Silver and Gold IRA

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furysfancy's picture
furysfancy
Status: Member (Offline)
Joined: Sep 13 2009
Posts: 5
Silver and Gold IRA

Hi all,

This is my first posting at this forum.  Anyway, sometime in 2008, when the economy crash was beginning, I transferred my two IRA's (one Roth, one Trad) into gold and silver IRA's with Swiss America (about $11,000 total).  A few months later, my husband did the same with his IRA's (about $45,000 total). These are my concerns: 1)The gold and silver IRA's might be volatile. 2) Our representative purchased numismatic coins for our accounts, so the premiums were way above buillion prices. At that time, we didn't know a silver eagle, from a silver round. Nor did we know that we could have requested all buillion coins, which I think would have given more value to our IRA's. My point is that I don't know how easy it would be to sell these coins, how long it would take, and perhaps we would take a loss because of the numismatic premiums. 3) There are annual storage and maintenance fees which are now up to $160.00 for ea. account ($640.00) total. 4) As the government becomes more desperate for money, might they seize our retirement funds? Would it be better judgement to cash them all out and pay off some debt, buy food, keep some emergency cash, etc. We would  have to pay taxes and penalties, but at least we would eliminate so much uncertainty. Thank you all for reading my post, and I appreciate whatever input you might have. I am glad that you all are here to ask.

furysfancy

 

 

 

sevenmmm's picture
sevenmmm
Status: Silver Member (Offline)
Joined: Jan 19 2011
Posts: 108
Re: Silver and Gold IRA

 

As long as the dollar holds up, there is very little chance of confiscation. Printing FeRNs are much easier! I think you will have plenty of warning, so don't fret. Personally, I have an idea about numismatics and would be happy to share it if you are interested.

 

Otherwise, this is the absolute best place to sell those collectible coins:

http://coins.ha.com/c/index.zx

furysfancy's picture
furysfancy
Status: Member (Offline)
Joined: Sep 13 2009
Posts: 5
Re: Silver and Gold IRA

Hi, and thanks for your reply to my message. I would love to hear your idea about numismatics, and thank you very much for the numismatic website.

furysfancy

sevenmmm's picture
sevenmmm
Status: Silver Member (Offline)
Joined: Jan 19 2011
Posts: 108
Re: Silver and Gold IRA

Great!

First the bad news, you should not buy high priced numismatics without experience. The price you will pay for someone else's experience is too high to overcome in all but a superheated market. If you buy from some one you don't know - look out!

That said, I have been collecting mostly low grade Type 1 $20 Gold Pieces for over 16 years. In all but my main collection (AU-58, maybe they bought large swaths of land back then?), I have disciplined myself to a couple a hundred over spot (VF 20 at a hundred). I like them graded by NGC, PCGS, or ANACS.

I don't know, over the years I might have obtained 50 of them - they are hard to find at the right price. Really, I don't count.

 

Now, here are my reasons, simplified:

1. Verified Graded Authentic Gold, priced close to spot, and not worthy of counterfeits.

2. It is real, early, US Gold. 150 years ago! Exciting!

3. There is a very limited supply (compare them to shares of your favorite Junior Gold Miner)...

4.  Numismatic Protection from confiscation.

 

Now, that protection is not failsafe, as if it happens that lizard bastards (haha) are running this country, and they call in the Gold, they may not be of the mind to follow the rules. In the event of door to door confiscation, no doubt in my mind  the jack-booted thugs will be grabbing everything. But hey, one does need to have a strategy. So here is mine. 

First of all, I don't believe these lazy SOBs currently running this country have the moxie to confiscate Gold. Hey, they are in love with Daisy Cutters. That typed, my bet is when Federal Reserve Notes are fast losing value - like 25% to 50% a year vs Gold - many more than now will be buying (Gold). I think the final blow-off will be absolutely dazzling (just don't ask me when). At this point the central banks will be wanting Gold bad, to fractionalize (my word).

So, you know how rich people are, mindless saps who think they are smart and important. They will be filled with fear over their falling net worth. Sitting there on their mindless asses watching the computer screen as the numbers continue lower (to prove the mindless part, go to Las Vegas and watch them put money in those stupid machines with whirling drums - heck, they don't even get that anymore - that continue to show the same little unmatched series of pictures), many of them will panic. 

But anyway, enough of them will be stunned at the changes coming and enough of the enough will believe the shrill cries of the numismatic dealers; that Gold will be confiscated by the government and they should be buying collectors coins to avoid it. Everyone will be made aware of the Presidential Executive Order #6102 - though endless midnight commercials on TV. Just think of the premium I will get for those low graded type 1s when there are 100 people bidding on every coin.

I will sell when one coin will buy 40 acres of the best farmland!

furysfancy's picture
furysfancy
Status: Member (Offline)
Joined: Sep 13 2009
Posts: 5
Re: Silver and Gold IRA

Hi Sevenmmm,

Thanks for sharing your idea....sounds possible. I'm amazed that you've been at this so long.  Good luck with your strategy, and I enjoyed reading your post.

furysfancy

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