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Y'all watching crypto today?

Good point here on Zerohedge:

And Suddenly Things Change... | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com www.zerohedge.com
The wait is over. Everything that can break is breaking: stock markets, bond markets, the galaxy of derivatives — bets on this and that, which will never be honored. Banks are next. Gold and silver are hanging in there for dear life just now, because they’re actually worth something.

(And because they are worth something, they‘ll eventually sell off some too, to cover margin calls on other stuff hemorrhaging value. But they will not go to zero like a lot of other stuff, and they’ll come back stronger.)
That explains the drop in gold and silver prices. Everyone's just converting stocks and metals to currency, various currencies, to pay for things they need cash for. Will cause a temporary depression in the gold & silver price followed by a steep climb.
Click to expand...
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If you aren't American and you get this, you are way more informed than expected:



"Don't bother with the emergency rate cuts, I've already been liquidated"
GUOk6NaWsAAWjhg.png
 
Michael Moon said:
Any tips on best sources for junk silver or coins?
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Find a local coin shop and get to know them. Go in on a semi-regular schedule and buy a constant amount. You can get silver dimes for as little as $2.

You’ll start getting offered some better deals after a while. It took me about a month to build the relationship. You’ll find what you like too. Silver is an emotional endeavor. You’ll find yourself drawn to certain types of silver.

Be careful. It’s addictive!
 
Michael Moon said:
Any tips on best sources for junk silver or coins?
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Not anymore unfortunately
Plus there is a tonnecof fake stuff coming out of China. Don't know thstvit has reached the point of the junk silver level but I bet it will if it hasn't.
 
Re: Junk silver. Apmex is well-known, I haven't dealt with them personally.

I have a long-time friend who is a very honest, large dealer (I've sent him LOTS of folks over the years, specifically for 'junk' silver.)

Patriot Trading Group, allamericangold.com 800-951-0592. Owner is JJ.
 
paterfamilias said:
Not anymore unfortunately
Plus there is a tonnecof fake stuff coming out of China. Don't know thstvit has reached the point of the junk silver level but I bet it will if it hasn't.
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Not much fake “junk” (I hate that term). It’s the Morgan’s you have to watch out for. Those do get faked.
 
MemeFan said:
Explanation what is happening with gold and silver at start of crisis:

I Thought Gold Was A Safe Haven! Why Did It Tank With Stocks? | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com www.zerohedge.com
Click to expand...

On the subject of gold...
I was told several years ago when I was tasked with disposing of 880+lbs of junk silver (yes yes I am thick as a whale omelet for having not just given them them only and kept it, you think I don't know that? Geez, you people are so critical...and you think I did not keep the good stuff? Pfft, have met me? Wait...what was I saying)
The cool oooold and old school coin dealer I was dealing with (old-school in that he had 3 pistols on him that I identified) told me that there was no tax on buying or selling of either gold or silver eagles. I looked around a couple of times to try to confirm this but never found reference to it.
Can anyone confirm or deny?
Might be important to those who are looking to buy
 
paterfamilias said:
Can anyone confirm or deny?
Might be important to those who are looking to buy
Click to expand...
It probably depends on state. I know there is movement to eliminate taxation of gold and silver at state level. No advance on federal level. This is tax on capital gains.

Maybe these coins are exempt?
 
paterfamilias said:
RE: Sales tax. on Real Metals: I looked around a couple of times to try to confirm this but never found reference to it.
Can anyone confirm or deny?
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Yes, state-dependent. (It's a bit like a freedom litmus test. Ironic, since Article 1 Section 10, Paragraph 1 should be clear.)
 
MemeFan said:
Explanation what is happening with gold and silver at start of crisis:

I Thought Gold Was A Safe Haven! Why Did It Tank With Stocks? | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
www.zerohedge.com www.zerohedge.com
Click to expand...
Which is exactly what I said on Monday:

Mark C said:
Paper precious metals almost always have a bad day when broader markets get hammered:

1) What manipulation there is (and there's lots) tends to hammer (short sales) so as to discourage "safe haven' buying. Can't have the Rubes wakin' up too soon.

2) When speculators get 'margin calls' (or just need to eat or pay rent) they tend to "sell everything." Usually because they HAVE to.

And if the manipulators can "pile on" and drive down any 'fiat alternative,' those factors get positive feedback into the collapse.

Oh, and when markets eventually start to go 'no bid' - there is almost always a 'bid' for something real. Like gold or silver. That does not necessarily go for the paper versions, however.
Click to expand...

The key is to buy PHYSICAL, not paper. As a friend who sold it used to say, "If you can't hold it, you don't own it." "Premium over spot" is an interesting number to track, too. It tells you a lot about physical supply, and what those who know, know.
 
MemeFan said:
It probably depends on state. I know there is movement to eliminate taxation of gold and silver at state level. No advance on federal level. This is tax on capital gains.

Maybe these coins are exempt?
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This was definitely a federal law/statute.

Guy was a proverbial gold mine of info. Wish I would have had more need of dealing with him. In my callow 20s however I was way too busy thinking i was being smart to actually do smart things.
 
Mark C said:
Yes, state-dependent. (It's a bit like a freedom litmus test. Ironic, since Article 1 Section 10, Paragraph 1 should be clear.)
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Nigh on to positive it was a federal issue he reffered to.
Will have to try looking again
 
paterfamilias said:
Nigh on to positive it was a federal issue he reffered to.
Will have to try looking again
Click to expand...


Got it. Had to cheat but found it....

American Gold Eagle coins are exempt from sales taxes when sold in bulk quantities, meeting the conditions set forth under Regulation 1599(a)(3)(A) and (B). These coins are considered monetized bullion, and bulk sales are exempt from sales tax.

Additionally, the search results clarify that American Gold Eagles are not reportable for sales tax purposes, regardless of the quantity, unlike other coins such as 1-oz Gold Maple Leafs, 1-oz Krugerrands, and 1-oz Mexican Onzas, which have reporting requirements for quantities of twenty-five or more.
 
paterfamilias said:
Got it. Had to cheat but found it....

American Gold Eagle coins are exempt from sales taxes when sold in bulk quantities, meeting the conditions set forth under Regulation 1599(a)(3)(A) and (B). These coins are considered monetized bullion, and bulk sales are exempt from sales tax.

Additionally, the search results clarify that American Gold Eagles are not reportable for sales tax purposes, regardless of the quantity, unlike other coins such as 1-oz Gold Maple Leafs, 1-oz Krugerrands, and 1-oz Mexican Onzas, which have reporting requirements for quantities of twenty-five or more.
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You know you are overregulated when name of regulation is four figure number.
 
MemeFan said:
You know you are overregulated when name of regulation is four figure number.
Click to expand...

Based opinions dropped in the chat

What is worse is that I will wager that this is an old regulation. So we are likely into far higher digits
 
Re: 'taxes' (...it depends...) on Real Money, aka 'gold and silver'

paterfamilias said:
This was definitely a federal law/statute.
Click to expand...
Uh oh. Here's that nasty "definition" thing again. So watch out for terms like "bullion" and 'foreign' (to whom?)

I don't have time now to write a tome, but will note that "lawful US silver coin" (some gold counts, too, although the Tyrant FDR tried to gut that part of the Constitution in 1932) was minted through 1964. ('67 if you count the debased version with the image of the guy that got axed on it.)

Years ago, I had a long on-air discussion with then-congressman Dr. Ron Paul about all this. There was an IRS case (Las Vegas) having to do with a free man (!) who paid all of his employees in US silver coin...real money, dated 1964 and earlier. (I hate the derogatory term 'junk', too, but what that means is "no numismatic value." Oops - another legal term of art.)

He and those who WORKED for him reported their salary as the correct legal value of the coin that they got from him. Call it $10 real dollars a day back then. And the IRS came after him. THEY LOST.

What Dr. Paul said was basically, "yeah, and that was pretty much the ONLY federal statute I ever managed to get passed into law."

Essentially, IF the US Congress says the value of that coin is "0.25" or "One quarter of One US DOLLAR," and it's written right there on it besides, then THAT IS WHAT IT IS. Who is the IRS to claim otherwise?
 
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