Author Topic: Silver Newbie. Not sure how to proceed  (Read 14526 times)

Offline Crash

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Re: Silver Newbie. Not sure how to proceed
« Reply #30 on: March 10, 2011, 02:43:36 PM »
You're welcome. Yeah it turns my stomach to think of the abuse of power with that raid. The Fed is scared to death we will stop using FRNs and start using real metal to barter with again. The raid proved that fact.

Offline TexDaddy

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Re: Silver Newbie. Not sure how to proceed
« Reply #31 on: March 10, 2011, 02:53:02 PM »
...Tex,
Thanks for the video.  Good info.
I am glad you enjoyed it. It always makes me want to go out and get more silver.  ;)

endurance

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Re: Silver Newbie. Not sure how to proceed
« Reply #32 on: March 10, 2011, 03:33:38 PM »
I have Jack to thank for my move two years ago in about November.  I went on line and bought 40 morgan slicks (no coin value, just silver content) for $11 each.  Probably my best ROI in the last decade.

That said, with silver prices what they are, I'd recommend dollar cost averaging right now and buying a little bit at a time, since prices could go either way at this point.

Offline ag2

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Re: Silver Newbie. Not sure how to proceed
« Reply #33 on: March 10, 2011, 06:51:45 PM »
Quote
The Fed is scared to death we will stop using FRNs and start using real metal to barter with again.

Crash,  I expect to see legislation to ban/criminalize bartering.  They will use several poor excuses: bartering will weaken the dollar; barterers are dodging their fair share of sales taxes; and this law will help to increase people's personal safety because "dark alley and back room" bartering is dangerous.

I'm not sure if I'm just more aware and alert to this, but to me it seems that bartering is becoming more common on craigslist.  I have seen lots of ads from folks willing to barter for silver rounds and coins.  lol lol

I went back to the pawn shop that had a handful of pre '64 quarters for sale at $6.50 each.  They were all sold (just 24 hours after my visit).  The owner said silver goes fast and he has seen lots of silver bugs in his shop.  Tex must be driving all the way up to northern CO.  :).

Offline Insidious

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Re: Silver Newbie. Not sure how to proceed
« Reply #34 on: March 10, 2011, 06:56:54 PM »
Here is a list of Sales Taxes on bullion sales by state:
http://preciousmetals.wikia.com/wiki/Bullion_Sales_Tax

A quick summary in case the link goes dead:
AK - No state tax (may be local tax)
CA - >$1500 no tax
CO, IL, IA, SD, WA - No tax
FL - >$500 no tax
MA, TX >$1000 no tax
MI - No tax (silver, gold, platinum)
AL, MN - No tax if reseller
PA - No tax on coins and bullion

Offline TexDaddy

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Re: Silver Newbie. Not sure how to proceed
« Reply #35 on: March 10, 2011, 08:01:52 PM »
...Tex must be driving all the way up to northern CO.  :).
Actually, I have purchased coins in both Denver and Boulder, but it has been several years since I have been there now.  ;)

I have the best coin dealer right here in my city I have ever visited. Since I found him, I wouldn't consider going anywhere else.

Offline WiFiNetGuy

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Re: Silver Newbie. Not sure how to proceed
« Reply #36 on: April 27, 2011, 01:41:22 PM »
You may also want to contact Bernie at H&H Coins in NC. He's always been straight-up too. I deal with both him and George a LOT. Oh and Bernie has TSP coins too. Support those who support us.

Crash, I know this is a rather old thread, but I contacted Bernie at H&H Coins and he had no idea what I was talking about when I mentioned that I had heard that he had TSP coins. Do you know anywhere else that I can get those?

Offline Silver surfer

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Re: Silver Newbie. Not sure how to proceed
« Reply #37 on: May 27, 2011, 04:08:08 PM »
Thank you, everyone that has posted a reply, for the information. I really appreciate the insight and suggestions.

One mistake a lot of newcomers to precious metals make is to pay numismatic value for their slv & gld coins. If you're buying for inflation hedge,for your portfolio or for after things get hellaciously bad from the dollar collapse you want to buy bullion value which is spot price or a little over. To make good,educated purchases,you need to monitor spot prices daily online. I do and it keeps you from paying way too much for an ounce of metal. I watch kitco.com and have been very happy with their market monitor and the news bulletins they post on their site regarding metals and what's happening around the world concerning precious metals.


Another very common mistake newbies make is using eBay as a priceguide. eBay has it's place in the order of things,but NOT as a priceguide and especially in precious metals.All it takes is 2 people wanting the same coin bad enough to make a coin that is $41 in bullion value sell for $125. Also,eBay is quite subject to "panic buying". People see or hear bad word in the news concerning economic collapse,so they go home and shoot their wad so they have a little peace of mind that they bought silver for the coming disaster. I myself buy alot of slv on eBay,but I am informed and well knowledged about the subject and do alot of scrolling until I find the sleeper deal. They're out there,but you need to know what you're doing and be armed with metals education and prices.



Lastly,beware of Chinese coins. Be VERY wary of them because there are literally thousands of fakes out there with the vast majority of them being sold on eBay and ioffer.com . If you absolutely HAVE to own a chinese panda or dragon silver round,sometimes APMEX or other reputable mints and coin dealers have them. I would buy chinese coins ONLY from them because they back your purchases that they are guaranteed authentic. Educate yourself BEFORE jumping into the silver riptide. There's A LOT of dangers out there,but once educated,you can easily avoid alot of the pitfalls.

Silver surfer