Gold and silver prices are down

PioneerHD said:
I just sold a large amount of coins /metals.
In the waiting room was some very interesting characters.

Boston Bullion in Burlington MASS

Beautiful waiting room and office too. I had a good experience and I got top dollar.
I called around to 6 bullion dealers and this guy had prices about $3 more per ounce than everyone else.
He is paying spot + 6 today.

But man... some of the customers in the waiting room, were absolutely out of their minds... Basically telling me about how the world is going to end tomorrow... for some reason, some people in the lobby think that silver and gold is going to increase 150% - 300% but they refused to give me the phone number to their drug dealers
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Spot +$6?

Gold Eagles are going for $2,240.

If you only sold Gold Eagles for spot +$6, that is a horrible deal.

The people in the waiting room were buying for Gold Eagles for $2,240...

You should have sold for cash to the people in the waiting room.

Now you have a tax form to contend with and the IRS is going to be after your rear end.

They tax at 25% of your profit on those gold coin sales.

The tax is so bad that you could have sold to the people in the waiting room for $1,900 a coin CASH off the books.

IANAL and I would never cheat the IRS.

So, did you get a tax form from the dealer for your sales?
 
PioneerHD said:
some people in the lobby think that silver and gold is going to increase 150% - 300% but they refused to give me the phone number to their drug dealers
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PM me. I got a copy of the most recent police reports. I can give you names.
PioneerHD said:
Because silver hasn't done much in a very long time..
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I dunno, spot $17 to $26 in a few months seems like movement to me.
Varmint said:
It shouldn’t be legal but we have to remember when in Vegas, the house can change the rules whenever they want.
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Priceless statement! I lived through those times and had been buying 90% silver coin at face value from bank tellers. I'd give them a Gift Certificate to a restaurant at Christmas and they would hold it for me until I could get to the bank. I got out at $40, smelled the Hunt Bros demise coming. The Arabic world wanted 1 ounce of silver to equal 1 barrel of oil and they were working with the Hunts. Then the rules changed.

Remember that mythical number, 1 Oz of silver = 1 barrel of oil.
 
Varmint said:
You’re talking about the dollar right? [laugh]
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No, not aimed at you Varmint but it amazes my how complacent Americans are. The Dollar is going no where. This is much deeper than what you think you know or see. But hey whatever Im not saving anyone that ship has sailed.
 
Bfatz said:
No, not aimed at you Varmint but it amazes my how complacent Americans are. The Dollar is going no where. This is much deeper than what you think you know or see. But hey whatever Im not saving anyone that ship has sailed.
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Oh you mean general stock market? yeah, we're back in FOMO, it's amazing.
 
Spot price of $2k needs to hold. On the equity side I held cash overnight and bought close to the morning low in gold stocks. Buy the dip.
 
Varmint said:
Not enough buyers to get there. Masses are still buying NVDA and Apple.
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I think you guys are right to look at it in terms of what's gone on before...for the time being. As long as equities are competing for attention, there will be PM sellers taking profits. The fact that equities are still up despite a global manufacturing slowdown and a CPI that is cooling not because of anything the Fed has done, rather because the national and global economy is shrinking, just means that a true "flight to safety" is not yet occurring on a scale that will send PMs soaring for lack of sellers.
 
meh said:
I think you guys are right to look at it in terms of what's gone on before...for the time being. As long as equities are competing for attention, there will be PM sellers taking profits. The fact that equities are still up despite a global manufacturing slowdown and a CPI that is cooling not because of anything the Fed has done, rather because the national and global economy is shrinking, just means that a true "flight to safety" is not yet occurring on a scale that will send PMs soaring for lack of sellers.
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I agree, I don’t think gold breaks to new highs when the S&p500 is still in buy all dips mode.
 
Bfatz said:
Silver just wicked $26
Avwrage cost of 2023 Eagles
$46.28
www.apmex.com

Buy 2023 1 oz Silver Eagle Coin BU | APMEX

2023 1 oz American Silver Eagle Coin BU | Largest selection & fast free shipping on orders $199+.
www.apmex.com www.apmex.com
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15 years ago I was buying silver Eagles for $1.90 over spot price. Spot price has doubled since then, and the premium has increased by 500%
 
I think the “spot price” may continue to decouple from physical. I don’t get too caught up with what the “spot price” and “premiums” are. If everyone selling physical silver is selling at $35 it doesn’t really matter to me how much of that is spot and how much is premium. The price is $35.
 
Senator Johnson “You’re going to drive the debt from about 32 trillion dollars to 50 trillion dollars”
Secretary Yellen “Yes. But…”
Wow

 
My what a week does..You will now need $500 minimum to purchaee from APMEX
Its on like Donkey Kong

Good luck out there
 

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