Gold...bling bling.
11-02-2010, 11:13 PM
#12
Former Moderator
Thread Starter
Originally Posted by SlowTeg,Nov 2 2010, 01:59 PM
Call me crazy, but if you're buying $100k worth of gold, best place for "storage" is somewhere safe at your house (think tin box and dig a hole). If you're buying physical gold (in large dollar amounts), it kind of defeats the purpose to leave it at the bank.. Also, be sure to have lead to protect it. Gold without lead = no more gold (if someone finds out about it). 
It goes without saying, but you obviously don't tell anyone you have it..
It goes without saying, but you obviously don't tell anyone you have it..
11-04-2010, 12:59 PM
#13
Originally Posted by magician,Nov 2 2010, 11:59 AM
You're crazy.
My simple question is, why the hell bother having physical gold, if you're not buying it for a TEOTWAWKI sort of investment. There's GLD, GDX, /GC. Pick one. It's one thing buying a few coins/etc, but $100k is no small change of gold, and a few contracts of /GC will easily do the trick (then you don't have to bother with worrying about storing it, trasaction fees, them screwing you on the exchange rates, etc). Physical gold makes zero sense to me, unless you believe in the financial system imploding, and in that case, you'd be dumb to leave it in the bank.
Oh ya, new 52 week highs across the board in commodities. Slow motion currency collapse? Sure looks like it thus far, courtesy of Obama (the Fed is not truly independent) and Ben.
11-04-2010, 03:08 PM
#14
Former Moderator
Thread Starter
Originally Posted by SlowTeg,Nov 4 2010, 03:59 PM
My simple question is, why the hell bother having physical gold, if you're not buying it for a TEOTWAWKI sort of investment. There's GLD, GDX, /GC. Pick one. It's one thing buying a few coins/etc, but $100k is no small change of gold, and a few contracts of /GC will easily do the trick (then you don't have to bother with worrying about storing it, trasaction fees, them screwing you on the exchange rates, etc). Physical gold makes zero sense to me, unless you believe in the financial system imploding, and in that case, you'd be dumb to leave it in the bank.
Oh ya, new 52 week highs across the board in commodities. Slow motion currency collapse? Sure looks like it thus far, courtesy of Obama (the Fed is not truly independent) and Ben.
If you can't touch it you don't own it. Second, no capital gain tax..read between the lines on that one. One of the only things the government has no say or knowledge of.
P.S. Just ordered 200oz of silver for my newborn daughter. Hopefully, when she grows up, she can use it for her wedding.
11-04-2010, 03:57 PM
#15
Originally Posted by NFRs2000NYC,Nov 4 2010, 03:08 PM
The whole point in owning gold is because you don't trust the government and anything attached to it. Good luck getting your money if the economy collapses. No offense to anyone here, but anyone who invests in precious metals and doesnt own physical product...is...well.....to put it lightly, not smart.
If you can't touch it you don't own it. Second, no capital gain tax..read between the lines on that one. One of the only things the government has no say or knowledge of.
P.S. Just ordered 200oz of silver for my newborn daughter. Hopefully, when she grows up, she can use it for her wedding.
If you can't touch it you don't own it. Second, no capital gain tax..read between the lines on that one. One of the only things the government has no say or knowledge of.
P.S. Just ordered 200oz of silver for my newborn daughter. Hopefully, when she grows up, she can use it for her wedding.
No capital gains tax? You sure about that? According to one of the newer laws, gold sales/purchases have to be reported through dealers. I don't think the govt did this just for the hell of it. If you're buying $100k worth of gold, something tells me the govt just might know you bought it. Also, good luck cashing out substantial amounts w/o anyone reporting it/etc, especially with the newer laws.
11-04-2010, 04:32 PM
#16
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NFRs2000NYC, you should diversify on how you store your gold. For example here is a fast article http://www.owninggold.com/storing-gold.html
PS...you did a very smart thing. Buy silver too, if you like gold.
PS...you did a very smart thing. Buy silver too, if you like gold.
11-04-2010, 09:31 PM
#17
Former Moderator
Thread Starter
Originally Posted by flyingelbowz,Nov 4 2010, 07:32 PM
NFRs2000NYC, you should diversify on how you store your gold. For example here is a fast article http://www.owninggold.com/storing-gold.html
PS...you did a very smart thing. Buy silver too, if you like gold.
PS...you did a very smart thing. Buy silver too, if you like gold.
Will buy more soon, but you are right on the storing.
11-04-2010, 09:35 PM
#18
Former Moderator
Thread Starter
Originally Posted by SlowTeg,Nov 4 2010, 06:57 PM
I agree, and understand the notion behind buying physical, but again, why leave it in the bank? If things get dicey that things fall apart, the only person you can trust is yourself, and hence, the reason why I said you don't want to leave it in a bank, because what happens if the govt starts monitoring them/etc? Like I said, you might as well bury it in your backyard or something along those lines, if you really distrust the govt.
No capital gains tax? You sure about that? According to one of the newer laws, gold sales/purchases have to be reported through dealers. I don't think the govt did this just for the hell of it. If you're buying $100k worth of gold, something tells me the govt just might know you bought it. Also, good luck cashing out substantial amounts w/o anyone reporting it/etc, especially with the newer laws.
No capital gains tax? You sure about that? According to one of the newer laws, gold sales/purchases have to be reported through dealers. I don't think the govt did this just for the hell of it. If you're buying $100k worth of gold, something tells me the govt just might know you bought it. Also, good luck cashing out substantial amounts w/o anyone reporting it/etc, especially with the newer laws.
Gold, believe it or not is NOT regulated by the US government. The SALE of gold is NOT reported, PERIOD. As a matter of fact, most trusted online dealers openly say that on their site, they DO NOT report bullion purchases.
The government has absolutely NO RECORD of your buy price.
As for capital gains tax....
1)Dealers are required by the IRS to report the sale (YOUR SALE TO THEM) of a pre-determined amount of weight. For instance, for gold, it's 1 Kilo. If you sell one Kilo in one shot (to a dealer who buys in check, not something like a pawn shop) they will give you a 1099B, which is NOT for tax purposes because AGAIN, the government has no record or proof of your buy price. It is UP TO YOU to be "honest abe" and claim to the IRS what you profited, and pay capital gain tax yourself. As you can imagine, not too many people do that. Furthermore, this is why I normally buy 1oz or 10oz bars.
11-04-2010, 10:01 PM
#19
Former Moderator
Thread Starter
Oh, and the reason why I currently don't store at home is because I live in an apartment (rented). Although I live in a very rich neighborhood, I don't think I will mess with safes until I buy a home, which will hopefully be sometime in the next year or two. I have a bolted in safe for my gun, but I don't feel 100% comfortable keeping that much bullion in there. When I get a home, hopefully I will get a real, set in concrete safe.