View Full Version : Bought 4k more in gold and silver - feels good
Stary Hickory
10-11-2010, 11:52 AM
The best way to tell the government BLANK you. Buy some gold and silver. Liberating feeling.
DamianTV
10-11-2010, 12:29 PM
I wish I had 4k. Shit, I wish I had $40 bucks. Im broke, as usual, until payday, when I can spend it on my bills and the fewer things than I coudl buy with that same paycheck last week.
ctiger2
10-11-2010, 12:31 PM
Nice work! I have 0 faith in the US Govt.
Danke
10-11-2010, 12:34 PM
I'm going long on paper mill stocks.
tjeffersonsghost
10-11-2010, 01:05 PM
I'm going long on paper mill stocks.
Haha^^
EvilEngineer
10-11-2010, 01:10 PM
I'm going long on paper mill stocks.
since the us dollar isn't really paper from wood pulp, it's mostly cotton and linen... best buy up cotton futures.
Michigan11
10-11-2010, 01:18 PM
How about buying up all the old silver certificates and redeeming them at the treasury for silvahhhhhhh?
tangent4ronpaul
10-11-2010, 01:22 PM
Isn't there something in the health care bill that says all gold purchases have to be reported to the government starting soon (date?)
Seems like history is getting ready to repeat itself with gold confiscation.
:mad:
-t
Cowlesy
10-11-2010, 01:34 PM
Isn't there something in the health care bill that says all gold purchases have to be reported to the government starting soon (date?)
Seems like history is getting ready to repeat itself with gold confiscation.
:mad:
-t
Maybe they know they're going to have to revalue it to $5k/ounce to stop a currency war, and after doing so, want a way to recoup some of the extraordinary gains a lot of mundanes may realize from it via taxation?
LibertyEagle
10-11-2010, 01:51 PM
Isn't there something in the health care bill that says all gold purchases have to be reported to the government starting soon (date?)
Seems like history is getting ready to repeat itself with gold confiscation.
:mad:
-t
It's not limited to gold. Any transaction more than I believe, 600 dollars, has to be reported.
Stary Hickory
10-11-2010, 01:54 PM
Isn't there something in the health care bill that says all gold purchases have to be reported to the government starting soon (date?)
Seems like history is getting ready to repeat itself with gold confiscation.
:mad:
-t
Ah yes but tragic accidents happening, boating accident...they fell over!
Dog ate my coins! OMG
I gave them away....etc...
So good luck collecting what I don't have
Stary Hickory
10-11-2010, 01:55 PM
I wish I had 4k. Shit, I wish I had $40 bucks. Im broke, as usual, until payday, when I can spend it on my bills and the fewer things than I coudl buy with that same paycheck last week.
yeah I had been saving up for some time when all this went through. I will not let leeches just suck me dry. So I am trying to move it to a safer place(what little I got).
justinc.1089
10-14-2010, 12:33 AM
How did you buy $4k of gold? Isn't it illegal to buy just plain gold and save it? I thought only gold in jewelry or whatever was legal to own for us common folk peasants...
I have been thinking about taking the tiny bit of money I have saved and buying gold and/or silver with it, but I don't know how to do that really? Or if I should?
Although I'm guessing once we get into hyperinflation, which is coming sooner or later, even just buying gold and silver jewelry will be better than saving paper money in the bank like I'm doing right now.
Btw, my very mainstream self-described classical economist economics professor even thinks the U.S is headed for hyperinflation, of around 8%-14% sometime around 2012-2014. I found that interesting because it is my feeling as well.
I do not think that will be our coming dollar crisis however, but the results of current policies to supposedly help the economy.
DamianTV
10-14-2010, 04:40 AM
yeah I had been saving up for some time when all this went through. I will not let leeches just suck me dry. So I am trying to move it to a safer place(what little I got).
Its more than I got.
Just out of curiousity, is your gold real actual physical in your hot little hands gold, or some piece of paper representing your ownership of gold?
How did you buy $4k of gold? Isn't it illegal to buy just plain gold and save it? I thought only gold in jewelry or whatever was legal to own for us common folk peasants...
Are you kidding? You need to visit you local coin shop.
Jewelry is not an investment. You will be paying in the neighborhood of 10x melt value of the metal in it. If you want to invest in gold/silver, buy bullion (which is the same thing as coins).
Recommended reading: http://the-moneychanger.com/commandments.phtml
liberalnurse
10-14-2010, 06:13 AM
Here's my story. We've been buying gold and silver for about 10 years now. Actually most of the gold came from Kentucky when my husband was working there. Mostly nuggets, some coins. Silver, mostly eagles. Anyway, at the end of July, my neighbor and his brother, who are always wheeling and dealing something. and pretty much drunk every night, came over and said look what we have. They had a silver eagle set of 18 coins, in an album, dated 1980 thru 2009. They also had 8 loose ones. They offered them to me @ $15.00 a piece. Sold..Cash money $390.00. A few days later they said that I got a good deal cause silver was up over $18.00. Well, duh. I told them you needed the money and I had the cash. Case closed.
It's not limited to gold. Any transaction more than I believe, 600 dollars, has to be reported.
A provision in the Health Care bill will be requiring coin shops (et. al.) to issue (and report) 1099s for transactions over $600 in 2012, but it's not in effect at the moment.
http://www.cato-at-liberty.org/2010/04/26/costly-irs-mandate-slipped-into-health-bill/
Speculation is that this is a baby step towards implementing a VAT tax:
http://www.zerohedge.com/article/guest-post-i-smell-vat
Currently, there is a $10K reporting requirement:
...
If payment is made by cash greater than $10,000, however, it becomes a "cash reporting transaction." It is not the gold that the government wants reported but the cash. Such reporting applies to all business transactions involving more than $10,000 cash.
Regarding cash transactions, Official General Instructions for IRS Form 8300 read: "Who Must File. - Each person engaged in a trade or business who, during that trade or business, receives more than $10,000 in cash in one transaction or two or more related transactions must file Form 8300. Any transactions conducted between a payer (or its agent) and the recipient in a 24-hour period are related transactions.
This regulation applies to cash - greenbacks, paper money. It does not apply to personal checks, wire transfers, or money market withdrawals. When cashier's checks or money orders are involved, cash reporting may be triggered.
Form 8300's General Instructions define as cash "a cashier's check, bank draft, traveler's check, or money order having a face amount of not more than $10,000." Using a cashier's check less than $10,000 would be a "cash transaction," but it would not be reportable because it is less than $10,000. However, two cashier's checks, each less than $10,000 but totaling more than $10,000 for a single purchase, would be considered cash and subject to reporting.
Further clarification: If an investor makes a $15,000 investment in gold and pays with a single $15,000 cashier's check, it is not reportable. If, however, he pays with two or more cashier's checks each less than $10,000, the dealer would be obligated to report.
Cash reporting requirements were not written specifically for the precious metals industry but for all businesses. The purchase of a car, boat, or jewelry, and payment with two cashier's checks, each less than $10,000 but totaling more than $10,000, would be a reportable transaction.
Another example: an investor agrees to buy precious metals totaling more than $10,000, again say $15,000, and wants to make payments with money from two accounts. If the investor withdraws $8,000 from the first account and gets a cashier's check, and then gets another cashier's check for $7,000 from the second account, the transaction becomes reportable. A purchase of $30,000 and payment with two $15,000 cashier's checks would not be a reportable transaction. The significant amount is $10,000.
Personal checks or checks drawn on the payer's own account are not considered cash. Form 8300's General Instructions read: "Cash does not included a check drawn on the payer's own account, such as a personal check, regardless of the amount."
...
http://www.certifiedmint.com/myths_lies.htm
Stary Hickory
10-14-2010, 06:32 AM
Its more than I got.
Just out of curiousity, is your gold real actual physical in your hot little hands gold, or some piece of paper representing your ownership of gold?
I got in coming in mail physical. I don't think I will buy more. This in addition to what I already have is like 40% of my savings. I will wait and see what happens next. I have been living very frugaly saving for a house, and now I am worried it will get wiped out. Really sucks.
LibertyEagle
10-14-2010, 06:44 AM
Thanks, Bern. I was thinking it went into effect in 2011; at least glad to know it's not until 2012.
Would you explain this though. I don't get the rationale. If they're trying to track cash, why would they care about the 2 cashier's checks less than 10K, but not care about the one for 15K?
Further clarification: If an investor makes a $15,000 investment in gold and pays with a single $15,000 cashier's check, it is not reportable. If, however, he pays with two or more cashier's checks each less than $10,000, the dealer would be obligated to report.
Original_Intent
10-14-2010, 06:49 AM
Thanks, Bern. I was thinking it went into effect in 2011; at least glad to know it's not until 2012.
I am pretty sure it is January 2011.
Corto_Maltese
10-14-2010, 07:03 AM
I know the sweet feeling of buying gold:) I buy coins myself. Have about 115 grams now (almost 4 ounces). I buy silver coins too (1.2 kilo right now) but here there is VAT tax on silver. Only gold is exempt.
Stary Hickory
10-14-2010, 07:11 AM
I am pretty sure it is January 2011.
No it is 2012 just checked to make sure
... Would you explain this though. I don't get the rationale. If they're trying to track cash, why would they care about the 2 cashier's checks less than 10K, but not care about the one for 15K?
I don't know. I didn't make the law. ;)
erowe1
10-14-2010, 07:20 AM
Would you explain this though. I don't get the rationale. If they're trying to track cash, why would they care about the 2 cashier's checks less than 10K, but not care about the one for 15K?
That sounds like a good question for Live_Free_Or_Die. According to him, any time there's an inconsistency in the law, it results from a vast segment of society having some belief that that law codifies.
http://www.ronpaulforums.com/showthread.php?t=264098
So apparently there must be a vast segment of society that thinks the government needs to track single cashiers checks above $15k, but not pairs of cashiers checks of $10k each.
It's most likely the Christians who are behind this.
ChaosControl
10-14-2010, 08:54 AM
I'm more into buying real estate than precious metals, but I'll probably buy a little bit in precious metals so as to have a more transferable item in the worst case scenario.
Deborah K
10-14-2010, 09:09 AM
A provision in the Health Care bill will be requiring coin shops (et. al.) to issue (and report) 1099s for transactions over $600 in 2012, but it's not in effect at the moment.
Which is stupid because all anyone needs to do is buy in increments of 599.00 to avoid reporting. Yeah it's a hassle but whatever it takes to work around the tyranny.
We have our money in junk silver for trading purposes, and numismatic gold for wealth protection, because numismatic probably won't fall under any confiscation laws. Since we first bought, our coins have gone up almost 400.00 a coin.
Which is stupid because all anyone needs to do is buy in increments of 599.00 to avoid reporting. Yeah it's a hassle but whatever it takes to work around the tyranny.
...
I'm not an expert on this subject, but I believe that the 600 threshold isn't limited to a single transaction. It might be the sum total over the course of a month, for example - requiring the shop owner to keep records on practically every sale. Again, I'm not entirely sure about that.
Original_Intent
10-14-2010, 02:05 PM
Which is stupid because all anyone needs to do is buy in increments of 599.00 to avoid reporting. Yeah it's a hassle but whatever it takes to work around the tyranny.
We have our money in junk silver for trading purposes, and numismatic gold for wealth protection, because numismatic probably won't fall under any confiscation laws. Since we first bought, our coins have gone up almost 400.00 a coin.
I'm going to retract this until I find a good source to back up my statement.
Deborah K
10-14-2010, 02:21 PM
I'm going to retract this until I find a good source to back up my statement.
Well, at least PM me and tell me what you wrote. I'm curious.
LibertyEagle
10-14-2010, 02:27 PM
It's most like the Christians who are behind this.
What?
Actually, I was hoping for someone who had worked in the banking industry, or a gold dealer to explain.
tangent4ronpaul
10-14-2010, 02:32 PM
Reading the stuff over at CATO, it looks like there is no recording for buying gold ( < 10,000 within 24 hours), so long as you are not a business. Selling your gold to a business, however, would get recorded as you would be acting as their supplier. Selling to an individual would be no problem - but finding individuals wishing to buy, especially in 1 oz+ quantities could be problematic.
-t
Seraphim
10-14-2010, 02:34 PM
I got in coming in mail physical. I don't think I will buy more. This in addition to what I already have is like 40% of my savings. I will wait and see what happens next. I have been living very frugaly saving for a house, and now I am worried it will get wiped out. Really sucks.
This is EXACTLY my sentiment.
My extra savings is going into PM's because they are being re-valued and housing is coming down. I figure at this point in history saving in dollars (CAD for me) is just DUMB.
I figure this time next year housing prices will be lower, and my PM's will be higher. Down payment achieved. Even if either of those 2 things don't happen I'll still have a good down payement...if they do... WOOOHOOO :)
Isn't there something in the health care bill that says all gold purchases have to be reported to the government starting soon (date?)
Seems like history is getting ready to repeat itself with gold confiscation.
:mad:
-t
Maybe they know they're going to have to revalue it to $5k/ounce to stop a currency war, and after doing so, want a way to recoup some of the extraordinary gains a lot of mundanes may realize from it via taxation?
This is entirely wrong, I think. The circumstances under which the gold was "confiscated," as you so often like to put it, was out of reaction of a run on the commercial banking system all the while gold was literally being loaded by the tons onto boats and fleeing the country. FDR stopped this with Glass-Steagall, and he actually used the authority of the "trading with the enemy act" to stop the Nazi financiers from essentially taking our gold. Which is exactly what we need right the fuck now. How is that so hard to understand? Really. Do you guys understand economic warfare at all? Apparently not. You guys act like he stole gold from desperate old ladies. Unless you are talking about JP Morgan, Chase, Harrimans(Prescott bush), Melons, Duponts...figuratively as said old ladies....then your argument is not real. Furthermore, to try and compare this mockery of a President to that of FDR is absolutely fail.
It doesn't take a rocket scientist to figure out that in November when the FOMC prints another trill into MBS garbage- PMs will go up. Hurray for you all accepting hyper inflationary doom with no policy to speak of to halt it.
erowe1
10-14-2010, 04:06 PM
What?
Actually, I was hoping for someone who had worked in the banking industry, or a gold dealer to explain.
Did you not get the connection between my remark and the thread I linked.
Sonny Burnett
10-14-2010, 04:11 PM
We are not on a gold standard so the government cannot revalue gold against the dollar!
Fredom101
10-14-2010, 04:11 PM
Those who can't afford to buy gold coins just buy silver coins, they're about to explode in value.
Fredom101
10-14-2010, 04:15 PM
This is EXACTLY my sentiment.
My extra savings is going into PM's because they are being re-valued and housing is coming down. I figure at this point in history saving in dollars (CAD for me) is just DUMB.
I figure this time next year housing prices will be lower, and my PM's will be higher. Down payment achieved. Even if either of those 2 things don't happen I'll still have a good down payement...if they do... WOOOHOOO :)
If we have hyperinflation housing will be HIGHER actually. Everything will be higher.
Danke
10-14-2010, 04:16 PM
Those who can't afford to buy gold coins just buy silver coins, they're about to explode in value.
About to?!?!
http://www.kitco.com/LFgif/ag0182nyb.gif
If we have hyperinflation housing will be HIGHER actually. Everything will be higher.
Housing market still faces a lot of credit destruction. With "foreclosuregate" in progress, it's going to be a long time before the housing market has a chance to bottom out. There is an oversupply.
We are going to see deflationary pressures in housing and most other things bought with credit and (hyper?)inflationary pressures on commodities, food, etc. that are commonly bought with cash.
$.02
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