Is It Time For Silver?

the people selling shovels and beans for fiat money made the most during the goldrush

 

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HOW ABOUT THE SALOONS AND WOMEN they had premiums during the rush.. and made a few ounces. I have been stacking for a short period since 2012 and most of the time try and buy at spot or below unless it is numismatic silver. You can find silver for sale at spot but paying premiums for junk Silver. It would have to be U.S. coinage not rounds for me anyways. Now your talking ASE that's where the premiums come in to play. I guess on those I have paid recently 31.50 a piece and was hesitant but did anyways cause others sellers wanted more for same amount and condition. blind note: still have not sold a single coin....jus stepid.

 

In 1849 California, shovels and beans were paid for with gold and silver.

 

When I returned to coin collecting/hoarding in 2005, silver was $7/Oz and I could buy common date MS63 Morgan Dollars for $26/each. Even at the time, that seemed like a "no brainer"...so I backed up the truck (beep, beep, beep). I'm pretty much just a spectator at these premiums.

My big score was in 2011 when I bought six (6) physical (loaded) bitcoins for $114 ($19/each)...which, at the time, was money down the drain.

 

OH B-coin but not now it seems to be a great move!!!!!

 

I had bought some Liberty Dollars just before Bernard von Nothaus had his assets seized. At the time, I was collecting Leper Colony coins but pivoted to "coins" likely to become obsolete/illegal. Bitcoin fell into that category. At the time, I thought for sure the Treasury Dept was gonna shut it down like they did poor Bernard's Liberty Dollar. I bought bitcoin like it was any other token. Who knew? I liked them for their colorful seals.

In 2013, new production of physical Bitcoins was made illegal. As people "unload" (spend) their physical Bitcoins, the population is sure to dwindle. I have no idea how many "loaded" bitcoins are left, but I imagine the population will continue to decrease as the price of Bitcoin rises.

The current problem with Bitcoin is that it's not a currency, it's a commodity (like gold) in the eyes of the IRS. As far as I know, each Bitcoin transaction is a reportable, taxable event.

 

My grandma use to say if you have to pay taxes then your making money. If you didn't make a certain critera you didn't pay I guess back then.

 

Direct taxation only leads to political extortion and attracts criminals like ants. We need to repair the Constitution by replacing the 16th Amendment with the Fair Tax. That's the only way to save America. It's not about "how much" we're taxed; it's about "how" we're taxed. This is more appropriate for the "Discussion" section...

https://www.cointalk.com/threads/which-is-the-best-form-of-taxation.376309/

 

Ho Hum, you guys make me want to take a nap. Precious metals will get into big pockets before it trickles down to others, this is why I sleep with one eye open.

 

For the last few days gold has been tanking, but I'm not too worried. The Covid spending spree has to lead to inflation. Now silver has the advantage of being an industrial metal, especially in demand for solar cells, so I think it has a bright future. I plan on selling some of my silver bullion when it gets to $50 an ounce, but don't ask me when that will be. I don't do timing. I was surprised when I read the first few posts in this thread about silver at $17, until I noticed they were from 2019. Now it's $26. And I expect more interest in "poor man's gold" when inflation really takes off. Mind you, I'd be perfectly content if it took off after I depart this world; I don't want to experience Zimbabwe-style inflation in the West, but Modern Monetary Theory worries me.

 

Rising interest rates are weighing on gold lately. Interest rates are rising to attract capital concerned about inflationary pressures. I'm not sure how inflation can increase much without normalizing economic activity, though.

 

I’m all in for VAT with absolutely no exemptions.

 

I'm more in favor of the Fair Tax over a VAT, but I understand your point.

 

I’ve haven’t heard about fair value tax. Please explain.

 

Everyone calls their tax plan "fair".

 

The Fair Tax is an ongoing legislative initiative (HR 25) to repeal the 16th amendment and replace it with a national retail sales tax (not a VAT).

The Fair Tax provides a "prebate" that eliminates taxation below the poverty line...while removing the 23% embedded income tax in American made products (both domestic and abroad).

It imposing a 23% tax on imports...to pay for the infrastructure foreign companies use, but don't pay for. It also imposes a 23% tax on criminals while reducing the tax burden on law-abiding U.S. citizens.

The Fair Tax FULLY FUNDS Medicare/Medicaid and Social Security while removing all reporting overhead and intrusion associated with the Income Tax. As Gov. Huckabee puts it...it turns April 15th in to just another beautiful spring day!

http://www.fairtax.org

I'm not suggesting that the Fair Tax is the best (or only) answer, but it's certainly an idea worthy of Congressional debate.

 

Now, how exactly is that supposed to work?

 

It's a retail sales tax. If criminals wish to spend their ill-gotten gains, it's taxed...as opposed to now where they spend their money essentially tax free.

Tennessee recently switched from an income tax to a retail sales tax...and they're hitting it outta the PARK!

 

Don't ask the Brits about the VAT. It DESTROYED small business over there. Coin dealers, BTW, would be especially hurt by a VAT. Imagine a sole proprietor having to constantly inventory and keep track of EVERYTHING in his store. Stamp dealers even more so, with up to tens of thousands of items.

 

VAT is a bad idea (same as an income tax)...no question.