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Author Topic: Is It Time To Get Out Of The Gold And Precious Metals Market ????? Back to Topics
gocatgo

Champion Author
South Carolina

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Message Posted: Jul 11, 2013 11:34:04 AM

Is it time to get out of the Gold and precious metals market?

With the economy on the incline a case could be made to sell while prices are up and invest in the stock market. Current Gold and Silver prices.
What's your opinion?
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mudtoe
Champion Author Cincinnati

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Message Posted: Aug 4, 2013 6:47:22 PM

btc: "I have always advised my clients to stay away from gold. I never believed in the big payoff. "


It's not necessarily about the big payoff. It was originally about an inflation hedge, and still is; but it's becoming increasingly about having some assets that are off the government's radar. That aspect of gold ownership will become increasingly important as government gets more and more desperate for money.


mudtoe
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MahopacJack
Champion Author New York

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Message Posted: Aug 4, 2013 3:06:04 PM

gocatgo, >>Maho, My "hoarde" will take on any political party and kick butt. As a senior citizen my group is about 55 million strong and we vote in election changing numbers. Utopia is here to stay deal with it.<<
~
I too am member of the growing number of seniors. (That in itself is a problem because the numbers leaving the workforce are not being replaced.) I am retired and do count on Social Security to help with my expenses. I also like the thought of being able to have major medical expenses partially paid through the programs to which I paid into.

Where you and I differ is, I realize that continuing our present ways endangers not only the future for our children but our future as well. Were you take an unbiased look at the TEA Party, you'd find a good percentage of them are seniors. The vast majority of them are very responsible people trying to get things changed for the betterment of all.

Simply put, we need to change the system but first we need to get all concerned that there is a serious problem and the sooner we recognize this the sooner we can work towards a solution.
~
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gocatgo
Champion Author South Carolina

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Message Posted: Aug 4, 2013 1:34:04 PM

Maho, My "hoarde" will take on any political party and kick butt. As a senior citizen my group is about 55 million strong and we vote in election changing numbers. Utopia is here to stay deal with it.
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streetrider
Champion Author Gary

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Message Posted: Aug 2, 2013 9:23:10 PM

gold typically goes up with economic unrest amongst the economic powers.
Silver can go up with higher levels of manufacturing, particularly electrical equipment. Like Cramer says bears win, bulls win, pigs get slaughtered.
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btc1
Champion Author Lexington

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Message Posted: Aug 2, 2013 7:08:09 PM

I have always advised my clients to stay away from gold. I never believed in the big payoff.
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MahopacJack
Champion Author New York

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Message Posted: Aug 2, 2013 6:10:44 PM

Edger, >>If I were one of the smart money investors, I might beat precious metals values down below mining costs.<<
~Both Barrick Gold and Newmont Mining have reported losses.

Recent news regarding Barrick Gold.......
~
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Edger
Champion Author Pittsburgh

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Message Posted: Aug 2, 2013 3:20:13 PM

If I were one of the smart money investors, I might beat precious metals values down below mining costs.
Mining stocks would become so cheap, that no one would want them.
A blood in the street situation would probably develop.
Would the smart money investors then buy?
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MahopacJack
Champion Author New York

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Message Posted: Aug 2, 2013 2:58:01 PM

gocatgo, >>Maho, I have never heard of a tax on sales between 2 people. No doubt there is an exclusion for gun sales between the same 2 people. Are you referring to the same "Utopia" that cons love? You know the one that sends ss checks to seniors, pays for their meds and medicare. Ahhhhhhhhhhhh life in "Utopia", how sweet it is.<<
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A sale between two people that results in a capital gains is taxed according to the IRS. And the GB Member who wrote, "Cliff, if you sell me a roll of Ms 65 1909 s vdb pennies there will not be a tax paid unless one of us reports the deal. Coin shop and coin shows are different." apparently knew this as well. (You may want to check who was the author of the statement.)

FYI, the IRS also has regulations on bartered goods and services as well. It's in those 72,000 + pages of tax law.

The 'Utopia' I refer to is the one where people who do good are often penalized and criticized by the ever growing hoards who demand more and more while doing less and less. That same 'Utopia' where the law that limits Governmental powers is ignored by officials and that same ever growing hoard condones if not outright applauds each transgression by irresponsible officials. And where ANY attempt to restore Freedoms, Human Rights and dignity are thwarted by those seeking equality in results rather than equality in opportunity.
~

[Edited by: MahopacJack at 8/2/2013 2:59:45 PM EST]
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gocatgo
Champion Author South Carolina

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Message Posted: Aug 2, 2013 9:44:04 AM

Maho, I have never heard of a tax on sales between 2 people. No doubt there is an exclusion for gun sales between the same 2 people. Are you referring to the same "Utopia" that cons love? You know the one that sends ss checks to seniors, pays for their meds and medicare. Ahhhhhhhhhhhh life in "Utopia", how sweet it is.
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MahopacJack
Champion Author New York

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Message Posted: Aug 2, 2013 9:14:45 AM

~
Caught: Liberals conspiring to evade paying sales and capital gains taxes on gold and collectable coins!

>>In Wisconsin they apply a sales tax to the purchase of coins.
It will be a cold day before I pay another tax again when I sell them.<<

and,

>>... if you sell me a roll of Ms 65 1909 s vdb pennies there will not be a tax paid unless one of us reports the deal. <<

If you don't pay the taxes, how can this Liberal Utopia survive? What happens if the IRS investigates and found you've been conspiring to EVADE taxes? Oh wait, I forgot. The IRS doesn't investigate Liberals.
~

[Edited by: MahopacJack at 8/2/2013 9:16:52 AM EST]
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citizen1
Champion Author Connecticut

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Message Posted: Aug 2, 2013 8:43:35 AM

As with anything if you are investing buy low and sell high. Most people buy what is hot and sell when it is not and lose money.
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Edger
Champion Author Pittsburgh

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Message Posted: Jul 14, 2013 4:14:57 PM

Presious metals are considered collectibles, like antiques and are Federally taxed at the rate of 28%.
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gocatgo
Champion Author South Carolina

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Message Posted: Jul 14, 2013 11:08:47 AM

Cliff, if you sell me a roll of Ms 65 1909 s vdb pennies there will not be a tax paid unless one of us reports the deal. Coin shop and coin shows are different.
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Cliffisher
Champion Author Wisconsin

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Message Posted: Jul 14, 2013 7:36:40 AM

In Wisconsin they apply a sales tax to the purchase of coins.
It will be a cold day before I pay another tax again when I sell them.

Go, yes just like guns. No paper trail.
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gocatgo
Champion Author South Carolina

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Message Posted: Jul 13, 2013 10:44:03 PM

Mud, "I buy gold to keep in my safety deposit box", I agree with that,just don't sell at a loss. Is selling gold like selling a gun? No paper trail.
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mudtoe
Champion Author Cincinnati

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Message Posted: Jul 13, 2013 4:53:32 PM

oilpan: "Starting this year or last year you have to pay tax on money you make on gold and silver sales."


Weren't profits on such sales always considered capital gains? I've never sold any of the physical gold I've bought over the years, so I couldn't say for certain, but a few times I've been in and out of some precious metals index funds and my gains on those were included in the 1099 from my broker at the end of the year.


mudtoe
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michaelphoenix2
All-Star Author Tucson

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Message Posted: Jul 13, 2013 4:14:13 PM

A gold nugget walks into a bar, he sits down next a cute blonde. He decides to hit on her.


What does he say?




EEEYYYYYYY YOUUUU!!!
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Cliffisher
Champion Author Wisconsin

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Message Posted: Jul 13, 2013 4:00:27 PM

gocat, I agree.
The only Morgan/Peace or gold coins that I sell are the duplicate ones rated at 4-8. The higher grades stay in my collection.
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oilpan4
Champion Author Virginia

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Message Posted: Jul 13, 2013 2:43:50 PM

I will start buying silver again when it drops below $12/oz.

My plan is to get out of the "other precious metals market" by selling or trading my palladium for gold or silver, depending on prices.

"I do believe I'll live long enough to see taxation start on your assets "

Guess what, You survived.
Starting this year or last year you have to pay tax on money you make on gold and silver sales.

[Edited by: oilpan4 at 7/13/2013 2:45:33 PM EST]
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mudtoe
Champion Author Cincinnati

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Message Posted: Jul 13, 2013 11:42:05 AM

I buy gold to just keep in my safe deposit box as a way to have some of my assets off the radar, not to buy and sell as the market price changes (that's what stocks are for), although I could make a tidy profit on the gold I bought 5-10 years ago, even after the recent drop in price. If the price drops below $1,000 I'm going to make a big purchase to add to my hoard.

I do believe I'll live long enough to see taxation start on your assets and not just your income, as we are going broke and government won't be able to resit trying to just confiscate assets in order to keep the gravy train going for the takers who vote for them. It will be very nice at that point to have a hoard of gold that the tax man knows nothing about.


mudtoe
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gocatgo
Champion Author South Carolina

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Message Posted: Jul 13, 2013 11:37:19 AM

Ac-, actually my "Current Gold and Silver prices" link is updated as price changes come in. Regardless of silver prices I will hold on to my Morgan/Peace silver dollars. The coin market is different from the precious metal market.
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Panama19
Champion Author Louisville

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Message Posted: Jul 13, 2013 12:37:13 AM


AC-302, "I was hoping there was a ticker symbol that would give me up to date gold commodity prices on my i-phone (YaHoo stocks), but there doesn't seem to be one"

How about this or this?

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AC-302
Champion Author Los Angeles

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Message Posted: Jul 13, 2013 12:28:51 AM

MP2, be thankful I'm not the mod.. I'd ban your sorry keyster for two weeks for that.

And P19 - Yes, I'm currently tracking "GLD" - the S&P Depository receipt for gold metal. And yes, I've noticed that the delta between "GLD" X 10 and physical gold on various websites is actually about $50 - $60. Not accurate enough for my purposes. I was hoping there was a ticker symbol that would give me up to date gold commodity prices on my i-phone (YaHoo stocks), but there doesn't seem to be one.
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Panama19
Champion Author Louisville

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Message Posted: Jul 12, 2013 5:02:41 PM


OOPS! that link didn't work. Try this one: The Gold Cycle Has Bottomed.

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Panama19
Champion Author Louisville

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Message Posted: Jul 12, 2013 4:43:20 PM


AC-302, "Speaking of which, does anyone know of a good ticker symbol out there that will allow me to track gold prices on my i-Phone?"

You can get the London fix on physical gold at:

http://www.lbma.org.uk/pages/index.cfm?page_id=53&title=gold_fixings&show=2013&type=daily

One of the largest exchange traded gold funds is GLD (SPDR Gold Trust), which is generally priced at approx. 1/10th the price of an ounce of physical gold but is presently trading a bit lower than that.

Physical gold has been trading at a premium over paper gold recently.

Some think The Gold Cycle Has Bottomed.

The correction back in 03/08-11/08 dropped 31%, and the current correction is 36% off its high of 09/11.

The question one must ask oneself is whether or not one believes the economy is in a solid recovery and whether the administration is following policies that support or undermine our economic recovery.

The Fed is currently printing $85 Billion in funny money each month, which is propping up the market; but what will happen when they either begin tapering off our addiction to easy money or when the rest of the world stops accepting our inflated dollar at face value?

The dollar currently looks better than the other even sicker world currencies, and that helps support the value of the dollar - but how long will that last?

In the land of the blind the one-eyed man is king.

Until someone comes along with two eyes and a plan.

When the dollar bubble collapses, gold will retain its value.

But it is rough going at the moment.


[Edited by: Panama19 at 7/12/2013 4:45:38 PM EST]
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michaelphoenix2
All-Star Author Tucson

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Message Posted: Jul 12, 2013 3:49:20 PM

AC... I know of the perfect symbol to keep track of gold.
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Au



/rimshot
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Sneakers55
Champion Author Houston

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Message Posted: Jul 12, 2013 12:42:02 AM

I attended an investment roundtable earlier today, it was presented by the investment firm that manages my IRA. Everyone there was a client or the guest of a client, they cater to high-net-worth investors (minimum portfolio $500,000). They commented that precious metals are in full retreat, I read an article on CNN that indicates the commodity investors have decided to get into oil.
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NickHammer
Champion Author Maryland

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Message Posted: Jul 11, 2013 11:38:26 PM

>>WiMike - if it was that well known people would have bailed out a long time ago.<<

Not necessarily. Look at the housing bubble. People knew it would eventually burst, they just didn't know when. So they continued to buy, hoping to realize the huge gains made by others.
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flyboyUT
Champion Author Utah

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Message Posted: Jul 11, 2013 11:29:09 PM

WiMike - if it was that well known people would have bailed out a long time ago.
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AC-302
Champion Author Los Angeles

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Message Posted: Jul 11, 2013 11:24:36 PM

I've started keeping track of gold prices. Speaking of which, does anyone know of a good ticker symbol out there that will allow me to track gold prices on my i-Phone? Anyway, gold has been falling of late. I think the time to get out was months ago. But if you bought in a $600 - $800/troy Oz, then you're probably in line to sell now or very soon.
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michaelphoenix2
All-Star Author Tucson

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Message Posted: Jul 11, 2013 3:50:01 PM

hasn't it been a well known fact that the precious metals market was nothing more than a giant bubble waiting to burst?
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flyboyUT
Champion Author Utah

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Message Posted: Jul 11, 2013 3:40:52 PM

The time to get mostly out of those markets was more than six months ago.
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Cliffisher
Champion Author Wisconsin

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Message Posted: Jul 11, 2013 12:31:34 PM

Gold and silver prices are heading down.
The US Mint delayed one of their latest coin sets because they have to revalue their silver costs.

I unloaded a few gold coins last month and may dump a few Morgans that only have silver value this month.
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