patrick.net

ad says

silver eagles are a safe play as well as silver ETF (ticker SLV)

SLV and GLD are fine investments for your non-taxable IRA account, but do yourself a favor and don't hold them in a taxable account. Those funds sell a tiny bit of their metal holdings each month to fund their daily activities. As an owner of the instrument, you need to make a complicated entry on your taxes for each month or part of a month that you own them. For those who have already made this mistake, here's a website that can help you: https://www.costbasistools.com/silver/SLV.php

SunnyvaleCA says

SLV and GLD are fine investments for your non-taxable IRA account, but do yourself a favor and don't hold them in a taxable account. Those funds sell a tiny bit of their metal holdings each month to fund their daily activities. As an owner of the instrument, you need to make a complicated entry on your taxes for each month or part of a month that you own them. For those who have already made this mistake, here's a website that can help you: https://www.costbasistools.com/silver/SLV.php

Don't buy any silver or gold unless you have physical possession. Otherwise, you're just trading more paper. There are IRA's that allow this.

clambo says

Silver has been dead for a long time.

Silver is more important than gold for money, always has been. And the two are very closely linked, so you're statement would have to apply to both. And in the end, silver will make the bigger gains, not gold.

Nothing like a series of bank failures to buoy gold. Currently above $2010.

Someone on Patnet once posted the amount of gold or silver (or both?) one could buy without raising suspicion. It seemed to be a nice dump of info but I can't find it anymore.

Was that you @NuttBoxer? I'm pretty sure it was you.

How does anyone know how much specie you are buying to start with? I don't believe the dealer has any reporting requirements. But they should be someone you can trust regardless. Now with the reporting changes from the IRS, I think they want banks to tell them about ANY cash withdrawals at $600 or more, which I think a lot of the smaller banks are against doing. But if you're paying by check, again, not sure anyone is reporting anything.

I can tell you I certainly don't disclose my buying habits to anyone outside my dealer and my family. The less people know, the better.

Buy simple chain jewelry. Jewelers, esp the ones that sell chains, aren't banks.

Also, if you're late for a gift selection: Dual Use!

NuttBoxer says

How does anyone know how much specie you are buying to start with? I don't believe the dealer has any reporting requirements.

The dealer has reporting requirements for cash transactions over $10k. There is a pretty nuanced list of scenarios at:
https://www.pacificpreciousmetals.com/reporting-requirements-buying
Note: The dealer will not consider a cashiers check over $10k to be CASH (doesn't have to report), but the bank will have to report.
https://www.irs.gov/pub/irs-pdf/p1544.pdf

Here is the size of transactions that trigger a 1099-B being issued by the dealer when selling your precious metals to them.

clambo says

Silver has been dead for a long time.

Silver has been on a tear since March 8th when the gold/silver ratio hit 90. Silver is up over thirty percent and the ratio is now below 80. Pretty convinced any time the ratio hits the high eighties (on the upslope), it's pretty close to sure thing (for at least a 10 percent boost). YMMV.

AmericanKulak says

Buy simple chain jewelry. Jewelers, esp the ones that sell chains, aren't banks.

Government issued coins (constitutional or bullion) are easier to verify and trade.

Onvacation says

Government issued coins (constitutional or bullion) are easier to verify and trade.

Current premiums are 50% over spot for Silver Eagles and 30% for Silver Maple Leafs. Yikes. Gold is a bit more reasonable and available (4% over spot for Gold Eagles).

Buy any well known coins that give you the most ounces. And always remember to take the ratio into consideration. Right now it's high, so only buy silver. Rounds carry some of the lowest premiums.

EBGuy says

The dealer has reporting requirements for cash transactions over $10k. There is a pretty nuanced list of scenarios at:
https://www.pacificpreciousmetals.com/reporting-requirements-buying
Note: The dealer will not consider a cashiers check over $10k to be CASH (doesn't have to report), but the bank will have to report.
https://www.irs.gov/pub/irs-pdf/p1544.pdf

Here is the size of transactions that trigger a 1099-B being issued by the dealer when selling your precious metals to them.

My guy won't accept cashiers checks. And he's out of state, so no cash. Has to be personal check, or bank wire only. I think he does that to get around some of the reporting you mentioned.

I wouldn't worry about your coin dealer anymore than your gun dealer. Your bank is the one most likely to sell you out.

Rather hold 1 ounce silver eagles

They seem to have more liquidity than gold coins

"GOLD WORKS IN ZIMBABWE, WHY NOT HERE? Plagued by hyperinflation, on 8 May 2023 the Reserve Bank of Zimbabwe (RZ) announced it will start selling gold-backed digital tokens with minimum price of US$10 and denominated in milligrams of gold. These tokens will be convertible though the banking system into physical gold coins. Of course, the International Monetary Fund advised Zimbabwe against this move. Sounds to me as if the IMF is going to hell itself and doesn't want to see anyone else saved."

- Franklin Sanders

https://www.pindula.co.zw/2023/05/08/buying-rbzs-gold-backed-digital-tokens-here-is-what-you-need-to-know/
https://www.pindula.co.zw/2023/05/09/imf-advised-zimbabwe-against-adopting-gold-backed-digital-currency-for-economic-stability/

Would anybody trust any currency Zimbabwe makes?????

Sure they have the gold...you can trust 'em this time.

Misc says

Would anybody trust any currency Zimbabwe makes?????

Sure they have the gold...you can trust 'em this time.

As long as you can convert it, you should.

Did you know in the 1920's, there was a propaganda campaign that encouraged people to move to using dollar bills instead of gold coins? Only "hicks" used gold coins. Government always steers you in the wrong direction.

If you live in Zimbabwe, convert to gold, always.

It's that time again - GOLD GETTING KILLED!

Just the latest of many, many articles I've seen about central banks buying gold. Now if you know a currency is about to collapse, and the new one isn't out yet, and you don't want to get screwed on the conversion...

https://www.zerohedge.com/markets/central-banks-are-buying-gold-record-pace-what-does-mean-inflation

It goes up. It goes down.

South Korea rolling out gold vending machines..

https://zerohedge.com/commodities/gold-bar-vending-machines-rolled-out-south-korean-convenience-stores

Central banks continue buying gold...
https://zerohedge.com/geopolitical/eight-central-banks-increased-gold-holdings-may

"RECORD HIGH GOLD PRICE. The World Gold Council reports that during 12-2023 the LBMA afternoon gold price averaged US$1,976 per ounce, a record high. According to the CME Group “Central banks bought a staggering $70 billion of gold, the most since 1950.”

- Franklin Sanders

Looks to me like central banks are planning for a monetary change, and regardless of how things go, they want to keep their position. If CBDC's go bust, having physical gold in their vaults will keep them in control. Assuming they can hold those vaults when the mob comes...

NuttBoxer says

Assuming they can hold those vaults when the mob comes...

The vaults are empty. They aren't stupid. The gold was pilfered decades ago.

If you read any of the above links, that information is no longer accurate, likely for the reason I stated.

The people trying to run the world keep buying gold...
https://www.zerohedge.com/markets/central-bank-gold-buying-continued-hot-july

If even the insiders refuse just cash, what does that tell you?

https://twitter.com/townhallcom/status/1706857025857261605
https://apnews.com/article/senator-menendez-indicted-729db45fcf21c42ba707c9d0139349e9

Shit - gold under $1850. I guess globohomo is doubling down to see who blinks first.

stereotomy says

Shit - gold under $1850. I guess globohomo is doubling down to see who blinks first.

iShares Silver Trust peaked around $47 in 2011. Now it is around $20. Silver and gold are Rigged Rigged. The central bankers do not want to see it becoming a threat to other asset classes like real property and stocks. They already are putting a squeeze on major crypto like bitcoin, etc.

Look at Amazon. Its at $127. Only about 20% above its February 2020 levels, yet overall inflation since then has been about 25%

S&P 500 only up 26% since February 2020 so it has a real return of nearly 0% since then :-/

So Powell and the Fed have cooled down stocks, ETFs, crypto, silver and gold . Dollar Index (DXY) is still relatively strong.

.

stereotomy says

Shit - gold under $1850. I guess globohomo is doubling down to see who blinks first.

Not sure where you pulled that number from but nobody is selling gold for that price. Remember the market is highly manipulated, and you will never be able to buy for spot until the old economy is dead and buried.

Fucking Costco selling gold bars now, and selling out..

https://www.zerohedge.com/markets/costco-gold-indicator

CCCP_trollbot says

You are better off putting your money in the S&P 500

Graph the yearly average of the S&P in terms of the average price of gold from 1900 to now.

NuttBoxer says

Not sure where you pulled that number from but nobody is selling gold

Silver Eagles and coins sell for about 10% to 15% above spot price for silver.

So spot silver around $20 then Silver Eagles (1 ounce) sell for around $22 to $23 generally.

I rather own 1 ounce silver coins and 1/10 ounce gold coins. Easier to use as far as liquidity then trying to use a 1 ounce gold coin, in case the dollar collapses.

However if the dollar collapses, I am not sure silver and gold will be valued as people will only want to trade in food, water, medical supplies, shelter, gasoline, and bullets.

.

ad says

However if the dollar collapses, I am not sure silver and gold will be valued as people will only want to trade in food, water, medical supplies, shelter, gasoline, and bullets.

And Tobacco! @patrick, this video reminded me of your grow operation: https://www.youtube.com/watch?v=O2vObnwMWho

He doesn't use it himself apparently but grows it because he can barter with it if SHTF.

Pretty sure it's illegal to use tobacco for barter, but then if SHTF the ATF is not going to be in business either.

The Germans used cigarettes as currency for a few years after WWII, because reichsmarks became worthless.

Patrick says

Pretty sure it's illegal to use tobacco for barter

You may have a different opinion after they put you in prison.

CCCP_trollbot says

Lol, from 1900?? Who da f cares what happened between 1900 and 2000?

Or don't. I don't care. There's certain people I only tell once. I led you to water in this regard. Bye

ad says

However if the dollar collapses, I am not sure silver and gold will be valued as people will only want to trade in food, water, medical supplies, shelter, gasoline, and bullets.

I already have all that stuff, so I'll take it for sure. I'm past survival, already thinking about how to thrive in the new economy.

ad says

However if the dollar collapses,

When the dollar collapses, it’s almost certain it is because the government collapsed. I don’t see a scenario where we create Weimar Republic style hyperventilation. Most of our debt is owed to Americans not foreigners. There is no reason to hyperinflate, so the concern is basically ludicrous. Now on the other hand it does seem we are on the brink of government collapse due to years of corruption, lies and weakness.