If you have mega $$, would you buy American Eagles or junk silver?

[Nickelless]

I just got to thinking...excess cash isn't a problem I have right now, but if I were to come into money, would it make more sense to buy gold and silver American Eagles so as to not be subject to IRS reporting, or just bite the bullet with IRS scrutiny and buy lots of junk silver instead? Do you guys think the IRS really cares how much junk silver anyone buys as long as they report it (if they have to)? I know also that bank wire transfers don't require IRS paperwork like cash purchases do, but would the bank or the IRS keep an eye on multiple large wire transfers out of an account as long as that account had the money in it? Or should I just go boating with all of my PMs?

[<===Foolsgold]

You need to have both, GAE's and junk silver.

[Irons]

I vote for boating. :biggrin:
If I had the cabbage to buy PM's I would use the sloooowly method. A little here and a little there, fractionals if available and never buying too much in one pop spread out over time.
Selling would be the same way, some here some there.
If you just wanted all the cash spend some time on the internets finding all the coin and bullion shops in a few state area and take a road trip.:banana:
You're Welcome, I'm here to help!!:36_1_11:

[dmaddox]

The banks only have to report transactions over $10,000. That is cash deposits, withdrawls, wire transfers out and in. I believe that it is on a daily basis. It is more for money laundering reasons, but i guess the goverment would be able to track it.

[Nickelless]

What if I trade more than $10K worth of AGEs or ASEs for generic or junk silver? Would that be reportable to the IRS? In other words, I buy the gold or silver Eagles without need for IRS paperwork and then trade them.

[WasUP]

What if I trade more than $10K worth of AGEs or ASEs for generic or junk silver? Would that be reportable to the IRS? In other words, I buy the gold or silver Eagles without need for IRS paperwork and then trade them.

No just cash has reporting rules.

[Nickelless]

No just cash has reporting rules.

But will it increase scrutiny by banks if large wire transfers are made out of accounts that have the money in them, e.g., if I were to buy $500K worth of ASEs or AGEs through APMEX and pay by wire transfer?

[hernancortes]

I would buy back-dated (say pre-'06) silver eagles. It is a widely collected series and the total population is growing at a massive rate. Premiums will expand on the lower-mintage issues. At current prices the '07-W unc. is very undervalued.

[WasUP]

But will it increase scrutiny by banks if large wire transfers are made out of accounts that have the money in them, e.g., if I were to buy $500K worth of ASEs or AGEs through APMEX and pay by wire transfer?

If you spend $500K on anything, and there is another human being involved there will be attention/scrutiny. Hell, I pull out $2K from my bank all the time, and every other time, I get asked, "buying something nice?".

[WasUP]

I would buy back-dated (say pre-'06) silver eagles. It is a widely collected series and the total population is growing at a massive rate. Premiums will expand on the lower-mintage issues. At current prices the '07-W unc. is very undervalued.

Now this would garner a lot of attention. $500K of silver eagles is around 50 monster boxes. Which is over 1500lbs of dead weight. After the UPS guys back gives out, you'll probably get sued by him.

[Goldies]

Eagles are better than Junk Silver, just as Kookaburra is better than Eagles. They make way too many Eagles.

[<===Foolsgold]

Now this would garner a lot of attention. $500K of silver eagles is around 50 monster boxes. Which is over 1500lbs of dead weight. After the UPS guys back gives out, you'll probably get sued by him.

Actually around 1700lbs.

[hernancortes]

Eagles are better than Junk Silver, just as Kookaburra is better than Eagles. They make way too many Eagles.

If you are in the US, Eagles are better than kooks. Huge numbers of eagles drive up premiums on the less common ones.

[Goldies]

If you are in the US, Eagles are better than kooks. Huge numbers of eagles drive up premiums on the less common ones.

I am in the US, and when I put Eagles next to Kooks the Eagles are generic Silver Dollars. Holding kooks 4 years out has proven to be a better deal. Heck, my 2008 Kooks are way higher than my 2008 Eagles. The old saying is you get what you pay for.

I don't have storage space for junk Silver.

[hernancortes]

You mention one date but in most selective comparisons Eagles still trump kooks and as they crank out out Eagles at the rate of 30-40 million a year, it makes the back dates more collectible. In any case some '08 silver eagle issues (PR, '07 rev or '08, '08-W) all have big premiums to spot already.

[Goldies]

You mention one date but in most selective comparisons Eagles still trump kooks and as they crank out out Eagles at the rate of 30-40 million a year, it makes the back dates more collectible. In any case some '08 silver eagle issues (PR, '07 rev or '08, '08-W) all have big premiums to spot already.

The 2006 Kook, 2oz, is selling at Apmex for $70.99. Its obvious that you should hold kooks longer than 2 years. None of my Eagles or Maples are selling for $35 per oz. Junk Silver is way to cumbersome.

[hernancortes]

Goldies, can ANY Kook match the 1500% return( that's for a raw example) of the '08 rev. of '07 silver eagle?

[hernancortes]

Two year timeframe? In two years the '07-w will fetch double spot and it's currently available for $6.00 over. Ya heard it here first:bear_cool:

[Gcubed]

Did anyone here witness the silver run of 1980? Allow me to recount what I saw. It ALL melted the same!! Ask any dealer who was there. :dance:

[Goldies]

Did anyone here witness the silver run of 1980? Allow me to recount what I saw. It ALL melted the same!! Ask any dealer who was there. :dance:

Bars and rounds are no different than spoons. But Silver Dollar is always Silver Dollar. I'm in this for money.

[Gcubed]

Bars and rounds are no different than spoons. But Silver Dollar is always Silver Dollar. I'm in this for money.

We refined beautiful Morgans by the sack full. Numismatic premiums vanished. Just sayin'.

[hernancortes]

I wasn't there but from all I've read tons of collectible stuff went melted.

[Goldies]

We refined beautiful Morgans by the sack full. Numismatic premiums vanished. Just sayin'.

Morgans are out. Peace dollar are out. What is in?

The choice is: Eagle, Maples, Kooks. These are all dollars.

[yunowu]

When Irons is not so grouchy, he is really a comedian..LOL. But yea.diversification is the key..I get both.

[Gcubed]

Morgans are out. Peace dollar are out. What is in?

The choice is: Eagle, Maples, Kooks. These are all dollars.

Those are likely safe Goldies. I don't see silver replaying 1980 any time soon. ;)

[Goldies]

Those are likely safe Goldies. I don't see silver replaying 1980 any time soon. ;)

You have to know what people like. People don't want Grandpa's old Morgan for $150. I predict most will get melted down.

[hernancortes]

LOL goldies I'm starting to believe you've never been to a coin show.

[earplugs]

If I had mega moula, I'd buy all the 1995-w silver eagles I could find and hoarde them until their price rose like the diamond back spider. I'd be reyach beyach!!! :banana:

[Goldies]

LOL goldies I'm starting to believe you've never been to a coin show.

These old relics are unpopular with my generation and higher. Let the past go.

PS, adding a W on Eagle is age old trick. No value added. I call it sucker value.

[<===Foolsgold]

LOL goldies I'm starting to believe you've never been to a coin show.

The institution grants passes for clients only on rare occasions.