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Okay SilverBugs, fess up, how much you got?

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  • #16
    Re: Okay SilverBugs, fess up, how much you got?

    Originally posted by chedir007 View Post
    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...n-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?

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    • #17
      Re: Okay SilverBugs, fess up, how much you got?

      Originally posted by doom&gloom View Post
      y'all know if you sell silver as CEF, you have "reportable income" but if you sell physical on Craigslist, well....
      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....

      Comment


      • #18
        Re: Okay SilverBugs, fess up, how much you got?

        Originally posted by jk
        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.

        Comment


        • #19
          Re: Okay SilverBugs, fess up, how much you got?

          Originally posted by c1ue View Post
          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

          Originally posted by 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....

          Comment


          • #20
            Re: Okay SilverBugs, fess up, how much you got?

            Originally posted by karim0028 View Post
            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).

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            • #21
              Re: Okay SilverBugs, fess up, how much you got?

              Originally posted by doom&gloom View Post
              The answer is simple, you do the deal in a bank lobby.
              Nice.
              Most folks are good; a few aren't.

              Comment


              • #22
                Re: Okay SilverBugs, fess up, how much you got?

                Originally posted by doom&gloom View Post
                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.

                Baseball Catcher Happy Face.gif

                Comment


                • #23
                  Re: Okay SilverBugs, fess up, how much you got?

                  Originally posted by Kadriana View Post
                  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!

                  Comment


                  • #24
                    Re: Okay SilverBugs, fess up, how much you got?

                    Originally posted by doom&gloom View Post
                    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.

                    Comment


                    • #25
                      Re: Okay SilverBugs, fess up, how much you got?

                      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.

                      Comment


                      • #26
                        Re: Okay SilverBugs, fess up, how much you got?

                        Originally posted by chedir007 View Post
                        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.

                        Comment


                        • #27
                          Re: Okay SilverBugs, fess up, how much you got?

                          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-phy...tensifies.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...eyb120310.html
                          Last edited by chedir007; 12-05-10, 06:09 PM. Reason: additional link

                          Comment


                          • #28
                            Re: Okay SilverBugs, fess up, how much you got?

                            Originally posted by jk
                            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.

                            Comment


                            • #29
                              Re: Okay SilverBugs, fess up, how much you got?

                              Originally posted by c1ue View Post
                              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.

                              Comment


                              • #30
                                Re: Okay SilverBugs, fess up, how much you got?

                                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.

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