Buying Silver Ep. 3

[Armando7654]

I'm new to metal buying.

Is it normal for a dealer to have bid on his website for 1 oz of silver coins at around $ 12 but when it comes to the actual sale, the price of it magically turns into $ 16. ( I mean the dealer advertises both prices: the $ 12 which Im assuming is the current market price but also the $ 16)

Is this $ 4 difference some kinda spread, or commission etc. Or is it just a typical rip off?

[Mongodelight]

loosers. Every smart investor on this planet knows that silver is on of the best investments of the next years. But the small stupid guys on the street have no clue about this chance of a lifetime. I hate you stupid damn hard working loosers. Why do you hate to make money and love to work money? i Hate working, fuck working. i am an investor.

[AJMAN2304]

You had to pay TAX! on silver? What?

[skapelseN]

LOL, he bought wen silver wuz 20,50 usd/oz, now its 10,60. well let me tell u thiz, the dude hasent made jack shite.. thaz wuz real.

him gotz 2 empty pockets and a fake smile.

[kensho3]

This guy loves buying silver. And he makes it seem so simple even I'm going to try it!

[kensho3]

So you take money and buy things with it? Interesting! I'm a little scared but I'm gonna try it!

[ohio1998]

Elias is the man! We don't have to pay tax on US currency silver, which the silver eagles are in Florida. It's actually nice now that silver has gone down so I can get more cheaper. I like the Mercury Dimes and other "junk" silver. Morgans and peace dollars are great too. Canadian Maples are nice. The Northwest Territorial Mint is a great place to buy bars and other silver coins. I have had no problems with them. Just be prepared to wait!

[KHguru123456]

you do realize that silver is untaxable right?

[reYKCuf]

sorry dude your down about 50%, cause you bought at the peak, but hold on it will probably go up next year.

[2006kiaspectra5]

sup everybody. Just wanted to post some things about this video.. From my understanding, because silver eagles are legal tender ($1 face value) there shouldn't be any tax on them if bought in U.S. Same goes for Gold and Platinum Eagles. Condition for the coins will make them more expensive, but if just regular old Silver Eagles, I wouldn't pay more than a couple bucks over the spot price. Certainly, I would buy more silver when I get some cash. More Platinum too. Peace-out

[pixaloop]

actually it depends. In California, the sales and use tax applies to orders under $1000 before 12/31/2008. Bulk orders over $1000 are exempt.

"....tax does apply to sales of coins as collectors items or as an investment, except as otherwise specified in this regulation."

State of California

BOARD OF EQUALIZATION

SALES AND USE TAX REGULATIONS

Regulation 1599. COINS AND BULLION.

So if you want to exempt yourself from sales tax, buy over $1000 market value.

[mrburnone]

you're not making 'profit' you're just maintaining your purchasing power. if silver jumps to $40 next year, did you double your money? not if everything costs twice as much. good move though. the dollar is doomed.

[kraftjesse]

I would recommend buying silver bars in large amounts over silver eagles, because bars have a much much lower premium so you essentially get more silver for less. That way you end up with more silver in your pocket at the end of the day. Make sure you buy bars made by recognized refiners too.

[divinacomedias]

Are those eagles considered "rare"?

1929 crisis, gold and silver was called in by gov. at a set price. Only "rare" coins could be kept...

[cwoodups]

there are is no tax on gold and silver yoiur getting ripped off

[eaallday]

Really? Is there a place I can buy it (less than 1000$ worth) that doesnt charge tax?

[KHguru123456]

there is actually many places all over the U.S....

try nwtmint(dot)com

they sell silver/gold for pretty cheap and only $10 shipping for and order below $250

[Estate17]

I liked NWtmint, I bought over 200 oz and Ive been very happy with my purchess. Takes awhile to get your silver though. Took them a month to get it to me, but what can you expect markets dried up. but ya yo can buy small amounts off of them, 1 oz if you want to but then you have to pay 10$ shipping so you wanna buy a good amount

[Estate17]

ive gone to many coin shops and Ive never been charged tax. the receipt always said how many oz I bought and the price per the oz. Silver is a great investment right now

[blai745]

HI I want to ask when u do buy silver or gold as an investment.. how do u cash them out for money later?

[eaallday]

You return to the place you bought it from and they will buy it back. Or you can sell it on ebay. There are always people looking to invest.

[Magyc12]

I thought I heard mention of paying tax...I have never payed tax when buying silver...check that you aren't getting ripped off.

And you don't leave a paper trail when paying cash...you do not pay taxes on "gains".

[bander87]

Possibly state tax?

[Gollywog]

you would pay tax when selling but if its private then i dont think

[rec552]

I'm going to give the young man some credit for being aware of some basic principles in investing.You learn from experience, how money people over 50 have no savings or investments whatsoever.

[eurohim]

Did you know if you buy $1000 or more worth of silver or gold that you don't have to pay sales tax?

[cowboycarl04]

any good books or sources or websites you (or anyone else) recommend for a starting investor in silver and gold?

[eaallday]

Correct. But I wasnt sure if that was only in California.

[cowboycarl04]

if Silver goes down, then that means the value of the US dollar went up, which is good...

if Silver goes up, then the value of the US dollar went down, which is bad...

sooo... in a period of hyperinflation, you can have silver worth millions per ounce, but obviously the currency you purchased it with sucks

[Ooloosoon]

watch video here of Peter Schiff on Foxnews telling the Gang there that Silver will be $500 Bucks per ounce in the next 5-10 years (he said "next election cycle so im not sure if he was talking 4 years or 8?)

Anyway the POINT is that SILVER IS MONEY

federal reserve paper notes are NOT MONEY they are currency so there is NO POINT in selling your Silver unless you need to buy something with that paper

Young dudes are going to see Silver valued HIGHER than Gold in their life times BOOK IT

[eight38s]

$20 an ounce is ok, but it is currently $16.86 an ounce. In coins it will be about $18-$19 an ounce. Not much difference, but when spending $10,000 then the little difference matters. But I'm sure you already knew that, but the people commenting may not. I take it you did not go through with Monex because you can only get them in 100 coin increments?? Nonetheless, I am impressed with you and your efforts. Make sure you hold on to them for at least 2 years. I recommend 5+.

[creten69]

And selling it back to that guy,he'll say,"those are'nt mine,letme check them for you,"he goes into the back,comes out and says,"well,I can only give you $100 for the lot".Your like ,"Dude silver is $50 an once and those are worth $100 each!"He'll him an haw,and say,ok ok but $150 is my best offer.

Honestly,just go in at night and take all his bitch ass coins and go get a 40 of arizona tea!

[KKKrylov]

This is just ridiculous, if he doesn't buy it back you just sell it elsewhere... Ever heard of free market? [insert sarcastic smiley]

BTW I don't think it's smart to buy from a coin shop, you are leaving a paper trail. IRS loves that

[otakuhotpants]

not really, you have to wait for a 10% inflate just to break even man. not to mention the value of the dollar is declining so rapidly that really your just buying at steady prices lol.

[JP5466]

Smart man, but silver can go down too, especially with the run it's just had.

[divinacomedias]

yup, one theory i got on that is when margin calls come up, and obligations must be met... commodity investments are sold to meet these. Hence the short term down-trends, or waves, as it rises, rises, rises, Fannie Mae, Freddy Mac, RISES and RISES....