Gold and silver prices are down

Canndo said:
The fee is based on what you buy. SalesTax doesn't apply if you buy over a certain amount. I believe it's $1000. I could be wrong. It's been a while since I bought through them.
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This. I sold some coins there for a client who couldn't otherwise cover his bill. This must be the end of days, lol.

No sales tax if over $1000 transaction in MA. I also believe Boston Bullion will accept payment in cash for PMs. They will pay you out in cash if you are selling, but charge you an extra 2% for that, otherwise you get a check (I had them make it out to my client).

They also sell bullion cast into the shape of bullets. I got to handle some while I waited. The silver 10oz .50 BMG is kind of cool, but if it were me, I'd stick with the coins or bars.

They have a website with more details. They were easy to deal with unloading some coins, paid me spot or better, and even had the cash payment option. No 1099 unless a large transaction.
 
Varmint said:
The online sites like APMEX will buy it back from you.

You're supposed to pay taxes on the gains, but unless you're selling huge amounts, like 25 ounces of gold, the buyer doesn't have to report a 1099. So it's up to you to put it on your taxes, kind of like when you buy stuff in NH. :)
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You're playing with fire if you try that with tens of thousands of $$ in gold or silver. The sale tax issue may be largely ignored, but I remember Koslowski (the Tyco goon) being prosecuted for buying art in NH and relocating it to his NYC apartment. It's one thing to sell a few to Iggy and Ziggy's precious metals hut, and quite another to move "investment quantities".

Also, no matter how long you hold it, precious metals profits are gains on "collectibles" and taxes at ordinary income, not capital gains, rates. Something none of the gold bugs will tell you.

There are long periods of time (>10 years) during which holding metals would be a losing proposition relative to holding fiat money.
 
What are you smoking?

So lets say I bought 10,000 worth of gold in 1999 and I still own it now 2015, you consider this scenario a losing proposition?

When ever you hold (in your posession not gold shares or mining stock) you hold true value not fiat currency!!! do you know at one time those bills (read notes) were a warehouse receipt to recover your gold or silver when you wanted to recover it...

To anyone that has an interest in what they consider their money...Google the terms "Fractional Reserve Banking" Read and learn.... Gold has always had an actual value unlike paper money... And gold / silver will have value long after the FRN is long gone...

If you dont know what a note is your in for a rude awakening...Look up in blacks law dictionary the deffinition of a "NOTE".

Rob Boudrie said:
There are long periods of time (>10 years) during which holding metals would be a losing proposition relative to holding fiat money.
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SemiAutoSam said:
What are you smoking?

So lets say I bought 10,000 worth of gold in 1999 and I still own it now 2015, you consider this scenario a losing proposition?
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From 1996 to 2006 Gold appreciated slightly, but you would have done better in a CD. Compare the gold you would have if you spent $10k on gold in 1996, vs. investing in a CD and using the money to buy gold in 2006. Better yet, make the comparison using a stock index fund.

If you bought silver at $50 in 1980, you would have a bit of a third of your value left - and that's before you compare what the same amount in a safe (FDIC CD) or stock index fund would have done for you over 35 years. And Yes, I know about the fat boys in Texas.

When ever you hold (in your posession not gold shares or mining stock) you hold true value not fiat currency!!! do you know at one time those bills (read notes) were a warehouse receipt to recover your gold or silver when you wanted to recover it...
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Absolutely true.

It is also not a government registered asset, so you could give it to your grandchildren (or leave it for them to find after you die) and not turn it over to the long term care industry is you have a bad decline. All typical NES arguments about the morality of sticking the govt with your care incorporated by reference and left for another thread.

If you dont know what a note is your in for a rude awakening...Look up in blacks law dictionary the deffinition of a "NOTE".
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Over each time frame, some assets will do better than others. There are periods where fiat currency does better than gold, and times where the metal outperforms. My point is that there is no "risk free" approach, beyond the "floor" gold provides that it will always have value.
 
Rob Boudrie said:
You're playing with fire if you try that with tens of thousands of $$ in gold or silver. The sale tax issue may be largely ignored, but I remember Koslowski (the Tyco goon) being prosecuted for buying art in NH and relocating it to his NYC apartment. It's one thing to sell a few to Iggy and Ziggy's precious metals hut, and quite another to move "investment quantities".

Also, no matter how long you hold it, precious metals profits are gains on "collectibles" and taxes at ordinary income, not capital gains, rates. Something none of the gold bugs will tell you.

There are long periods of time (>10 years) during which holding metals would be a losing proposition relative to holding fiat money.
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It's not taxed at ordinary income after 1 year, it's a flat 28% (which sucks). But gold I think for most people is something they buy and hold onto - and if you pass it onto your kids, I think the value resets on the date they inherit it (not sure about that, cause my kids are under 4).
 
Fiat currency is not an asset Its evidence of debt and since its not backed by anything but the fragile public accepance of its not an acceptable risk and with the coming downfall of the us dollar if you can honestly consider the paper crap we carry a dollar as a dollar is defined in the Coinage Act of 1792 as so many grains of gold or silver, The definition of a dollar over the years has been totally messed with without permission from the people to do so.

IMO its a much safer bet in these times to hold physical gold or siver bullion coin or bars, with confication from past history it would be better to hold foreign coins like canadian maple leafs.
 
I don't own any silver. I get that it's kind of like buying gold, only in smaller increments so you can trade it in the event of a financial collapse, but is there some other use for silver eagles? Collecting?
 
Varmint said:
I don't own any silver. I get that it's kind of like buying gold, only in smaller increments so you can trade it in the event of a financial collapse, but is there some other use for silver eagles? Collecting?
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Lots of people do collect them, but don't even think about them as an investment if you do. You'll be paying hefty premiums on the specimens (years) that you don't have, and the proof versions are a greater gamble. You seldom get your investment back.

They are beautiful coins however, and if you have a fascination for them, go for it.

In a financial collapse, no one knows what PMs will be worth. Maybe a lot, maybe a little. At least you may be able to trade for something you need to stay alive. Ammo will likely have value as well. Junk silver (quarters and dimes, mainly) are probably the best barter items to have a stash of.
 
Billsail said:
Junk silver (quarters and dimes, mainly) are probably the best barter items to have a stash of.
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Does the general public have any concept of their worth though? Personally, I had never heard of junk silver until joining this site. Isnt the average person just going to think youre trying to pass off pocket change to them?
 
headednorth said:
Does the general public have any concept of their worth though? Personally, I had never heard of junk silver until joining this site. Isnt the average person just going to think youre trying to pass off pocket change to them?
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And if even silver eagles are being faked now, is silver no longer useful?
 
WhiteTiger said:
I get my silver from JM Bullion there is just Something about buying gold and silver on EBay that makes me uneasy!
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I buy from these guys all the time. I deal with them through eBay. Their eBay deals are most times better than dealing with them direct. I have no trouble dealing through eBay. I've been with eBay almost from the start and have had very few problem. Less problems with eBay than with my local Wal-Mart.
 
Varmint said:
It's not taxed at ordinary income after 1 year, it's a flat 28% (which sucks). But gold I think for most people is something they buy and hold onto - and if you pass it onto your kids, I think the value resets on the date they inherit it (not sure about that, cause my kids are under 4).
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The cost basis reset is one of the few really huge tax loopholes left. If you are getting on in years and have a few mil in stock that has appreciated, it can be better to borrow money to live on (secured by the stock) and have your estate pay the loan when you die than to sell the stock to live on and incur the capital gains tax. This generally only makes sense if you bought a stock that has appreciated tremendously where the extra tax will dwarf the interest.
 
headednorth said:
Does the general public have any concept of their worth though? Personally, I had never heard of junk silver until joining this site. Isnt the average person just going to think youre trying to pass off pocket change to them?
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Generally? No. In all honesty were talking about a viable scenario that would occur well into the future. Decades if not generations away IMHO. That's why I have some junk silver,but not much. I see PM's as more of a protection of wealth, which is still survival. Financial survival. I always stress diversification. I'm not prepared for Armageddon but it sure wouldn't hurt to be. We all should have a stash of basic necessities. Food,fuel,medicine,alcohol, etc. If any event happened in the near future that disrupted life as we know it, the vast majority of folks aren't going to be after shiny metal. Not for awhile anyway.
 
Rob Boudrie said:
The cost basis reset is one of the few really huge tax loopholes left. If you are getting on in years and have a few mil in stock that has appreciated, it can be better to borrow money to live on (secured by the stock) and have your estate pay the loan when you die than to sell the stock to live on and incur the capital gains tax. This generally only makes sense if you bought a stock that has appreciated tremendously where the extra tax will dwarf the interest.
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Just like Steve Jobs did,
 
Rob Boudrie said:
The cost basis reset is one of the few really huge tax loopholes left. If you are getting on in years and have a few mil in stock that has appreciated, it can be better to borrow money to live on (secured by the stock) and have your estate pay the loan when you die than to sell the stock to live on and incur the capital gains tax. This generally only makes sense if you bought a stock that has appreciated tremendously where the extra tax will dwarf the interest.
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Ah, so this reset works for any capital gains, not just metals? I didn't know that, interesting, thanks!
 
Christian said:
[laugh] And I just "woohoo'ed" myself for purchasing my first few tubes like it was some big deal.
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Monster box of eagles is cool, but what would be really impressive is someone buying a monster box of Buffaloes. Of course, most people claiming to do so would be buffaloing us.
 
Varmint said:
Ah, so this reset works for any capital gains, not just metals? I didn't know that, interesting, thanks!
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Yes, it does. The stocks are valued at current market for estate tax purposes (though there is a reasonably big exemption on this such that most of us don't have to worry about it), but the cost basis for the inheritee is reset to the cost at time of death. If you have heirs, and are considering dying, you may wish to so on a day the market has peaked.
 
Chet0729 said:
Can someone tell me how large a monster box is. I am considering one but want to make sure it will fit where i am planning on storing it
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Via Google:
"The Silver Eagle Monster Box Coin is a convenient way to purchase and store your silver American eagle coins. Each box comes sealed directly from the United States Mint. The monster box contains 25 sealed tubes (each containing 20 coins) for a total of 500 troy ounces. Coins in sealed Monster boxes often fetch a higher resale value than "loose" coins, since a sealed box has the potential of containing MS-70 quality coins, and since the coins have never been handled. The monster box dimensions are 15 X 8.5 X 4.5 inches."
 

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