What Spot Price Would Cause You to Pull the Trigger and Cash Out?

Discussion in 'Bullion Investing' started by losthomer, Mar 3, 2022.

  1. -jeffB

    -jeffB Greshams LEO Supporter

    We've got a local show coming up this weekend, and I get solid offers there for junk silver and gold. But... I don't know, it just doesn't feel like the right time to sell. Sure, stuff is up, but I expect to see it higher in the next few years, and I don't need to cash out right now. If I still had PMs coming in from my eBay bargain-hunting, it'd be different, but I ran out of patience for doing that.
     
    Randy Abercrombie likes this.
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  3. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    My kids will have all of my BTC, PM.S and stocks, so it will be there
    decision to make, Iam only the gate keeper...LOL
     
    JPD3 likes this.
  4. Cinco71

    Cinco71 Well-Known Member

    That's basically the answer right there. If you don't need the money, hold onto it if there's still that sense of security or just enjoyment of owning all that shiny stuff.
     
    Joel Turner and crazyd like this.
  5. imrich

    imrich Supporter! Supporter

    People don't realize the irony of selling for Fiat which triggers a Govt. audit for "Money Laundering" by the IRS.

    I've believed in holding excess funds as cash for many years/decades.

    All of a sudden when it's deposited to buy tangibles, the govt. wants proof of where the Fiat was gotten.

    Without due process, they can raid all that you own as "Civil Asset Forfeiture" removing your assets.

    Consider your actions, and investigate current recent actions to tax without recourse.

    This is hypothetical also, but realistic to me as an unresolved experience. I believe monetary exchange facilities are mandated to reporting of relatively minimal deposits and/or expenditures in recent past.

    This process may still be in formative stages, but the mandate has been believed authorized, and I've been questioned/reported.

    It's reported the IRS is currently hiring appreciably for investigations of monetary type transactions.

    JMHO
     
    Last edited: Mar 4, 2022
    Marsden likes this.
  6. Phil's Coins

    Phil's Coins Well-Known Member

    Silver @ $40.00 Gold @ $4-5K. I have a very large stash of "junk silver" that I have accumulated from purchasing collections. I also purchase gold from those individuals who have old wedding rings or jewelry they no longer wish to keep. I have accumulated close to $400.00 in Kennedys, but I do not keep any of them that would not grade out on the high end. Those would be the first to go.
    Semper Fi.
    Phil
     
  7. Phil's Coins

    Phil's Coins Well-Known Member

    Who do you sell to that provides a "Trail"? Not one person in this area gives any sort of receipt with you name on it.
    Phil
     
    imrich likes this.
  8. -jeffB

    -jeffB Greshams LEO Supporter

    And I suppose the self-checkouts at the grocery store could be facial-IDing me with their built-in cameras as they scan the serial number of each note I feed in, but... nah.

    I have the questionable "advantage" that I've never bought or sold coins or PMs anywhere close to the money-laundering reporting threshold. Wouldn't much matter, as I assiduously report any profit as income when tax time rolls around, but I guess I would get annoyed if my perfectly-legal "everyday transactions" kept producing knocks on the door.
     
  9. Michael K

    Michael K Well-Known Member

    Ironically people tend to BUY when prices are at their highest.
    Making them go higher.
    If you have a very disciplined idea of what price you bought in,
    and where you would like to sell at a profit, then when it goes higher
    after you sell you won't be as upset as you made the profit you wanted.
    People sell something and then they lament later when things go higher.
    "I should have waited another 2 weeks."
    As for the OP, I believe it would be easier for silver to approach $40 than for gold to approach $2500. I don't see gold going over the 2000-2200 area for the current. But the war can make PMs spike.
     
  10. Dapalon

    Dapalon New Member

    It’s hard to sell when they’re going up or down!
    Obviously, they’re doing one or the other!
    So yes, sell only when you need the money!
    As far as buying, silver is definitely cheap!
     
  11. imrich

    imrich Supporter! Supporter

    I only sell on Craigslist!

    I currently only buy large quantities of pre-1933 scarce, preferably CACed coins.

    My goal is to exchange Fiat for quality U.S. Gold coins, preferably at a "fair" market price.

    The sellers have really reduced their offerings of quality material, majorily offering coins as $20 1904 and 1924.

    The only coin found/bought meeting my criteria this week is a 1908-D with MOTTO, CACed MS61.

    Please, do your proper research, and my statements will be verified.

    You can use C.D.N., NGC and PCGS pricing documents as value documents, and eBay archives as coin availability.

    JMHO

    P.S.:

    BANKS HAVE ILLEGALLY NOTIFIED ME OF REQUIRED REPORTING
    • The American Rescue Plan Act, which Congress passed in March, has a provision that will require cash apps like Venmo, PayPal and Zelle to file information reports on commercial transactions over $600. It goes into effect Jan. 1. Previously, cash apps were required to report only business transactions over $20,000 for accounts with at least 200 separate payments in a calendar year.

    • A separate Biden administration proposal concerns traditional bank accounts as well as cash apps. If implemented, it would require financial institutions to report the total amount of deposits and withdrawals from most bank accounts that exceed $600.
     
    Last edited: Mar 4, 2022
  12. imrich

    imrich Supporter! Supporter

    FYI:

    • The American Rescue Plan Act, which Congress passed in March, has a provision that will require cash apps like Venmo, PayPal and Zelle to file information reports on commercial transactions over $600. It goes into effect Jan. 1. Previously, cash apps were required to report only business transactions over $20,000 for accounts with at least 200 separate payments in a calendar year.

    • A separate Biden administration proposal concerns traditional bank accounts as well as cash apps. If implemented, it would require financial institutions to report the total amount of deposits and withdrawals from most bank accounts that exceed $600.
     
  13. imrich

    imrich Supporter! Supporter

    You may qualify as an uneffected individual for referenced legislation, if you haven't >$600 buys/sales.
     
  14. Jim Dale

    Jim Dale Well-Known Member

    I don't quite understand that banks (probably credit unions as well) have to report any transactions greater than $600? For years, my wife and I would withdraw about $1,000 from our checking account to pay cash for all of our transactions. We didn't like using our VISA cards because we were concerned that Big Brother would be looking at our VISA charges. I pay cash for all coin transactions (mostly buying). However, we have changed our way of purchasing. We have a $15,000 limit on our VISA and another $10,000 limit on my wife's card. Being an accountant and retired, each morning I reconcile all of our accounts including our VISA account. We pay off our VISA each month. I hate interest rates, no matter if its 1% or 5% and won't pay interest, except my wife bought a new car in 2015. I could pay it off buy the interest rate is 1%). I know the account is discounted and I told her we should go ahead and pay it off. She's a retired English teacher and doesn't understand finance, but she is learning.
    As far as my PMs, I ain't selling unless I have to pay $10 for a loaf of bread.
     
    imrich likes this.
  15. crazyd

    crazyd Well-Known Member

    The Silver bugs were promising $250 Silver ....so probably then... or when I have to for some emergency.
     
  16. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Any thing over 9k at banks are reported
    that’s why I only take out 8,990 it’s
    amazing how that works who thought
    $10 less would save all that paper work…LOL
     
  17. imrich

    imrich Supporter! Supporter

    I was questioned by banks, as I often deposit large sums of cash to purchase coins, vehicles, tangibles, etc., regardless of amount when cash.

    I make payments outstate with a certified envelope personal check, sent through USPS which protects me and eliminates fees for sellers.

    I send the sellers a tracking number for the envelope, and notify them when someone in their organization has received my envelope, which was necessitated by an employee misplacing a payment check.

    I've sellers that ship immediately upon receiving my check, and I've repeatedly told others of their preferred efforts.

    I also report prominent Sellers that ignore my orders, and complain when I purchase their "preferred" (a little stamp is affixed) over-priced coins.
     
    Last edited: Mar 4, 2022
  18. CoinTalkJim

    CoinTalkJim Active Member

    When silver was close to $48 around 1980 I sold 650 of duplicate silver dollars. I still have about 35. I will keep what I have of silver and gold for the rest of my life except a 15 ruble Russian gold piece that I will trade at a coin show.
     
    Last edited: Mar 4, 2022
  19. Phil's Coins

    Phil's Coins Well-Known Member

    I agree with what you are saying and I too have been contacted by my bank concerning my deposits (I made 2 large deposits just prior to the current administration attempting to get in the middle of our lives) and my local banker who also is my friend cautioned me about the amount of deposits. Again, I deal 99% in cash on my coin transactions as do the individuals I purchase from, hence no trail.
    Semper Fi
    Phil
     
    imrich likes this.
  20. losthomer

    losthomer Active Member

    I've actually been thinking about trading dollars for rubles. Out of my investing comfort zone of knowledge though.
     
  21. losthomer

    losthomer Active Member

    What ever I think is a good investment at the time. Or maybe just go traveling for an extended period of time. I hear there are some deals to be had in Eastern Europe.
     
    Last edited: Mar 5, 2022
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