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Gold and silver prices are down

Discussion in 'Survival Forum' started by Rider, May 9, 2012.

  1. richc

    richc NES Member

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    Our opinions are aligned. But no one knows. Sadly we get rhetoric rather than facts from governments...

     
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  2. blindndead

    blindndead

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  3. Win

    Win NES Member

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    Here's some old silver that I just recently imaged. It's my "capped bust" design type set of sorts. They're all in VF35 or VF30 unmolested condition - just how I love them [thumbsup]

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  4. sacksjacked

    sacksjacked NES Member

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    the long term trend is still up. as richc said, no point in watching daily moves. PMs will go much much higher. kick back, relax, grab a cold beer, watch some sunday football, and enjoy the ride [cheers]
     
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  5. richc

    richc NES Member

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    Win, I love the coins. I love their history.

    But I have to say they used some ugly ass models back in those days!

    :)
     
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  6. richc

    richc NES Member

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    Now the employees are facing RICO charges...


    "Each of the three JP Morgan employees was hit with charges of conspiracy to commit wire fraud affecting a financial institution, bank fraud, commodities fraud, price manipulation and spoofing; bank fraud; wire fraud affecting a financial institution; and conspiracy to conduct the affairs of an enterprise involved in interstate or foreign commerce through a pattern of racketeering activity, often known as RICO conspiracy, the DOJ said."

    JPMorgan traders indicted for market manipulation, racketeering: feds
     
  7. Varmint

    Varmint NES Member

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    Doh!

    So uhh . . . who's controlling the silver price now? Nobody? Whoohoo!
     
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  8. ASHDUMP

    ASHDUMP NES Member

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    When do the new bullion dates come out? I'm waiting to purchase my set of 2019 and 2020 together to avoid paying the sales tax.

    2020 coins come out first of the year?
     
  9. Varmint

    Varmint NES Member

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    MCM doesn't charge tax. I'm sure there are others on EBay.
     
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  10. rep308

    rep308 NES Member

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    real basic question about tax implications of selling precious metals please....

    Say your Uncle has been giving you $10K in gold as a gift for a few years. It is under the federal limit for the gift tax so it does not trigger a taxable event. One day you show up at your friendly metals dealer to sell and convert $50K of gold into cash or bank check. Do you just get the money or does this trigger some sort of taxable event?
     
  11. Varmint

    Varmint NES Member

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    You would owe tax on that, based on the capital gains:

    1. If you receive the metals as a gift, the cost basis is equal to the market value of the metals on the date that the gifter purchased them. If at the time of gifting the market value of the metals is less than what the person giving them to you paid, then the cost basis is equal to the market value on the day that you receive the gift.
    2. If you inherit the gold or silver, then the cost basis is equal to the market value on the date of death of the person from whom you inherited the metals.

    I think the buyer is not required to report the transaction if it's below a certain level. Of course the government will change all these laws if gold goes ballistic in price.
     
  12. richc

    richc NES Member

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    So if I gift gold to you, and you gift the same amount of gold to me, can we avoid income taxes?
     
  13. gxx9sdb

    gxx9sdb

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    Looking to buy some pure silver coins to give as Christmas gifts. Where do you all recommend to buy from?
     
  14. HappyHarry

    HappyHarry NES Member

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    Coins - RJ Coins and Jewelry
     
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  15. clampett

    clampett NES Member

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    www.bostonbullion.com They are located in Burlington Ma. They list their prices on their web site.
     
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  16. clampett

    clampett NES Member

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  17. 07Mustang

    07Mustang NES Member

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    from their web page, "
    90% (Percent) Silver Coins with a $1 Total Face Value Random Coins Our Choice- Limited Availability at this Price!

    Each $1 Face Value Lot contains .715 ounces of actual silver weight. When purchasing 90% silver in face value lots, each lot in total will add up to $1 according to their face value, so the number of coins can and will vary."
     
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  18. HappyHarry

    HappyHarry NES Member

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    With silver currently at $17.70, I have US 90% at 12.5 x face, and random date Silver Eagles at $21.00; cash only, $1000 minimum purchase to avoid sales tax.
     
  19. clampett

    clampett NES Member

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    You have Boston bullions price beat by $2. per eagle.
     
  20. 07Mustang

    07Mustang NES Member

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    Coin show this Sunday Elk's Lodge in Auburn, MA shop about 40 dealers start time 9:30am
     
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  21. WanMan99

    WanMan99 NES Life Member NES Member

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  22. Rob Boudrie

    Rob Boudrie NES Member

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    It may be a capital gain, but the sale of precious metals is not subject to capital gain treatment. All gains are ordinary income.
     
  23. Varmint

    Varmint NES Member

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    The irony that the government thinks it should tax you on its own currency devaluation. They do the same with home equity.
     
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  24. enbloc

    enbloc NES Life Member NES Member

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    2019 American Silver Eagles would make a great gift, and giving one every Christmas of the current year would add something "special" for years to come...

    [​IMG]

    Generic silver rounds, not so much...
     
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  25. Varmint

    Varmint NES Member

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    I might use my EBay bucks to buy some interesting rounds or coins, they tend to be $20-30 each. Right now nobody wants silver so save them til it's $50/oz and they'll want them, lol.
     
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  26. Win

    Win NES Member

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    Silver is getting down into buy area. Any thoughts on what silver might do in the near future?
     
  27. Varmint

    Varmint NES Member

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    I think we'll see $16.50 silver and $1420-$1450 gold.
     
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