Is Silver next?

[DoggyDaddy]

Ordered 3 of these during the dip this morning (it was all they had):
View attachment 197363

I've been watching those commemorative arts medals on Provident but haven't gotten up the nerve to pull the trigger yet. Gold still gives me sticker shock.

 

[ancjr]

A good dip to buy in.

 

[DoggyDaddy]

What I don't get is, Provident says that those 1/2 oz. commemoratives are available in any quantity at $39.99 per coin over spot. At spot, 1/2 oz would be 942.60 as of this posting, but the commemoratives are 987.61. That's a difference of 45.01.

 

[DoggyDaddy]

A good dip to buy in.

I may regret it, but I'm going to keep watching. Maybe tomorrow or Friday.

 

[ancjr]

I may regret it, but I'm going to keep watching. Maybe tomorrow or Friday.

Indications on the market say that the downside momentum is over for a little while. Maybe sideways for a few days then, who knows?

 

[DoggyDaddy]

Indications on the market say that the downside momentum is over for a little while. Maybe sideways for a few days then, who knows?

I'm okay with sideways if it stays about where it ended up today. I'm a cheap bastard.

 

[spencer rifle]

So far SD has undercut Provident on about everything, but they don't seem to have much in stock. The have plenty of 20 Coronas at about $4 each over the ones I got. They seem to have two classes of Corona coins, with one slightly more expensive than the other. Not sure why. I'm waiting for the more expensive ones to drop a few bucks.

The lowest prices were at Peninsulahcap, but they are somewhat-better-than-average scammers. Don't fall for it.

 

[spencer rifle]

Well, that was strange. I ordered 3x20 Corona Austrians earlier yesterday from SD and no tax was charged. Then I ordered more of the same later the same day, and tax was charged. Here is their answer to my inquiry:

Hello,

Thank you for contacting the sales department of SD Bullion, The Lowest Price, Period!

We have recently made the transition required by law to collect sales tax at the point of purchase. The taxed amount will vary based on your location and the specific items ordered. If you are having specific questions regarding your state's tax policy pertaining to precious metals, please refer to our Gold & Silver Sales Tax guide or reach out to a tax professional in your area.

Depending on where you are shipping your order, we may have to collect sales tax on some or all of the products you purchase. This amount will be calculated at checkout.

Their guide says Indiana charges tax accordingly:

SD Bullion is required to collect Indiana sales tax on the following items

Accessories
Processed Items
Copper
Numismatics
Foreign Gold Coins and Gold Bullion below .995 purity, Foreign Silver Coins and Silver Bullion below .999 purity, Foreign Platinum Coins, Platinum Bullion, Foreign Palladium Coins & Palladium Bullion below .9995 purity

So the .995 purity cutoff applies, but why did it apply to the second order and not the first? On the same day?! I have asked and will let you know what they say.

 

[DoggyDaddy]

Well, that was strange. I ordered 3x20 Corona Austrians earlier yesterday from SD and no tax was charged. Then I ordered more of the same later the same day, and tax was charged. Here is their answer to my inquiry:



Their guide says Indiana charges tax accordingly:



So the .995 purity cutoff applies, but why did it apply to the second order and not the first? On the same day?! I have asked and will let you know what they say.

I wonder if Provident will be starting to charge tax now? Up until now they haven't.

 

[ancjr]

I'm pretty sure I've never paid tax on any 90% coin I've bought in person. I assume they consider it non-numismatic?

 

[DoggyDaddy]

Well I bit the bullet and ordered one of the 1/2 oz. commemorative gold medals from Provident. Got it for $987.20.

 

[ancjr]

More platinum here!

 

[rosejm]

I'm pretty sure I've never paid tax on any 90% coin I've bought in person. I assume they consider it non-numismatic?

Was this a 90% US Coin? Numismatics I'm guessing would be PCGS/NGC slabbed coins.

As for Provident charging tax, I'm sure it's either already there or in progress. I've seen where tax would appear, but the specific items being purchased will be the major decider in what tax is collected. It's very similar to the grocery store, where certain items are taxed and others are not.

US Coins - of any purity - (currency), and .999 bullion ("pure" precious metals) fall into different taxation categories. Jewelry is likely in its own category.

This is similar to how a buyer must hold bullion for a X days before processing/reselling and coins do not have such restriction.



P.S. I really like the newly released 10oz American Virtues rounds, but a $40/oz premium is damn salty.

 

[ancjr]

Was this a 90% US Coin? Numismatics I'm guessing would be PCGS/NGC slabbed coins.

Random Morgans from the grab bin. My personal favorite silver.

 

[2in1evtime]

Buy Low Premium / On Sale Silver & Gold Bullion Online - Silver.com™

Buy On Sale / Low Premium Silver & Gold Bullion from Silver.com - the bullion market leader. Fast & secure shipping. Call us at 888-989-7223.

www.silver.com

silver still falling!!?

 

[DoggyDaddy]

Was this a 90% US Coin? Numismatics I'm guessing would be PCGS/NGC slabbed coins.

As for Provident charging tax, I'm sure it's either already there or in progress. I've seen where tax would appear, but the specific items being purchased will be the major decider in what tax is collected. It's very similar to the grocery store, where certain items are taxed and others are not.

US Coins - of any purity - (currency), and .999 bullion ("pure" precious metals) fall into different taxation categories. Jewelry is likely in its own category.

This is similar to how a buyer must hold bullion for a X days before processing/reselling and coins do not have such restriction.



P.S. I really like the newly released 10oz American Virtues rounds, but a $40/oz premium is damn salty.

Provident didn't charge me tax on the silver I bought last week, nor did they charge me tax on the 1/2 oz gold commemorative medal I bought today (although that one was 90% gold, but not currency).

 

[DoggyDaddy]

Well I bit the bullet and ordered one of the 1/2 oz. commemorative gold medals from Provident. Got it for $987.20.

Now they're going for 989.89! I've already made $2.69! I'm rich! Rich I tell ya!

 

[Daburkster]

Not sure what forum to put this in....mods, please move if necessary.
The Plebes have started a firestorm.. first it was Gamestop, then Nokia...
Now Silver?

Zerohedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

The laws of unintended consequences is in play here.

Silver won’t make you money. It will hedge it against inflation though

 

[ancjr]

JM Bullion buyback prices on 1ozt gold are 1,922.23 and 10ozt silver is at 235.40... puts the actual gold/silver ratio at 81.66 which is a strong signal toward silver.

 

[snorko]

JM Bullion buyback prices on 1ozt gold are 1,922.23 and 10ozt silver is at 235.40... puts the actual gold/silver ratio at 81.66 which is a strong signal toward silver.

The fact that the gold buyback is that close to spot and the silver looks slightly over spot may speak to the current and future supply for retail.