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*Official* Silver/Gold thread

WaterH said:
Soon the price with premium will be over $3,000. That means buying one oz will trigger a report to the feds. Need to buy now.
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Huh??

I usually buy gold and silver from Money Metals. I was told by them there is no obligation to report any purchase of precious metals in any amount to the feds.
 
BDK said:
Huh??

I usually buy gold and silver from Money Metals. I was told by them there is no obligation to report any purchase of precious metals in any amount to the feds.
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There is no obligation for you to report it. But if you bought over $3,000, they reported you. There’s a shop I buy gold from that explained the rules. I always paid cash. I never bought more than two ounces back when it was $1300. I went to buy some when it was $1600 and he said “I need ID”. I said BS and only bought one oz. Soon that will end.
 
WaterH said:
There is no obligation for you to report it. But if you bought over $3,000, they reported you. There’s a shop I buy gold from that explained the rules. I always paid cash. I never bought more than two ounces back when it was $1300. I went to buy some when it was $1600 and he said “I need ID”. I said BS and only bought one oz. Soon that will end.
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The shop I woyld buy it from told me up to 10k
 
I didn't fill out papers, I paid by check over the phone. I bought $17,000 worth at one time. No taxes, no reporting. A good friends neighbor works there and handled the transaction. I even got their friends and family deal. I don't see how they could have reported since they don't have my SSN. A few days later, a heavy box shows up via UPS.

Has anyone ever had the IRS question withdrawing cash from a bank or writing large personal checks? I never have and I do it all the time. How does the IRS do it? Is it at tax time, or do they send a letter, or do they wait three years or until they find out you are a registered republican and then raid your house?
 
Its called BSA, Banking Secrets Act.
 
[486] said:
what?

maybe since bars are tax exempt in mn that doesn't apply?
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I don’t follow.

BDK said:
I didn't fill out papers, I paid by check over the phone. I bought $17,000 worth at one time. No taxes, no reporting. A good friends neighbor works there and handled the transaction. I even got their friends and family deal. I don't see how they could have reported since they don't have my SSN. A few days later, a heavy box shows up via UPS.

Has anyone ever had the IRS question withdrawing cash from a bank or writing large personal checks? I never have and I do it all the time. How does the IRS do it? Is it at tax time, or do they send a letter, or do they wait three years or until they find out you are a registered republican and then raid your house?
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None of this applies to checks or CC purchase. There is no law that you can’t withdraw over 10 k, but you have to fill out paper.

2big bronco said:
Yeah I dont know, mayby its different state to state. I have bought over 3k worth of silver in person, in cash several times and 0 information was traded.
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Was this from a licensed dealer or paun shop? If so, he broke the law. After you leave the store, I suppose he can say he sold multiple smaller batches of silver to different people. But if a fed was there and witnessed it, he would be in deep shit.
 

BOTH of the following conditions have to be met:

The transaction is (or related transactions are) larger than $10,000 in size, AND
Payment is made using actual cash (i.e. Federal Reserve notes and U.S. coins) or with two or more cash instruments (defined as money orders, cashier's checks, or traveler's checks) which, individually, are $10,000 or less but when totaled together equal more than $10,000. Personal checks, debits, bank wires, and credit card payments are NOT considered cash or cash instruments, and, therefore, purchases using them do not trigger disclosure by a dealer regardless of their amount(s).
The IRS disclosure document involved in these extremely rare situations is called Form 8300, and it's applicable to all cash transactions in the broad U.S. economy meeting the above conditions – not just precious metals transactions.
 
If gold "theoretically" paces inflation long term, will collectable currency tend to outperform gold long term, or is it too narrow a market and paces gold or lags behind?

I don't consider either a real investment, but do have some for kicks. Debating either buying another oz of gold or a mid to high grade $500 bill.
 
the conservative atheist said:
If gold "theoretically" paces inflation long term, will collectable currency tend to outperform gold long term, or is it too narrow a market and paces gold or lags behind?

I don't consider either a real investment, but do have some for kicks. Debating either buying another oz of gold or a mid to high grade $500 bill.
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Whats your $500 bill graded? A note?
 
the conservative atheist said:
Looking to buy one graded a 35 or higher. I think that is very fine + ? Can buy ungraded ones in near uncirculated condition for close to the same price as well.
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Ahh gotcha. Id love to get a few high denomination bills for the fuck of it. What price are you seeing the ungraded ones? And from where?
 
[486] said:
I'd go with something physical rather than the collector value, but that's me worrying about marketing a very low-volume item in lean times
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As soon as I read it I started thinking housefire, hopefully my metals melt into a pile in the bottom of the can that was my fire safe whereas any paper stuff is gone
 
Those are "cool" and have collector value, but collector value stems from a surplus of disposable income, compare the general inflation of goods, cars and housing over the last 4 years, it about doubled, but in that time enough people had even more disposable income that rolexes, early broncos and vacation homes tripled. As the money supply tightens up, that demand falls first, and those luxuries get sold to pay for the necessities

I put cool numismatic stuff in the luxuries market, while I appreciate them, you buy them from a small collector trying to make his mortgage in lean times, then sell in a boom time.

It's a totally different market and trend as precious metals, which is an insurance policy against fiat
 
the conservative atheist said:
If gold "theoretically" paces inflation long term, will collectable currency tend to outperform gold long term, or is it too narrow a market and paces gold or lags behind?

I don't consider either a real investment, but do have some for kicks. Debating either buying another oz of gold or a mid to high grade $500 bill.
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Those are cool, but the value is only “collector”. I have quite a few gold bullion coins from other countries. Some of them (queens beasts) are priced above the bullion price because of “collector value”. I don’t know that value will hold or go up more, but they will never go down below spot price of gold. Also, if you carry a $500 bill to Brazil, do you think you can sell it there? I know I can sell my gold world wide.

Also mentioned, gold don’t burn or rot.
 
Gold still climbing

Silver is waking up, having a big morning, blew through 32.50, that's a "line of resistance" apparently
 
Silver over 33

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:laughing:
 
[486] said:
don't you dare I wanna see 5400
(I don't even have any gold)
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I think you corrected me a page or so back that it just means the money is worthless. I mean worth less. :flipoff2:



I guess I don't really want to see silver go to $150oz, but, it would be nice to pull the curtain back on banking politics and grift, but I repeat myself


In the meantime I'll enjoy air conditioning, cheap fuel clean water and refrigerated food
 
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A 6.4% day in a tangible commodity is a pretty big move.

As I've said before, I hate making these suggestions (though I've pretty much been right) it seems like it's going to do a long 2 steps forward, one step back dance, and if anybody is on the fence, you might want to buy in on a little pullback. I like jmbullion
 
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