Forums46
Topics539,071
Posts9,745,103
Members87,138
|
Most Online25,604 Feb 12th, 2024
|
|
|
Owning Physical Gold
#8551206
03/08/22 06:23 PM
|
Joined: Jan 2006
Posts: 7,317
BenBob
OP
THF Trophy Hunter
|
OP
THF Trophy Hunter
Joined: Jan 2006
Posts: 7,317 |
Is there any advantage to owning physical gold? I can see somewhat that it might be okay if the dollar drops ridiculously low, but how can you spend physical gold without selling it for dollars first and then using the money to buy what you need. In that scenario, you are in the same shape.
Tired, Wired, and Uninspired
|
|
|
Re: Owning Physical Gold
[Re: BenBob]
#8551210
03/08/22 06:25 PM
|
Joined: Jan 2007
Posts: 15,594
reeltexan
THF Celebrity
|
THF Celebrity
Joined: Jan 2007
Posts: 15,594 |
"If we ever forget that we are One Nation Under God, then we will be a nation gone under." Ronald Reagan
|
|
|
Re: Owning Physical Gold
[Re: reeltexan]
#8551218
03/08/22 06:36 PM
|
Joined: Jan 2006
Posts: 7,317
BenBob
OP
THF Trophy Hunter
|
OP
THF Trophy Hunter
Joined: Jan 2006
Posts: 7,317 |
I agree, but how do you spend it without turning it into paper and is the only advantage to keeping physical gold is you wait until the price goes up and you have enough paper to live on until the price of gold allows you to own more paper?
Tired, Wired, and Uninspired
|
|
|
Re: Owning Physical Gold
[Re: BenBob]
#8551222
03/08/22 06:42 PM
|
Joined: Nov 2011
Posts: 11,066
Texas buckeye
THF Celebrity
|
THF Celebrity
Joined: Nov 2011
Posts: 11,066 |
The premise of having real gold is that IF the dollar is ever defunct, then the gold still holds value. May not be as much value, but it is better than the paper that the dollar is printed on. It is like saying is it better to have money in a real estate fund or to actually have real estate.
There are arguments for both ways, and really these are rich men issues, as gold and property should be part of a diverse portfolio and not the sole thing in a portfolio.
Early investors should focus more on savings, having emergency cash for extended lengths of unemployment or disability, and then looking for ways to cut debt payments. Advanced investors look for ways to diversify their wealth into things that are liquid, hard, and paper. You don't want to over leveraged in one aspect.
|
|
|
Re: Owning Physical Gold
[Re: BenBob]
#8551223
03/08/22 06:43 PM
|
Joined: Apr 2007
Posts: 60,690
BOBO the Clown
kind of a big deal
|
kind of a big deal
Joined: Apr 2007
Posts: 60,690 |
I agree, but how do you spend it with turning it into paper and is the only advantage to keeping physical gold is you wait until the price goes up and you have enough paper to live on until the price of gold allows you to own more paper? I bought a gun with krugerrand. Sold the gun and bought more krugerrands.., ..., when gold price tanked later that year
|
|
|
Re: Owning Physical Gold
[Re: BenBob]
#8551244
03/08/22 06:58 PM
|
Joined: Jul 2012
Posts: 15,867
603Country
THF Celebrity
|
THF Celebrity
Joined: Jul 2012
Posts: 15,867 |
Once upon a time, at one of the trading companies I worked for we got big bonuses. One of my coworkers bought gold with most of his bonus, and gold prices tanked. He swore he’d never sell at a loss, and I know he kept the gold for at least a decade.
At one job I was the precious metals guy, though mostly I just bought for use in catalysts. I did gold, platinum, silver, and palladium. Platinum or Palladium might be better long term buys than gold if you want to speculate. But, the way those markets swing, I stay away from precious metals.
Trading is Ok if you are under 40. I don’t think I ever met an old trader (over 40). Too stressful. I used to wonder where the old traders were, till I hit the early 40’s. Then I understood. My doc said to me “son, you need to find a lower stress job”.
Not my monkeys, not my circus...
|
|
|
Re: Owning Physical Gold
[Re: BenBob]
#8551256
03/08/22 07:03 PM
|
Joined: Aug 2008
Posts: 14,960
don k
THF Celebrity
|
THF Celebrity
Joined: Aug 2008
Posts: 14,960 |
April 1st. 2021 I bought 1 oz. gold coins for $1809 each in paper money. Today I could sell them for $2076 in paper money. I don't know if they are a good investment or not. But just like everything else it is all timing.
|
|
|
Re: Owning Physical Gold
[Re: BenBob]
#8551285
03/08/22 07:18 PM
|
Joined: Sep 2013
Posts: 495
Uncle Zeek
Bird Dog
|
Bird Dog
Joined: Sep 2013
Posts: 495 |
Is there any advantage to owning physical gold? I can see somewhat that it might be okay if the dollar drops ridiculously low, but how can you spend physical gold without selling it for dollars first and then using the money to buy what you need. In that scenario, you are in the same shape. Yes. It's one of the few forms of tangible private wealth that you can pass on to family WITHOUT getting government or courts involved. If/when you sell it to a private party, or in person to a gold dealer, you typically get paid in cash without any 1099 reporting (unless you're selling a large amount at one time). Upsides include being able to store a significant amount of wealth in a very small safe (small enough that a thief in your home might not even know it was there). Also nice that gold prices tend to shoot up when stocks are going down. Downsides are that you only get price appreciation - no dividends or interest payments on gold. Also have to arrange storage, which not everyone can do. I've been a coin collector and 'gold bug/silver stacker' for a long time. The most I've had invested in coins & metals is about 18% of our total assets, and for most people I would say 5-10% is enough. Have to keep these things in perspective.
"Decency is not news; it is buried in the obituaries - but it is a force stronger than crime" ~ Robert A. Heinlein Artim Law Firm, PLLC Estate, probate & taxes 2250 Morriss Road, Suite 205, Flower Mound, Texas 75028 972-746-0758 work zac@artimlegal.com
|
|
|
Re: Owning Physical Gold
[Re: BenBob]
#8551372
03/08/22 08:57 PM
|
Joined: Dec 2009
Posts: 9,905
The Dude Abides
THF Trophy Hunter
|
THF Trophy Hunter
Joined: Dec 2009
Posts: 9,905 |
I did better than any gold purchase I made in the last 2 years. Bought a classic car for $37K in June 2020. Invested $2K in service and repair then sold it for $65K in December 2021! Classic car market is stupid crazy. NO income tax either...
I am still looking for the perfect apron, one with reinforced knee areas would be perfect.
|
|
|
Re: Owning Physical Gold
[Re: BenBob]
#8551382
03/08/22 09:07 PM
|
Joined: Jan 2012
Posts: 2,251
DeRico
Mobius 1
|
Mobius 1
Joined: Jan 2012
Posts: 2,251 |
Well given the scenario, you would have to figure the value of the gold and use gold coin rather than gold bar. A lot of places will take gold coin rather than paper since the value of USD is trash. I would only imagine the price of gold being insanely high so one oz of it you wouldn’t want to purchase everyday items like groceries or toilet paper.
I would also invest in copper, silver and bronze. those can be used to bridge the gap on the price of gold.
|
|
|
Re: Owning Physical Gold
[Re: BenBob]
#8551393
03/08/22 09:22 PM
|
Joined: Oct 2009
Posts: 4,459
majekman
Extreme Tracker
|
Extreme Tracker
Joined: Oct 2009
Posts: 4,459 |
Uncle Zeek stated it very well. I started buying physical gold almost 50yrs ago....
|
|
|
Re: Owning Physical Gold
[Re: The Dude Abides]
#8551409
03/08/22 09:45 PM
|
Joined: Jan 2007
Posts: 15,594
reeltexan
THF Celebrity
|
THF Celebrity
Joined: Jan 2007
Posts: 15,594 |
I did better than any gold purchase I made in the last 2 years. Bought a classic car for $37K in June 2020. Invested $2K in service and repair then sold it for $65K in December 2021! Classic car market is stupid crazy. NO income tax either... The best gig going. Look at what classics are bringing at auction now. Talk about inflation hedge.
"If we ever forget that we are One Nation Under God, then we will be a nation gone under." Ronald Reagan
|
|
|
Re: Owning Physical Gold
[Re: reeltexan]
#8551465
03/08/22 10:58 PM
|
Joined: Nov 2011
Posts: 11,066
Texas buckeye
THF Celebrity
|
THF Celebrity
Joined: Nov 2011
Posts: 11,066 |
I did better than any gold purchase I made in the last 2 years. Bought a classic car for $37K in June 2020. Invested $2K in service and repair then sold it for $65K in December 2021! Classic car market is stupid crazy. NO income tax either... The best gig going. Look at what classics are bringing at auction now. Talk about inflation hedge. It is also one of the first things to go when the bubble bursts. Again, diversification is key. Wrapping all your eggs in one basket hurts when that basket drops. Classic cars and luxury properties are great when the market is good, but they go quickly downhill when the money to buy them dries up
|
|
|
Re: Owning Physical Gold
[Re: Texas buckeye]
#8551478
03/08/22 11:15 PM
|
Joined: Dec 2009
Posts: 9,905
The Dude Abides
THF Trophy Hunter
|
THF Trophy Hunter
Joined: Dec 2009
Posts: 9,905 |
I did better than any gold purchase I made in the last 2 years. Bought a classic car for $37K in June 2020. Invested $2K in service and repair then sold it for $65K in December 2021! Classic car market is stupid crazy. NO income tax either... The best gig going. Look at what classics are bringing at auction now. Talk about inflation hedge. It is also one of the first things to go when the bubble bursts. Again, diversification is key. Wrapping all your eggs in one basket hurts when that basket drops. Classic cars and luxury properties are great when the market is good, but they go quickly downhill when the money to buy them dries up Yep...timing is key for sure.
I am still looking for the perfect apron, one with reinforced knee areas would be perfect.
|
|
|
Re: Owning Physical Gold
[Re: BenBob]
#8551480
03/08/22 11:17 PM
|
Joined: Feb 2010
Posts: 11,658
GusWayne
THF Celebrity
|
THF Celebrity
Joined: Feb 2010
Posts: 11,658 |
If it ever came down to really needing to own physical gold, you'd wish you owned more lead...
|
|
|
Re: Owning Physical Gold
[Re: BenBob]
#8551497
03/08/22 11:35 PM
|
Joined: Nov 2009
Posts: 91,416
bill oxner
THF Celebrity
|
THF Celebrity
Joined: Nov 2009
Posts: 91,416 |
Quail hunting is like walking into, and out of a beautiful painting all day long. Gene Hill
|
|
|
Re: Owning Physical Gold
[Re: BenBob]
#8551501
03/08/22 11:36 PM
|
Joined: May 2006
Posts: 31,058
HWY_MAN
THF Celebrity
|
THF Celebrity
Joined: May 2006
Posts: 31,058 |
Old Colt's and Winchesters, they always go up.
Yes! A Weatherby does kill them deader.
|
|
|
Re: Owning Physical Gold
[Re: The Dude Abides]
#8551593
03/09/22 01:08 AM
|
Joined: Sep 2013
Posts: 495
Uncle Zeek
Bird Dog
|
Bird Dog
Joined: Sep 2013
Posts: 495 |
I did better than any gold purchase I made in the last 2 years. Bought a classic car for $37K in June 2020. Invested $2K in service and repair then sold it for $65K in December 2021! Classic car market is stupid crazy. NO income tax either... How no income tax?
"Decency is not news; it is buried in the obituaries - but it is a force stronger than crime" ~ Robert A. Heinlein Artim Law Firm, PLLC Estate, probate & taxes 2250 Morriss Road, Suite 205, Flower Mound, Texas 75028 972-746-0758 work zac@artimlegal.com
|
|
|
Re: Owning Physical Gold
[Re: Uncle Zeek]
#8551601
03/09/22 01:17 AM
|
Joined: Feb 2010
Posts: 11,658
GusWayne
THF Celebrity
|
THF Celebrity
Joined: Feb 2010
Posts: 11,658 |
I did better than any gold purchase I made in the last 2 years. Bought a classic car for $37K in June 2020. Invested $2K in service and repair then sold it for $65K in December 2021! Classic car market is stupid crazy. NO income tax either... How no income tax?
|
|
|
Re: Owning Physical Gold
[Re: BenBob]
#8551603
03/09/22 01:18 AM
|
Joined: Jan 2009
Posts: 11,248
Longhunter
THF Celebrity
|
THF Celebrity
Joined: Jan 2009
Posts: 11,248 |
I bet the folks in Russia would rather have gold than their currency about right now. There was a time before refrigeration that salt was a good commodity to barter with...
Longhunter >>>-------> Make It Count!!!<><
|
|
|
Re: Owning Physical Gold
[Re: BenBob]
#8551646
03/09/22 01:58 AM
|
Joined: Jun 2006
Posts: 8,399
Dave Davidson
THF Trophy Hunter
|
THF Trophy Hunter
Joined: Jun 2006
Posts: 8,399 |
I’m 79 and started collecting coins as a young teen. Still looking at my change. Never too serious and have never sold one. But, I have a heckuva lot, more than a bucket full, of silver. I ought to sell at spot without digging out the semi rare ones.
Problem is that I don’t need the coins and don’t have a target for the money if I sold. Situation is that, not rich(whatever that is) but the wolf is a long way from the door. Also, debt free with rent houses, and 133 acres of recreational property(junk land) South of Bowie.
With neither a goal or target, I’ll probably sit on my butt collecting rent, Social Security, etc.
If I die, it won’t take long for my wife to sell the coins, guns, rent houses and 133 acres.
Last edited by Dave Davidson; 03/09/22 01:59 AM.
Without a sense of urgency, nothing ever happens.
Boy, if I say "sic em", you'd better look for something to bite. Sam Shelley, Rancher Muleshoe Texas 1892-1985 RIP
|
|
|
Re: Owning Physical Gold
[Re: GusWayne]
#8551978
03/09/22 02:46 PM
|
Joined: May 2013
Posts: 4,091
CharlieCTx
Extreme Tracker
|
Extreme Tracker
Joined: May 2013
Posts: 4,091 |
If it ever came down to really needing to own physical gold, you'd wish you owned more lead... True words here. Charlie
Kel-Tec RFB + Griffin Sportsman Ultra Light 300 + Pulsar Apex XQ-50 M&P-10 + AAC Cyclone Remy 700 + Leupold VX3 3.5x10x50 CDS
|
|
|
Re: Owning Physical Gold
[Re: Uncle Zeek]
#8552011
03/09/22 03:30 PM
|
Joined: Dec 2009
Posts: 9,905
The Dude Abides
THF Trophy Hunter
|
THF Trophy Hunter
Joined: Dec 2009
Posts: 9,905 |
I did better than any gold purchase I made in the last 2 years. Bought a classic car for $37K in June 2020. Invested $2K in service and repair then sold it for $65K in December 2021! Classic car market is stupid crazy. NO income tax either... How no income tax? Do I really have to explain? FTF sale, private party.
I am still looking for the perfect apron, one with reinforced knee areas would be perfect.
|
|
|
Re: Owning Physical Gold
[Re: The Dude Abides]
#8552440
03/10/22 12:11 AM
|
Joined: Sep 2013
Posts: 495
Uncle Zeek
Bird Dog
|
Bird Dog
Joined: Sep 2013
Posts: 495 |
I did better than any gold purchase I made in the last 2 years. Bought a classic car for $37K in June 2020. Invested $2K in service and repair then sold it for $65K in December 2021! Classic car market is stupid crazy. NO income tax either... How no income tax? Do I really have to explain? FTF sale, private party. Ohhhhh, was assuming a business from the way you described it. My bad.
"Decency is not news; it is buried in the obituaries - but it is a force stronger than crime" ~ Robert A. Heinlein Artim Law Firm, PLLC Estate, probate & taxes 2250 Morriss Road, Suite 205, Flower Mound, Texas 75028 972-746-0758 work zac@artimlegal.com
|
|
|
Re: Owning Physical Gold
[Re: BenBob]
#8553948
03/11/22 07:04 PM
|
Joined: Jun 2015
Posts: 5,187
scottfromdallas
THF Trophy Hunter
|
THF Trophy Hunter
Joined: Jun 2015
Posts: 5,187 |
The long term hold strategy with gold is you only convert a little at a time for what you need. Gold was $400 an ounce 20 years ago. If dollar goes to nothing and and they come out with a new dollar or crypto or world currency, you take your one ounce gold Coin and covert it to the new currency and buy what you need. You never covert a pile of Gold to fiat currency if your are looking to preserve wealth.
|
|
|
Moderated by bigbob_ftw, CCBIRDDOGMAN, Chickenman, Derek, DeRico, Duck_Hunter, hetman, jeh7mmmag, JustWingem, kmon11, kry226, kwrhuntinglab, Payne, pertnear, rifleman, sig226fan (Rguns.com), Superduty, TreeBass, txcornhusker
|