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Looking for some advice ....

mayhem

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#1
Good friend passed a year or so ago and I just got a email from his wife who needs about 30k for some serious home improvement. She was asking me;
1) Should she sell gold? or
2) Should she sell some bags of 90% coin.

I have my own opinion, but I thought I toss it out here to get some others. Also I might get the chance to help her out by offering whichever she decides to sell here before she turns to Apmex.
 

Silver

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#2
I treat gold like money, I speculate with silver. I've had to make this choice recently for my building project - I chose to sell gold rather than silver. Silver is too cheap to sell. I can send gold to APMEX or JM for the cost of registered mail + insurance, silver cost more to ship - gold is easier to liquidate.
 

andial

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#3
hemster, as you know I'm a senior member of the "silver freedom caucus" here so you can see how it would look if I suggested bailing on the fecking silver instead of gold so I will PM you my answer.
 

GOLDZILLA

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#4
disclaimer -Not legal advice-

She could possibly pay the contractor the face value of the 90% coin since it is legal tender and she is using it as money and not selling it to avoid capital gains tax. Not an expert but I know this has been done legally in the past -- although the person receiving would supposedly be responsible for the tax the trader avoided if they sell it for cash.

1 dollar in 90% equals about 14$ in todays cash at this time.
 

Weatherman

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#5
1) Should she sell gold? or
2) Should she sell some bags of 90% coin.
My vote is to sell something else (if she needs to sell) and try to get a low interest rate loan for the remaining balance. A credit union may be willing to make a no risk loan for less than 8%. I think metals are still very cheap (from the relentless bankster bashing over the past six years), and now is not the right time to sell at the current low prices. Some people might say to sell now because you can always buy it back later, but I disagree. As prices rise, it becomes very difficult to convince oneself to replace metal that was sold at lower prices. The most likely result of selling now is that she will have less metal for the inevitable price rise that will happen in the future (and less "insurance" against potentially disastrous events that could happen quickly and soon). Now is a good time to buy low. Selling should be reserved for a better time to sell high.
 

Rusty Shackelford

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#7
What is age of wife? Either of the PMs can't go with her when her number is up. Hubby bought the metals for security, especially hers. Dont be afraid to liquidate.
 

Irons

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#9
Dump all of the frickin silver and just enough Gold to get the job done. That is if she can find someone local to take the silver. If you have to ship the heavy crap metal insured it will chew up most of the FRN's she would get for it.
Silver. Yuck.

.
 

Scorpio

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#10
If she pays someone unknown with metal, then the cat is out of the bag. Not a good idea IMO.

Whatever she chooses should be discreet.

90% is bulky, takes up space, harder to hide, defend, move for a person in her position???

I would make darn sure before any contractors come a callin' that there is zero evidence of anything such as this anywhere.
 

Mujahideen

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#11
If she doesn't know what to do with the bullion, then she should sell it to someone who does.
 

stAGgering

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#12
Investigate metals and sell ALL numismatic first.
Numi value will not hold well proportionally, if metals lift off.
Secondly, sell the easiest to sell now, when prices are DOWN.
Later, if and when metals gain, selling remaining metals for her may be as easy, or easier.
I'd bet gold would be simplest, and to replace, as I use such for liquidity/savings.
Here is where, like the farmer, the fisherman, and laborer, the screwing begins.
Hope sales fare well and please share lesson and info.

Tell her get a damn loan, learn to sell metals to pay loan or keep metals by choice,
unless she is flat broke, unemployed, and 80 yrs old.
 
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Lt Dan

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#13
Investigate metals and sell ALL numismatic first.

Tell her get a damn loan, learn to sell metals to pay loan or keep metals by choice,
unless she is flat broke, unemployed, and 80 yrs old.
Yeah, if she's 80+ she can sell anything she wants to do the work, if younger, well, unload the silver first, harder to hide, etc. The silver may still be worth more than was paid for it, if it was bought low enough.
 

smooth

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#14
Can She sell any to Her Children at a discount? Keep it in the family....
If not, then maybe some of both. JMHO
 

mayhem

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#15
I didn't want to say a whole lot in my first post simply because I was respecting her annon. Seems Fred (her passed husband) has been buying for 30 years and has quite a collection but wasn't into numi . I know he mentioned to me that she would be OK if something happened to him. She is 70, house is paid for and wants to leave it to their only child. (nice 2,500 sq place) It got neglected because of his health problems. She will probably be in a wheelchair in the next few years and wants to put in wider doors, and a kitchen and bath remodel.

I don't know the extent of her holdings, but she didn't sound like she had more than a bit on the phone last night. I did bring up the cost of shipping silver to her vs gold, but I got the feeling they had more than a few bags stored, and that was what she would like to unload. She did say that the cost aveg. on the silver was about $8.00, didn't say about the gold.
I treat gold like money, I speculate with silver. I've had to make this choice recently for my building project - I chose to sell gold rather than silver.
My thoughts also.
hemster, as you know I'm a senior member of the "silver freedom caucus" here so you can see how it would look if I suggested bailing on the fecking silver instead of gold so I will PM you my answer.
Sir dial I agree. Waiting for the PM.
She could possibly pay the contractor the face value of the 90% coin since it is legal tender and she is using it as money and not selling it to avoid capital gains tax.
Contractors are snoopy and most of the good ones won't even take FRN's never mind PM's. I mentioned it and she kinda frowned at the idea, didn't want anyone to know she has PM's
Investigate metals and sell ALL numismatic first.
No numi's that I'm aware of. But there is a 2006 monster that probably has some in it, and that year was a low run.
Yeah, if she's 80+ she can sell anything she wants to do the work, if younger, well, unload the silver first, harder to hide, etc. The silver may still be worth more than was paid for it, if it was bought low enough.
Dan 70 not 80, and fairly frugal, lives a pleasant but inexpensive lifestyle. I have a inklin that there will be some left for the grand kids when she passes, but don't know for sure.
Can She sell any to Her Children at a discount? Keep it in the family....
If not, then maybe some of both. JMHO
Sir smooth as I said to Dan, she doesn't need every day cash, so this is a one time expense, and maybe a yearly one to pay the prop tax I don't know. I do know this was why they decided to hoard in the beginning, end day's expenses and such. The daughter and son in law aren't the greedy, grabby type at all. The vibe I get is that there will be some left when she passes anyway, and they want her to be comfortable. Fred was definitely a hoarder, and she was a bank teller for many years, and would pull all the 90/40 out of her drawer and replace it with FRN's every day for years back then.
Gentlemen thanks for the responses. I gave her the url here so she can read for herself. (hope it's available to non members) Plus I will include all your suggestions in a email to her. Keep the ideas coming, and she has agreed to let me offer whatever she decides to do to you guys first. I don't need any, as I selling every year to pay my taxes and insurance which I figure I can live here till I'm 120.
 

mayhem

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#16
If she pays someone unknown with metal, then the cat is out of the bag. Not a good idea IMO.

Whatever she chooses should be discreet.

90% is bulky, takes up space, harder to hide, defend, move for a person in her position???

I would make darn sure before any contractors come a callin' that there is zero evidence of anything such as this anywhere.
Apologies for missing your post sir bear. I 100% agree with what you said about being discrete and removing the evidence. She has a 45 yr old daughter that she trusts and lives nearby so I would guess everything will be moved before any contractors sets foot in the house.
 

mayhem

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#18
good girl,

somewhere along the line, this gal took some smart pills,
I think it just morphed into her over the 40 years she was married to Fred.:D
 

Zed

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#19
I'd talk her into waiting until the end of 2018... then evaluate the situation. The timing isn't good IMO.
 

ToBeSelfEvident

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#20
Is it really wise to remodel the house to fit a wheelchair she doesn't have yet? Technology for the aging is advancing rapidly.
 

mayhem

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#22
I'd talk her into waiting until the end of 2018... then evaluate the situation. The timing isn't good IMO.
Indeed. I will try as I see it as you do. But I'm not privy to all that is going on with her and family. I really don't wish to pry into their personal reasons. But thanks for the advice sir Zed..
 

mayhem

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#23
Is it really wise to remodel the house to fit a wheelchair she doesn't have yet? Technology for the aging is advancing rapidly.
Don't wish to pry into personal reasons, but she has been having some health problems. Seemed like a spontaneous decision, but it isn't like her and I were as close as her husband and I were. She has always been a little standoffish, could be she was dealing with health problems and she isn't the type to whine.
 

ttazzman

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#24
mayhem......have you considered doing the work or GCing for PM payment....she probably needs some supervision and advisement for the work anyway at the very least.....