Reddit's silver "apes" now targeting silver, opportunity or fool's gold?

[QuarterMillionMan]

In California, if the total sales price is $2000 or more, the entire transaction is exempt from sales tax. However, some dealers seem to be unaware of this law and do not add the sales tax.


In California, sales tax on precious metals is determined by the total value of the transaction. Here are the key points:

• Sales Tax Rate: The base sales tax rate is 7.25% for gold and silver bullion.
  
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• Exemption Threshold: If the total sales price is $2,000 or more, the entire transaction is exempt from sales tax.
  
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• Taxable Products: Taxes must be collected on nonmonetized bullion, monetized bullion, nonmonetized gold or silver bullion, and numismatic coins if the total transaction is less than $2,000.
  
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• Local Taxes: Additional local taxes may apply, ranging from 0.125% to 4.00% depending on the specific location.
  
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  For more detailed information, you can refer to the California Department of Tax and Fee Administration or consult a tax professional.

[QuarterMillionMan]

US Mint (official site) is pricing uncirculated SAEs' at $169 & proof SAEs' at $173. US Mint must know that the $90 spot price is too low and set to rocket a lot higher.

[QuarterMillionMan]

I wish that I could move but I'm tied down to my employer the big government. It's not as easy as it sounds. And if I decide to move it would have to be near the ocean, Arizona & Nevada are landlocked so no dice there. Washington & Oregon, no thanks.

[QuarterMillionMan]

Decades ago these silver strikes were all .999 fine silver and worth $10 each. Then around 2011 they switched to all clad (no longer .999 fine silver). Today on eBay these are selling for $50 plus $5 shipping. And nope, I'm not selling. I'm HODL'ing.

[QuarterMillionMan]

In other words, don't waste our time ordering small quantities.

[QuarterMillionMan]

I'm at the point where I'll need to professionally store my precious metals and pay their fees. My bank no longer offers safe deposit boxes. I have about $50,000 worth and climbing.

[james.hendrickson]

QMM - you could always install a safe in your home. Thats worked for a lot of people.

[amarowsky]

Popped back on this forum to see what you guys n gals would be saying about this historic rise in Gold & silver. Looking through the posts over the years did not disappoint.

Lol I had been giving my 3 nieces and nephew a silver troy oz every birthday and Christmas until about 3 years ago. (Switched to just tossing $100 per kiddo per year into index funds) Man who woulda thought silver finally would have taken off like this.

It felt so stagnant for years.

[QuarterMillionMan]

QMM - you could always install a safe in your home. Thats worked for a lot of people.

I'm renting and not allowed to drill in the walls or floor. But if I owned a home, yes a safe fastened to the floor and wall would be ideal.

[QuarterMillionMan]

I came across this DOJ depository fraud as I was looking for a depository for myself. Robert Higgins, age 69, owned and operated First State Depository, a precious metals depository located in Wilmington, Delaware. First State Depository held over $100 million in customer assets, primarily in the form of gold and silver bars and coins. According to evidence presented at the trial, Higgins diverted customer assets to pay debts and finance his personal life, including two timeshares in Hawaii and luxury vacations. First State Depository’s records indicated that at least $58 million worth of customer assets had been misappropriated. Industry sources generally agree that this is the largest theft from a precious metals depository in U.S. history.

James, your recommendation for a home safe seems like a better way to store my metals even if I have to drill holes in the floor & walls. I might lose my rental deposit when I move but at least I will know my metals are safe in my possession.


District of Delaware | Delaware Precious Metals Depository Owner Convicted of Mail, Wire and Tax Fraud | United States Department of Justice

[QuarterMillionMan]

Sold out.

[james.hendrickson]

No surprise the equipment is sold out, silver at 96 per ounce. Probably everyone and the cousin the metals field is wanting to get some.

[james.hendrickson]

Okay so, silver is now trading at $112 per ounce. This is really, really high. I honestly never thought it would go beyond $90, but here we are.

Its not clear to me exactly what is driving the price increase. I'm hearing more demand from China, as well as increased manufacturing needs, but it might also be political instability (e.g. fears surrounding the changing US role in the world geopolitical order).

[QuarterMillionMan]

The entire world has woken up to the only real world money since human existence is silver & gold & platinum. All fiats (Euros, Yen, Pesos, USD, etc) can be printed into infinity. Gold & silver have finite supplies. Since 1971 when Richard Nixon no longer backed dollars by gold, the dollar lost 90% of its value today. I'm still stacking silver & gold at today's prices.

[QuarterMillionMan]

Assets by market cap.