Balzac89
Undercover Mod
I wish I had a local dealer, but no such luck.
Silver! Who Is On This Train?
- Thread starter NoDrama
- Start date
Not even a simple coin shop? Try jewelry stores too, many of them deal in metals, but you have to ask first. Premiums can be quite high, even online retailers are having high premiums and 2 month waits to get product.
ASE are incredibly hard to find, especially 2013 ones since the USA wasn't able to mine enough silver to meet demand and the US Mint had to stop producing them. Demand in the month of March for silver eagles was higher than ever before. Last year the US mint purchased 98.7% of all silver mined in the USA just to meet ASE demand , and they halted production twice.
I have only been able to procure 5 tubes of 2013 ASE.
Did you hear about RIo Tinto's big mine in Utah that produces 20% of all silver in USA? It had a huge landslide and won't be producing for a few years.
I wonder what happens to silver prices when demand is higher than ever before, and all of a sudden 20% of USA silver production is gone?
This silver slam is the best thing to ever happen.
Balzac89
Undercover Mod
I read a quote in an article being several years before production returns in that mine.
Balzac89
Undercover Mod
http://www.apmex.com/Product/74567/2013_1_oz_Silver_Eagles_20_Coin_MintDirect®_TubeApr_30th.aspx Apmex has them in stock
That is a $10 premium on each coin, OUCH!!
My goal is to stack as much as possible before I die. I started stacking in 2000. Silver mostly, but I do have a small stack of gold eagles, Krugerrand and some Canadian gold maples.
I also have a good amount of junk silver too. Most of the gold and silver I invest in are eagles or junk because that way you don't have to pay tax on the capital gain you might have when selling them. Otherwise the tax is 40%.
Balzac89
Undercover Mod
Really depends who you sell it too.
Right, as long as you sell only a few thousand $ at a time there is no reporting requirement. But what if inflation goes into high gear and you need to sell 10 ounces of silver at $1000 each? You will have to fill out a form declaring it and you will have to pay taxes.
Selling to a private party might become difficult if inflation gets bad.
I could sell $100,000 of my ASE's and legally not have to pay a single penny in tax on it. The main reason why ASE demand $10 premiums while ordinary medallions only have $4 premiums is due to the tax advantage.
silasraven
Well-Known Member
well since the release of information on the 100 dollar bill silver has gone back up.
Balzac89
Undercover Mod
http://www.huffingtonpost.com/2012/10/12/fbi-one-hundred-dollar-bills_n_1962702.html
They never did solve where that pallet of 100 dollar bills went
They never did solve where that pallet of 100 dollar bills went
Johnny Retro
Well-Known Member
Silver is -32% since the inception of this thread.
Balzac89
Undercover Mod
Better value for your buck than ever!
dannyboy602
Well-Known Member
Good time to buy imo
budsmoker87
New Member
what are the various premiums now?
The paper price is, but I can sell my eagles for $10 more than the paper price at the exchange.
Physical silver prices are in backwardation, if you can find some.
I see E-Bay prices are bidding Silver Eagles to $40 each.
The paper price means little to a physical holder of silver. Nothing goes straight up forever, in fact I tend to sell when i don't see pullbacks occasionally, Your a seasoned investor you know as well as I that the best time to buy things is when they are priced low.
My silver is still up over 400%
Balzac89
Undercover Mod
They vary everywhere from 2.00 over spot per oz all the way up to 10.00 over spot depending on what you purchase and the quanity.
budsmoker87
New Member
damn. even apmex? that is steep