Question for Gold Bugs

[Crow Hunter]

I've used provident, JMBullion, Pinehurst Coins and Apmex. I'm not married to any of them. Shop every time you are about to buy.

No issues with any of them. Watch for sales and don't be afraid to look at their Ebay specials. Apmex in particular offers some damn good prices on their ebay sales. Bonus for the ebay sales is you can use your CC cheaper than paper check or E check via the dealers websites.

Shop, shop, shop.

As for buying, I'm buying slowly on the way down. I did dump some silver Eagles at a nice profit to buy an AGE. If I figure the silver profit in I got the AGE for just about $900. Yeah, that's shady accounting since I could have used the profit elsewhere and the AGE actually cost me closer to $1200, but it makes me feel better thinking I got it on sale!

As others have noted, this isn't some doomsday, prepper fantasy. I'm heavily invested in the markets and rental real estate. Metals are a hedge for me and occupy a small portion of my assets.

Also, I enjoy it. That may be the most important, and honest, justification of them all.

Do what you are comfortable doing and enjoy it.




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Now that you have posted that you made a capital gain for all the world to see....

Don't forget you have to report that gain on your taxes and you have to use the collectibles tax rate rules.

If you held it less than a year, you have to pay short term tax rate (which is your marginal rate) and if held for greater than 1 year, you have to pay the collectible LTCG tax rate which is 28%.

http://finance.zacks.com/pay-taxes-s...gold-2282.html

If you don't, you will be committing tax fraud and something most people don't notice/realize/think about when they are looking at investing in physical gold. Maybe you won't get audited, maybe you will. It wouldn't be a chance that I would want to take.

If you had instead invested in VTSAX in a taxable account, you would have both earned dividends and if you held it for more than 1 year before selling only had to pay 15% on the gain.

[punkey71]

Gain?

no, no, reinvestment!

:-)

[Crow Hunter]

Gain?

no, no, reinvestment!

:-)

In all seriousness, it is still considered a capital gain if your cost basis is lower than your sale price (just like stocks/bonds/real estate) and it could cause you to wind up with fines and back taxes if you were unlucky enough to get caught in an audit and you didn't report that as a capital gain and pay the appropriate taxes on it.

[punkey71]

Yep.

Understood.

[SPARTAN HOPLITE ARMS]

So what's the best place to go for PMs since I live in Texas? I bought some a couple of years ago and can't recall where. I think it was bullion direct which has now filed for Chapter 11. Texmetals states on their site that PMs are tax free. Is that likely the best place for me to buy since I'm in-state? I obviously need to buy 1k minimum per order but I'm hoping to start doing that monthly if not more so.

[punkey71]

JM Bullion, APMEX, Pinehurst Coins and Provident Metals are where I go. The first 2 getting most of my business.


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