Does the IRS Know If You Sell Silver?

Above, 2023 Canadian silver Maple Leaf coins. Photo by Armand Vaquer.

It is tempting to sell one's silver while the price of the metal is high. 

But, doing so may attract the attention of the Internal Revenue Service (IRS). It depends upon HOW one sells their silver.

CBS News posted an article on, "Does the IRS know of you sell silver?"

It begins with:

The precious metals market is capturing renewed investor attention thanks, in large part, to economic uncertainty driving heightened demand for tangible assets, which is helping to push up the price of these assets. And, while gold tends to dominate headlines with its record-breaking prices, it's certainly not the only precious metal that investors have been flocking to. Silver prices have also been climbing rapidly, especially over the past few months, leading silver to hit new record highs along the way. But at just over $88 per ounce, silver is still substantially more affordable than gold, making it a popular alternative for those who want to capitalize on today's precious metals market movement while diversifying their portfolios. 

But whether you own silver in bars, coins or other formats, a question often emerges when it comes time to sell: What does the Internal Revenue Service (IRS) know about your transactions? After all, the precious metals market operates in a complex regulatory landscape, and the rules governing reporting requirements vary significantly based on the type of silver you're selling and the quantity involved. So, it makes sense to understand both the IRS reporting obligations and whether the federal agency knows about your silver transactions before you sell your assets. 

To read more, go here. 

7 Ways To Test If A Silver Coin Is Real

Above, an ad advertising Canadian Maple Leaf coins that turned out to be fake.

A few years ago, two friends and I bought some purported silver coins through an ad in Facebook. The price of each coin was hard to believe. The old saying, "if it sounds too good to be true, it probably is" rang true.

When I received the coins, I noticed that they looked different from the silver coins I already had. Then, I tried the "magnet test" on them. Silver does not react to magnets, but the coins I bought did. That's how I knew that they were counterfeit. These originated from China.

Above, my magnet test of a fake Morgan dollar. Photo by Armand Vaquer.

MSN has posted an article on how to test if a silver coin is real.

It begins with:

Whether you’ve inherited an old collection, found coins at a flea market, or are starting to invest in precious metals, knowing how to identify genuine silver is essential. Counterfeit silver coins are increasingly sophisticated, but there are reliable ways to spot fakes without damaging your coins. Here’s a detailed guide on how to tell if your silver coin is real.

To read more, go here. 

Silver Price Hits $50 In Canada

Above, silver 2022 Canadian Maple Leaf coins. Photo by Armand Vaquer.

Silver has touched on $50/toz. But this is in Canada. Is the U.S. next?

Inside Halton posted that the metal price may be what people need to begin selling.

They begin with:

If you have old coins or junky silver jewelry hanging around the house, now might be a good time to sell.

While it hasn’t garnered the same attention as gold, silver prices have also skyrocketed recently, briefly touching the $50-per-ounce mark in Canadian dollars earlier this week, according to silverprice.org.

The silver price has more than doubled over the past five years. 

According to David Erfle, founder and editor of Juniorminerjunky.com, silver could be set for a breakout. While sellers may wish to cash in now, the white metal could still have some additional upside for anyone waiting for a further bull run.

To read more, go here.

Gold, Silver Rally On Safe-haven Demand

Above, Canadian silver maple leaf coins. Photo by Armand Vaquer.

For those who are investors in gold and silver, the Tuesday rally for both is good news.

Kitco News reported:

(Kitco News) - Gold and silver prices are solidly higher in midday U.S. trading Tuesday, on safe-haven demand amid wobbly U.S. equities after the steep U.S. stock market sell off Monday. Uncertainty regarding U.S. President Trump’s policy actions in the coming days/weeks is also prompting risk aversion in the marketplace that is benefiting the precious metals. Gold is scoring gains today despite a higher U.S. dollar index and a rise in U.S. Treasury yields on this day. February gold was last up $28.50 at $2,767.00. March silver was up $0.466 at $30.875.

To read more, go here. 

Price Gains For Gold and Silver

Above, 2023 Canadian Silver Maple Leaf coins. Photo by Armand Vaquer.

Silver's spot price has risen to above $24.00/toz. Gold has also seen gains this morning.

According to Kitco News:

(Kitco News) - Gold and silver prices are higher in early U.S. trading Friday. The gold and silver market bulls are still glowing in the aftermath of Wednesday's surprisingly dovish U.S. monetary policy stance by the Federal Reserve. The near-term technical postures for gold and silver have also become more bullish this week, inviting the chart-based speculators to the long sides. February gold was last up $13.10 at $2,058.00. March silver was last up $0.169 at $24.555.

Asian and European stock markets were mostly higher overnight. U.S. stock index futures are set to open modestly higher when the New York day session begins. The indexes are near this week's contract highs and highs for the year. The Dow Jones Industrial Average set a record high Thursday.

To read more, go here. 

Kiyosaki Recommends Buying Silver Before It’s Gone

Above, Canadian silver maple leaf. Photo by Armand Vaquer.

For those sitting on the fence trying to decide how best to diversify their investment portfolios, the following by Robert Kiyosaki is some good food for thought.

From Bitcoin.com News:

The author of Rich Dad Poor Dad, Robert Kiyosaki, has urged investors to buy silver before it’s gone, noting that the precious metal is becoming rarer. Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.

Kiyosaki tweeted Monday that he considers both gold and silver God’s money. However, the author pointed out that gold is multiple times more expensive than silver, noting that the latter, being an industrial precious metal, is becoming rarer due to its usage. Kiyosaki expressed his belief that silver is a better bargain as a long-term investment than gold. The well-known author further highlighted the affordability of silver, encouraging everyone to consider purchasing some before its availability diminishes. At the time of writing, the current spot price of silver is $22.70 while gold’s spot price is $1,910.50.

To read more, go here. 

Silver Price Up 8% For The Week

Above, 2023 Canadian Silver Maple Leaf coins. Photo by Armand Vaquer.

For those who have already bought silver when it was low, the good news is the metal soared this week ending above $25.00/toz. 

Kitco News took note of this:

The Good news for consumers is that inflation is definitely going in the right direction; however, they remain elevated, which means that the Federal Reserve is probably not ready to declare victory in its battle against higher consumer prices. But we are closer to the end, breathing new life into the market for now.

While gold prices appear to be on the right side of $1,950, it is still some ways from breaking out as investors continue to sit on the sidelines. According to some analysts, the gold market needs a clear sign from the Fed that it is done raising interest rates before investors jump back into the market.

But that is enough about gold. Silver is the metal attracting some serious attention this week, with prices ending Friday above $25 an ounce. Silver prices are up $1.87 for the week again of more than 8%; its best weekly performance since mid-March.

According to some analysts, the dual headwinds for silver are starting to dissipate. With the Federal Reserve close to its peak rates, silver is benefiting from shifting monetary policy expectations.

At the same time, even in this aggressive monetary policy environment, the economy has been reasonably resilient, which supports silver’s industrial usage. Analysts note that silver should outperform gold if the Federal Reserve can thread the needle and achieve a soft landing.

To read more, go here. 

Silver Spot Price Over $25.00/toz

 The following speaks for itself without any need for me to say anything.

I am just glad that I bought these two 2023 Canadian Silver Maple Leaf coins while the spot price was under $23.00.

Silver's Rally Continues

Silver's rally over the better-than-expected inflation report yesterday continues today.

It is over $24.00/toz. How long this rally will last is anyone's guess.

I bought some 2023 Canadian Silver Maple Leaf coins the other day before the rally. This makes me happy, of course.

Remember: Buy low, sell high!

Gold, Silver Rally After Inflation Report

Above, 2022 Canadian Maple Leaf coins. I just bought some
 2023 Canadian Maple Leaf coins. Photo by Armand Vaquer.

The U.S. inflation report caused the gold and silver markets to see strong rallies yesterday.

From Kitco News:

(Kitco News) - Gold and silver prices are sharply up, nearer their daily highs and hit three-week peaks Wednesday, in the aftermath of a morning U.S. inflation report that came in a bit tamer than market expectations.August gold was last up $24.60 at $1,961.70 and September silver was up $1.014 at $24.295.

The U.S. data point of the week saw the consumer price index report for June come in up 3.0%, year-on-year, which is slightly lower than the expected rise of 3.1% and compares to the gain of 4.0% in the May report. The "core" CPI, which excludes food and energy, came in at up 4.8%, year-on-year, compared with expectations of up 5.0%. These numbers fall into the camp of the monetary policy doves, who want to see the Federal Reserve continue to stand pat on interest rate levels.

To read more, go here. 

Will Bank Collapses Cause A Run On Gold and Silver?

Above, 2022 Canadian silver Maple Leafs. Photo by Armand Vaquer.

People are anxious over the banking crisis.

They are concerned that their bank savings accounts will go up in smoke, leaving them flat broke. They are beginning to turn to buying precious metals such as gold and silver.

The question arises, will this cause runs on gold and silver, thereby driving up prices?

An article in Yahoo! Finance takes a look at this.

They begin with:

The recent failures of Silicon Valley Bank and Signature Bank, two of the largest banks in the United States, piled on top of existing crises like inflation and the war in Ukraine, have raised concerns about the stability of the global financial system.

As investors search for ways to protect their wealth in these uncertain times, many are looking to precious metals, especially gold and silver, as a safe haven. The question on the minds of countless experts and analysts is whether bank runs and failures could lead to a run on gold and silver, driving their prices up.

The failures of Silicon Valley Bank and Signature Bank have exposed the vulnerabilities of the banking system, even in developed countries. In light of these incidents, some experts are warning that more bank runs could occur, particularly in the face of ongoing global crises such as geopolitical tensions, inflation and economic uncertainty. As these factors continue to shake the financial world, investors are turning to gold and silver as a means of preserving their wealth.

Analyst Mike Gleason of Money Metals Exchange explains in an FXStreet article that bank runs can lead to a run on gold and silver as investors seek to safeguard their assets from the risks associated with traditional banking institutions. Physical gold and silver can be a great choice in these situations because they are considered some of the best safe-haven assets and incur no counterparty risk.

To read more, go here. 

5 Ways To Invest In Silver

Above, 2022 Canadian Maple Leaf silver coins. Photo by Armand Vaquer.

More states are changing their tax laws on gold and silver by removing sales taxes on these precious metals and recognizing them as money instead of commodities. A bill has been introduced in the Texas Senate is a recent example.

Since our financial system is going haywire due to idiotic Federal Reserve policies, people are turning to gold and silver as a hedge against inflation.

Since gold is over $1,900/troy ounce, silver at $22.15/troy ounce spot price (currently) is a lot more affordable and is attracting buyers.

Yahoo! Finance has posted an article on five ways to invest in silver.

They begin it with:

Precious metals such as silver have long been an alternative to traditional investments such as stocks and bonds. When times get tough or the economy faces severe inflationary pressures, some investors turn to silver to hedge their bets or to invest more defensively. Silver prices spiked in March 2023 following the collapse of Silicon Valley Bank, as concerns were raised about the stability of the financial system.

Investors like silver for many reasons, but many see it as a store of value in uncertain times, while others see silver and other precious metals such as gold as protection against inflation. For this latter group, investing in silver is a way to be sure that they have a currency that can’t be inflated away by money printing or potentially destructive Federal Reserve policy.

There are a number of ways to invest in silver, from owning it outright to owning shares in companies that produce it. Here are five of the best ways to invest in silver.

To read more, go here. 

Gold and Silver Rising, Oil and Gas Sinking

Above, 2022 Canadian Silver Maple Leaf coins. Photo by Armand Vaquer.

The prices for gold and silver are defying "conventional wisdom" as their prices are rising while oil and gas prices are sinking.

At least that's what BullionVault is saying.

They begin with:

GOLD PRICES rose to fresh multi-month highs against a weaker US Dollar on Wednesday, gaining 2.9% for New Year 2023 as silver held firm above $24 per ounce and platinum touched its highest since Russia invaded Ukraine, but commodity prices fell as oil and gas sank near 1-year lows amid record January temperatures across Europe.

"National records have fallen in eight countries and regional records in another three," says the BBC, with the Alpine ski season currently lacking almost any natural snow.

 To read more, go here.

Dire Warning On Pension Crisis

Above, 2022 silver Canadian Maple Leaf coins. Photo by Armand Vaquer.

My decision to buy silver was based on the high inflation rate (Bidenflation, if you will) that's eating away the dollar's purchasing power.

Precious metals (such as gold and silver) have been stable and even risen in value. The current silver spot price (according to SD Bullion) is $23.93/ounce.

One investing expert has issued a dire warning about the "current pension crisis".

From Yahoo Finance:

Between the plunging markets and soaring inflation, 2022 wasn’t an easy year for retirees — or those nearing retirement. But according to Rich Dad Poor Dad author Robert Kiyosaki, this demographic could be facing another crisis.

Kiyosaki compared U.S. pensions to a bubble waiting to burst, calling them the “next global Lehman,” referring to the downfall of investment bank Lehman Brothers.

Lehman Brothers had assets of $691 billion when it filed for bankruptcy in September 2008, marking the largest corporate bankruptcy in U.S. history. And currently, U.S. state and local pension plans face an estimated $1.4 trillion shortfall.

So what should investors do in the face of an upcoming retirement crisis?

“People who own gold, silver, Bitcoin will get richer when Fed, Treasury, Wall Street pivot [and] print trillions of fake dollars,” Kiyosaki says.

“Fake money savers will be biggest losers. Don’t be a loser.”

Let’s take a closer look at these suggestions — and why you might want to take them seriously. 

Gold and silver

Precious metals — particularly gold and silver — have been a popular hedge against inflation and uncertainty. They can’t be printed out of thin air like fiat money and their value is largely unaffected by economic events around the world.

Kiyosaki has long been a fan of gold — he first purchased the yellow metal in 1972.

“I’m not buying gold because I like gold, I’m buying gold because I don’t trust the Fed,” he said in an interview last year.

Kiyosaki likes silver, too. In fact, he recently tweeted “Silver best investment in Oct 2022” and “Everyone can afford $20 silver.”

To be sure, precious metals aren’t shooting through the roof. But they’ve demonstrated their resilience in this broad market selloff: the price of gold is down about 2% in 2022, while silver is up 1.2%.

While there are many ways to gain exposure to gold and silver, Kiyosaki prefers to just buy the metal directly. Earlier this year, he tweeted that he only wants “real gold or silver coins” and not ETFs.

The author also called silver “a bargain” recently. So it might be time to visit your local bullion shop.

To read more, go here.

About The Silver Canadian Maple Leaf

For those of you who are interested in investing in silver bullion coins, here is what Bullion Exchanges says about the Canadian five dollar maple leaf silver coin:

SILVER CANADIAN MAPLE LEAF

The Canadian Silver Maple Leaf Coin is the most famous Canadian Silver coin minted by Royal Canadian Mint. The silver maple leaf design has been used since the first coin was produced in 1988. This design hasn’t changed much over time, even though there have been several distinct designs released for its commemorative editions. The Canadian Silver Maple Leaf is the second most popular silver coin after the American Silver Eagles. Moreover, since their silver content is much higher, being made of 99.99% pure silver, the Canadian silver maple leaf is considered to be one of the most desired coins on the precious metal market. The 2022 Silver Canadian Maple Leafs offer good liquidity and value. It is widely one of the most preferred choices for Precious Metals IRA savings. Mostly due to its innovative bullion security features: the radial lines light-diffracting background pattern, Bullion DNA, and the micro-engraved leaf privy mark with the last two digits of the mintage year.

To see more, go here. 

Two More Canadian Maple Leaf Silver Coins Arrived

The other two 2022 Canadian Maple Leaf five dollar silver coins I ordered arrived today.

As I mentioned before, on one side is the maple leaf and on the other side is a profile of Queen Elizabeth II. As they were minted in the year of her passing, it should increase their value in future years. 

Here's the coins and where I bought them from:

Since inflation is eating away paper currency's value, buying precious metals such as gold and silver is a great investment.

From The Mailbox

For the first time since last Thursday, I was able to pick up my mail down at the post office.

There were a number of goodies in the mailbox, most notably G-FAN #136 and one of my recent 2022 Canadian maple leaf five dollar silver coins featuring Elizabeth R's image on one side. (I have two more of these coins on order from a different coin company.) It came with a copper "Don't Tread On Me" coin as a bonus.

G-FAN #136 should be considered a special tribute issue to the late actor Akira Takarada as there are several articles on this definite fan favorite. The issue closes with an article from yours truly.

Buying Silver

After reading Gary Julian's blog post* on coins this morning, I went over to my favorite coin dealer website to see what they have available of my favorite coin, the Morgan silver dollar.

They didn't have much, but one coin advertised did catch my attention: a Canadian 1 oz. Silver Maple Leaf five dollar coin.

Here's what it looks like:

 

As Mr. Julian wrote, "Having a portion of your wealth in "hard assets" is important. The mix of assets can include real estate, land for farming, silver and gold."

Silver is much more affordable than gold, so that's why I buy silver coins. The price was right and I bought one (they limited purchases of this coin to one per customer). 

*The Federalist blog.