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Anyone else investing in gold?
mohawk600
Member Posts: 5,526 ✭✭✭✭
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.
Comments
Not into it at the moment but please count me in for the giveaway Mohawk! 😁
I used to invest in quality antique guns, Wincheaters, Colts, S&Ws, etc. But when that market started fading and getting weak a few years ago, I switched to gold and silver. Mostly I buy bullion coins and small bars, but also a few pre-33 old gold coins and 19th century silver dollars. Due to the premiums over spot, you lose on both ends, buying and selling. But spot is volatile with an overall long-term upward trend so you can do ok if you pay attention and buy low, sell high, just like anything else. I really like having the value of physical metal on hand, something that has been a basis of value for 1000s of years until 20th century politicians arrived on the scene. Now money is a piece of paper with a fancy design, or worse yet, just a number in a computer server somewhere. I find the recent trend in goldback notes interesting. There are several small countries that have them, and four US states have versions that can be used for purchases in their states.
I did invest in it but have stopped at current prices. Mostly did Canadian Maple Leaf coins in all denominations 1/10, 1/4, 1/2 and 1 oz. coins.
Now I have just been doing silver because if the SHTF they will be easier to use for purchasing items than gold.
Rumor has it.
I started buying a little gold 3+ years ago. Silver, I began about 15+ years ago. I don't have a lot as I'm not wealthy like most of you guys! One thing that bothers me is the TV ads for silver that say that if silver just reaches it's all time high of $50.+/-. Well, that is a misleading comment. That high was reached by the Koch brothers trying to corner the market. I probably will continue just a little at a time now that Kasey sold all my firearms (except the ones that are special to me).
I've got 3 gold crowns. I told the wife to have the Mortician pull them before she deep six'ed me. I might be enough for a couple of gallons of gas.
Bought quite a bit when gold was at $1,250 and silver was under $15.00.
Have kept all of it except for giving away a couple of 1 ounce gold eagles and some silver bullet bullion for graduation or retirement gifts.
One needs to be careful, IMO regarding the hedge against inflation concept. Over the last 5 years or so, anyway, the US dollar has faired better than silver or gold.
Brad Steele
I have some Krugerrands. I don't understand the stock market, I don't even know what it is. I like to hold this gold in my hand. I also have some 100 oz. silver bars. Heavy, and valuable!
I got to look up the Swiss Helvetia, might need to buy a few.
It was Nelson, William,and Lamar Hunt that tried to corner the silver commodities market. Lamar was a founder of the AFL and owned teh KC Chiefs.
I never really invested in silver or gold but was a serious coin collector. It turned out to be a very profitable hobby as after a 5% selling commission and a 28% federal capital gains tax and a 3.25% indiana income tax, I got a lot of money. The star of my collection with respect to returns was a $4. gold piece.
Right John. I had the wrong guys.
Sorry, Darryl and your brothers Darryl and Darryl.
Not in gold or silver, but I did invest heavily in a company that made asbestos lunch boxes. It didn't turn out so well...
Nope, but I do have mint silver dollars. Not a great investment, but I like them.
wish I had .
it was a sad day when i found out my collector Elvis plates value died when he did 😥
In one of the gold forums, a guy told about his grandpa buying an ounce of gold from the local dealer every chance he got. Over a period of 35 years the old guy managed to amass over 150 ounces. He passed away in 1990 and his dad inherited them but never sold any. Then his dad died around 2009 and the guy inherited them all. He was loathe to get rid of any because he knew how much they had meant to his dad and grandpa so he held onto them. In 2020 the guy lost his job and his wife was very ill with Covid, so he finally decided to let some go. Gold was around $2200 an ounce. He took them to a local dealer (the original dealer had long since died) and the guy weighed one and whistled.
It was fake; every single one was fake. The guy said he was glad his dad and grandpa never knew or it would have killed them. I have several ounces of gold and after reading that I am now worried. But, if they are spurious I don't want to know about it- my kids can find out after I'm gone. I bought mine in 1982. Paid around $300/oz. if I remember right.
you can get test kits I think on the cheap also if me I would invest in a test kit just to make sure
Trouble with testing just the surface of a piece of gold, it may be real but not so underneath.
We are currently being bombarded with TV adds staring Chuck Woolery (from old game shows) trying to get folks to trade in their 401K's for gold.
Pretty sure the marketeers are the only ones to profit at the current prices. JMHO of coarse.
I won't ever realize a return. But my daughter will. At the very least it is a physical repository of value.......along with silver.
No gold or silver-just brass and lead. In a REAL financial collapse, these metals will trump all the precious metals you can own.
If you expect to use gold/silver to trade or barter for things in an apocalypse, you're confused. As soon as some pirate discovers you have such things, you won't have them anymore. If you think any government is going to allow you to hold such financial resources in a time when that government needs such things, you're also confused. The precious metals will be conscripted and you'll be issued 'script' of whatever value the government wishes to allow.
I've casually collected coins since the early 1960's.......and have bought multiple proof sets, from the US Mint, each year since about 1980.
Having said that......last Friday I went to my credit union, and bought a bunch of 1 year CD's that will give a 4.0% APR(4.07% yield). I'll probably do the same thing next month......AFTER the Fed probably bumps it's rate up another 0.50%. After that....repeat each month......IF rates keep going up.
I had a coin collection, of pennies and nickles. My dream was to get a 1909 S VDB.
I like silver dollars. I miss the days when I could go to the coin shop with 100 bucks and walk out with between 20 and 25 of them depending on spot price. Wish I had held on to all of them.
Yep, that's one of the few holes in my collections also.
I remember as a young kid seeing silver dollars in my dads cash register till drawer. Mercury dimes, silver quarters, and half dollars with ole Ben Frankin's face on them. All being spent at face value.
Mobuck, Maybe with all this inflation the folks that turn theirs in will get more than Teddy's $20!
I did pretty well selling a 40 year accumulation of Browning A-5s.
Gold coins are currency and should not be taxed but then the three branches of The U.S.government along with the money changers in Switzerland say otherwise for now.
serf
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.
Brad Steele
Thanks Don. I was going to try to explain to Serf the difference between a coins face value and its commodity value. To help him avoid taxes, I will be more than willing to give him the $50 face value for all his 1 ounce U.S. gold coins. Bob
There is the magic! Sell it for cash face value on the coin well thats gone all the way supreme court when A guy tried to pay his employees in face value to avoid taxes.didn't work out for him. Of course that's the way it goes when your ruled by Thieves and crooks in the government.
serf
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.
Brad Steele
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.
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...
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
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.
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.
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.
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....
"Independence Now, Independence Forever."
John Adams