Posted on 05/06/2023 9:50:17 AM PDT by grumpygresh
With new rules requiring IRS disclosure for all sales over $600, and in view of the fact that eBay dealers were specifically mentioned, does anyone have any idea of what buyers and sellers are doing for sales over $600 privately? How about a seller to a jewelry store or gold dealer?
The dollar will be trashed due to endless money printing which equals rampant inflation. We’ve seen nothing yet. Tangible assets are the way to go. Gold is a very credible (and time-honored) store of value. Now is the time to be buying more, not selling.
Assuming the SHTF, how would you use your gold or silver to barter or to acquire money?
That’s an important feature of inflation. Forcing people into higher tax brackets without the accompanying purchasing power. And confiscating your wealth through gains that in reality don’t exist. Nice racket they’ve set up!
Probably convert the gold into currency first. I’m not skilled in bartering. There is no perfect solution. Too many variables and imponderables. But having a universally desired asset such as gold or silver is certainly an advantage.
I’m also questioning some of these gold sellers who put the gold in their vault for you. I don’t think so.
Ha ha! I’ve never been accused of that.
Feds are destined for Hell.
I do understand the paranoia.
What about these states that passing laws allowing gold to be used as currency?
Anyone know how that would work?
So if I take in a pile of 1s, 5s, 10s, etc. for a few 100s.
Is that some kind of ‘taxable’ event?
Gold made into “notes”:
“The Goldback also may serve as a currency (within certain jurisdictions where authorized by law) or as a possible barter tool elsewhere. For example, Goldbacks are specie legal tender in Utah. There have been thousands of other local currencies in the United States and there are nearly a hundred active ones today. There are also thousands of different gold products available for sale in the U.S. The Goldback is a marriage of the two. The Goldback is valuable in large part because it is gold.”
https://www.goldback.com/frequently-asked-questions
and
https://upma.org/resources/state-legal-tender-laws
Time to make a trip to Europe.
What about these states that passing laws allowing gold to be used as currency?
Anyone know how that would work?
________
I don’t know much about that. But I must believe that Red states will allow freer buying and selling of gold and silver, than the states that are liberal stinking messes.
I don’t have much in terms of coins or jewelry.
I really wonder how these little antique dealers do it.
If they sell a piece of jewelry or some other item like a piece of furniture or painting they need a receipt of the previous purchase?
How about a postage stamp dealer? They buy a collection then sell it off in pieces, keeping tract of that?
It seems you won’t be able to sell anything used unless you’ve kept receipts.
“The dollar will be trashed due to endless money printing which equals rampant inflation. We’ve seen nothing yet. Tangible assets are the way to go. Gold is a very credible (and time-honored) store of value. Now is the time to be buying more, not selling.”
Silver coinage is legit during a serious inflation. To use as a medium of exchange. Such as buy a gallon of gasoline with some old silver quarters. Silver will get killed during a deflation. The smallest gold coin is one tenth ounce. So $200 today. How can you use that in a grocery store or Walmart and get change???
IIRC silver was very useful to buy things during the German hyper inflation of the 1920s. Is it being used in Argentina today? Inflation is 100% yearly there.
I'm referring more to the seignorage. By which I mean the cost to mash a blob of gold into a coin. It's about the same on a fractional as it is on a full Eagle. The production cost of the coin. Not the dealer bid/ask spread. Which more or less means you pay ten of those on an ounce bought in tenths.
For example: (and US Eagles make the problem worse than other forms - makes my argument stronger, IMO. And silver is even worse right now, horrid)
APMEX: 1 oz Eagle random year $2214. 1/10 oz random year $341. Meaning you are paying $3410/oz buying 1/10 oz at a time. That's a gargantuan difference (purposely not calling it "a spread")
JM Bullion: 1 oz Eagle random year $2212. 1/10 oz random year $334.50
SD bullion: ALL SOLD OUT 1/10 oz Eagles. This is your indication that demand is through the roof. But SDBullion pricing on Austrian Phils is about $239 OVER $100 less per 1/10 oz coin rel to Eagles. THAT'S A SCREAMING BARGAIN if it's not an error.
Whereas your more generic forms, PAMP bars, Perth bars, Argor, Valcambi bars just under $2100./oz In general, I'm not a big fan of Eagles, either gold or silver. They are beautiful coins, every metalhead should own a few. But not your whole stack.
“There are no specific requirements requiring the reporting of precious metal acquisitions. But if you pay with cash and it exceeds $10,000, you have to disclose it as a “cash reporting transaction”. The government doesn’t care about gold; it just cares about cash. Transactions over $1,000 in cash necessitate such reporting.”
—————
So, which is it, $10K or $1K? I read the article, and it is incredibly unclear. Does anyone know for sure?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.