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Gold and silver. Discuss - Page 6

post #76 of 289
Quote:
Originally Posted by Valproate View Post
Buffett said this in his 2009 shareholder letter. However, he also made a nice amount of money when he bought silver for $4 and change around 1997. He sold it sometime ago, however.

Yes, he said gold does nothing but stay there and look pretty...
post #77 of 289
So, anyone else besides javyn in the freak out and stock up on bullion club? Just got ~130 oz silver and a few 1/4 oz gold krugerrands. The numismatic and metal exchanges here in h-town were all sold out of everything save one this weekend, so I got what they had. Plan on increasing this week to around 30k physical metal if I can find any exchange that's been restocked this week.
post #78 of 289
http://www.thenewamerican.com/index....s-legal-tender

Quote:
Utah House Approves Gold, Silver as Legal Tender

Quote:
The Utah House of Representatives voted on March 4 to make gold and silver coins issued by the federal government into legal tender within state borders, prompting praise from sound-money advocates across the nation. The legislation will now be taken up by the state Senate.

In addition to possibly making precious-metal coin lawful money for intrastate and government transactions, the bill would exempt gold and silver from state sales, income, and capital-gains taxes. The legislation also states that individuals cannot be compelled to accept precious metals instead of Federal Reserve Notes. It was approved in the House with a vote of 47 to 26.

So it is, so it is.

I need to find a 1k oz bar and soon
post #79 of 289
Quote:
Originally Posted by javyn View Post
So, anyone else besides javyn in the freak out and stock up on bullion club? Just got ~130 oz silver and a few 1/4 oz gold krugerrands. The numismatic and metal exchanges here in h-town were all sold out of everything save one this weekend, so I got what they had. Plan on increasing this week to around 30k physical metal if I can find any exchange that's been restocked this week.
Kitco and Perth always have bars in stock. I'm negotiating a deal on 50 or so ounces of junk silver dollars on a private deal. After that I'm going to sit a bit and see if prices settle down. If it keeps running I'm inclined to dump 200 to 300 ounces and buy some gold.
post #80 of 289
Apmex has a ton of bars, but I'm looking for junk coins now like you. I'm not ordering online though, whatever I buy I want to buy cash with no paper trail. Bad enough the cop guarding the gold exchange marked my license plate number when I was leaving with what I bought Saturday. Going to be hitting up the exchanges for junk this week, and more bars if they have em. Keeping an eye out for 1/4 oz gold coins too, but will buy a 50 peso piece if I come across one because, they are just cool.
post #81 of 289
Quote:
Originally Posted by javyn View Post
http://www.thenewamerican.com/index....s-legal-tender





So it is, so it is.

I need to find a 1k oz bar and soon

I'm confused...isn't the commodity value of gold currently far higher than the currency valuation of the minted coins?
post #82 of 289
Quote:
Originally Posted by otc View Post
I'm confused...isn't the commodity value of gold currently far higher than the currency valuation of the minted coins?
Quote:
Utah citizens would be able to pay their taxes with precious metals at market value, as opposed to the face value used by the federal government, which is far less than the price of the actual gold or silver in the coins.
Yep. Of course, you get commodity value of the metal, not numismatic value of the coins themselves. So don't get rid of that rare coin from whatever certain year you spent so much on to complete the collection
post #83 of 289
Quote:
Originally Posted by javyn View Post
Apmex has a ton of bars, but I'm looking for junk coins now like you. I'm not ordering online though, whatever I buy I want to buy cash with no paper trail. Bad enough the cop guarding the gold exchange marked my license plate number when I was leaving with what I bought Saturday. Going to be hitting up the exchanges for junk this week, and more bars if they have em. Keeping an eye out for 1/4 oz gold coins too, but will buy a 50 peso piece if I come across one because, they are just cool.
Coins can be a pain. Most dealers put too much of a numismatic premium on them for my liking. Hit flea markets and antique shops. A lot of people are selling silver coins for spot at these places. Every now and again someone will have some gold coins at spot as well. Don't forget 1965 to 1970 Kennedy halves. They are about 40% silver by weight and if you do the math they are worth 5 bucks plus change each. If your bank can get rolls of halves it can be worth cherry picking 'em. Oh and a lot of old junk fountain pens have nibs that are made of 14K, 18K Gold or are Platinum. You need to know a bit about pens to really pull this off but you're looking at 20 bucks or more worth of metal for 2 or 3 bucks once you get good at it.
post #84 of 289
Thanks for the tips, very interesting re: pens. I live in the South, so even before I knew what I was doing, I pretty much had it ingrained in me not to pay too much over spot. We have people here who will seriously try to sell a coin for 50% over spot because it's some rare year/edition/whatever. The few coins the gold exchange here had left, they only charged me 2 dollars over spot, which I thought was fair, even for coins. The numismatic exchange here didn't even answer the phone when I was calling Saturday, so I figured it was crazy town over there and didn't even bother with them. I am going to try again this week. I'm hoping one of these places has a big bag of junk silver coins like Apmex has but are currently sold out of.
post #85 of 289
Quote:
Originally Posted by javyn View Post
Thanks for the tips, very interesting re: pens. I live in the South, so even before I knew what I was doing, I pretty much had it ingrained in me not to pay too much over spot. We have people here who will seriously try to sell a coin for 50% over spot because it's some rare year/edition/whatever. The few coins the gold exchange here had left, they only charged me 2 dollars over spot, which I thought was fair, even for coins. The numismatic exchange here didn't even answer the phone when I was calling Saturday, so I figured it was crazy town over there and didn't even bother with them.
Was that 2 bucks over spot for Silver Eagles?
post #86 of 289
Ehhhh....no. I guess I misspoke, they are more medallions than coins. Some franklin mint sterling medallions with different animals and mythological beasts from different countries from 1977 I think. I'll link when I get home. I guess they do have some numismatic value though, the ones I found online are going for 90 bucks each. A little over half an ounce of sterling. I paid ~28 for each (total 5)
post #87 of 289
Quote:
Originally Posted by javyn View Post
Ehhhh....no. I guess I misspoke, they are more medallions than coins. Some franklin mint sterling medallions with different animals and mythological beasts from different countries from 1977 I think. I'll link when I get home. I guess they do have some numismatic value though, the ones I found online are going for 90 bucks each. A little over half an ounce of sterling. I paid ~28 for each (total 5)
I got some oddball 1 ounce coins like that. One of these days I'll find someone with some Eagles at a decent price. Yeah right. LOL. Some of the bullion coins coming out of China are worth looking at as far as maintaining numismatic value is concerned. Same with some of the stuff coming out of Perth.
post #88 of 289
Double post
post #89 of 289
Just picked up another 40 oz today, putting me over 100 ounces, feel like a super small timer. But I think i made a smart move on putting money into silver. I think we may see a small pullback, but i think we could easily see 50 within six months. Agree?
post #90 of 289
I agree, and am hoping for more pullbacks so I can load up more. Another small timer here don't feel bad. I think 50 is a definite, but that's just me, what do I know? I don't know about the people online who are going on about $1300/oz silver though heh....but if so hey, good for us.
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