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07-30-2010, 01:41 PM
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#16
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Valued Poster
Join Date: Dec 21, 2009
Location: Republic of Texas
Posts: 3,323
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Hey Ender...what did you find out?
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07-31-2010, 02:15 AM
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#17
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Gaining Momentum
Join Date: Apr 14, 2010
Location: Houston/Dallas
Posts: 89
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Gold Bars vs Gold Coins
Buy locally (check out Asian Jewelry shops - most have gold coins/bars for sale) so that you can at least examine the bars or coins before you actually pay for them. Personally, I'd rather buy gold bars (1 troy oz or higher weight) because they command lower premiums. Don't buy gold coins like eagles or other coins that have special significance (eg, Australian "Lunar" coins) as these can command significant premiums. Instead choose coins that have less demand and thus smaller premiums (eg, Mexican 50 pesos - 90% pure, but contain approx 1.205 troy oz. in melted pure gold each; Austrian gold coins; and "lesser" known/demand gold coins like Krugerands). Bought mine when they were less than $300/troy oz. Good way to have for an emergency - easily convertible...as DTL said...
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07-31-2010, 07:35 AM
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#18
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Dr. Wonderful
Join Date: Dec 30, 2009
Location: Globe Trotter
Posts: 27,216
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My next door neighbor and I have an agreement.........he buys the gold and I buy the guns........if it all falls apart, I have a big safe for the gold..........I wonder if he knows about our agreement.
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07-31-2010, 02:41 PM
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#19
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Valued Poster
Join Date: Jun 19, 2010
Location: Austin
Posts: 957
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You make some good points, but there is a tax advantage to buying American Eagle coins- reporting to the IRS is not required on the buying and selling of Eagles.
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07-31-2010, 02:42 PM
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#20
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Valued Poster
Join Date: Jun 19, 2010
Location: Austin
Posts: 957
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Edit...Comment was directed at rooster57.
Quote:
Originally Posted by rwksl
You make some good points, but there is a tax advantage to buying American Eagle coins- reporting to the IRS is not required on the buying and selling of Eagles.
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08-04-2010, 02:07 PM
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#21
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Gaining Momentum
Join Date: Apr 14, 2010
Location: Houston/Dallas
Posts: 89
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Tax issues?
rwksl, who is going to report the selling and buying of non-eagle bullion? Unless you are selling a huge quantity. Most of the time it is a cash transaction. You can always report it as a capital gains (assuming you held the gold bullion for 12 months or more). Nothing to prevent you from "shipping" the gold overseas and "cashing" it. I am not sure that selling of American Eagles for profit is exempt from federal taxes...
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08-04-2010, 03:48 PM
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#22
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Making Pussy Great Again
Join Date: Jan 4, 2010
Location: In your closet, in your head...
Posts: 16,091
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Quote:
Originally Posted by Jackie S
If things get so bad that gold is the only thing that has monetary value, then you had better be invested in a good 12 gauge shotgun, lots of shells, and lots of canned goods.
There might come a time when a can of Pork and Beans is worth a lot more than a ounce of gold.
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Exactly,
Invest in ammunition and seeds.
Gawd, I sound like Glenn Beck!
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08-04-2010, 03:58 PM
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#23
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Valued Poster
Join Date: Dec 30, 2009
Posts: 3,711
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Anyone interested in buying gold would probably be interested in this as well.
http://infinitebanking.org/
I heard about this on the Mike Church show the other morning on my way into work. Basically, a guy on the show, David Simpson, discussed the idea that we've all been taught that the only way to save and be wealthy is to put your money in a bank and in the financial markets. There is no other alternative. What this school of economics suggests is that there are alternatives that are virtually recession-proof and tax-light.
He suggested a four-prong approach to wealth management:
1. A modest amount invested in the market
2. Liquidity
3. Investment in local, small businesses. (Shops, garages, farms, etc.)
4. Purchase of items of intrinsic value. He specifically mentioned gold, silver, tools, guns, ammunition, food reserves and medical equipment.
It was interesting to me and I plan on learning more, but I thought I'd share with my fellow survivalists.
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08-04-2010, 09:46 PM
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#24
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Gaining Momentum
Join Date: Feb 22, 2010
Location: Houston
Posts: 37
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I think gains for selling gold coins is considered collectibles.
But it's best to check with your tax accountant.
You DON'T want to mess with the IRS and end up having to prove your innocence.
If they accuse you, you are guilty until you can prove your innocent.
(I heard they're hiring if you want to be a mini-napoleon.)
For gold transactions above $1K, below $5K you don't have to show your ID. (Contrary to some coin shops.) $5k - $10K you do have to show ID.
$10K or above you have to file something with IRS. (I'm not sure what.)
I like to listen to Gerald Celente and his Trends research.
stratfor.com is a good source for different views on things but they're US positive.
If you sign up for their email list they'll send you few articles for free.
Some of them are great and really opens your mind to look at issues from different point of view. (like immigration) Even if the opinion is scewed.
If you're planning to flee the country before the great collapse, goldmoney.com is a resource. But they have quite a long sign up process. But once set up, you can transfer funds, buy and store gold in Hong Kong or other out of country storage locations.
As for leaving the country with gold, I'm not sure about export tax but some countries like China have gold import tax. (10%? 20%? for quantities above 100 grams?) which is weird since they're trying to hord gold.
I don't recommend smuggling gold into countries like that. They'll confiscate all your gold and put a bullet in your brain.
You just have to search the web and do your research.
Before the great censorship of the Internet comes.
Maybe right around the time we attack Iran?
Before midterm elections?
Which will shoot oil prices through the roof?
Scary Times.
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08-05-2010, 08:42 AM
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#25
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Making Pussy Great Again
Join Date: Jan 4, 2010
Location: In your closet, in your head...
Posts: 16,091
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Quote:
Originally Posted by enderwiggin
Anyone interested in buying gold would probably be interested in this as well.
http://infinitebanking.org/
I heard about this on the Mike Church show the other morning on my way into work. Basically, a guy on the show, David Simpson, discussed the idea that we've all been taught that the only way to save and be wealthy is to put your money in a bank and in the financial markets. There is no other alternative. What this school of economics suggests is that there are alternatives that are virtually recession-proof and tax-light.
He suggested a four-prong approach to wealth management:
1. A modest amount invested in the market
2. Liquidity
3. Investment in local, small businesses. (Shops, garages, farms, etc.)
4. Purchase of items of intrinsic value. He specifically mentioned gold, silver, tools, guns, ammunition, food reserves and medical equipment.
It was interesting to me and I plan on learning more, but I thought I'd share with my fellow survivalists.
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This may be more of a philosophical question but what is the intrinsic value in gold? I have always been a little mystified with this. Is it simply because it is nearly indestructible and therefor has lasting properties?
Some other properties of gold are:
It is malleable and easily worked.
It alloys well with a variety of other metals.
It is highly resistant to corrosion or tarnishing.
While those properties definitely give it value is it enough to say it is intrinsic value.
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08-05-2010, 09:35 AM
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#26
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Valued Poster
Join Date: Dec 30, 2009
Posts: 3,711
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Quote:
Originally Posted by boardman
This may be more of a philosophical question but what is the intrinsic value in gold? I have always been a little mystified with this. Is it simply because it is nearly indestructible and therefor has lasting properties?
Some other properties of gold are:
It is malleable and easily worked.
It alloys well with a variety of other metals.
It is highly resistant to corrosion or tarnishing.
While those properties definitely give it value is it enough to say it is intrinsic value.
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IMO, gold's intrinsic value is that it is a globally recognized form of currency. You can take it anywhere from NYC to the Amazon rainforest and have something of high trade value.
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08-05-2010, 09:54 AM
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#27
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Making Pussy Great Again
Join Date: Jan 4, 2010
Location: In your closet, in your head...
Posts: 16,091
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Quote:
Originally Posted by enderwiggin
IMO, gold's intrinsic value is that it is a globally recognized form of currency. You can take it anywhere from NYC to the Amazon rainforest and have something of high trade value.
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I understand that. That's why I said it was probably more of a philosophical question. Sure, if the worlds economy fell apart gold would be the standard currency. But why?
Why not diamonds or graphite or tobacco or razor blades?
I'm not trying to be silly so please don't take it that way.
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08-05-2010, 10:25 PM
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#28
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Valued Poster
Join Date: Jun 19, 2010
Location: Austin
Posts: 957
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Quote:
Originally Posted by rooster57
rwksl, who is going to report the selling and buying of non-eagle bullion? Unless you are selling a huge quantity. Most of the time it is a cash transaction. You can always report it as a capital gains (assuming you held the gold bullion for 12 months or more). Nothing to prevent you from "shipping" the gold overseas and "cashing" it. I am not sure that selling of American Eagles for profit is exempt from federal taxes...
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I didn't mean to say the selling American Eagles for profit was exempt from federal taxation, I just trying to say the buying and selling of American Eagles are exempt from reporting requirements (I was referring to the requirement to report certain cash transactions). If no transaction is reported, then you are simply on your honor to report the gain on these coins to the IRS. See the following for a full discussion of this and related issues:
http://the-moneychanger.com/numismat...coin_con.phtml
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08-06-2010, 06:01 AM
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#29
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Valued Poster
Join Date: Dec 30, 2009
Posts: 3,711
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Quote:
Originally Posted by rwksl
I didn't mean to say the selling American Eagles for profit was exempt from federal taxation, I just trying to say the buying and selling of American Eagles are exempt from reporting requirements (I was referring to the requirement to report certain cash transactions). If no transaction is reported, then you are simply on your honor to report the gain on these coins to the IRS. See the following for a full discussion of this and related issues:
http://the-moneychanger.com/numismat...coin_con.phtml
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Great article! I've often argued with my coin collector friends that gold bullion isn't "collectible" the way a Morgan Silver Dollar is collectible and we just go 'round and 'round. They are willing to pay hundreds of dollars over spot gold prices for some coins and I'm not. Despite some great engravings on some of these coins, I'm only truly interested in the gold. I also collect coins, but I consider that a separate hobby from my gold purchases.
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08-06-2010, 06:03 AM
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#30
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Valued Poster
Join Date: Dec 30, 2009
Posts: 3,711
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Quote:
Originally Posted by Don T. Lukbak
Hey Ender...what did you find out?
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I researched the coin incorrectly. ![Mf Crackegg](https://cdn-w.eccie.net/images/smilies/modern/mf_crackegg.gif) It is a half-ounce coin and I was pretty sure it was a quarter-ounce. At least I didn't burn my bridge with my dealer...
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