Next Level: GOLD $1,350.00

Currently:

GOLD @ $1,182.10/oz. High Today so far $1,182.50
Silver @ $18.76/oz. High Today so far $18.79
Platinum @ $1,741/oz.
Palladium @ $559/oz.

 

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Currently:

GOLD @ $1,182.90/oz. Current High Today
Silver @ $18.77/oz. High Today so far $18.79
Platinum @ $1,747/oz.
Palladium @ $559/oz.

 

Interesting read...


"I would definitely agree that $1,200 is back on the table," he added. "People have been buying it very, very consistently."


Gold Hits 2010 High as Debt Concerns Linger



http://www.cnbc.com/id/36861434

 

More doom and gloom...this sorta related to my post yesterday regarding Puerto Rico...but this time bank related....I can say I had no idea either!!


"Few people probably realize that the Federal Deposit Insurance Corporation, which insures bank deposits in the 50 states, also insures billions of deposits in Puerto Rico. So if a bank in Puerto Rico goes under, customers are protected."


Puerto Rican Lenders Face Their Own Crisis



http://www.nytimes.com/2010/04/30/b...ess&adxnnlx=1272636058-y7f4hsZUshl7tqQs7DhQzw

 

Currently:

GOLD @ $1,180.20/oz. Current High Today $1,183
Silver @ $18.68/oz. High Today so far $18.79
Platinum @ $1,743/oz.
Palladium @ $555/oz.

 

Just curious about "swapping"..

Been following this thread for a while, and I'm wondering why no one ever mentions capital gains on any of these swaps...my (limited) understanding is that unless one swaps kind for kind, capital gains tax (not yet gone up but will unfortunately do so..) plays a part in the equation, as well as commission on one side or the other of a swap. I have been watching for the right time myself for swapping or selling outright for a number of years, but fear the consequences of capital gains (a.) and (b.) what one could risk by putting his/her "wealth" back into the ever falling dollar. There is nothing to put it into that is concrete, not really.

Sorry for horning in, but again, just curious why no mention ever of capital gains? (Or, is this just numismatics and that's different?) My husband was keenly "into" this; I am not. Since his passing , I have been studying all I can for the last 5 years to figure out what to do. I follow Franklin Sanders, "MoneyChanger" for advice...very radical, but I believe these times are unprecedented. Thank you.

 

Hmm. You take a gold coin down to the pawn shop and trade it for cash. What is your capital gains?

 

My understanding is that the capital gains tax doesn't apply to coins. They are taxed at the 28% rate established for collectibles. But I'm not a tax accountant so check with your tax preparer.

 

I don't think you got my point.

 

Absolutely! I've been buying consistently myself, sell a little gold coin and buy another that's a little bigger.

 

re: capital gains on coins

I have spoken with my accountant re: gains -- each year for five years. (I'm of course talking of long term capital gains), and I'm also talking of many coins. Anything I sell over 10k has to be reported. Plain and simple. It must be reported by whomever I deal with. And of course I'm not willing to have them come after me for trying to "hide" a transaction. Now, of course, selling one coin at a time, as you have suggested is an interesting thought... wonder if I have over 2000 coins in my hands...one coin or 2 at a time?? Sure, one coin or two, well no matter. Long Term Capital gains on bullion (at this moment, 2010) is 10 or 15% (sorry, not sure) and due to go up each year for the next number of years, back to what it used to be. Believe me, I have looked at many ways to do this, and really, I just wondered why none of the members here ever speak of capital gains. I thought it was mandatory that the reporting of gains take place. I did, after all, have to report every single coin, at my husbands death. A new floor was placed on 50% of the coins; the greater of the value of either the date of death or 6 months after death. At any rate, again, just curious why no one takes into consideration capital gains, AND commission costs when swapping their coins -- seems there is always a fee, even if one sided. If one takes it all into consideration, the amount of swapping would happen less, it seems, and not just for every little rise (or fall).. (and not to forget rate of inflation..)
Thanks again for the information. Kind regards to all. (Of course, I know the answer for me; wait until I can claim a huge Loss, AND a huge gain, so they'll wash.. Of course, this is not a tax forum; so, on with talk of gold and silver !

 

Well to be fair, we have talked about capital gains here in the past. Probably even in this thread if you go all the way back, because I know this is a question that I've had myself.

If you do it the slow way, one or two coins at a time, I'm just not sure it's enough transactions for anyone to really care or notice. Of course I'm not advocating cheating the gov't in any way.

If you're looking to really offload a lot of your coins in one shot, you have no chance but to record that info for the IRS. What gets complicated is that I believe you also have to prove how much you profited as well. So you would need documentation showing what you paid for them in the past....I recall you mentioned having all the documents so that may not be a problem.

You could always go to local jewelry stores and again, sell them 2-3 here and there. Heck, you can chart a course and go to 5 different shops a day selling each of them just 2-3 and get your cash that way....

You can sell your coins to some of the members here! Give us a discount off the premium and we'd then pay you cash...

There really are lot of ways to go about it...

 

If you asked your accountant for 5 years in a row and haven't received an answer, you need a new accountant.

Taxes are, of course, just part of the game. I don't know what you mean by "commissions" unless you have hired someone to sell them for you. There are no "commissions" on coin sales or purchases -- only the bid/ask spread. If you use the search function, I'm sure you can find many threads on the topic of taxes. But what is there to say? You can (1) keep the coins, defer the tax on the unrealized gain, and let it ride; (2) sell the coins, realize the gain and pay the tax; or (3) wait until a downturn in the coin market so you can sell at a loss and not worrry about the gain or tax. But what you have really isn't a tax issue. It is an asset allocation issue. It sounds like you may have substantial money tied up in the coins. It is up to you and your advisor to determine whether this is right for you.

 

sell stocks in May. buy gold instead. stock indexes average went up more than 100% from its low. the stocks became too expensive. i see a 10% or more correction for stocks. gold should pass $1,200.00. that's my prediction and opinion.

 

What's the old adage you are quoting...? "Sell in May and go away"

 

two of my stocks went up by 400% to 600%. i have to sell it and buy first spouse gold before the mint increase its prices. what do you think krispy?, you are one of my best adviser and the best admirer. hope you advise me this one. wholeheartedly as my trusted buddy. give me advise now.

 

Depends what the stocks you want to sell are? I have not idea how much money that will leave you to reinvest with. I personally wouldn't buy FS coins. If I had serious money to reinvest after selling those stocks, why not go for certified classic US gold coins? They are bound to retain and gain on the investment, whereas FS coins are still an unknown mintage game you are playing with a very small niche market.

 

i don't buy any slabbed or certified coins. beside that, i don't have any classic gold. and i don't know about them. i will only deal with current or new u.s. mint products.

o.k. let's said first spouse gold is no good. what about future APE 4 coin proof set?. 2010 AGB one ounce proof?. p.s. i don't buy bullion without mint mark gold too. tell me krispy. or should i pass this year. keep the money and wait for good opportunity.

 

I wonder if this weekends news about the terror in NYC will create more fear and cause PM's to rise....

 

I have also considered the news from NYC. There was also supposed to be a big demonstration on Wall Street last week that seemed to fizzle out. I don't think this will cause much effect unless it turns out to have an international connection.