Bought 4k more in gold and silver - feels good

[Stary Hickory]

The best way to tell the government BLANK you. Buy some gold and silver. Liberating feeling.

 

[DamianTV]

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]

Nice work! I have 0 faith in the US Govt.

 

[Danke]

I'm going long on paper mill stocks.

 

[tjeffersonsghost]

I'm going long on paper mill stocks.

Haha^^

 

[EvilEngineer]

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.

 

[pmbug]

My precious...

 

[Michigan11]

How about buying up all the old silver certificates and redeeming them at the treasury for silvahhhhhhh?

 

[tangent4ronpaul]

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.



-t

 

[Cowlesy]

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.



-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]

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.



-t

It's not limited to gold. Any transaction more than I believe, 600 dollars, has to be reported.

 

[Stary Hickory]

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.



-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]

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]

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]

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?

 

[pmbug]

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]

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.

 

[pmbug]

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]

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]

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.