Thread: Price of Silver is Booming
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02-17-2011, 07:13 PM
At least you are well hedged against inflation, and can turn a good profit off the inflated dollars, in real purchasing power, if we are able to turn the market around. Exchange the silver for devalued currency when it looks like there is going to be a constriction of the money supply, or an upswing in demand for dollars. Then those devalued dollars will regain their purchasing power.
I'm afraid I've missed the commodities boat. All my investments are in long term growth funds, and I can't easily liquidate some of it and move it into gold and silver without getting raped by the IRS. :("In England a king hath little more to do than to make war and give away places; which in plain terms, is to impoverish the nation and set it together by the ears. A pretty business indeed for a man to be allowed eight hundred thousand sterling a year for, and worshipped into the bargain! Of more worth is one honest man to society and in the sight of God, than all the crowned ruffians that ever lived."
—Thomas Paine, Common Sense
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02-17-2011, 07:29 PM
I would not advise anyone to go hog wild into the gold, silver or the commodities market at this time while prices are so elevated. A 20% dip might be a buying opportunity. I slowed down buying in the last year. Buying limited mintage gold and silver proof coins is still a good investment. I have found that APMEX has about the best prices of any retailer in coins.
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02-17-2011, 07:46 PM
That's why I think I missed the boat. I thought about going heavy into commodities back in '09, but all I did was think about it. Stupid me.
If I could move my investments I'd really like to get into real estate. I know that sounds crazy, but demand isn't going to stay low forever. It might take 5 or 10 years to turn around, but you make money when you buy, not when you sell."In England a king hath little more to do than to make war and give away places; which in plain terms, is to impoverish the nation and set it together by the ears. A pretty business indeed for a man to be allowed eight hundred thousand sterling a year for, and worshipped into the bargain! Of more worth is one honest man to society and in the sight of God, than all the crowned ruffians that ever lived."
—Thomas Paine, Common Sense
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02-17-2011, 08:11 PM
Forgive me, as it is not my area of expertise, but I BELIEVE you can move from one asset to another within your IRA's or 401K's without incurring a penalty - as long as you make a direct switch and keep it in your IRA or 401K.
Obviously, check with a tax/investment adviser first though.I long for the days when our President actually liked our country.
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02-17-2011, 08:23 PM
Back in the late 80's and early 90's following the advice of a financial "guru" I knew, I started buying a 10 ounce bar of silver a month. I did this for about 3.5 years.
When silver bottomed out about 92-93, I quit figuring that I was just throwing my money away watching it go from the 6 to 8 I was buying for down to less than 4.
They ended up in the safe and just basically forgotten about until late last year when I wondered just how much silver I had.
Over 400 ounces later I am now wondering whether to hold out for 40-50 or cash in at 30 for a decent, if not delayed, profit.
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02-17-2011, 08:31 PM
"In England a king hath little more to do than to make war and give away places; which in plain terms, is to impoverish the nation and set it together by the ears. A pretty business indeed for a man to be allowed eight hundred thousand sterling a year for, and worshipped into the bargain! Of more worth is one honest man to society and in the sight of God, than all the crowned ruffians that ever lived."
—Thomas Paine, Common Sense
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02-17-2011, 09:19 PM
After I retired, I rolled a portion of my 401 into an IRA Scottrade account. I think you may be able to do that while you are still working but I am not sure. Scottrade has a bunch of commodity mutual funds, ETF's and ETN's. I know that I had to get permission from my employer and required a letter from Scottrade. The money was deposited directly into my brokerage account. If you left your present job, I know for a fact that you could make that transfer.
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02-17-2011, 09:43 PM
I am going to hold onto my stash but closely monitor the price as we get closer to the end of this year. Those pesky reporting requirements of 1099's in the health care bill for purchases and sales of everything from coins to rent over $600 has NOT been repealed. Congress has to find revenues or cuts to match the amount of money that was projected (something like a couple of billion). If this abomination is not repealed, a giant sucking sound will be coming out of the coin industry. I will sell prior to the first of next year if that happens.
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02-17-2011, 10:00 PM
"In England a king hath little more to do than to make war and give away places; which in plain terms, is to impoverish the nation and set it together by the ears. A pretty business indeed for a man to be allowed eight hundred thousand sterling a year for, and worshipped into the bargain! Of more worth is one honest man to society and in the sight of God, than all the crowned ruffians that ever lived."
—Thomas Paine, Common Sense
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02-17-2011, 10:20 PM
After checking out an article on the web, it looks like you can transfer directly from you 401 into a brokerage account. I left half of mine in the 401 cause it is earning 3.7% interest. Having a mix of cash, stocks and coins is the way to go. Do not under any circumstances have it transferred to you individually. That will create big tax problems under the 60 day rule.
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