Gold and silver prices are down

[not new guy]

Gold is now officially a Tier 1 asset (as of 2019?), so it's unlikely they'll do that - central banks are using gold as tier 1 assets now. They don't want to devalue their own assets.

They would only have to worry about maintaining reserve % levels. And do they otherwise care about the spot price of their holdings if the move drives more of the stuff into their hands? The government is about control, and they want to control gold if and when the rest of the world turns to it.

Wait and see in any case. If gold takes off I can’t see the US government sitting on its hands while a select few get wealthy and a single ounce of untraceable metal represents so much value outside of their taxable reach.

 

[CoastieRon]

Should have waited a little longer to sell my bar lol

 

[Rob Boudrie]

Nope, I got burned with 1099's for bullion bars. Never again. 30% to the feds suxs!

I'm surprised none of the private mints have introduced a 995 ounce bar. 1000 triggers the 1099B requirement.

 

[ProGun]

Any tax implications selling gold or silver to Boston Bullion? Not sure how that works.

 

[Rob Boudrie]

Any tax implications selling gold or silver to Boston Bullion? Not sure how that works.

You own the tax on collectible gains (not the favorable capital gains) no matter what. The fact that a sale is not reported to the government does not relieve you of the state or federal tax obligation.

Certain types of metals require a 1099B bv filed by the buyer -:

Taxes on Physical Gold and Silver Investments

While tax implications for owning or selling ETFs are straightforward, not everyone understands the tax implications of owning or selling physical bullion.

www.investopedia.com

 

[DJBrad]

Gold holding steady at $2040.60 for 12/20 futures
Silver at $26.16 9/20 futures

 

[whacko]

$26.94 this morning on silver and $2049 gold damn!!!!!!

 

[smokey-seven]

$30/oz is the next hurdle.

 

[Varmint]

CNBC: The Fed is expected to make a major commitment to ramping up inflation soon.

https://www.cnbc.com/2020/08/04/the-fed-is-expected-to-make-a-major-commitment-to-ramping-up-inflation-soon.html

You know, if the Fed thinks inflation is too low, maybe they should stop doctoring the inflation number to make it lower.

 

[Varmint]

$30/oz is the next speed bump.

View attachment 378235

FIFY

 

[enbloc]

I wonder how high it will go before they outlaw it, or tax it into oblivion.

Some of the best raw profits can be found in contraband...

 

[Varmint]

And if the Renmibi becomes backed by it watch out USD.

I hear talk of that but China is printing so much money I don't see how they could peg it to gold.

 

[enbloc]

I hear talk of that but China is printing so much money I don't see how they could peg it to gold.

Maybe they are speeding up the presses to achieve a vector intersection with where they see the price of gold may be heading...?

 

[smokey-seven]

I hear talk of that but China is printing so much money I don't see how they could peg it to gold.

China banks have banned precious metals trading.

Some of the best raw profits can be found in contraband...

So we can expect China to explode in G/S over the short term? The times, they are a changing....

Varmint said, "FIFY"

Maybe, but I did not see a fix....

 

[enbloc]

 

[55_grain]

View attachment 378312

By my math, that's 24.5 grams per person, based on a US population of 331 million.
1 - that's not a lot per person
2- where can I pick up my share?

 

[enbloc]

By my math, that's 24.5 grams per person, based on a US population of 331 million.
1 - that's not a lot per person
2- where can I pick up my share?

 

[HappyHarry]

By my math, that's 24.5 grams per person, based on a US population of 331 million.
1 - that's not a lot per person
2- where can I pick up my share?

 

[not new guy]

I'll believe it when I see an independent audit saying so.

 

[enbloc]

Just got back from the Yum-Yum shop. It's a little late... but tasty!

 

[Win]

I checked a couple of sites and looks like certified generic $20 Saints and Liberties are going for $2,450 and up On 3/27/2018 I bought a 1874 Liberty double eagle NGC-45 for $1,330.

 

[whacko]

$27.87 silver
$2055 gold this morning.

Will we see $30 silver by the weekend?

 

[CoastieRon]

28.03 a minute ago for silver.

 

[whacko]

 

[enbloc]

Lol. Gold is becoming 'BITCOIN'... (pricewise)

 

[enbloc]

 

[Varmint]

$27.87 silver
$2055 gold this morning.

Will we see $30 silver by the weekend?

i would have said that's insane if I'd not seen this til 3:43 PM (when silver is $29).

 

[Varmint]

View attachment 378576

That's twice you've, ahem, jumped the gun today. You're like me when I first starting dating my wife.

 

[enbloc]

That's twice you've, ahem, jumped the gun today. You're like me when I first starting dating my wife.

Did I? It hit $28 this morning sometime after 8AM on Silverprice.org.

If anything, I was late...

Good Times...

 

[enbloc]

My guess is that we will get another dollar spike tomorrow and then drop to around $26 for the weekend.