Hi Guys Been away for a few months, but I am starting to think again over this question as I havent done my home work on it yet. When it comes to selling your silver, how do you off load it when you have a lot. Say the price is right and you have $150,000 dollars worth of silver, do you just take it to a mint and they will have that kind of money to pay you into your account. I havent dealt with the mints so I dont know how they work. Im guessing some rich people go in their and by a million dollars worth, so they must deal with large somes of money. I guess my thoughts are, when the time is right for me, I wont want to sell a few coins to a few members here to get rid of my silver. Its a good place too, but I will want to off load it all. If the price of silver gets high, will people be buying it much as an investment? Many people will not be buying silver at the top price. Also if every one is taking their stack to the mints to sell will they have the money to buy back your silver if people arnt buying at the high prices? Where is the mint going to get its money from as it will just be paying out? Any thoughts? Might be stupid questions, but I havent really worked this side out yet!
If you have that much silver (150 k) I'd consider changing some of it for gold as soon as the GSR gets better. Also if you sell it all at once it leaves a paper trail which has tax implications. Better to sell and trade it away in smaller amounts as the price goes up. No paper trail, you can sell at highs, you still have a position in the maarket. I would definately not sell all my silver no matter how high the price goes, I plan to have at least a small stack till the day I die or when I'm old and grey, its the best insurance money can buy.
Umm... you could defiantly sell it here 150k would be snapped pretty quick Remember Easter when the price was high, man the trading left smoke trails both here and on bay. Keep an eye on your Message inbox i predict its about to be set on fire.lol REDBACK
I reckon Sargeant Argent has nailed it.... you cant sit back and hope to pick the very top and dump it all. A top in the market could possibly only last a day, with a significant fall following, good luck closing a deal for 150k of metal in a day. It is probably possible but I wouldn't bank on it. You are definitely better off to have a plan. Set a target sell off price, and have it incremented so that you sell off smaller parts all the way up to it.... of course you need to have another asset class to move into, as you dont want to be left holding cash- again it comes down to planning, and what you want to achieve from your investment.
Im not looking for it to go to it's top peak, and I think many people here will be in the same boat! I believe that Silver will get to Aus $150 an ounce (per coin) and if you have 1000 ounces thats good money. My goal is stack as much as I can, then when a fair price $150 an ounce comes (I think way below anything near toping) sell, and you wil have enough, a good portion for a house. By then Gold will be high, sell the rest buy house out right!
I have no doubt you could shift $150,000 worth of silver on this forum in a short period of time. But if I may hazard a question...do you really NEED $150K right now?.. If not, you'll get a better price if you take the time and don't flood your own market!
Just a heads up. Don't forget the implications of the 'Unexplained Wealth Tax NSW' which, in all probability, may find it's way into most of the states before too long. Consider what your strategy will be on this issue as well ie multiple bank/credit union accounts in various family names etc.
Oh Im not selling right now! Im waiting for $150 Aus an ounce. And if it dosent come, I will just keep sacking a few coins a week to my core position stack, until I have enough ounces that when the price does go up I reach m goal of $150,000 or more I dont think im mad looking for $150 Aus an ounce! It will come.
"the reversal of the onus of proof in favourof the Crown" Yikes, that means it's up to you to prove you're innocent, not them prove you're guilty!
So what are you guys in NSW going to do? Insure your stack under contents insurance to prove ownership. Is there any retroactive defense you've thought/read about? i.e. Your Honour, my client acquired his property without reciepts before the law was introduced requireing such?
