Show Posts

This section allows you to view all posts made by this member. Note that you can only see posts made in areas you currently have access to.


Messages - jdwheeler42

Pages: [1]
1
All Items Gold Related / Re: Discussion of Gold: Demand for Gold in China & India Collapses by 55%
« on: May 21, 2014, 12:12:50 pm »
Quote from: Golden Oxen on May 21, 2014, 06:40:50 am
Meanwhile, there remains the insistent forecasts of some who still argue that Gold, and nothing else, is going to $50,000 while retaining its full purchasing power, based on arguments on the Central banks balance sheets how they are accumulating Gold and SDR in their assets holdings.

Is this true, GO, or is this just a strawman argument?  It's not the claim of $50,000, I've heard that before, but only in the context of the dollar becoming so devalued that a candy bar would be $40 and gasoline would be $150 a gallon.

2
All Items Gold Related / Re: Discussion of Gold and All Items Pertaining to It
« on: April 26, 2014, 07:55:46 am »
Quote from: Walter Johnson on April 26, 2014, 07:26:44 am
But of course I speak of health benefits, and not in paying our doctors fees.
Well, to start with, the reason why gold is so valued is because it does not corrode, and that is because it is chemically inert.  Healthwise, that means that anything pure gold touching your body will not cause a reaction, most notably rings and teeth fillings.  Conversely, if you do get a reaction from jewelry, you can be pretty sure it is not pure gold.  Gold nanoparticles are also being investigated for delivering drugs.

Many health benefits are claimed for when you take silver and make it "colloidal", which means breaking it up into particles between 1 nanometer and 1 micrometer and suspending it in another substance, but they are of questionable value.  One well-documented and long-practiced use for silver is to inactivate bacteria in water, making it safer to drink.  This is why people started putting coins in fountains.

You can find more info at http://en.wikipedia.org/wiki/Medical_uses_of_silver and http://en.wikipedia.org/wiki/Colloidal_gold#Medical_research .

3
All Items Gold Related / Re: Discussion of Gold and All Items Pertaining to It
« on: April 24, 2014, 02:48:49 pm »
Quote from: Golden Oxen on April 24, 2014, 11:19:10 am
Quote from: JoeP on April 24, 2014, 10:54:37 am
GO, it is my understanding that PM purchases of less than $10K are not reported to the Feds.  Is this accurate?  Let me know if you're getting tired of answering my rookie questions.   ;D
Think sales only are reported not purchases , but that Patriot act and constant new legislation has more garbage in it than can be kept up with.

Different states have different rules to on reporting. You are usually better off making small purchases of gold on  a regular basis than jumping in at one price.  Dollar cost averaging and staying under reportable limits.

Keep the questions coming JoeP, that's what this forum is about. Taxes are not an area I can offer much advice in however. You can also purchase certain US Gold coins in an IRA.
I don't know about gold specifically, but the magic number for the IRS generally is $600 in a year; if I were to sell gold to a single dealer over that amount, I would expect it to be reported on a 1099 form.

The $10,000 limit is against money-laundering and is generally per-transaction; however, multiple transactions used to get around that limit also raise a red flag.

On the other hand, I have heard that some states do not charge sales tax if precious metal transactions are over a certain amount, like $1500.

In all these cases, you should do more research for your own particular situation.  Circular 230 disclaimer: you should not rely on this general advice to avoid tax penalties.

Pages: [1]