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 Replies: 41 / Views: 5,717 |
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Rest in Peace
United States
9104 Posts |
No dealer charges tax, they only collect it as representatives of their state taxing authority. If a dealer doesn't collect tax, he's breaking the law. I know at least one in Ahia who did prison time for it. When you go to sell your ASE for $75, your cost will be assumed to be $1, since you have no receipt. So you pay $11 more income tax to save $2 sales tax. No bargain. Most states with sales taxes also have use taxes. If you buy from out of state, you are responsible for paying the use tax. Just a heads-up on the legal ramifications of a little round of "screw the government". |
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Pillar of the Community
United States
648 Posts |
BiggFredd - interesting, thanks for the note. Question - I go to a local brick and mortar shop who are great folks. However, they tell me if the transaction purchase is greater than $1,000 - then there is no tax at all. (Texas) - thoughts?
Edited by tripncoins
06/04/2011 10:06 am
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Rest in Peace
United States
9104 Posts |
My guess is Texas law assumes that anyone buying $1000+ of PM, is buying for investment/eventual resale, and therefore shouldn't pay sales tax, just like any retailer/reseller.
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Valued Member
United States
362 Posts |
A couple weeks ago I was at a coin show and one of the guys there was selling a 100 oz bar for 4800, silver was at 35.50 an ounce, I asked him why it was so expensive, he told me he bought it for 4500, and was going to sit on it.
Its a very dynamic business, but if the market goes up, or down there is room for growth, if it ever stays the same price it would be hard to make a profit
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Rest in Peace
United States
9104 Posts |
I knew a dealer who for a couple decades was asking $750 or something ridiculous for an AGE, because he insisted on making a profit.
If he would have sold it for $5 more than his replacement cost, and turned it once a month, he'd have made $1200 in 20 years.
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Pillar of the Community
United States
4008 Posts |
Quote:
If he would have sold it for $5 more than his replacement cost, and turned it once a month, he'd have made $1200 in 20 years. There ya go again, Fred... using logic instead of emotion.  |
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Valued Member
United States
60 Posts |
Guy's I'm so sad right now. Everything my Gradfather taught me has come true.
I don't know where to start, but to say I was only bustin chops about the dealers. I know there's a lot of you guy's on here who have helped me out.
Our economy is about to tank. Silver is nowhere near its peak and is a way better investment than gold right now!
Copper pennies even better!
I just don't even know where to start to explain if you guys don't see the writting on the wall by now?
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Valued Member
United States
60 Posts |
P.S. Guns (the other precious metal) might outperform them all! Our Country is broke and people don't understand that our day to day activities are being funded by the Chinese right now.
That SSI check you get? That traffic signal you stop at? The unemployment check you get? Foodstamps, Medicaid, all on the Chinese Yaun!
Both Parties in DC have sold us out and the only hope (Dr. Ron Paul) is being held down by his own Political Party (R)....
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Valued Member
175 Posts |
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Pillar of the Community
Canada
3692 Posts |
Don't bet on Ron Paul. His whole career seems geared to becoming a saviour that'll go horribly wrong. He just seems too good to be true, ya know? All of these socio-economic problems can EASILY be set straight by dismantling the system known as the federal reserve, but to whom are they going to give that privilege, because they won't willingly dismantle it for just anybody. They're ALL in on it.
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Valued Member
United States
60 Posts |
A) Dr. Ron Paul is the only one who hasn't lied to the American people that is presently in Office. He's been there for years and not exactly with the Republicans blessing!
B) This Country got along for a long time w/o the Fed! Dr. Paul wants to go back to a Gold and Silver Standard. If you don't have money for it, you don't deserve it, because you didn't work hard enough FOR IT! Very simple!
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Valued Member
United States
60 Posts |
P.S. You can thank Dr.Paul for the recent run-up in Silver prices. He started a congressional probe on the Banksters short-sales which were purposely driving the prices down. Why would they do such a thing instead of allowing the free market to dictate the price?
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Pillar of the Community
United States
860 Posts |
Quote:
You can thank Dr.Paul for the recent run-up in Silver prices. He started a congressional probe on the Banksters short-sales which were purposely driving the prices down. Why would they do such a thing instead of allowing the free market to dictate the price? The silver market is very small and pivots around futures prices. Short holders could not hold the price of such a small market down if the "free market" would continue to buy at higher prices, because every $1 up would cause losses to the short holders.If the free market was a driving force, when margins were increased several times in the silver market, (which drove out most speculators), the movement upwards would have continued. It didn't. The drop affected so many late buyers who had read that the USD$ was going to disappear, so they bought big time at 40+ and are behind financially. When silver hits close to $40 sometime in the future. you can expect silver to dump again as more want to break even and get out. $45 would be even a larger selling force. I think it was very fortuitous that the CME enacted the margin calls ( which as a publicly traded company must protect their shareholders from loss), or many would be trying to recover from a $100 silver bubble and even farther behind the ball. IMO. Jim |
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Valued Member
United States
60 Posts |
Interesting spin Jim. The problem still remains tho, that there is not enough Silver to meet physical demand. Silver has been selling above spot on E-bay!
The whole notion that Silver should be traded on margine and in paper form is pure manipulation and corruption in my opinion especially seeing that the people printing the paper don't have the physical silver in their vault to back it!. I'd be interested in your opinion on this. I agree with the next pull back but think it will be closer to $45. I've just got this uneasy feeling about our debt to China and what will happen to our dollar in the comming months.
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Pillar of the Community
United States
4008 Posts |
OK, guys... we've seen the Internet bubble, the housing bubble, a few commodities bubbles, and probably a few others I have left out. Very few talk about that biggest of all possible bubbles and that is the government bubble. What happens when that bubble pops? I don't know but I can virtually guarantee that it will NOT be good. Those of us who have physical PMs will do better than anyone else who does not, if we can keep hold of it. That's a virtual guarantee as well.
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Replies: 41 / Views: 5,717 |
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Posted 06/04/2011 02:37 am
