Gold...sell or hold ?????

[sprchng]

Silver is currently trading at just under 32 but the lowest going rate on the retail sites is around 38 for an ASE and junk silver in full bags around 34. That of course does not count sales tax if you purchase in a State that has it (you increase that cost by 8% in this one) thanks to the Wayfair Act and you generate a paper trail. One thing I learned recently , and it needs verification , is that if you can jigger your adjusted gross income below 42,000 there is no capital gains tax , a provision that disappears with the Trump tax laws next year. Spot is not.

 

[fwcrawford]

The idea of selling enough gold profit to be offset by the expense of metal detector/coils purchased this year intrigued me, so I researched this topic and found conflicting information, so I dug deeper and this is what turned up:


The link above

https://www.irs.gov/pub/irs-news/fs-07-18.pdf

references an IRS document issued in April 2007.

The following is from the current nolo web site:

"The Tax Cuts and Jobs Act of 2017 eliminates the Itemized Deduction for Hobby Expenses, this is effective from 2018-2025. Before 2018, Hobby Expenses could be deducted up to Hobby Profits if itemizing deductions.

Unfortunately, for people who earn income from hobbies, the TCJA completely eliminated the itemized deduction for hobby expenses, along with all other miscellaneous itemized deductions. The prohibition on deducting these expenses goes into effect for 2018 and continues through 2025.

So, taxpayers can't deduct any expenses they earn from hobbies during these years. But they still have to report and pay tax on any income they earn from a hobby. The deduction is scheduled to return in 2026.

Example. Charlie paints part-time as a hobby. He earned $3,000 from selling paintings in 2024 and has $2,000 in expenses. He must report and pay tax on his $3,000 in hobby income, but he may not deduct any of his hobby expenses, even if he itemizes his personal deductions."

Charles

Another good reason to just keep looking for quarters!!

 

[Mark kus]

I do not believe this nation will see that for some time. Enough of the citizens do not want the government noses knowing what they spend and where they spend it. It is none of their business. All they want out of it is more control over your lives.

especially the dealers and cartels lol
Mark

 

[Bud-sc]

In 20+ years of beach detecting, I never sold any gold. Always said it was for my retirement days. Those day are here but I still dont really need the money.
Other investments worked out well.. Thank you **ple !!! I always said Id sell when it hit and could hold 2K. Now its at 2400 !!! Im thinking I should wait a bit longer.

So what ya think. Maybe sell off some, now ???

HH
Donna(NJ)

Keep it ...but always keep one thing in mind .....1933.... who's to say it want happen again...if we go to digital currency it's definitely a yes....keep that in mind...

 

[possum _ MO]

Gold is dollar insurance. As the dollar loses value, or possibly collapses, the gold price goes up. Now we have the BRICS nations setting up trading methods bypassing the dollar which is the worlds reserve currency. But our Bankers and politicians are no longer trusted in the world. At some point our dollar will become a nothing burger. The price of gold will keep rising as the dollar falls. Silver is another good investment. Back in 1964 when I was a kid, a gallon of gas cost about 25c, or a silver quarter. Now gas costs 3.25 . A silver quarter is now worth about $6. So silver has preserved your buying power . Got it? HH

 

[Nauti]

Over here in the uk there are an increasing number of adverts on the radio asking people for their scrap gold and silver...........I've never heard so many before which tells me that gold is becoming a more desirable commodity.Someone knows something so any gold I now have I am holding onto.

 

[synthnut]

Maybe, but I feel it is already happening in many cases… most young people now do not even carry cash anymore…. They prefer plastic..
But I do agree with you in the fact that many do not want it known how they spend their money…. However, many expose their lives on social media!!!

A buddy of mine calls today’s youth mushrooms!……When I asked him why, he said…..”They’re fed a bunch of sh….. and kept in the dark “….We as young people fought against war, and many other social issues ….Some lost their lives !…. (I’m showing my age )Today the kids are killing each other! licenses and credit cards are chipped now…..Big Brother is watching !

 

[sube]

Over here in the uk there are an increasing number of adverts on the radio asking people for their scrap gold and silver...........I've never heard so many before which tells me that gold is becoming a more desirable commodity.Someone knows something so any gold I now have I am holding onto.

Same thing in 1980 and 2010 and 11 what came next just saying well this time be different don't know . sube

 

[jyt2017]

In 20+ years of beach detecting, I never sold any gold. Always said it was for my retirement days. Those day are here but I still dont really need the money.
Other investments worked out well.. Thank you **ple !!! I always said Id sell when it hit and could hold 2K. Now its at 2400 !!! Im thinking I should wait a bit longer.

So what ya think. Maybe sell off some, now ???

HH
Donna(NJ)

buy low, sell high. golds never been this high before. the likelyhood it will go up is there. but. you asked. id hawk it. all.

 

[1491]

If you hold gold as a strategy to deal with when the SHTF (it's happening in a slow-motion way anyway), your greatest currency for trade will not be gold. It will be your skills. Can you catch a fish? Shoot a squirrel? Fix someone's engine? Grow vegetables? Converting gold into tangible resources (land, water, solar panels, fishing gear) is not a bad strategy. In a SHTF scenario (think longer-term hurricane disaster), no one is seeking gold. They are cold, tired, hungry.

 

[Nauti]

If you hold gold as a strategy to deal with when the SHTF (it's happening in a slow-motion way anyway), your greatest currency for trade will not be gold. It will be your skills. Can you catch a fish? Shoot a squirrel? Fix someone's engine? Grow vegetables? Converting gold into tangible resources (land, water, solar panels, fishing gear) is not a bad strategy. In a SHTF scenario (think longer-term hurricane disaster), no one is seeking gold. They are cold, tired, hungry.

You are forgetting one thing,greed and greed for power never dies.........it the shit were to hit the fan big time where no infrastructure was left,the greedy and powerful will always hold the shelter,the food and the warm places.If you haven't got anything to trade in this scenario you are finished and gold has always appealed to those who hold the cards.

 

[Mark kus]

I just sold $2400.00 worth of silver coins quarters dimes to a friend paid for my new outboard! good time to sell some
Mark

 

[Mark kus]

You are forgetting one thing,greed and greed for power never dies.........it the shit were to hit the fan big time where no infrastructure was left,the greedy and powerful will always hold the shelter,the food and the warm places.If you haven't got anything to trade in this scenario you are finished and gold has always appealed to those who hold the cards.

you better have a gun to or multiple to protect your assets I fish and used to hunt some those skills are ones to have.
Mark

 

[1491]

You are forgetting one thing,greed and greed for power never dies.........it the shit were to hit the fan big time where no infrastructure was left,the greedy and powerful will always hold the shelter,the food and the warm places.If you haven't got anything to trade in this scenario you are finished and gold has always appealed to those who hold the cards.

Not that I am in this situation, but shelter + food + warmth is more attainable by the off-grid type of person, than it is by the super-powerful, who will also be at the mercy of collapsed infrastructure. Transport of food from food growing regions to sub(urban) areas will go away in a collapsed infrastructure scenario. The person with 100 acres way out there with a hunting rifle or trapping skills will be in a better place than the guy in suburbia with lots of gold and ammo.

 

[MuddyMo]

 

[Mark kus]

Gold and silver are being devalued now it should be way higher from what sources say most banks are insolvent right now.
Mark
Mark

 

[Gayle Houtx]

In 20+ years of beach detecting, I never sold any gold. Always said it was for my retirement days. Those day are here but I still dont really need the money.
Other investments worked out well.. Thank you **ple !!! I always said Id sell when it hit and could hold 2K. Now its at 2400 !!! Im thinking I should wait a bit longer.

So what ya think. Maybe sell off some, now ???

HH
Donna(NJ)

I agree with most replies.....HOLD...... However, I have sold off a bit, just to reduce the totals. I would not sell more than 10% at a time, unless you need the cash. Prices are going up from here. Enjoy the fruits of your labors! HH Gayle

 

[Rob183]

I'm a holder for now but the election results may change that.

 

[Donna(NJ]

I'm a holder for now but the election results may change that.

Me too !!! Dont need the cash but my safety deposit box is bulging !!! Not to fear, gold finds have taken a tremendous plunge. Only found 5 gold rings all year
vs 50+ back in the good old days !!!!

Just sitting on the side lines,,,wait & see !!!

HH
Donna(NJ)

 

[mtdoramike]

In 20+ years of beach detecting, I never sold any gold. Always said it was for my retirement days. Those day are here but I still dont really need the money.
Other investments worked out well.. Thank you **ple !!! I always said Id sell when it hit and could hold 2K. Now its at 2400 !!! Im thinking I should wait a bit longer.

So what ya think. Maybe sell off some, now ???

HH
Donna(NJ)

I'd sell it so fast, the gold would melt from the friction of getting it to the buyer.