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

[OldBeechnut]

Holding... Same boat here at 72, Very Blessed

With the way all is going I expect gold to continue up.

Only thing worries me if they try and go cashless in the future.

 

[fwcrawford]

Holding... Same boat here at 72, Very Blessed

With the way all is going I expect gold to continue up.

Only thing worries me if they try and go cashless in the future.

The trend seems to be going towards cashless…

 

[stateguyt]

You can sell a little bit now maybe your 10k or scrap pieces (earrings chains)
See if it goes up
From what I here analyst say there predict it going too 2600

 

[DWerk]

The trend seems to be going towards cashless…

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.

 

[fwcrawford]

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.

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!!!

 

[tvr]

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!!!

There is a huge difference between people choosing to go cashless on their own and choosing how to do so; and the government mandating it and controlling the mechanisms. Both will reduce the coins dropped for us to find with metal detectors. The former is one of personal choice, the latter is tyranny.
I still write my representatives from time to time to encourage getting rid of the penny and replacing dollar bills with a dollar coin ... with inflation as it is, next time I'll include $5. ;-)

 

[fwcrawford]

There is a huge difference between people choosing to go cashless on their own and choosing how to do so; and the government mandating it and controlling the mechanisms. Both will reduce the coins dropped for us to find with metal detectors. The former is one of personal choice, the latter is tyranny.
I still write my representatives from time to time to encourage getting rid of the penny and replacing dollar bills with a dollar coin ... with inflation as it is, next time I'll include $5. ;-)

I agree with you, but what I am getting at is the folks not dealing with cash is driving things to go that way.
In many ways now, cash is no longer accepted.
I was one of the last few holdouts of refusing to get direct deposit, but finally was forced to some years before I retired.
And you are right… either is going to result in less coins in the ground for us.
I have been seeing a decline even since I started detecting in 2006.
I like your idea if doing away with the $1 bill too..and stop mintage of the penny.

 

[tvr]

I agree with you, but what I am getting at is the folks not dealing with cash is driving things to go that way.
In many ways now, cash is no longer accepted.
I was one of the last few holdouts of refusing to get direct deposit, but finally was forced to some years before I retired.
And you are right… either is going to result in less coins in the ground for us.
I have been seeing a decline even since I started detecting in 2006.
I like your idea if doing away with the $1 bill too..and stop mintage of the penny.

Something that was a little surprising when we moved to South Carolina from Maryland is how many businesses charge 3 to 3.5% more to use a credit card rather than paying in cash. Saw almost none of that in Maryland. It makes sense because of the fees charged to businesses for processing credit cards.

 

[fwcrawford]

Something that was a little surprising when we moved to South Carolina from Maryland is how many businesses charge 3 to 3.5% more to use a credit card rather than paying in cash. Saw almost none of that in Maryland. It makes sense because of the fees charged to businesses for processing credit cards.

Yep… I have heard of that too in my State.. Virginia.
First started seeing it at gas stations.. now restaurants are doing it too.
Only good point is that some card companies offer cash back.

 

[RichW]

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 never

 

[RichW]

I'd never

sell gold unless I had to.

 

[badarse]

We spoke before Donna. I have converted all mine to 1 ounce gold bars. Now at least you can move them quickly and you still have your beach gold...kinda, Bob

 

[Mark kus]

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 sold my one and only 24k ring I ever found needed some cash to buy a outboard my local coin shop took like $20.00 off no need to ship
it off they have a 80k machine that checks purity.
Mark

 

[badarse]

I too have a local refinery about 20 minutes away. Tried the shipping thing once, wasn't pleased and there is always if it gets lost factor. Bob

 

[DWerk]

What do ya do when rings have good stones in them?

 

[Mark kus]

What do ya do when rings have good stones in them?

They will remove them for you my coin shop does

 

[DWerk]

What do ya do when rings have good stones in them?

And then where do you get the best for the precious/semi precious stones, or do you just keep collecting them?

 

[goldnugget]

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.

Great Advice on The Refinery Not like it used to be 30 years ago

 

[badarse]

In my experience diamonds and semi precious stones will yield very little. A large diamond may command a decent price but are difficult to sell outright. A jeweler will give you about 20% of what he will sell it for. The weight of gold or silver is where the true value is. Again my experience. Bob

 

[sonnar28]

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.

Under the provisions for a hobby ... unless you are actually one of the few doing it as the way you make a living.

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

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