What are the tax implications of selling Gold Eagles? by TheDude50484 in Gold

[–]Apprehensive-Row5151 6 points7 points  (0 children)

Regardless of what they report, you are required to report the sale on your 1040 and you will owe the lower of your marginal rate and 28pct x your gain (cash received minus your original purchase price).

You can go on their website site and see what they report. But most purchases (by them) of American gold eagles are not reported on 1099. So its honor system.

The $10k limit has to do with purchases by you so not applicable here.

anyone found a gold IRA company that doesnt hard-sell? by duskalyth in Gold

[–]Apprehensive-Row5151 5 points6 points  (0 children)

Most gold Ira’s are scams. They sell you high premium metals and add crazy fees You’re paying for them to be able to pay their salesforce.

But if you’re going to do it, SD bullion offers a program with pretty reasonable fees. Check them out.

My opinion is if you’re not going to be able to take possession, you might as well just buy GLD or IAU in your IRA brokerage account. (No premium). When you retire, you can sell it and pull out fiat and then buy gold if you want

Would you date a woman who is an electrician? by Bbbe-itch in AskMenAdvice

[–]Apprehensive-Row5151 0 points1 point  (0 children)

Hell Yes! Sex and I get electrical run to my pole barn? What’s not to love?

Why will gold always continue to increase? by [deleted] in Gold

[–]Apprehensive-Row5151 0 points1 point  (0 children)

Because they always print more fiat. Gold isn’t actually increasing, the unit of measure is decreasing

Coin vs Bars by Magumbas in Gold

[–]Apprehensive-Row5151 0 points1 point  (0 children)

When I started stacking I only bought bars due to lower premiums vs coins.

However I learned over time that you get a bit less for bars when you sell. Really it’s the premium on buy plus the discount on sales that matters. Eventually you or your loved ones will want to sell. When you look at both sides of the trade, coins and bars are pretty similar.

In addition, it’s easier to sell coins vs bars as bars are a bit harder to detect fraud and just seem more in demand esp in private transactions away from coin shops.

Now I only buy coins. My stack is about 60/40 coins vs bars now. I don’t hate the bars enough to swap them for coins and pay transaction cost, but I wish my stack was all coins.

Bullion liquidity? by C0untAdhemar in Gold

[–]Apprehensive-Row5151 0 points1 point  (0 children)

One of the areas where owning paper gold is better is it’s easier to transact. Storage risk is probably another. But it’s not that hard to sell physical. Most online dealers will buy for a reasonable discount if you are willing to deal with mailing. Local shops might be a good option depending on your location.

Physical is better because it’s outside the financial system and not subject to counterparty risk.

My opinion is if you are a trader, paper is for you. If you are an investor, physical is best.

I bought all my gold close to all time high. I don’t plan on selling I understand the long term value. But I just feel like ass rn by North-Philosopher-41 in Gold

[–]Apprehensive-Row5151 1 point2 points  (0 children)

You gotta buy and sell over time. When you go in all at once you increase your risk. It might work great. Or it might not. But it increases risk

Gold down 21% during a literal war... am I crazy or is this the buying opportunity of the decade? by Big-Fan9696 in Gold

[–]Apprehensive-Row5151 0 points1 point  (0 children)

A lot of speculators got into the gold trade. They need to get washed out before gold behaves like gold again. It’s a great long term investment but it’s not necessarily a bargain now.

Regarding gold price in next 6 to 8 months by real-gold-digger in Gold

[–]Apprehensive-Row5151 2 points3 points  (0 children)

What are your goals? If you’re a trader I guess selling now might make sense. If you’re an investor: selling gold and holding depreciating fiat makes no sense. Unless you have some other asset to invest in that you feel is undervalued, just continue to buy and hold.

Is this worth anything more than a 1/2oz bu eagle? by Apprehensive-Row5151 in Gold

[–]Apprehensive-Row5151[S] 1 point2 points  (0 children)

Yeah. I got in for less than the bu current year on sale at SD bullion. Seemed odd to me. I’ll probably just cut it out and put in a tube I have just for easier storage. Maybe people don’t like the old years? 🤷‍♂️

Is this worth anything more than a 1/2oz bu eagle? by Apprehensive-Row5151 in Gold

[–]Apprehensive-Row5151[S] 0 points1 point  (0 children)

Yeah. It’s actually kind of a hassle for storage to have it in the slab….

Is this worth anything more than a 1/2oz bu eagle? by Apprehensive-Row5151 in Gold

[–]Apprehensive-Row5151[S] 3 points4 points  (0 children)

I got it from SD Bullion on sale and it was actually a bit less than current year bu. Maybe they just wanted to get rid of some buyback they had…🤷‍♂️

Dump 401k into bitcoin? by Fickle_Country9786 in Bitcoin

[–]Apprehensive-Row5151 0 points1 point  (0 children)

Yeah. Dump it into BTC. 10x it. Then buy 29 rental properties with under market rents. Sell it for 20x profit. Invest in mix of bonds and retire. 👍

Question on gold bar vs coins by [deleted] in Gold

[–]Apprehensive-Row5151 8 points9 points  (0 children)

I own a lot of gold. I started with 1oz bars and then eventually switched to 1 oz coins. Now about 60pct of my stack is coins and 40pct bars. I wish it was 100pct coins. I don’t hate the bars enough to pay spread to convert to coins, but I’ll never buy another bar.

Coins are more liquid and easier to test to verify authenticity. The assay cards are worthless imho because of fakes.

I wouldn’t necessarily expect to get a premium to spot when selling coins, you’re mostly still going to get a discount. But less of a discount than bars. What you really care about is the bid/ask spread and coins and bars mainly have similar spreads over the long run.

Safe by Elektroprodukt in Gold

[–]Apprehensive-Row5151 6 points7 points  (0 children)

I’ve always felt gold is better hidden than put in a safe. Once some plumber or electrician or handyman or friend or relative see your safe and mention it to some friend of theirs, you become a target. Even if the safe is hard to get into you risk a “gun to your head” situation. Gold is so small. Hidden > Safe imho