Peanut's Potent Plethora of Profit

[peanuts]

Peanuts,
It sounds as if you're discouraging me from buying SLV but you just bought some yourself , right? It's in an IRA so they'll get me taxed eventually or I could buy it with me son's Roth and no tax. I like silver below 13 but I'd also say that below 12, 11, 10, 9 etc. I value your opinion.

-------------billy

I buy and sell SLV for a trade all the time. I buy and sell AGQ. Sometimes I even hedge by selling covered calls on them. There are times when I have no position in either, like for the last few weeks. It's only good for a quick in and out.

As a long term hold, SLV looks like trouble. I just don't trust that the ETF actually holds the amount of silver that they say they do. For example, they recently reported a jump in inventory of more ounces of silver than what was recorded as delivered silver at the comex... now where did that silver come from? I have read an article, and I'll try to find it, that speculates that this magical silver position isn't actually held by them, but is actually silver that is in old equipment that was used in the nuclear fuel / weapons program from the 50's and 60's... the equipment presumedly used tons of silver for electrical contacts, and is no longer in use.

So until those books are auditted and the silver is physically counted, I don't trust the ETF for a long term hold. Also, if you can't hold it, do you really own it?

coinflation.com is one of the best sources that I've found to calculate the actual value, based on silver content, of the coin. Use this to determine what prices should be paid to acquire any coins. Anything above the listed price is a premium. It automatically calculates the value by adjusting in accordance to the comex spot price of silver.

[skiracer]

Peanuts,
It sounds as if you're discouraging me from buying SLV but you just bought some yourself , right? It's in an IRA so they'll get me taxed eventually or I could buy it with me son's Roth and no tax. I like silver below 13 but I'd also say that below 12, 11, 10, 9 etc. I value your opinion.

-------------billy

billy,
i have 75.00 worth of silver quarters that you can buy for an even $1000 no premium or tax or anything except cash.

[billyjoe]

Peanuts,
It sounds as if you're discouraging me from buying SLV but you just bought some yourself , right? It's in an IRA so they'll get me taxed eventually or I could buy it with me son's Roth and no tax. I like silver below 13 but I'd also say that below 12, 11, 10, 9 etc. I value your opinion.

-------------billy

[peanuts]

Peanuts,
If I want to invest in silver but not pay a premium to the coin dealer would SLV be my best bet ?

--------------billy

Premiums are inevitable. There are transaction costs no matter what you are buying. I would just suggest that you buy on quality. Some people say that the SLV issues more paper than what they actually have in silver, so the quality isn't as good as taking physical possession.

I think there is a precious metal tax in Ohio... take a drive over to PA where we enjoy zero tax. Deal in cash and large quantities so that you have some room to negotiate the premium. Most that I have found throughout the Pittsburgh area have a 10% over spot premium to buy, and a discount to spot of 5 to 10%. So if you buy silver when spot is at $14, the price needs to go to about $16.50 just for you to break even at the same dealer. One dealer in downtown Pittsburgh will buy name brand silver at spot price.

If you buy the SLV, then you have commission fees, and then 30% tax on any profits. And there is no guarantee that the silver is actually there. They refuse to let a 3rd party audit their books.

Also, AGQ is the double ETF of SLV

[billyjoe]

Peanuts,
If I want to invest in silver but not pay a premium to the coin dealer would SLV be my best bet ?

--------------billy

[peanuts]

Update, just went through 1500 more pennies. Somebody must have emptied an old jar. Found 789 pre- 1982 that's nearly 53% included were 107 wheat ears pre-1959 a couple from the 1930's and a couple 1920's. Also a bonus of 1 dime.

-------------billy

That's a hell of a return.

$15.00 invested
682 x .0141927 = $9.67 (per coinflation)
107 x .04 = $4.28 (per eBay prices for wheat ears)
711 x .01 = $7.11 (face value of non-copper)

$21.06 total value, or 40% immediate return with 0% risk

But maybe it took you 1 hour to sort those 1500 pennies... you only got paid $6.06 an hour! What is minimum wage?

Check this thing out: http://www.ryedalecoin.com/
YouTube video


That thing can really speed up the sorting process... maybe you can make $15 to $20 an hour with it and a 30% copper ratio. Of course, you'd need to find a market to which to sell them.

[billyjoe]

Update, just went through 1500 more pennies. Somebody must have emptied an old jar. Found 789 pre- 1982 that's nearly 53% included were 107 wheat ears pre-1959 a couple from the 1930's and a couple 1920's. Also a bonus of 1 dime.

-------------billy

[peanuts]

SHS top in the SPX

"Mildred, come look at this trainwreck about to happen"

[peanuts]

I found this website: COINFLATION

It tells you what the coins are worth based on the metal content

[billyjoe]

[quote=peanuts;100250]Thousands of pennies per week? How do you do that? Do you have sorting equipment or something? What do you do with all the other pennies?

I never thought that copper poisoning could be a problem from handling pennies. From what I read, the toxicity was only experienced by people working in copper refineries. And I also saw that egg whites and milk alleviate the symptoms, as well.

Silver seems like a no brainer at the current prices... also experienced a nice little uptick mid-day.

Alcoa earnings will be interesting to see. With the big move today, and the low price, I'm considering a straddle play.[/quote

Peanuts,
Just went through another 1000 pennies. Found 295 copper (pre-1982) assuming they are woth 1.4 cents each I just made about $1.20 if somebody would pay for them. If it took me an hour not counting re-rolling them, you can see it's not a money making deal. Just something to do while watching tv or listening to the radio. A relaxing hobby at best. And of those 1000 pennies 1 was a wheat ear 1944-s so it's worth a few extra cents and sometimes you find dimes rolled in with the pennies. I'm quitting this by the end of the month unless I discover a great rarity which probably won't happen.

-------------billy

[skiracer]

I collect coins...wanted to pass my collection on to my kids, but they seem more interested in Call of Duty these days.

i collect them also. do you buy any of the yearly sets from the US Mint. i have been buying the silver proof mint sets of the state quarters since the inception and each years coin sets for years now. did you buy the St. Augustens high relief gold coin they minted for the first time this year.
anyway i have about $75 of silver quarters that i am looking to sell. would you be interested or anyone else.

[mrmarket]

I collect coins...wanted to pass my collection on to my kids, but they seem more interested in Call of Duty these days.

[peanuts]

Peanuts,
I've been going thru thousands of pennies a week for several weeks now and the % is holding at about 30%. But I really want to make my fortune on silver especially if hyperinflation hits. Should I be hoarding now or wait for another drop.

--------------billy

p.s. I'm washing my hands often and really should be wearing ultra thin gloves. Copper poisoning is a real possibility.

Thousands of pennies per week? How do you do that? Do you have sorting equipment or something? What do you do with all the other pennies?

I never thought that copper poisoning could be a problem from handling pennies. From what I read, the toxicity was only experienced by people working in copper refineries. And I also saw that egg whites and milk alleviate the symptoms, as well.

Silver seems like a no brainer at the current prices... also experienced a nice little uptick mid-day.

Alcoa earnings will be interesting to see. With the big move today, and the low price, I'm considering a straddle play.

[billyjoe]

I just read that egg whites and milk nullify copper toxicity.

------------billy

[billyjoe]

Peanuts,
I've been going thru thousands of pennies a week for several weeks now and the % is holding at about 30%. But I really want to make my fortune on silver especially if hyperinflation hits. Should I be hoarding now or wait for another drop.

--------------billy

p.s. I'm washing my hands often and really should be wearing ultra thin gloves. Copper poisoning is a real possibility.