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 Replies: 18 / Views: 2,532 |
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Pillar of the Community
United States
2589 Posts |
Silver eagles are USD  |
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Pillar of the Community
Canada
1502 Posts |
The Chinese had it right with the first of their bullion coins. No denominations on those early ones, not until Western collectors, used to assigning values that really have no meaning, got to them.
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Pillar of the Community
United States
1450 Posts |
I still don't understand why dollar values are placed on bullion coins when the government itself doesn't recognize those values. The case of the guy paying his employees at face value gold coins so they could claim income at face value not real value is a good example of WHY there should be no denomination on the coins. If someone pays for a bill in silver coins the merchant only needs to accept it at face so,from a currency standpoint,that is its value. f we all claimed our income for tax purposes on the true value of the dollar after inflation,the government would put us all in jail. I don't see,legally,how you can have it both ways!
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Pillar of the Community
United States
4008 Posts |
Quote:
I think this was hit home with me when I saw a poster saying he was 95% cash because he didn't want to have all his investment eggs in one basket. So he not only has all his investment eggs in one basket, but he picked the only one with a huge hole in the bottom. Maybe so, Fredd, but BECAUSE of that move, I DIDN'T take an 1800 Dow point bath on my entire portfolio. That was an immediate reduction in loss of about 14.5%. I think that worthy of applause, not condemnation. But... whatever. |
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Pillar of the Community
United States
931 Posts |
I'm with you on staying out of the market Ed. If you hate stocks and bonds ( T Bills, yuch ) you're goin to have to hold some major cash unless you are brave enough to go all in on PM's. I've been trying to figure out. Way to invest my cash in Canadian
Dollars in a Canadian bank as I live about 60 miles away. Their national debt it almost nonexistant.
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Rest in Peace
 United States
9104 Posts |
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The Chinese had it right with the first of their bullion coins. No denominations on those early ones, not until Western collectors, used to assigning values that really have no meaning, got to them. Not exactly meaningless if you want to sell in the US market. It's true the denomination may be meaningless as far as the selling price, but that's not its purpose anyway. At the federal level, certain types of self-directed retirement accounts allow coins, but not bullion. At the state level, some make a distinction between coins not being covered by sales tax. At county and city levels, coins may be exempt from annual property taxes. Without a date and denomination, you have bullion. With them, you have a coin which may be exempt from taxes and eligible for retirement savings. Taxes can often be the deal breaker. If the gubmint is taking a % every year, you need to get significantly more over the years for the same net return. |
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Rest in Peace
United States
9104 Posts |
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BECAUSE of that move, I DIDN'T take an 1800 Dow point bath on my entire portfolio. That was an immediate reduction in loss of about 14.5%. I think that worthy of applause, not condemnation. How much would you have made if you took the money out of stocks when you did and put it in gold, silver, oil, or corn? You did better than you could have in this case, but that's like me saying I did better than if I got into POGs or Beanies, which I avoided. And I'm still proud of the year I made $3 million more than Amazon. Whatever works for you, but I can see FRNs' track record since 1934, and it is a pretty consistent loser. |
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Rest in Peace
United States
9104 Posts |
Quote:
I've been trying to figure out. Way to invest my cash in Canadian
Dollars in a Canadian bank as I live about 60 miles away. I recall reading recently about a bank that will allow you to have accounts in several different currencies, perhaps even on ccf. Start your search there. |
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New Member
United States
14 Posts |
poboxw
Valued Member
Canada
170 Posts
Posted Yesterday 4:45 pm
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The Chinese had it right with the first of their bullion coins. No denominations on those early ones, not until Western collectors, used to assigning values that really have no meaning, got to them.
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hockingzig
Pillar Of The Community
USA
1128 Posts
Posted Yesterday 6:38 pm
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I still don't understand why dollar values are placed on bullion coins when the government itself doesn't recognize those values. The case of the guy paying his employees at face value gold coins so they could claim income at face value not real value is a good example of WHY there should be no denomination on the coins. If someone pays for a bill in silver coins the merchant only needs to accept it at face so,from a currency standpoint,that is its value. f we all claimed our income for tax purposes on the true value of the dollar after inflation,the government would put us all in jail. I don't see,legally,how you can have it both ways!
It really doesn't make a whole lot of sense. I don't know why you can hold coins but not bullion in certain IRAs. Its almost like they are trying to create loopholes in the laws.
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Valued Member
United States
299 Posts |
"invest my cash in Canadian
Dollars in a Canadian bank as I live about 60 miles away"
You could just drive across the border with less than ten grand in USD I supose, but the bank bgfrd mentions I think is Eversbank, or Everbank
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Pillar of the Community
United States
931 Posts |
Thanks for the info. I don't think that I'll do business with EverBank. They mishandled a bunch of accounts that were unfortunately CD's denominated in the Icelandic Krona. Their tactics and ethics seem suspect at best and criminal at worst. Another shining example of our Financial Institutions here in the good ol' USA.
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Pillar of the Community
United States
4008 Posts |
Quote:
I'm with you on staying out of the market Ed. If you hate stocks and bonds ( T Bills, yuch ) you're goin to have to hold some major cash unless you are brave enough to go all in on PM's. I've been trying to figure out. Way to invest my cash in Canadian Dollars in a Canadian bank as I live about 60 miles away. Their national debt it almost nonexistant. The essence of my investing philosophy, which was sufficiently successful that I could retire comfortably at age 55, is that I invest in good stocks and funds but do not fall in love with any of them. There are times when I simply do not want to own them... at all. When those times comes, cash becomes a good short-term holding area. Can't say that I like cash much either and have zero plans to stay predominantly in cash for longer than a few months. If that costs me a bit of loss due to some inflation, then so be it. As to PMs... I do like them and have some. I have both paper silver via the SIVR and paper gold via the SGOL. Also have about 210 oz. of physical silver. Would buy some physical gold but with Pt prices at the same level, why not buy that instead? |
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Pillar of the Community
United States
4008 Posts |
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How much would you have made if you took the money out of stocks when you did and put it in gold, silver, oil, or corn? Probably more but perhaps not. Some boneheaded group in charge of commodity futures might have raised the cost of futures contracts and created HUGE losses. Hard to say what would or might have happened. What I CAN say is what DID happen and that was satisfactory to me given the market conditions at the time. Quote:You did better than you could have in this case, but that's like me saying I did better than if I got into POGs or Beanies, which I avoided. And I'm still proud of the year I made $3 million more than Amazon. That is the crux of it all, isn't it? Better WAS done.  Quote:
Whatever works for you, but I can see FRNs' track record since 1934, and it is a pretty consistent loser. I'm thinking that we agree more than not, Fredd. I am certainly not going to hold the bulk of my wealth in FRNs for the 77 years that it would take to establish a new record from now going forward that would compare to your 1934 example. As I have said before, this IS a respite of but a few months. In fact, I already reinvested about $200k a week ago. More will follow. Including substantial investments in PM miners and farm commodities. It will be fine. If not, then I still have my physical silver and perhaps some soon to come physical Pt. |
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Pillar of the Community
United States
4008 Posts |
Quote:
I recall reading recently about a bank that will allow you to have accounts in several different currencies, perhaps even on ccf. Start your search there. Indeed so. One that I recall was a bank in Florida called EverBank. They have CDs that you can buy that are denominated in various currencies or baskets of currencies. IIRC they are all of fairly short duration but it should be possible to roll them over into new versions as they come to maturity. In addition, they also offer PMs but I don't remember if that was strictly in IRAs or in other vehicles, such as PM-backed CDs. Might be worth checking them out. |
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Rest in Peace
United States
9104 Posts |
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You could just drive across the border with less than ten grand in USD I supose, but the bank bgfrd mentions I think is Eversbank, or Everbank You'd think so, but the TSA is now jerking people around for even under $20 in change. |
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Replies: 18 / Views: 2,532 |
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Posted 09/17/2011 4:45 pm
