Gold and silver prices are down

richc

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

I don't know how much time is really left. Years likely, a decade maybe, multiple decades wouldn't be my guess. JMHO (which is usually wrong so take it for what it is worth [laugh])
 
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Win

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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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sacksjacked

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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]
 

richc

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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
 

Varmint

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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
Doh!

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

ASHDUMP

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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?
 

rep308

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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?
 

Varmint

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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?
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.
 

07Mustang

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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."
 

WanMan99

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Rob Boudrie

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You would owe tax on that, based on the capital gains:
It may be a capital gain, but the sale of precious metals is not subject to capital gain treatment. All gains are ordinary income.
 

enbloc

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



Generic silver rounds, not so much...
 

Varmint

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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...



Generic silver rounds, not so much...
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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Win

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Strange that PMs were rising with the dollar a couple of weeks ago and now PMs are falling with the dollar. I wouldn't mind another buying opportunity for silver before Christmas. Would like to buy some for my kids.
 

Varmint

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Strange that PMs were rising with the dollar a couple of weeks ago and now PMs are falling with the dollar. I wouldn't mind another buying opportunity for silver before Christmas. Would like to buy some for my kids.
The dollar does drive PMs but is just one factor, and right now there are stronger influences keeping gold from correcting back to its breakout level around $1375. Brexit, the Repo market QE, coming Fed rate cut on Oct31, and a still muddy trade deal are keeping PMs elevated. You could still see a $100 gold (and $1.50 silver) selloff if one or more of the fear components is resolved, like a trade deal reached.
 
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Rob Boudrie

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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?
The profit is ordinary income (collectible), with no advantageous capital gains treatment ... the one pesky detail all PM brokerages leave out of their "about gold" articles.

You can gift more than the limit without triggering a taxable event, but you have to file IRS form 709 and the amount of the gift (or amount in excess of the limit, not sure which) reduces your lifetime tax free inheritance tax threshold.
 
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