Now that silver has gone sun $30, I think I'll buy more fiat. Yep I really love them fiat 50cent 66 rounds at only $11...What a bargain! Then what about those $10 state/bird coins at around $19/20. They can't confiscate these coins as they are legal tender. I think that the 50 cent 66 coins have now got a nice premium of at least $1 a coin...Great buying IMHO. Now what about them $10 eagles with a mintage of less than 19k...I snap them up as I believe they are getting scarce. Did you know that when the price of silver was below $19oz prior to the year 2005, that people were actually banking them because they could get more at the bank than they could at the silver outlets yet these coins were sold at +$20U/C and + $40 proof. The state coins are still around in large numbers especially NSW. VIC, SA and Qld. I buy all the rest ACT and NT in particular as the mintages on them was around the 40k mark but how many were cashed into the banks and are now probably getting around as kookaburras or koalas. If silver ever drops to say $20 oz, you can sell 2 (1.2ozs) and get your $20 fiat. Regards Errol 43
I thought that legal tender belonged to the Government and at anytime they could recall their legal tender and give you store credit, as it were. E.g they can take your $10 state coins and give you $10 in your bank account, you haven't lost any value. Or they can recall the legal tender and reissue it in a different metal, as they did with pre decimal currency, get all the old grubby silver stuff in and replace it with some nice shiney cupro-nickel. Not sure how they would go about actually doing that sort of thing but I thought they might be able to do it. Happy to be wrong though.
would cost them more than it would be worth and would you hand yours in ? if they tried in on there would some late night melting activtiy goin on
A Government can demonterize a coin or note as they please. No matter your strategy, a Government can essentially do as it wants.
Matthew26:14 Yep they can do that by making the current fiat worthless so nobody wants fiat and then issue a new currency, but what can they do with silver coins..Paper is worthless but not silver. Who said I had silver?. Well I only have 2 ozs so I suppose I better surrender them to the government. Regards Errol 43
errol43, I agree 100%....I think Matthew is trying to treat the Gov't like they are some sort of Godhead. The Gov't can demonetize the paper currency, BUT IT IS IMPOSSIBLE FOR THEM TO MAKE SILVER WORTHLESS.... GOD MADE GOLD...GOD MADE SILVER..... So Uncle Sam is powerless when it comes to PM's
One statute or act that outlaws pm's or raises the capital gains to 90% then there goes your pm's. The Gov't can do what they want and that's a fact.
Columbia, SC now there's someone from my near neck of the woods, except I'm in Australia now! What Matthew was saying there is that governments don't play by the rules, as in esoteric golden rules (pardon the pun), they make their own rules so that they aren't actually breaking any and then you are expected to do as they say or else be ostracized by all the other sheep when they find out you were breaking the rules. They'll be mad at you too and the inevitable financial problems will be all your fault because you hoarded all that gold and silver. Don't know how long you've been stacking there mate, but the more you know the more you realize that you have to plan. Whether you like it or not you'll have to plan ahead for government theft or else you'll have ended up being a free precious metals storage facility for the government when they come and take it from you - whether that is directly by physical theft or indirectly by exorbitant taxes.
+1 matthew & hem anyway; commodities & food talk the only reason i have cash is to please them cash heads whom refuse my low-balling haggling... my strategy is to spend the cash soon as i have it on 'things' that either retain its purchasing power or value against other goods (ideally food)... when i need cash i just sell the goods... till eventually i have nothing left .
The Gov't CAN'T DO WHAT THEY WANT. They want me to pay them the 92,010 dollar I owe them in back taxes, but they can't make me. lol..... I used that money to buy PM's......ahahahahah......Take that Uncle Sam.....Take that U.S. Dollar
I'm suprised that silver is now below $30. Last year it was rising to almost $50 but got slammed hard. You'd imagine with the ongoing global financial crisis that AG 47 would be over $70 an ounce by now.
Ironwood! This one for you! Regards Errol 43[youtube]http://www.youtube.com/watch?v=american+pie+uncle+sam&oq=american+pie+uncle+sam&aq=f&aqi=&[/youtube] Sorry Ironwood..Just can't get it ti work...Google Uncle sam american pie..thats what I was trying to post a link
