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Main Forums => The Roundtable => Topic started by: 280plus on March 30, 2006, 01:27:58 AM

Title: Seen the price of silver today?
Post by: 280plus on March 30, 2006, 01:27:58 AM

$11.45 !! Highest price in 20 years!

What do we think the chances are that it will continue to trend upward?

Title: Seen the price of silver today?
Post by: El Tejon on March 30, 2006, 02:00:09 AM

High probability.  The economy of India and China may approach hyperspeed.  If so, it will continue to rise.


I went heavy into silver after 9/11.  See if it pays off.

Title: Seen the price of silver today?
Post by: K Frame on March 30, 2006, 05:10:37 AM

I just hope it holds for a few more weeks. If it does, I'm going to get rid of about 300 ounces I have in storage in Pennsylvania.

Title: Seen the price of silver today?
Post by: 280plus on March 30, 2006, 05:22:55 AM

I'm still on the fence...

I want to hold but I don't want to lose the gains either.

Title: Seen the price of silver today?
Post by: El Tejon on March 30, 2006, 05:27:47 AM

$15 is my cut off.  If so, it's a bunch of new guns.

Title: Seen the price of silver today?
Post by: The Rabbi on March 30, 2006, 05:28:46 AM

I am about ready to short precious metals.  With the Fed raising rates it will tend to cool down any inflation and also make holding metals more expensive (most of the big positions are leveraged).  When economies start cooling watch how fast precious metals prices fall as people try to raise cash.

Title: Seen the price of silver today?
Post by: 280plus on March 30, 2006, 06:08:30 AM

I need to come up with $ for this years IRA. What better way than with non taxble money? Would I be obligated to pay income tax on the sale of my personal silver?

Title: Seen the price of silver today?
Post by: K Frame on March 30, 2006, 06:10:11 AM

"Would I be obligated to pay income tax on the sale of my personal silver?"

Yes. It's no different than any other investment medium in that sense (excepting municipal bonds and some other tax free/reduced tax/tax deferred instruments).

Title: Seen the price of silver today?
Post by: benEzra on March 31, 2006, 10:37:05 AM

This is going to be a dumb question, but where do you *sell* precious metals?  I have a few silver eagles from the 1990's (that I bought at 4.something/oz and now wish I had bought a LOT more of...) and will probably keep them, but if I were going to sell them, where?

Title: Seen the price of silver today?
Post by: El Tejon on March 31, 2006, 11:47:55 AM

ben, I usually run my coins through a dealer in Chicago.  Have had a existing relationship with him for years.

Title: Seen the price of silver today?
Post by: 280plus on March 31, 2006, 11:57:18 AM

Mike, my local coin dealer is responsible for reporting the sale? How do they know what profit I made?

Title: Seen the price of silver today?
Post by: K Frame on March 31, 2006, 12:01:17 PM

Did I say that the sale would be REPORTED?

No.

Read my response again. I said only that you're obligated, under the laws of the United States, to report the profit on such sales as taxable income. It's up to you to maintain the records on the commodity's basis, which you should have received in the form of a receipt when you purchased the stuff.

Whether you do or not is, of course, your choice.


That said, depending on the size of the sale and new laws that are in place, yes, you might very well find yourself the recipient of a form similar to a 1099-INT if you reach a certain threshold with a single dealer.

Title: Seen the price of silver today?
Post by: Guest on March 31, 2006, 12:08:37 PM

Quote from: 280plus

$11.45 !! Highest price in 20 years!

What do we think the chances are that it will continue to trend upward?

We think it will continue for years.

 Real interest rates (interest rates minus inflation) are negative.

Title: Seen the price of silver today?
Post by: 280plus on March 31, 2006, 01:03:58 PM

What purchase? I found the stuff...

Title: Seen the price of silver today?
Post by: K Frame on March 31, 2006, 01:38:49 PM

Hate to tell you, but a find is the same as a purchase.

Only with a find, it's like winning the lottery. There's no bottom basis. It's all profit.

Title: Seen the price of silver today?
Post by: Art Eatman on March 31, 2006, 02:51:43 PM

Wioth the soon-to-be ETF (exchange traded funds) for silver, look for the price to continue to rise.  The demand is expected to be greater than the above-ground supply.

Warren Buffet thinks the price will continue to rise, and that's good enough for me...

, Art

Title: Seen the price of silver today?
Post by: 280plus on March 31, 2006, 03:55:18 PM

Dang it Mike, quit urinating on my CORNFLAKES!!

Title: Seen the price of silver today?
Post by: The Rabbi on April 01, 2006, 03:40:27 PM

Quote from: Art Eatman

Wioth the soon-to-be ETF (exchange traded funds) for silver, look for the price to continue to rise.  The demand is expected to be greater than the above-ground supply.

Warren Buffet thinks the price will continue to rise, and that's good enough for me...

, Art

You mean the same Warren Buffett who predicted the US dollar would continue to fall and lost $200M+?  And I am a Buffett fan btw.

Title: Seen the price of silver today?
Post by: Moondoggie on April 01, 2006, 04:41:09 PM

RE: Warren Buffet.....nobody bats a thousand!

He's got a few billion bucks more than any of us will ever think about having.  He's been right a whole lot more than he's been wrong.

Title: Seen the price of silver today?
Post by: O.F.Fascist on April 01, 2006, 05:42:00 PM

Quote from: benEzra

This is going to be a dumb question, but where do you *sell* precious metals?  I have a few silver eagles from the 1990's (that I bought at 4.something/oz and now wish I had bought a LOT more of...) and will probably keep them, but if I were going to sell them, where?

You could try to sell them at local coin shops.

Better ideas though might be at the flea market, eBay, various online boards, or the local newspaper.

Title: Seen the price of silver today?
Post by: Guest on April 02, 2006, 05:58:55 AM

.

Title: Seen the price of silver today?
Post by: The Rabbi on April 02, 2006, 06:46:30 AM

Quote from: Moondoggie

RE: Warren Buffet.....nobody bats a thousand!

He's got a few billion bucks more than any of us will ever think about having.  He's been right a whole lot more than he's been wrong.

True.  And as I indicated I greatly respect his opinion on many things.
Interestingly he is at his best when looking strictly at businesses and how they function.  When he steps out of that into more macro-economics he appears to me like a fool.  He has consistently opposed tax cuts, for example.

Title: Seen the price of silver today?
Post by: Moondoggie on April 02, 2006, 07:19:14 AM

Rabbi...

I agree.

For me, macro economics is easier to fathom than business econ.

Title: Seen the price of silver today?
Post by: Art Eatman on April 02, 2006, 06:39:38 PM

Rabbi, the whole problem with playing any sort of futures is the timing--as I imagine you well know.  I don't know if you pay any attention to Chuck Butler at Everbank.com, but he's a dollar bear.  He's been going bonkers for over a year, trying to figure out why the dollar hasn't fallen more.  Remember when the Euro first broke $1.20?  He just KNEW that it would hit $1.30 by last December.

It may well go to $1.30, but I sure won't say when.

Timing.

Art

Title: Seen the price of silver today?
Post by: RadioFreeSeaLab on April 03, 2006, 08:27:17 AM

Where does one purchase silver?

Title: Seen the price of silver today?
Post by: Greg Levy on April 03, 2006, 09:30:27 AM

The two places I go are:

www.apmex.com

and

www.mintproducts.com

There are some other decent places, but a lot of them have minimum order limits.

greg

Title: Seen the price of silver today?
Post by: 280plus on April 03, 2006, 10:12:20 AM

I've bought it at coin shops and auctions.