How do all the old timers feel about "silver stackers?"

I collect ""Silver Strike" Casino chips. Believe it or not some of them are highly collectable. There's even a book about the silver ones. I have quite a few, does that make me a "Silver Stacker?"

 

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Your blow hard posts are just chaff jamming to hide an economic theory that is, much like you, used up.

 

Not necessarily, but I think I have seen that casino's stuff somewhere. Where were they located? AH, I see it. Just about every Vegas casino.

 

Used up? Just getting truly started is more like it. Watch, listen and learn.

 

If you pay your fair share of taxes your taxes on "collectibles/PMs" will be 28% at the current tax code.

Now if you want to kinda ignore that, which most people do, as long as you don't make a single sale in excess of $9,999 there probably won't be a record of it in many cash exchanged instances so many people buy/sell under the radar.

 

I just read three pages of comments *looks for content regarding silver stacking*



No luck.

 

Depends on the marginal tax bracket for the individual, does it not? Yes, 28% will statistically be the most common one, but there are counter-examples, no? It's not a fixed 28%, is it?

 

I think it won't be long before more states ( or even federal) that makes reporting by businesses more strict on buying from customers. Probably the amount of hoarding precious metal is so low considering others, that it is not on the immediate horizon for most states. If there was a world conflict, and some governments survived the first pop-off, then it could be called in for war industry.

 

I can confirm for you that, as happens from time to time, there ARE bills in the hopper SPECIFICALLY targeting under-reporting of cash transactions, and as we all should know, a chief (if not THE chief) target of that kind of stuff is precious metals.

 

Most of the major and even some of the smaller ones have Silver Strike Casino Chips. They are in various denominations, with the most common ones labeled ten dollars. Those are .6 of an ounce of silver surrounded by a brass ring labeling them as redeemable for ten dollars. I have $7, $10, $20, and at the last coin show I went to a $200 one. The $200 one weights 373 grams and is from the Four Queens Casino in Los Vegas.

Here's a $10 one:

 

Were they strictly issued as collectables or did some see actual casino use?

 

I play an occasional game of blackjack at a local casino, usually in the middle of the afternoon. Judging by some of the characters there and how they are wagering, it doesn't take a rocket scientist to see the money laundering going on.

 

Ever go to a Circus Circus? It's disconcerting having a conversation in a lobby while some babe is doing a trapeze act over your head.

 

Circus Circus, unless they have renovated the place in the last five years, is the grossest casino in Vegas.

 

But never clean coins, right?

 

I was only ever in the Reno one, and come to think of it, that was about 18 years ago. Same trip as my pilgrimage to the CC mint building.

 

It varies yes. But I normally just tell people 28% (or 30 because it's easier for people to calculate things in their heads). Plus most people are thinking of short term flipping (though few actually pay taxes on it).

The actual rate is determined by the amount of time (short vs long term) the PMs were held and the payer's ordinary income tax rate.

So if it's a short-term (up to one year) or long-term (more than a year) capital gain is taxed at the max of 28% ST or 20% LT.

If I recall
if you are in the 10/15% tax bracket the CG is 0% for Long Term CG
25/35 is 15% LT CG
39.6 is 20%

but check the IRS.gov website for accuracy. But it's something like that.

That is one disadvantage to a PM ETF .. it's always reported thus you have to calc out your taxes on any potential gains, buy in/out fees, monthly fees, etc.

I really don't want to think taxes ... I did my months ago ...

 

You have to remember, though, that if you're "investing" (as if...) in PHYSICAL precious metals, as opposed to an ETF, there IS NO preferential tax rate for PM's. It ALL is taxed at whatever ordinary income rate applies to you. Therefore PM's are, for MOST people, putting you WAAAAAY in the hole compared to almost any other asset. The only way to "win" the game is to engage in felonious behavior.

 

Thanks, but I prefer a real teacher.



Doesn't the mushroon cloud look like Lord John?

 

Yup, I doubt few if any silver flippers pay any taxes on any gains.