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Old 06-08-2011, 21:56   #821
emt1581
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Originally Posted by SilverCity View Post
It's okay if you want to acquire some gold. Premiums are usually a bit higher for fractional coins, but in the longer term it won't matter much.

SC
Something I'm curious about...am I breaking any laws if I were to melt some of the eagles down for jewelry?

Thanks

-Emt1581
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Old 06-08-2011, 22:27   #822
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Something I'm curious about...am I breaking any laws if I were to melt some of the eagles down for jewelry?

Thanks

-Emt1581
No, it's your metal, do as you wish!
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Old 06-08-2011, 22:33   #823
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No, it's your metal, do as you wish!
I thought it was illegal to destroy currency....eagles are currency right??

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Old 06-08-2011, 23:53   #824
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Quote:
Originally Posted by emt1581 View Post
Something I'm curious about...am I breaking any laws if I were to melt some of the eagles down for jewelry?

Thanks

-Emt1581
It would be cheaper to buy gold scrap. Or look for gold on Craig's list or other local source.
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Old 06-09-2011, 00:08   #825
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I thought it was illegal to destroy currency....eagles are currency right??

Thanks

-Emt1581
Not since the US went off the gold standard in 1933...

I wouldn't melt an Eagle. You would be ruining a perfectly good bullion coin minted by our own U.S. mint. Just buy .999 Credit Suisse bars if you want to make jewelry.


SC
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Last edited by SilverCity; 06-09-2011 at 00:18..
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Old 06-09-2011, 08:15   #826
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Not since the US went off the gold standard in 1933...

I wouldn't melt an Eagle. You would be ruining a perfectly good bullion coin minted by our own U.S. mint. Just buy .999 Credit Suisse bars if you want to make jewelry.


SC
Additionally, why would you want to make 24k jewelry? It is very soft and much easier to break. There is a reason gold is alloyed besides reducing the cost/gold content.
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Old 06-09-2011, 10:46   #827
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Something I'm curious about...am I breaking any laws if I were to melt some of the eagles down for jewelry?

Thanks

-Emt1581
I think you might be and should check into it. If you want to melt a gold coin by a Canadian maple leaf, they are 99% gold if I am not mistaken eagles are 10% alloy.
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Old 06-09-2011, 12:27   #828
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I think you might be and should check into it. If you want to melt a gold coin by a Canadian maple leaf, they are 99% gold if I am not mistaken eagles are 10% alloy.
The eagles are 22k gold. About 92% gold by weight, also copper and silver.
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Old 06-09-2011, 17:31   #829
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The eagles are 22k gold. About 92% gold by weight, also copper and silver.
Wait...the Eagles are only 92% or so? That means in a straight trade I'd be getting ripped off of ~10% worth of gold content.

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Old 06-09-2011, 18:10   #830
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Wait...the Eagles are only 92% or so? That means in a straight trade I'd be getting ripped off of ~10% worth of gold content.

-Emt1581
No, the coin has 1oz of gold in it. It weighs slightly more than 1oz.
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Old 06-09-2011, 18:12   #831
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No, the coin has 1oz of gold in it. It weighs slightly more than 1oz.
Ha! Well then that's a horse of a different color!

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Old 06-09-2011, 18:54   #832
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The American Buffalo gold pieces are 24-karat.

BTW, you can legally melt any U.S. coins except pennies and nickels. The Treasury passed a reg in 2006 prohibiting the melting of pennies and nickels. I just found that out.
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Old 06-09-2011, 21:33   #833
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The American Buffalo gold pieces are 24-karat.

BTW, you can legally melt any U.S. coins except pennies and nickels. The Treasury passed a reg in 2006 prohibiting the melting of pennies and nickels. I just found that out.
It changes things when the metal content of the coin rivals/threatens to exceed the face value
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Old 06-09-2011, 23:43   #834
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That's why it's igged around here.'08.
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Old 06-14-2011, 05:09   #835
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Kinda looks like the margin hikes were a real wake up call that the printing presses weren't the only ones able to effect the value of silver. Now, even though QE3 was announced (at least I think it was)...we're STILL not seeing the rise we did. It's actually continuing a downward spiral.

I guess the months of point gains daily are gone.

-Emt1581

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Old 06-14-2011, 05:28   #836
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Kinda looks like the margin hikes were a real wake up call that the printing presses weren't the only ones able to effect the value of silver. Now, even though QE3 was announced (at least I think it was)...we're STILL not seeing the rise we did. It's actually continuing a downward spiral.

I guess the months of point gains daily are gone.

-Emt1581
Please provide a link to the qe3 statement, if you have one.

There are truly massive (to my puny little mind, anyway) withdrawals of physical silver from SLV, this suggests that some very rich people are loading up on physical, regardless of what the paper price appears to be doing. The best time to buy is when there's blood in the streets, if you have the testicular fortitude (and the financial wherewithal).
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Old 06-27-2011, 15:42   #837
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Please provide a link to the qe3 statement, if you have one.

There are truly massive (to my puny little mind, anyway) withdrawals of physical silver from SLV, this suggests that some very rich people are loading up on physical, regardless of what the paper price appears to be doing. The best time to buy is when there's blood in the streets, if you have the testicular fortitude (and the financial wherewithal).
It seems the only places QE3 is being mentioned is from those speculating. No one in any official capacity.

As far as that massive withdrawals of physical silver...sure aren't any signs of that being seen in the Silver market. Down another point today. And at the same time, what is actually improving economically/financially to explain this downward trend?...

-Emt1581
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Old 06-27-2011, 16:40   #838
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It seems the only places QE3 is being mentioned is from those speculating. No one in any official capacity.

As far as that massive withdrawals of physical silver...sure aren't any signs of that being seen in the Silver market. Down another point today. And at the same time, what is actually improving economically/financially to explain this downward trend?...

-Emt1581
Nothing is improving. Govt controls any and all numbers and markets. In addition, today and probably tomorrow we are seeing options expiration which typically push down prices.

Watch prices rise by Friday (maybe).

SC
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Old 06-27-2011, 16:50   #839
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Nothing is improving. Govt controls any and all numbers and markets. In addition, today and probably tomorrow we are seeing options expiration which typically push down prices.

Watch prices rise by Friday (maybe).

SC

Options...what do you mean?

I like the "maybe" there...

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Old 06-27-2011, 17:49   #840
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Wiki:expiration (options)

For an option contract, expiration is the date on which the contract expires. The option holder must elect to exercise the option or allow it to expire worthless.

Typically, option contracts expire according to a pre-determined calendar. For instance, for U.S. exchange-listed equity option contracts, the expiration date is always on the Saturday that follows the third Friday of the month, unless that Friday is a market holiday, in which case the expiration is on the Friday.

In the case where the option is not exercised, upon expiration any margin charged by the clearing firm to the holder or writer of the option is released. The margin may then be used for any purpose, for instance to finance subsequent option trades.



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Last edited by SilverCity; 06-27-2011 at 17:50..
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