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View Full Version : Okay SilverBugs, fess up, how much you got?



doom&gloom
12-01-10, 09:42 PM
I am now of the belief that silver could well outperform gold in the long term, especially if the banksters take it in their "shorts". I got some silver physical, and wonder what you all got as well. So fess up -- private poll.

jiimbergin
12-01-10, 10:12 PM
I am now of the belief that silver could well outperform gold in the long term, especially if the banksters take it in their "shorts". I got some silver physical, and wonder what you all got as well. So fess up -- private poll.

Of course there is also PSLV and CEF, both of which many of us own.

jpatter666
12-02-10, 08:01 AM
I don't have much silver in the "hold in my hand" type, but I've lots and lots of CEF, BV physical, etc

karim0028
12-02-10, 10:04 AM
I have physical coins, BV physical and about an equal amount of silver miners....

Jay
12-02-10, 10:13 AM
I hold mostly physical silver, a little CEF and an even smaller silver miner position. Silver is 9% of my total diversified PM position.

walenk
12-02-10, 12:21 PM
I have some of all of the above mentioned. In addition I've got Profunds' double-long etf, AGQ. Scary moves ain't the half of it.

jk
12-02-10, 12:23 PM
all my ag is via cef.

c1ue
12-02-10, 03:06 PM
All physical. No paper.

But much of it was from sifting through stacks of (casino) coins for 15 years starting in the '80s.

Since then I have bought some investment grade Ag

thriftyandboringinohio
12-02-10, 03:38 PM
Only a couple pounds of 1 oz coins, just a token amount.
Went all gold instead.
No regrets.

ThePythonicCow
12-02-10, 04:00 PM
bullionvault, goldmoney, cef, physical, and pslv.

doom&gloom
12-02-10, 08:02 PM
y'all know if you sell silver as CEF, you have "reportable income" but if you sell physical on Craigslist, well.... :D

ThePythonicCow
12-02-10, 08:29 PM
y'all know if you sell silver as CEF, you have "reportable income" but if you sell physical on Craigslist, well.... :D
It doesn't matter if your CEF is tax sheltered inside an IRA.

jk
12-02-10, 09:02 PM
y'all know if you sell silver as CEF, you have "reportable income" but if you sell physical on Craigslist, well..
might work for small quantities. otoh, do you want to advertise on craigslist that you are in possession of a LARGE quantity of physical silver? it might be reasonable to have a bag of junk silver for the shtf mad-max scenario. but otherwise i'm not convinced you're wise to keep quantities of valuables on hand.

Spartacus
12-02-10, 09:20 PM
How did you conclude this about the Silver vs Gold performance?

I am now of the belief that silver could well outperform gold in the long term, especially if the banksters take it in their "shorts". I got some silver physical, and wonder what you all got as well. So fess up -- private poll.

I had not noticed this commentator until a few weeks ago - my in depth Silver research has been on hold for a while - BUT apparently he's never seen anything like what's happening in Silver.

http://harveyorgan.blogspot.com/2010/12/strange-events-at-comexgold-and-silver.html

iff (note the TWO f's) he's right, this is great news for Silver bugs, iff (again note the 2 f's) Silver bugs don't let the games going on behind the scenes scare them off.

http://harveyorgan.blogspot.com/

It does raise the question - since, as we keep reading repeatedly that the long position is well distributed (there are a lot of little longs), as opposed to the massively concentrated short position - have these (former) longs been threatened into taking cash instead of Silver, and if so, why would not one of these people (again, if it happened that way, there are a lot of them) who've been paid off post something about it, or launch a(nother) lawsuit, or something of that nature?

In their place I would tape record any conversation with exchange officials or brokers for possible threats and post an mp3 on the interwebz, and raise an INCREDIBLE stink about it.

The other option of course is that the longs are not being threatened - futures market players almost never take delivery, so this is plausible. I would ask to these never-take-delivery longs, considering the number of times they've been taken to the cleaners & gotten their position taken out from under them by alleged wrongdoing by either the banksters and/or exchange officials or some collusive combination thereof, why are they trading on COMEX?

chedir007
12-03-10, 01:53 AM
This guy (speaks weekly on King World News) also had an article on his blog about recent strange silver behaviour

http://www.gotgoldreport.com/2010/12/strange-silver-action-in-futures.html

Kadriana
12-03-10, 03:39 PM
This guy (speaks weekly on King World News) also had an article on his blog about recent strange silver behaviour

http://www.gotgoldreport.com/2010/12/strange-silver-ac tion-in-futures.html

Ok, that article talks about a possible silver shortage of silver in larger quantities. I have noticed stores selling out of silver and I'm guessing in part to Max Keiser's campaign. What happens if you have a silver shortage like we saw in ammo a couple years ago? What will people buy instead of silver? Are we going to see a rush to hard assets? With past runs like ammo or rice, there is a level where people felt like they had enough. Is that level higher for PM's since it's a bit easier to store then 20k in ammo or rice?

karim0028
12-03-10, 04:02 PM
y'all know if you sell silver as CEF, you have "reportable income" but if you sell physical on Craigslist, well.... :D

I'm trying to figure out how that transaction would take place :) I have both physical gold and silver in relatively large amounts (for me anyway) and trying to figure out the exit strategy.... CL is allright, but i dont know how i would set up a "meet" it would almost be like a drug deal ;) I'm not willing to meet someone in a private place w/ 50-100 krugs... Unless i plan to get shot....

I'm thinking a roadtrip across the border and selling to a canuck dealer....

c1ue
12-04-10, 02:06 PM
might work for small quantities. otoh, do you want to advertise on craigslist that you are in possession of a LARGE quantity of physical silver? it might be reasonable to have a bag of junk silver for the shtf mad-max scenario. but otherwise i'm not convinced you're wise to keep quantities of valuables on hand.

Unless you cough up your name/address - an ad on Craigslist is likely no more dangerous than the counterparty risk to any paper silver.

After all, if you look at the counterparty problems as a function of the float in CDS's/MBS's, clearly said risk is non-trivial.

jk
12-04-10, 02:13 PM
Unless you cough up your name/address - an ad on Craigslist is likely no more dangerous than the counterparty risk to any paper silver.

After all, if you look at the counterparty problems as a function of the float in CDS's/MBS's, clearly said risk is non-trivial.

i'll quote karim


I'm trying to figure out how that transaction would take place I have both physical gold and silver in relatively large amounts (for me anyway) and trying to figure out the exit strategy.... CL is allright, but i dont know how i would set up a "meet" it would almost be like a drug deal ;) I'm not willing to meet someone in a private place w/ 50-100 krugs... Unless i plan to get shot....

I'm thinking a roadtrip across the border and selling to a canuck dealer....

doom&gloom
12-04-10, 08:57 PM
I'm trying to figure out how that transaction would take place :) I have both physical gold and silver in relatively large amounts (for me anyway) and trying to figure out the exit strategy.... CL is allright, but i dont know how i would set up a "meet" it would almost be like a drug deal ;) I'm not willing to meet someone in a private place w/ 50-100 krugs... Unless i plan to get shot....

I'm thinking a roadtrip across the border and selling to a canuck dealer....

The answer is simple, you do the deal in a bank lobby. Seriously. you tell the buyer to show up at Wells/BAC/USBank/wherever with the cash, and you will be there with the metal. If you bank there, no one shoul dhave a problem with you making a "deposit" right after your transaction, though that deposit might be far less than what you actually get. You just tell the buyer you plan to deposit the money immediately (and walk to the teller right after reciept). Eliminates the whole "roll em' out in the parking lot" mentality.

I have read Canada is getting dowright weird on Americans bringing metals into the country (at times).

ThePythonicCow
12-04-10, 09:04 PM
The answer is simple, you do the deal in a bank lobby. Nice.

Fiat Currency
12-04-10, 11:52 PM
The answer is simple, you do the deal in a bank lobby. ... I have read Canada is getting dowright weird on Americans bringing metals into the country (at times).

You beat me to it ... and not true.

Bring 'em to Canada & I'll get you a buyer to show up in any Canadian Bank Lobby, or Legal Escrow, or my "dealer's" coin shop private room. Anytime.

3691

doom&gloom
12-05-10, 05:01 AM
Ok, that article talks about a possible silver shortage of silver in larger quantities. I have noticed stores selling out of silver and I'm guessing in part to Max Keiser's campaign. What happens if you have a silver shortage like we saw in ammo a couple years ago? What will people buy instead of silver? Are we going to see a rush to hard assets? With past runs like ammo or rice, there is a level where people felt like they had enough. Is that level higher for PM's since it's a bit easier to store then 20k in ammo or rice?

we can only hope!

Kadriana
12-05-10, 09:17 AM
we can only hope!

The silver supply does remind me a little of the amo shortage beginnings. First, it started out with rumors of places getting low supply. Then, you started seeing the lower priced .38 sell out in the store. Looking at Apmex, the .38 equivalent are the bars. Then people who normally picked up .38's started buying .22's and they picked up a little extra. At this time, your average gun owner still didn't know there were supply issues. By the end, even non gun owners realized there was an ammo issue.

chedir007
12-05-10, 02:18 PM
Can you clarify by "reportable income"?

I have CEF in a taxable account and have done some trading with it. My assumption is that I will be paying the normal "capital gains", and there will be no other "surprises".

Please confirm- thanks.

jk
12-05-10, 02:42 PM
Can you clarify by "reportable income"?

I have CEF in a taxable account and have done some trading with it. My assumption is that I will be paying the normal "capital gains", and there will be no other "surprises".

Please confirm- thanks.

there's a passive foreign investment form to file.

chedir007
12-05-10, 08:01 PM
Silver has hit the top of its channel again: but articles like James Turk's (below) and others (MaxKeiser, Bank lawsuits) appear to support notion that "this time is different" at least in short term (??) for silver, maybe gold

http://www.fgmr.com/scramble-for-physical-metal-intensifies.html


I am getting out of the stock market but wondering whether to take profits in pslv as well or ride any storms and not miss an up explosion...


ps: from Jesses' Cafe link

http://www.gold-eagle.com/editorials_08/downeyb120310.html

c1ue
12-06-10, 11:22 AM
i'll quote karim

If you're going to be exiting high 5 or 6 digits (or more) worth of PMs in one shot, you are better off with a 1031 exchange anyway.

For anything smaller - the bank lobby (or airport, or high end hotel, or the policeman buddy) will do.

doom&gloom
12-06-10, 05:16 PM
If you're going to be exiting high 5 or 6 digits (or more) worth of PMs in one shot, you are better off with a 1031 exchange anyway.

For anything smaller - the bank lobby (or airport, or high end hotel, or the policeman buddy) will do.

I actually hope to trade mine for.... more farmland.

charliebrown
12-08-10, 08:31 PM
small amount of physical in bullion coins, and u.s. morgan's for the mad max scenario.
3% in PSLV/CEF, 2% in SLV with jan 22 calls written against them ;( bad trade on my part.

aaron
12-08-10, 09:52 PM
Can you do a 1031 exchange for gold and silver in trade for something else like real estate? That would be really great news. I always thought it had to be a "like" investment.

doom&gloom
12-09-10, 12:36 PM
Can you do a 1031 exchange for gold and silver in trade for something else like real estate? That would be really great news. I always thought it had to be a "like" investment.

no, i don;t think that is possible. I mean when the price of metals escalates faster than the price of farmland, I hope to use that gain towards farmland. Perhaps a trade of so many gold eagles or $1k face junk silver per acre...

doom&gloom
12-09-10, 12:37 PM
small amount of physical in bullion coins, and u.s. morgan's for the mad max scenario.
3% in PSLV/CEF, 2% in SLV with jan 22 calls written against them ;( bad trade on my part.

everyone has bad trades. so it goes...

c1ue
12-09-10, 02:59 PM
Can you do a 1031 exchange for gold and silver in trade for something else like real estate? That would be really great news. I always thought it had to be a "like" investment.

I wouldn't try a straight trade - rather the method is to have the ownership under a corporation in Delaware or Nevada.

Then whatever you're trading for is owned by another corporation - at this point it is unquestionably 'like kind' since you're trading investment companies.

doom&gloom
12-14-10, 08:27 PM
I wouldn't try a straight trade - rather the method is to have the ownership under a corporation in Delaware or Nevada.

Then whatever you're trading for is owned by another corporation - at this point it is unquestionably 'like kind' since you're trading investment companies.

very wise idea!

karim0028
12-14-10, 08:43 PM
If you're going to be exiting high 5 or 6 digits (or more) worth of PMs in one shot, you are better off with a 1031 exchange anyway.

For anything smaller - the bank lobby (or airport, or high end hotel, or the policeman buddy) will do.


How do you do a 1031 exchange with gold/silver? I thought it could only be done with like?

karim0028
12-14-10, 08:45 PM
Silver has hit the top of its channel again: but articles like James Turk's (below) and others (MaxKeiser, Bank lawsuits) appear to support notion that "this time is different" at least in short term (??) for silver, maybe gold

http://www.fgmr.com/scramble-for-physical-metal-intensifies.html


I am getting out of the stock market but wondering whether to take profits in pslv as well or ride any storms and not miss an up explosion...


ps: from Jesses' Cafe link

http://www.gold-eagle.com/editorials_08/downeyb120310.html


I am no gold or silver bug... But, the way silver is moving right now it looks pretty strong. Until of course it doesnt.... I'm betting it stays strong, bc the mining stocks are still behaving very strong and are almost neglected.

karim0028
12-14-10, 08:47 PM
I wouldn't try a straight trade - rather the method is to have the ownership under a corporation in Delaware or Nevada.

Then whatever you're trading for is owned by another corporation - at this point it is unquestionably 'like kind' since you're trading investment companies.


clue, have you actually tried that and had it work? Seems to me the IRS isnt that niave.... And why specifically delaware or nevada? Is it due to their secrecy laws or anything like that?

ocelotl
12-23-10, 12:20 AM
I actually asked at the bank counter in several different banks if they would receive physical metals at their published "buy" quote, and I got a blank stare. I asked then to see a manager and mentioned them the 1931 (ammended in 1977) Mexican Monetary Law, and said they would check. After some phone calls I got a yes but with a commision quote for the bank and limited to the monthly deposit allowance.