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

Donna(NJ

Donna(NJ

Well-known member
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)
 
Some of us have asked the same thing when gold hit 800, then 1000, then 1200, 1500, 2000, now 2400 how about 3000?
If you don't need the cash, I would hold onto it. When you do sell, never look back. The hobby has paid for itself, enjoy it.
 
LOL ... do what every you fancy with the efforts of your pirating! I sold some gold when it hit $1800 around 2011 to buy some new detectors and not touch any other sources of revenue. I'm holding for now and, like you, am not in a position to need it in retirement.

How is the shoulder holding up and what detector(s) are you using now?
 
My philosophy has never been "sell or hold" when it comes to precious metals , I prefer "spend or keep" , there is a difference and don't forget the tax implications if you choose to sell with a paper trail.
 
One question I have is for those that have or do sell their gold, do they sell locally or ship it to a refinery?
I have had a few items priced to sell and the percentage of melt is not very high where I checked locally.
I have not sold any gold that i have found.
Like Tony said.. some things are hard to let go…
 
You're going to be better off finding a local source to sell than sending it to a refiner with the cost of shipping and percentages the refiner will eventually take. Know what you have and take it someone reputable even if you have to travel a few miles and if they will deal on a cash basis , even better. Everything through a refiner will generate a paper trail as will many gold and silver traders today with the crackdown on exchanges as the spot prices have gone up. Sell in small quantities , 1 or 2 ounces of gold or up to 100 ounces of silver to local friends and aquaintances as you need the cash , even craigslist type venues using secure locations for the transactions.
 
I do any sale transactions at our local PD. The department has even provided/marked a special parking space that is filmed/recorded for such things..
 
fwcrawford said:
One question I have is for those that have or do sell their gold, do they sell locally or ship it to a refinery?
I have had a few items priced to sell and the percentage of melt is not very high where I checked locally.
I have not sold any gold that i have found.
Like Tony said.. some things are hard to let go…
Click to expand...
I used a refinery.

sprchng said:
You're going to be better off finding a local source to sell than sending it to a refiner with the cost of shipping and percentages the refiner will eventually take. Know what you have and take it someone reputable even if you have to travel a few miles and if they will deal on a cash basis , even better. Everything through a refiner will generate a paper trail as will many gold and silver traders today with the crackdown on exchanges as the spot prices have gone up. Sell in small quantities , 1 or 2 ounces of gold or up to 100 ounces of silver to local friends and aquaintances as you need the cash , even craigslist type venues using secure locations for the transactions.
Click to expand...
I found that shipping insured was not anywhere near as expensive as the return lost had I taken what was on offer locally. 95% plus at a refinery vs 75% or less of spot price locally. Keep track of what you have spent on equipment and travel and you can offset much if not all of what may be reported on a 1099.
 
tvr said:
I used a refinery.


I found that shipping insured was not anywhere near as expensive as the return lost had I taken what was on offer locally. 95% plus at a refinery vs 75% or less of spot price locally. Keep track of what you have spent on equipment and travel and you can offset much if not all of what may be reported on a 1099.
Click to expand...
We can write off metat detecting ???
 
tvr said:
I used a refinery.


I found that shipping insured was not anywhere near as expensive as the return lost had I taken what was on offer locally. 95% plus at a refinery vs 75% or less of spot price locally. Keep track of what you have spent on equipment and travel and you can offset much if not all of what may be reported on a 1099.
Click to expand...
I would have trouble dealing with that as well. Worst offer I have ever had on silver was 90% , gold is 95% , last time I sold silver was at $30 which was 5 over spot and the important thing on silver to remember is that "spot in not". Check the big selling sites like Monex or Apmex and then add shipping and sales tax to get the real world spot price.
 
Odanscoils said:
I read it. But I don't understand how I write off detecting expenses. I've never owned a business.
Click to expand...
There are other IRS provisions. Do a search on "IRS hobby deductions" and look at the IRS information. Seems to me there is somewhere on the itemized deductions form to put things.
Ever since the standard deduction was doubled by the 2017 Tax Cut and Jobs Act, I got a much better deduction using the standard deduction than by itemizing. Most itemized deductions go on 1040 form A, but not all.
 
tvr said:
LOL ... do what every you fancy with the efforts of your pirating! I sold some gold when it hit $1800 around 2011 to buy some new detectors and not touch any other sources of revenue. I'm holding for now and, like you, am not in a position to need it in retirement.

How is the shoulder holding up and what detector(s) are you using now?
Click to expand...
Its getting a good rest. Im in FL on the west coast and detecting is crap. No waves, no erosion, no finds. Shoulder healing. Deus 1 & 2 Love them both

HH
Donna(NJ)
 
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