Okay SilverBugs, fess up, how much you got?

[aaron]

Re: Okay SilverBugs, fess up, how much you got?

Can you do a 1031 exchange for gold and silver in trade for something else like real estate? That would be really great news. I always thought it had to be a "like" investment.

[doom&gloom]

Re: Okay SilverBugs, fess up, how much you got?

Can you do a 1031 exchange for gold and silver in trade for something else like real estate? That would be really great news. I always thought it had to be a "like" investment.

no, i don;t think that is possible. I mean when the price of metals escalates faster than the price of farmland, I hope to use that gain towards farmland. Perhaps a trade of so many gold eagles or $1k face junk silver per acre...

[doom&gloom]

Re: Okay SilverBugs, fess up, how much you got?

small amount of physical in bullion coins, and u.s. morgan's for the mad max scenario.
3% in PSLV/CEF, 2% in SLV with jan 22 calls written against them ;( bad trade on my part.

everyone has bad trades. so it goes...

[c1ue]

Re: Okay SilverBugs, fess up, how much you got?

Can you do a 1031 exchange for gold and silver in trade for something else like real estate? That would be really great news. I always thought it had to be a "like" investment.

I wouldn't try a straight trade - rather the method is to have the ownership under a corporation in Delaware or Nevada.

Then whatever you're trading for is owned by another corporation - at this point it is unquestionably 'like kind' since you're trading investment companies.

[doom&gloom]

Re: Okay SilverBugs, fess up, how much you got?

I wouldn't try a straight trade - rather the method is to have the ownership under a corporation in Delaware or Nevada.

Then whatever you're trading for is owned by another corporation - at this point it is unquestionably 'like kind' since you're trading investment companies.

very wise idea!

[karim0028]

Re: Okay SilverBugs, fess up, how much you got?

If you're going to be exiting high 5 or 6 digits (or more) worth of PMs in one shot, you are better off with a 1031 exchange anyway.

For anything smaller - the bank lobby (or airport, or high end hotel, or the policeman buddy) will do.

How do you do a 1031 exchange with gold/silver? I thought it could only be done with like?

[karim0028]

Re: Okay SilverBugs, fess up, how much you got?

Silver has hit the top of its channel again: but articles like James Turk's (below) and others (MaxKeiser, Bank lawsuits) appear to support notion that "this time is different" at least in short term (??) for silver, maybe gold

http://www.fgmr.com/scramble-for-phy...tensifies.html


I am getting out of the stock market but wondering whether to take profits in pslv as well or ride any storms and not miss an up explosion...


ps: from Jesses' Cafe link

http://www.gold-eagle.com/editorials...eyb120310.html

I am no gold or silver bug... But, the way silver is moving right now it looks pretty strong. Until of course it doesnt.... I'm betting it stays strong, bc the mining stocks are still behaving very strong and are almost neglected.

[karim0028]

Re: Okay SilverBugs, fess up, how much you got?

I wouldn't try a straight trade - rather the method is to have the ownership under a corporation in Delaware or Nevada.

Then whatever you're trading for is owned by another corporation - at this point it is unquestionably 'like kind' since you're trading investment companies.

clue, have you actually tried that and had it work? Seems to me the IRS isnt that niave.... And why specifically delaware or nevada? Is it due to their secrecy laws or anything like that?

[ocelotl]

Re: Okay SilverBugs, fess up, how much you got?

I actually asked at the bank counter in several different banks if they would receive physical metals at their published "buy" quote, and I got a blank stare. I asked then to see a manager and mentioned them the 1931 (ammended in 1977) Mexican Monetary Law, and said they would check. After some phone calls I got a yes but with a commision quote for the bank and limited to the monthly deposit allowance.