I sold some gold today!

I decided to sell some of my gold holdings today at the high spot price. I sold $10,000 worth of 1 ounce Pamps back to AMPEX. I retained all my 1 ounce gold eagles and will keep them in firm hands!. I figured there is nothing wrong with takeing some profit off the table. When acounting the profit made on the bars and taxes it lowered the cost of each 1 ounce Gold eagle to below $450.00. I think I am quite safe in thinking that the gold price will never see $450.00 agan!. I do believe that the price of gold could continue to rise short term but then agan it never hurts to be safe!

 

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Way to go , did they make you fill out any papers for taxes ?
rzage

 

No papers! check will be $9997 just under $10,000. If the price drops down to $950.00 I will buy them back again. The gold price is in unheard of territory. I didn't like the gold price in other currency's although it was rising in other countries currencies the main price drive appeared mainly U.S. dollar driven. You never know when our Goverment might cause the Dollar to rally big time if only for a short time. I could be sorry for this action but you never know!

 

Apmex should report the transaction at the end of the year and ofcourse there will be a receipt for the seller.

 

I am not worried I always pay all taxes to the IRS down to the penny! I have a good tax man! Taxes are figured out and my gold eagle coins are still averaged down to my stated price!. I want to do my part to pay for the new health care bill! (yea right)

 

Even if gold does go up, it is a smart move. If you are only in physical bullion, selling a little as it goes up is a responsible thing to do.Art Cashin, who has been a stocks analyst as long as I can remember was asked to day about the Dow 10,000 all were celebrating on the floor of the exchange, and he (while cheering the event) mentioned he had been taking money off of the table since July. He missed some upward moves, but maintained and increased his cash capital.

Jim

 

In the words of Jim Cramer (Mad Money)...
"bulls make money, bears make money, pigs get slaughtered"

Plus, if your cost basis is down to $450, you're playing with the house's money now...

Booyahh

 

I figured there is nothing wrong with takeing some profit off the table. When acounting the profit made on the bars and taxes it lowered the cost of each 1 ounce Gold eagle to below $450.00. I think I am quite safe in thinking that the gold price will never see $450.00 agan!

Help, I can't grasp what you said. Between the taxes and lowering the cost you paid of each eagle lost me. How does the profit made on one sale affect the dollar value of another coin? PM me if you have to. Even basic math is not my forte. Thanks. zeke:rolling:

 

What he means is that the average cost of the remaining gold is $450 when you subtract the cash profit from the gold sold from the cost basis of the gold retained. This is a common and good way to think about portfolio risk.

 

What about the taxes mentioned. Does that subtract from the profit margin?

 

MetalBidAsk Gold$1,052.20 $1,053.20 -11.50 Silver$17.57 $17.62 -0.31 Platinum$1,341.30 $1,351.30 -14.30 Palladium$323.00 $328.00 -3.80 Updated:10/15/2009 4:34:39 AM CST

 

yes of corse it does!

 

So far my sales timing looks to be a good one! Maybe I was lucky! MetalBidAsk Gold$1,048.00 $1,049.00 -15.70 Silver$17.38 $17.43 -0.49 Platinum$1,335.20 $1,345.20 -20.40 Palladium$321.00 $326.00 -5.80 Updated:10/15/2009 7:03:25 AM CST

 

oh oh!! The big drop is coming. I beleive.

 

Maby maby not! we will watch and see!

 

Commodities and stocks have been on fire the past two weeks and I think it just may be time for things to take a breather. While I continue to stay long, taking some money off the table to lock in profits is a safe play. the odds are pointing to some type of pause or pullback in the coming days. I figure any day now we could see some profit taking

 

Why do I get the Feeling Krispy doesn't like me very much? LOL

 

Post #16 was a repeat of everything you've already gathered in the headlines and said yourself earlier with this thread since boasting of your sale. Today's post sounded like you were angling for applause. I don't dislike you in fact I congratulate you.

 

when yankee is selling. i will be buying.