Buying silver, where to start

Discussion in 'Financial Cents' started by rush81, Feb 3, 2010.

  1. Falcon15

    Falcon15 Falco Peregrinus

    B #4 - Barter goods, comes AFTER the three B's like BT said.

    B#5, Bullion, is dead LAST.
    VisuTrac and Gator 45/70 like this.
  2. vonslob

    vonslob Monkey++

    I buy all kinds of silver. Silver rounds, silver eagles, junk silver, and have even bought some small 10oz bars. Nice thing about junk silver is you can go in and buy one silver dime if that is all you have money for. So if you are just getting started it is possible to spread the budget around, a little on food, a little on this, a little on that, etc. But you can't eat bullets and you can't shoot silver coins.
    Tully Mars likes this.
  3. Falcon15

    Falcon15 Falco Peregrinus

    I beg to differ. You can certainly turn bullets into food, by hunting, and silver can be cast into bullets. ;)
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  4. Gator 45/70

    Gator 45/70 Monkey+++

    Lol, I live in Louisiana, I can find something to eat in a coolie or turn this into something larger that will eat what I'm eating. I eat raw sugar cane from the stalk, Its a weed, I can make salt and fuel at work, I have 2 fresh water wells.
    A roll of dimes will run in a modified choke thru a 12 gauge... Don't be on the other end...Never underestimate an Atchafalaya River Rat.
    Other than that I consider silver/gold to be cush-cush
    Falcon15 likes this.
  5. Gator 45/70

    Gator 45/70 Monkey+++

    Psst, He has no ideal what I can

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  6. kellory

    kellory An unemployed Jester, is nobody's fool. Banned

    Of course, that would be putting your money where your mouth is....
    Falcon15 likes this.
  7. kellory

    kellory An unemployed Jester, is nobody's fool. Banned

    Young guns 2 Best dolla 80 i ever spent by Sparta…:
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  8. oldawg

    oldawg Monkey+++

    biglaff In all my years of in,out,and thru LA. I've never ever seen a starving Cajun.
  9. vonslob

    vonslob Monkey++

    I was not being literal, of course you can get food with a bullet but you can not eat a bullet, and if you do not have a shotgun what good are a load of silver dimes going to do for you, and to cast coins into bullets you have to have fuel. Dont have sugar cane where i live and definitely have no idea of what an atchafalaya rat is. But back to what i was getting at and an idea falcon15 brought up, silver is the last thing you buy.
    i agree :)
  10. laurin

    laurin Once a Bubblehead... Site Supporter+

    I agree that precious metals are on the bottom of the list of preps but all preps should be looked at as a savings account and all savings accounts need to be diversified. That being said now is a pretty decent time to make small investments into silver. Just a small opinion not a demand or a calling from on high.
    Gator 45/70 and Tully Mars like this.
  11. UncleMorgan

    UncleMorgan I eat vegetables. My friends are not vegetables.

    I stumbled on this thread a little late, and haven't read every posting, but if have a couple of things to suggest.

    First, almost everything that is allegedly made out of silver is being counterfeited in China. That includes Credit Suisse bars and Morgan Dollars. (And gold stuff, too.)

    The one thing that ISN'T bring counterfeited is antique flatware--the Sterling Silver stuff like Grandma got as a wedding gift.
    The interesting thing about Sterling flatware is that EVERY piece is marked. Every piece is also listed as a Pattern you can look up on the Web. You can find out when and where and by who it was made, and how much each piece should weigh.

    So you can be sure your Sterling flatware really is Sterling.

    And when the time comes to barter or sell you can sell it for the actual silver content, or for the content plus a premium for beauty/antiquity/ and/or utility.

    And in very bad times, you can be the poor starving peasant selling Granfma's last silver spoon (Boo-Hooo!) rather than that rich dude handing out the pure silver ingots. (Yeah, him. The guy with a target on his back.)

    BUT: That being said, there's a super-good reason to convert as much cash as you can into Silver Eagles or any other American coin that has a listed face value.

    (Git out yer calculators, y'all, and check me on this, 'cause I'm counting on my toes.)

    Let's say you finally found that BOL and it's gonna cost ya $20,000.

    If you pay that in Federal fiat currency, you'll be expected to pay taxes on a $20.000.00 purchase.
    Let's call that 8%--and you'd be out of pocket another $1,600.00.

    On the other hand if you bought 1,000 Silver Eagles (Face value $1,000.00) back when they only cost $15.00 each, you'd have $15,000 tied up in your coins.

    And if you're now buying your BOL with silver at a flat $20.00 an ounce, and new Silver Eagles are costing $23.00, you'll be able to buy your BOL with 870 Silver Eagles--MOL.

    And those 870 Silver Eagles only cost you $13,050.00.

    AND you'll still have 130 Silver Eagles under your mattress, worth $2,990.00 with which to Pay Your Taxes.

    BUT WAIT! You won't have pay $1,600.00 in taxes for a piece of land advertised at $20,000.00.

    You'll only have to pay taxes on the face value of the money you spent.

    Which is $870.00.

    Holy Bats, Bananaman! That's only $69.60 in taxes!

    So you just saved $1,530.40 in taxes.

    And the BOL that should have cost you $21,600.00, all up--only cost you 13,119.40 all up, after paying the taxes in fiat.

    You just saved $8,480.60. And you still have 130 Silver Eagles tucked away for a rainy day.

    Will the tax man be happy with that? Hell, no! He'll be pissed. And so will the IRS.

    But guess what?

    The US Supreme Court has already ruled on that issue, and they ruled against the IRS. The Supreme Court has ruled that ONLY the face value of the (American) money tendered in a sale can be considered for purposes of taxation.

    That means that if you paid for your land with a genuine 1937-D Uncirculated 3-legged Buffalo Nickle (Worth $20,000.00), you'd pay taxes on a 5-cent purchase.

    Ain't life grand?

    Buy silver.
  12. Kingfish

    Kingfish Self Reliant

    Silver is down now from where it was when I started buying it. It is a good time to buy. I now buy from the Northwest Mint. Silver bars called stagecoach bars. They are breakable into quarters for trade,barter etc. Once the Dollar falls and it will Silver is going to go maybe as high as 150.00 an ounce. But no matter where it tops out it will be far more than 20 an ounce. I am buying blocks of 50 to get the price cuts to under 20 an ounce.
  13. vonslob

    vonslob Monkey++

    If you sell silver to purchase a house you have created a taxable event. Selling a 1937-D nickel will cost you 28% of the value in federal tax. The irs can make the determination that the silver you are selling is bullion and would be taxed at your tax rate whatever it is.
    For that to happen the other party would have to agree to take the silver coins instead of cash. There would be no reason for them to do this because there is no advantage to the seller and a disadvantage as far as taxes go. If you were to sell to a relative then the red flags go up and could be considered a related party transaction. Before you were to do this you might want to consult a tax accountant.
    Ganado likes this.
  14. Legion489

    Legion489 Rev. 2:19 Banned

    Well that is technically true. But like a lot of things, such as if the idiots weren't so stupid they would be geniuses, it really isn't that easy. Ever try to melt silver? Lead is ready to cast about between 700-800 degrees F (it will melt a lot lower than that usually, I said "ready to cast"). Silver is what? 2000 degrees? You ain't melting and casting that over your wood fire! Next it cools too quickly to fill out a iron bullet mold and will melt your aluminum mold. Always problems!
  15. mysterymet

    mysterymet Monkey+++

    What, you guys don't have a little furnace that will go to 1800f and some decent ceramic molds?
  16. Gator 45/70

    Gator 45/70 Monkey+++

  17. HK_User

    HK_User A Productive Monkey is a Happy Monkey Site Supporter

    Steel works for me, who wants aluminum?
    Gator 45/70 likes this.
  18. Kingfish

    Kingfish Self Reliant

    I think the breakable stagecoach bars are really versatile as you can break them into quarters for barter, or use as money. They are made by northwest mint. That is what we buy. you get a good price break when you by 50 or more. Stagecoach Silver Bullion from Northwest Territorial Mint
    Gator 45/70 likes this.
  19. chimo

    chimo the few, the proud, the jarhead monkey crowd

    While I prefer buying from local shops, they are getting pretty crazy on their premiums. I've done business with APMEX, but I found that I have gotten better deals going to Ebay and buying from Aydin Coins...better prices and less shipping costs than APMEX
    Gator 45/70 likes this.
  20. Kingfish

    Kingfish Self Reliant

    Under 15.00 an ounce right now. Im picking up up another 50 OUNCES NEXT WEEK.
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