namster
Bronze Member
Right, and what would the farmer rather have? A silver or gold coin?...OR the part he needs to fix his tractor, ammunition for his hunting rifle, etc.
when will it rise
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Right, and what would the farmer rather have? A silver or gold coin?...OR the part he needs to fix his tractor, ammunition for his hunting rifle, etc.
CubanHunter
Jr. Member
First I would like to apologize for my bad English grammar I am still learning and I am not very well at writing. I think that you people that believe that you will trade silver/ gold for food are just deluding yourself. I am from Cuba, and I have lived what can be called a mini economic collapse. From 1970-1991 we were practically a welfare state of the soviet union they gave us oil, food, everything you can imagine they even made our coins and printed our fiat money. when the USSR collapsed the next 5 years were horrible there was practically 0 international trade due the US commercial embargo, the government started to control the amount of food, medicine you could legally buy and this created a huge black market. Any foreign money (including the US dollar) was prohibited, if the police catch you with a dollar bill in your pocket you went to prison for 10 years. The Cuban peso (our currency) went into a hyperinflation situation and most people will not use it to trade especially in the black market were you could still find food, gas etc. We Cubans have been always being big on gold chains and jewelry if you come to La pequena habana in Miami you will see that for every 10 shops 3 are jewelry stores. I was a boy back them in the country side and I remember the people from La Havana and others cities to come to our small farming town to trade stuff for food, we will accepted shoes, cloths, gas, tools, medicine but no on ever trade anything for gold chains or rings. There was no use for them. What would you do with a gold ring? You cant eat it you cant use it to fix something or to heal a wound.
If a situation like this happens here in the US your best investment are guns and ammunition rounds, most people will trade food for bullets medicine or something useful but silver or gold coins don't have any use in this situation. I really doubt we will get to a state like that in this country. Silver will always go up and down, what I personally do is I buy low and sell high then when the price goes down again buy more and wait it to go up to sell that way I increase my silver stack slowly and at no real cost and by the time I retire will have a big stack for my golden years. I don't see silver going up the $50 mark in the next few years and if it reach 46-47 margin I will sell like I did last time and stack up again in the 26-30 range. That is the best scenario I can see for PM. Of course silver will have more value in 45 years than now but the same thing will happen with oil, food, toothpaste and soap. The good thing about silver is that you can make a decent profit and If you are into the numismatic trade make buck or two selecting the right coins until they gain value (example the Canadian wildlife series wolf silver coin was a very sound numismatic investment I hope the same happens with the cougar and the moose ).
I don't want to offend anyone with this post but in my experience there is no use for gold or silver in a SHTF scenario and the fact is that most people don't even know what a gold/ silver coin is and what is the value of it. Ask any random people on the street if they know how much is an once of gold or silver worth it... they would not have any clue. Do you think that when SHTF they are going to magically get aware of the value of gold and silver?. Who will enforce that 1 oz of silver is equivalent to a a loaf of bread?. If you really believe in the SHTF scenario I would recommend you to buy a farm and know how to grow food that will be your gold and silver not coins or jewelry. Sorry for the long post
If a situation like this happens here in the US your best investment are guns and ammunition rounds, most people will trade food for bullets medicine or something useful but silver or gold coins don't have any use in this situation. I really doubt we will get to a state like that in this country. Silver will always go up and down, what I personally do is I buy low and sell high then when the price goes down again buy more and wait it to go up to sell that way I increase my silver stack slowly and at no real cost and by the time I retire will have a big stack for my golden years. I don't see silver going up the $50 mark in the next few years and if it reach 46-47 margin I will sell like I did last time and stack up again in the 26-30 range. That is the best scenario I can see for PM. Of course silver will have more value in 45 years than now but the same thing will happen with oil, food, toothpaste and soap. The good thing about silver is that you can make a decent profit and If you are into the numismatic trade make buck or two selecting the right coins until they gain value (example the Canadian wildlife series wolf silver coin was a very sound numismatic investment I hope the same happens with the cougar and the moose ).
I don't want to offend anyone with this post but in my experience there is no use for gold or silver in a SHTF scenario and the fact is that most people don't even know what a gold/ silver coin is and what is the value of it. Ask any random people on the street if they know how much is an once of gold or silver worth it... they would not have any clue. Do you think that when SHTF they are going to magically get aware of the value of gold and silver?. Who will enforce that 1 oz of silver is equivalent to a a loaf of bread?. If you really believe in the SHTF scenario I would recommend you to buy a farm and know how to grow food that will be your gold and silver not coins or jewelry. Sorry for the long post
FreedomUIC
Bronze Member
First I would like to apologize for my bad English grammar I am still learning and I am not very well at writing. I think that you people that believe that you will trade silver/ gold for food are just deluding yourself. I am from Cuba, and I have lived what can be called a mini economic collapse. From 1970-1991 we were practically a welfare state of the soviet union they gave us oil, food, everything you can imagine they even made our coins and printed our fiat money. when the USSR collapsed the next 5 years were horrible there was practically 0 international trade due the US commercial embargo, the government started to control the amount of food, medicine you could legally buy and this created a huge black market. Any foreign money (including the US dollar) was prohibited, if the police catch you with a dollar bill in your pocket you went to prison for 10 years. The Cuban peso (our currency) went into a hyperinflation situation and most people will not use it to trade especially in the black market were you could still find food, gas etc. We Cubans have been always being big on gold chains and jewelry if you come to La pequena habana in Miami you will see that for every 10 shops 3 are jewelry stores. I was a boy back them in the country side and I remember the people from La Havana and others cities to come to our small farming town to trade stuff for food, we will accepted shoes, cloths, gas, tools, medicine but no on ever trade anything for gold chains or rings. There was no use for them. What would you do with a gold ring? You cant eat it you cant use it to fix something or to heal a wound.
If a situation like this happens here in the US your best investment are guns and ammunition rounds, most people will trade food for bullets medicine or something useful but silver or gold coins don't have any use in this situation. I really doubt we will get to a state like that in this country. Silver will always go up and down, what I personally do is I buy low and sell high then when the price goes down again buy more and wait it to go up to sell that way I increase my silver stack slowly and at no real cost and by the time I retire will have a big stack for my golden years. I don't see silver going up the $50 mark in the next few years and if it reach 46-47 margin I will sell like I did last time and stack up again in the 26-30 range. That is the best scenario I can see for PM. Of course silver will have more value in 45 years than now but the same thing will happen with oil, food, toothpaste and soap. The good thing about silver is that you can make a decent profit and If you are into the numismatic trade make buck or two selecting the right coins until they gain value (example the Canadian wildlife series wolf silver coin was a very sound numismatic investment I hope the same happens with the cougar and the moose ).
I don't want to offend anyone with this post but in my experience there is no use for gold or silver in a SHTF scenario and the fact is that most people don't even know what a gold/ silver coin is and what is the value of it. Ask any random people on the street if they know how much is an once of gold or silver worth it... they would not have any clue. Do you think that when SHTF they are going to magically get aware of the value of gold and silver?. Who will enforce that 1 oz of silver is equivalent to a a loaf of bread?. If you really believe in the SHTF scenario I would recommend you to buy a farm and know how to grow food that will be your gold and silver not coins or jewelry. Sorry for the long post
Very well put. When people talk about the fecal matter hitting the osciallating apparatus they usually are referring to Super Hyper-Inflation. By having Silver/Gold on hand it kinda of makes the
heavily Hyper-Inflation a little bit more tolerable. They are not referring to a "Mad Max" type of environment which you are referring to in your post. I do agree that Beans, Bullets and Bullion
are the way to go as well.
Marchas45
Bronze Member
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My opinion is my opinion and I live in Maine in a small rural community, plenty of land and water and my stack will come in very handy along with my food, ammo and guns. By the way I just bought 1070 dimes this morning before the QE3 announcement that I have been working on since last weekend and bought them for $2370.00 and are now worth $2681.40 Not bad for a country boy. Lol But the true fact is it will be worth a lot more shortly. Keep Stacking while you can.
Cubanhutner---I agree with about everything you said. I wanted to post something like you said but couldn't get it framed right in my mind. Silver price rise and fall has been on my mind to long. When silver hits 35 bucks I'm out of it. For years I've been in gold and silver for the profit alone. Been fun and very profitable. Especially Gold. Silver, modest, not so much fun or profit. The only "stacking" I'll have left is my Morgans, peace dollars, Walking Liberty Halves and of course my modest coin collection. Just might pull the trigger and buy me that last Mercury I've coveted for so long. I'm sure not gonna find one after all these years.
Meanwhile for all you good ole boys "stackers" I hope Silver hits your expectations. I really mean that and I'm not going to regret not being there with you. Honest Injun.
Meanwhile for all you good ole boys "stackers" I hope Silver hits your expectations. I really mean that and I'm not going to regret not being there with you. Honest Injun.
Marchas45
Bronze Member
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CubanHunter
Jr. Member
lol that is a very wise way to describe it
.
CubanHunter
Jr. Member
It is a sad perspective that so many people think that this country is going to end in an economic collapse. I believe that the biggest bull factor for silver is not an hyperinflation of the currency but a big recovery of the economy in a way industrial demand for electronics make the price rise due demand and supply. The best moves silver has done in my case have been not because of the price of silver but because of the numismatic value of certain coins. Coins are my hobby and choosing certain coins and sitting on them can make you earn a decent profit form time to time which is a plus. My advice to people that ask me about silver investing is : do not invest what you are not willing to lose. The only people I really know are making a killing on this are the dealers especially large dealers like Apmex. My exit point is going to be $45-47 I believe we will revisited that number several times in the future of course that is just my opinion and at the end we are just gambling here. Your morgans and peace dollars will be worth a lot more in many years due the numismatic of it no matter if silver moves or not.
cubanhunter...can't get the **** quote feature to work. Again you guys, you, marchas, jim, jason and others are making me think I'll be holding onto my silver until I die or else it reaches $50. Even at $50 somebody will convince me it will hit $75 soon. I'm only holding $625 in silver coins I'm willing to part with. Not like I'm in dealing with an earth shaking amount but a large profit is to be made and that became my main mission years ago. It's hard to over come. However, thinking about next years tax bill does help clear my head. I paid a penalty last year and I know I'll be doing it again this coming season.
There is no reason the price of silver should be trading where it is. The economy is in the tank so the commercial use of silver should reflect the price way much lower. The silver market is being manipulated by some very big players. We don't have the playbook, and are reduced to guessing and searching for clues. At least I am. I was never very good with the game of Clue and even worse with the Silver game. I passed up a chance of buying a $100 dollar bag of silver Quarters at $27 and change, thinking it would drop to at least $25, rising to $30 before starting a slow drop back to $25. So much for that guess. No play book. Didn't have this trouble with Gold. So, right now, this minute I'm going to hold onto my small stash. Certainly not going to buy anymore at these prices.
There is no reason the price of silver should be trading where it is. The economy is in the tank so the commercial use of silver should reflect the price way much lower. The silver market is being manipulated by some very big players. We don't have the playbook, and are reduced to guessing and searching for clues. At least I am. I was never very good with the game of Clue and even worse with the Silver game. I passed up a chance of buying a $100 dollar bag of silver Quarters at $27 and change, thinking it would drop to at least $25, rising to $30 before starting a slow drop back to $25. So much for that guess. No play book. Didn't have this trouble with Gold. So, right now, this minute I'm going to hold onto my small stash. Certainly not going to buy anymore at these prices.
Jason in Enid
Gold Member
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Why hold it until you die? It's a form of wealth just like property or stock. If you don't need it as cash, hold it and pass it on to the next generation. If you do need the cash, sell it whether the profit is large or small.
Jason in Enid
Gold Member
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If you have so much PM holdings that you worry about paying taxes, then............ will you adopt me? LOL
FreedomUIC
Bronze Member
I have sold many oz's of Silver over the last four or five years. Not once did I ever get a 1099-MISC for the sale not did they tax me on it at the time of sale.
Always sell to a local coin dealer and never to a commercial entity like Provident Metals, Silvertowne or such. Smelters either as they report what you
sold to them.
Stick local and pray that they do not make bullion reportable by everyone.
Last edited:
jim4silver
Silver Member
- Apr 15, 2008
- 3,662
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There are specific transactions that require a 1099 to be filed when a person sells PMs. Any reputable coin dealer will 1099 you when they are required to, otherwise they could be liable. The amount that requires a 1099 is fairly large for silver and only applies to certain types of silver. Same with gold. Also, if you get 1099'd by the coin dealer, they are supposed to send you a copy of the 1099 for your records.
Below is a link to a helpful page that explains what transactions require a 1099.
Bullion Reporting Rules
PS Even though a person's sale may not require a 1099 because it does not reach said thresholds, the person is still legally liable for the taxes on any gains from the transaction. Some mistakenly believe that if you don't get 1099'd then you don't legally owe anything, which is false.
Jim
Freedom---don't know where you live but in this area every PM Buyer, Coin Shop, Pawn, whatever pays you with a machine made check with three, or maybe more copies. You get the top one, the shop keeps the rest and I'm sure one goes directly, or somehow indirectly to the tax collectors. Even with a cash payment, so I hear, never had one, you have to sign some type of paper work. Ever see the Pawn Stars type TV shows where the owners say come to the back while we do the paperwork? And this is after saying they are paying them in crisp new hundred dollar bills. They get the cash but are leaving their name and SS# on a piece of paperwork the shop owner accountant will file with some agency. He's sure not going to pay more taxes than he has to. Besides, I've found it better in the long run to stay legit.
Jason---It's not the PM translations that makes me watch my taxes so carefully. It's the rest of what I do. The Feds and my State made me a true believer in fully reporting "all" income some ten or more years back. You don't want to hear it. To painful to even write about all these years later. At least I didn't go to jail. lol
Jason in Enid
Gold Member
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Lost- I'll take your word for it. Sounds like you went through a lot. That's why I use a professional tax service for dealing with all my filings!
FreedomUIC
Bronze Member
Not a single shop issues a receipt for a cash sale. I have been going to them for so long maybe they are doing me a favor and not one has paid me in check, all sales
are in greenbacks/clams/CNotes/currency.
This mis-understanding is my fault. I am talking about silver and gold transactions in the four, five and six numbers. At that level you get checks or electronic transfers. if your coin shops want to operate off the books, more power to them.
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