is 100% physical gold. It is redeemable for physical for large investors (not sure the cutoff), and all the metal is stored at the Canadian Royal Mint. A bonus is the tax rate is capital gains vs ordinary income for gold ETFs or physical.

You can buy them through your brokerage account like any other stock.

You can calculate live on the website the current value of one of the stocks in gold - right now PHYS is valued at a few dollars below spot.

Physical Bullion Funds

Physical Bullion Funds

sprott.com

Tax rate? Last time I sold off for a profit I didn't pay no stinking taxes

 

[smokey-seven]

Silver dollar roll searching is well known and not a lucrative as it used to be

If you are on a first name basis with your bank tellers, ask them for, "home rolled" coin rolls. The bank ones are not profitable, the ones that come in from patrons can be good.

A box of chocolates on Valentines day or Peeps at Easter goes a long way.

.

 

[richc]

 

[Freddy Q]

Now the back side of the story was that I put it in a thick book so it would press and look better. I have never found it since!

Man that is too funny.. I can relate - because I collect currency, I always used a bank note as a bookmark. I was using a 50 cent Lincoln fractional, one of the most popular and expensive fractionals, and somehow have never seen it again. I've since switched to using less valuable notes

 

[Varmint]

Tax rate? Last time I sold off for a profit I didn't pay no stinking taxes

Good, they're mainly talking about GLD - those ETFs' gains are charged as ordinary income.

 

[Varmint]

View attachment 346331

Think we finished at $1699. I guess we'll have to wait til next week to see if we break $1700.

The technical charts point to gold failing to breakout - but I think the Fed is forcing investors into gold with its weekly trillion dollar bonanzas.

 

[HappyHarry]

Think we finished at $1699. I guess we'll have to wait til next week to see if we break $1700.

The technical charts point to gold failing to breakout - but I think the Fed is forcing investors into gold with its weekly trillion dollar bonanzas.

Here's an interesting prediction:

$20,000 gold price: Franco Nevada chairman makes the case

$20,000 gold price: Franco Nevada chairman makes the case

www.kitco.com

 

[Varmint]

Here's an interesting prediction:

$20,000 gold price: Franco Nevada chairman makes the case

$20,000 gold price: Franco Nevada chairman makes the case

www.kitco.com

Nobody wants the hyperinflation scenario, or nobody should want that, even gold bugs.

Peter Schiff has been making the same Dow to Gold ratio of 1. But he's predicting 5000 for both.

 

[smokey-seven]

Tax rate? Last time I sold off for a profit I didn't pay no stinking taxes

Always sell hard gold and silver to a different dealer than you bought it from and keep the totals low.

Back when Clinton was voted into the presidency, I bought 100 Oz silver bars. Some time in the next year, I sold, doubling my money. I got a 1099 from the dealer!

.

 

[In God We Trust]

Yea, this was way back when the bills were, "old style" and the only noticable difference between a Gold Certificate and a Fed Res Note was the yellow seal and serial instead of the green one.

View attachment 345956

I got handed this in change from a store a while back. Note the “silver certificate “ in the top center

View attachment 346616

Now the back side of the story was that I put it in a thick book so it would press and look better. I have never found it since!



Talk about kicking oneself in the ass.... Do the NH tokens still work in the newer meters?

.

 

[samandglove1]

Always sell hard gold and silver to a different dealer than you bought it from and keep the totals low.

Back when Clinton was voted into the presidency, I bought 100 Oz silver bars. Some time in the next year, I sold, doubling my money. I got a 1099 from the dealer!

.

I would have been pissed. Every dealer I buy from knows my first name, and that’s it. I always buy with cash and everybody is satisfied.

 

[whacko]

Always sell hard gold and silver to a different dealer than you bought it from and keep the totals low.

Back when Clinton was voted into the presidency, I bought 100 Oz silver bars. Some time in the next year, I sold, doubling my money. I got a 1099 from the dealer!

.

How did the dealer know what your profit was?

 

[Varmint]

How did the dealer know what your profit was?

Maybe it's like Ebay, they send a 1099 listing your sales but they don't try to calculate your profit (there usually isn't any).

 

[not new guy]

The 1099 isn't for the dealer to report your profit, it's for them to report the payment, I think. It's on you to show your cost basis when you file, right?

 

[whacko]

The 1099 isn't for the dealer to report your profit, it's for them to report the payment, I think. It's on you to show your cost basis when you file, right?

I don't know that's why I asked. I've never been handed a 1099 when I've sold metal.

 

[smokey-seven]

I would have been pissed. Every dealer I buy from knows my first name, and that’s it.

This sale was large enough, he had to cut a check. You get into 5+ figures, and the game is not nickle and dime. It is one reason that I got out of large bullion. You can sell a couple of rolls of SE's and not expect a 1099. Sell 2,000 rolls and you will get one.

The 1099 isn't for the dealer to report your profit, it's for them to report the payment,

^^^^ Correct. When a dealer cuts a check that (back then) goes over whatever thresh hold it was for him, a 1099 will be coming. You do the taxes and deduct the purchase price.

I don't know that's why I asked. I've never been handed a 1099 when I've sold metal.

I wasn't handed one, it came in the mail a few weeks later. He had my details since I had to show an ID to sell, and he photo copied that.


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