Anyone else investing in gold?
I particularly like the British Sovereigns.....French Roosters........and Swiss Helvetia coins right now..........random year in almost uncirculated condition.
Gold is holding around 1750 but trying to inch up. I think it is prime time to buy. Wish that I had gotten in when it was around 450 back in my youth. oh well.
They are basically buillion and not collectors. But it is always interesting to see what year you get.
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My guess, serf, is that there was either a conflict with minimum wage laws or he had a different value as an expense than he recorded for payment.
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Cash will be worth less and less, losing value through inflation. So your losing 10% a year holding cash or CD's. Silver and gold hold their own, and coin dealers are giving you a dollar more for your silver above spot. Silver is getting scarce, and the last smelter in N. America....Canada, shut down and is shipping silver ore to China. No smelters in Mexico either, all shut down. It's just a good idea to have some gold and silver in your portfolio, or other assets that appreciate.
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I'll stick with a hoard of lead and brass projectiles, a few projectile launching devices and call it good...I have many investments and some cash in a few accounts, but the only things I count on are the ones that are always within my reach... The old saying that if they outlaw guns, I'll be an outlaw is my moto and if that comes to pass, it's better to be an outlaw with a gun, than somebody that has some stuff I'll need to survive...
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I always thought gold was sold or traded as a commodity, and there for tax is not taken into account. Krugerrand for instance have no face value, and are sold for gold contents value on the open market.
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waltermoe: 30423237158683/comments/30423250852635
I always thought gold was sold or traded as a commodity, and there for tax is not taken into account. Krugerrand for instance have no face value, and are sold for gold contents value on the open market.
The Kruggerand is sold as a bullion coin with no face value. Kind of like a fancy 1oz gold bar. The U.S. 1oz gold coin is actually legal tender with a face value of $50. If you were to deposit one in your savings account they would credit you for only $50! Of course the gov't won't sell it to you for $50 and it is actually a bullion coin but since the gov't is involved it doesn't have to make sense. Bob
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Don McManus: 30423237158683/comments/30423221663515
https://forums.gunbroker.com/discussion/comment/11366092#Comment_11366092
If you sell them at face value you will not be taxed, serf. If bought and sold as an investment you will and should be taxed.
Unless you sell for cash. Not that I would advocate thwarting our benevolent IRS.
Actually the coin aucion houses are not required to send 1099s for coins they sold for a client. Likewise Gun Broker is not required to send 1099s for guns they sold for a client. We are on our honor to report gains for collectables sales.
However if you are audited and they find unreported income, you are in a tough place. Federal Capital capital gains tax is 28% In Indiana the income is taxed as simple income.
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John J Stimson: 30423237158683/comments/30423227480347
https://forums.gunbroker.com/discussion/comment/11366159#Comment_11366159
Actually the coin aucion houses are not required to send 1099s for coins they sold for a client. Likewise Gun Broker is not required to send 1099s for guns they sold for a client. We are on our honor to report gains for collectables sales.
However if you are audited and they find unreported income, you are in a tough place. Federal Capital capital gains tax is 28% In Indiana the income is taxed as simple income.
I am glad someone knows the rules... coins no but I believe bars is a yes.
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There are several studies that have been reported showing how the value of gold and the dollar have compared over the years. The most recent one I have seen compares the cost of a man's tailored suit in the 2020s to the same suit in the 1930s. Today's cost is around $2,000, while the cost in the '30s was about $30. But in terms of gold, the cost is just about one troy-ounce of gold both times. Kind of an eye-opener.
BTW, when buying gold coins you need to be aware that many are NOT 100% gold. That included the USA eagles. The USA buffalos ARE pure gold, and the Canadian Maple Leaf is the purest gold available and sells for a lower price than USA coins.
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K-Rands are 10 percent copper, but still one ounce of gold. Copper is harder, more durable than gold..
I used to have some Maple Leafs, but I sold 'em. Didn't like that portrait of the Queen.
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Well my dad is 1/28 of an heir of 4 gold and silver mines... One being the historic King of Arizona. They haven't been producing for a while. Shut down when the price of gold was way low....
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