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 Replies: 62 / Views: 6,659 |
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Pillar of the Community
United States
1721 Posts |
Arcticsparky,
I use Kitco as a guide for buying and selling. I never bought or sold them metals. What are they charging over spot?
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Bedrock of the Community
13014 Posts |
I think theyre one of the ones you have to buy in massive amounts from to be able to order
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Valued Member
United States
380 Posts |
Right now it's 1.12 over spot per ounce for a 100 oz bar. It gets cheaper the more quantity you buy.
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Valued Member
United States
151 Posts |
COMEX delivery sized bars (approx. 1000 troy ounces each) are like those oldschool bigscreen TVs (not the thin LCD/LED HDTVs of today)in that they're really cool to look at, but take up a lot of space, and are a pain to lug around. APMEX just had quite a few of them on sale recently, and they went pretty fast, probably towards making Slave Queen and Freedom Girl rounds LOL. I agree with barryg. Using a well established online dealer and shipping to a P.O. Box works well for me, and nobody notices my picking up my new acquisitions; the people there are too busy yelling at USPS 'workers' to demand their lost package be found, etc. |
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Pillar of the Community
United States
1721 Posts |
I don't think I'd opt for the 100 ounce bars. Are the 100 ounce bars the smallest they will sell? Should I just go to the Kitco Website instead of bothering you?
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Valued Member
United States
380 Posts |
Slave Queen and Freedom Girl can visit my bat cave anytime they want. I'm holding some of their friends hostage right now.
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Valued Member
United States
380 Posts |
mds
Ya check it out, it's easy to set up an account, do bank transfers, and navigate the site.
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Pillar of the Community
United States
5862 Posts |
Quote:
I don't think I'd opt for the 100 ounce bars. Are the 100 ounce bars the smallest they will sell? No, but they do have significantly lower premiums than 1 or 10 ounce bars, which is why I like them. Plus, they're not really THAT big, so I doubt I'd have much trouble selling them if necessary. They seem to sell pretty regularly on ebay, for example, and some collectors pay extra for "old style" bars. |
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Valued Member
United States
148 Posts |
Some women wear wedding rings and other jewelry worth tens of thousands every day, some businessmen wear watches worth ridiculous sums of money every day. You probably don't need to freak yourself out having $9,000 worth of silver in your posession for an hour or two :) It's a fun purchase to be able to make, relax and enjoy yourself.
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Pillar of the Community
 708 Posts |
As far as the IRS having to know about the 1,000 bars, is that just so that they can tax you for the purchase? Or so that they can take it away if there is a war or something?
I want a 1,000 silver bar because I think rhey are neat looking, and I find it very amazing that I could posess a 68-70 pound chunk of precious metal.
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Bedrock of the Community
13014 Posts |
Quote:
As far as the IRS having to know about the 1,000 bars, is that just so that they can tax you for the purchase? Or so that they can take it away if there is a war or something? Tax you for it as of now. IF they ever did go down the road of confiscation in a civil war or something like that they would also of course have a record of it from your taxes With the taxes youll basically be paying for much more than 1000 ounces but thats all youll be getting |
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Pillar of the Community
Australia
4411 Posts |
If youre set on getting a 1000oz bar then get one. I wouldnt get 3 though. Use the other $6000 for a range of different sized bars.
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Bedrock of the Community
13014 Posts |
Quote:
Use the other $6000 for a range of different sized bars. Missed a 0 there itd be 60k  Really with taxes and the fact silver isn't 30 an ounce right now itd be close to 100k |
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Pillar of the Community
Australia
4411 Posts |
It was an extra 0 in 1000oz rather than missing a zero in the $6000  |
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Valued Member
United States
151 Posts |
This site does an pretty good job of explaining the tax implications: http://about.ag/reporting.htmThe main point that I think people are trying to make to you is that when you buy/sell 1000 ounces of silver at once, the dealer reports it to the IRS, and if you later sell AT A PROFIT, the IRS will be aware of it and you must be sure to include the capital gains when you do your taxes that same year, you should also expect to receive a 1099-B form to that effect. |
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Replies: 62 / Views: 6,659 |
First Page
Posted 02/12/2013 9:50 pm
