Storing gold and silver

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Pro tip:

Take accumulated hoard of twinkies, remove filling, replace with gold/silver

OliverQuackenbush said:   someone watches too much fox news about the impending failure of the government and the commercials about buying boiulion.
i dont get the logic. even if the government did fail, you can't eat the gold, you wouldn't find someone to trade it for food, and you wouldn't want to trade it for money. whats the point?

disclaimer: i like beef boulion in my broths.


You sure can't eat a U.S. Dollar bill either.

The reason to add gold to your wealth portfolio is for when the Obama administration prints so much monopoly money, that those "Dollars" in your wallet/bank/retirement accounts become worth less and less. Worth less here, worth less in other countries, etc. Gold is not printed/produced from thin air and does not depreciate-is not subject to currency inflation, currency fixing, etc. Also, gold isn't subject to additional future taxation.

The school of thought is your "worth" won't vanish overnight since tied to a volatile government monetary vehicle. If the U.S. Dollar tanks, which is predicted if we don't get a hold on government spending and entitlements, that bunch of gold will buy a helluva lot of peso's in some coastal resort town in Mexico.

In addition to the points above, gold value has increased substantially over the last decade. How have those interest bearing accounts been paying you back lately?

jonesjeremya said:   

The reason to add gold to your wealth portfolio is for when the Obama administration prints so much monopoly money, that those "Dollars" in your wallet/bank/retirement accounts become worth less and less. Worth less here, worth less in other countries, etc. Gold is not printed/produced from thin air and does not depreciate-is not subject to currency inflation, currency fixing, etc. Also, gold isn't subject to additional future taxation.


This just isn't true. All gains made in gold are subject to capital gains taxes. This is true even if gold simply retains its value and the USD falls relative to gold. That's one reason politicians love inflation, because they collect tax revenue on phony capital gains.

That's the main reason gold isn't a good alternative to fiat currency in the US. Sure, it is hard for the IRS to enforce taxes on physical gold but tax evasion can land you a nice prison sentence.

brettdoyle said:   jonesjeremya said:   

The reason to add gold to your wealth portfolio is for when the Obama administration prints so much monopoly money, that those "Dollars" in your wallet/bank/retirement accounts become worth less and less. Worth less here, worth less in other countries, etc. Gold is not printed/produced from thin air and does not depreciate-is not subject to currency inflation, currency fixing, etc. Also, gold isn't subject to additional future taxation.


This just isn't true. All gains made in gold are subject to capital gains taxes. This is true even if gold simply retains its value and the USD falls relative to gold. That's one reason politicians love inflation, because they collect tax revenue on phony capital gains.

That's the main reason gold isn't a good alternative to fiat currency in the US. Sure, it is hard for the IRS to enforce taxes on physical gold but tax evasion can land you a nice prison sentence.


I agree with your statement, BUT the OP described he is storing mostly coins, and for the sake of argument-I was suggesting small gold pieces in exchange for currency and taxation based on those items and transactions. Are YOU going to report to the IRS (A.K.A. we take it, and we waste it) that you sold part of your small gold coin collection that you've had stored for 10+ years for a significant gain? I'm not. So long as the government WASTES their ill gotten gains, they leave a bad taste in MY mouth when it comes to taxes.

buy them a safe

lol, someone maybe trying to track you down by using your ip address now...

jonesjeremya said:   OliverQuackenbush said:   someone watches too much fox news about the impending failure of the government and the commercials about buying boiulion.
i dont get the logic. even if the government did fail, you can't eat the gold, you wouldn't find someone to trade it for food, and you wouldn't want to trade it for money. whats the point?

disclaimer: i like beef boulion in my broths.


You sure can't eat a U.S. Dollar bill either.

The reason to add gold to your wealth portfolio is for when the Obama administration prints so much monopoly money, that those "Dollars" in your wallet/bank/retirement accounts become worth less and less. Worth less here, worth less in other countries, etc. Gold is not printed/produced from thin air and does not depreciate-is not subject to currency inflation, currency fixing, etc. Also, gold isn't subject to additional future taxation.

The school of thought is your "worth" won't vanish overnight since tied to a volatile government monetary vehicle. If the U.S. Dollar tanks, which is predicted if we don't get a hold on government spending and entitlements, that bunch of gold will buy a helluva lot of peso's in some coastal resort town in Mexico.

In addition to the points above, gold value has increased substantially over the last decade. How have those interest bearing accounts been paying you back lately?


Good points. Its too bad you got some red for your reply since, although you disagree with me, you are quite respectful, which I appreciate.

My only point I am trying to make is that silver and gold, in my view, are as worthless as paper money, if you view paper money to be worthless.
You worry about inflation, that paper money can be easily overprinted and lose value when the amount of corresponding commodities you use money to pay for stays constant.
But isn't it true that the silver/gold supply also increases over time - I mean silver and gold that people possess isn't disappearing while silver/gold mines continue to operate.
My main point is that silver/gold have no intrinsic value, which is what I was talking about when I said you can't eat it. Just like paper money, it is considered to have value simply because people desire it.
Its true that silver/gold has been considered valuable for much longer than paper money, as 30 silver pieces are mentioned in the bible, but American Dollars have been around a long time too, and once again, both metals and currency are valuable only because we say they are.
In the apocalyptic times people are talking about when they are talking about the impending great depression, I would much prefer a 5 gallon can of gas or a bunch of food with a long shelf life over precious metals. I can't imagine anyone would trade scarce resources necessary for survival for precious metals, in that scenario. In my view, precious metals are only for rich people who have collected so many material goods, that they can't think of anything more to buy that is useful or necessary for survival or comfort. I'm not trying to talk trash about the wealthy either - I myself collect silver dollars, morgans and peace. The only thing I am saying is that the survivalist food bins you can get at costco will be much more valuable than my silver dollars in apocalyptic times. Just my views.

The fact that we actually have people defending someone who liquidated their 401k (which means much of it was lost to fees, in all likelihood) and bought gold bars is amazing to me. Its bats**t insane, and OP should do everything possible to unload the gold and not deal with the insanity. Period.

Sounds like the inlaw got a certain world view, just put a sticker for some politician they hate on your car and you wouldn't ever have to worry about dealing with them again. This might also hurt the chance for inheritance though...humm..

brettdoyle said:   jonesjeremya said:   

The reason to add gold to your wealth portfolio is for when the Obama administration prints so much monopoly money, that those "Dollars" in your wallet/bank/retirement accounts become worth less and less. Worth less here, worth less in other countries, etc. Gold is not printed/produced from thin air and does not depreciate-is not subject to currency inflation, currency fixing, etc. Also, gold isn't subject to additional future taxation.


This just isn't true. All gains made in gold are subject to capital gains taxes. This is true even if gold simply retains its value and the USD falls relative to gold. That's one reason politicians love inflation, because they collect tax revenue on phony capital gains.

That's the main reason gold isn't a good alternative to fiat currency in the US. Sure, it is hard for the IRS to enforce taxes on physical gold but tax evasion can land you a nice prison sentence.


Gold profits are subject ordinary income tax rates not capital gains rates.

rpi1967 said:   brettdoyle said:   jonesjeremya said:   

The reason to add gold to your wealth portfolio is for when the Obama administration prints so much monopoly money, that those "Dollars" in your wallet/bank/retirement accounts become worth less and less. Worth less here, worth less in other countries, etc. Gold is not printed/produced from thin air and does not depreciate-is not subject to currency inflation, currency fixing, etc. Also, gold isn't subject to additional future taxation.


This just isn't true. All gains made in gold are subject to capital gains taxes. This is true even if gold simply retains its value and the USD falls relative to gold. That's one reason politicians love inflation, because they collect tax revenue on phony capital gains.

That's the main reason gold isn't a good alternative to fiat currency in the US. Sure, it is hard for the IRS to enforce taxes on physical gold but tax evasion can land you a nice prison sentence.


Gold profits are subject ordinary income tax rates not capital gains rates.


http://beginnersinvest.about.com/od/capitalgainstax/ss/capital-g...


" Short-Term Collectible Capital Gains Tax Rates: Collectibles held less than one year are taxed at personal income tax rates, just like short-term capital gains taxes on stocks or bonds.

Long-Term Collectible Capital Gains Tax Rates:: Collectibles held one year or longer are taxed at 28%. Thus, if you bought a Picasso for $100,000 several decades ago and sold it for $20,000,000 today, you would owe $5,572,000 in capital gains taxes ($20,000,000 sales price - $100,000 purchase price = $19,900,000 capital gain x 28% = $5,572,000 capital gains tax liability). "

emcdemc said:   As someone told me recently. Much better to invest in guns, bullets, whiskey, chocolate, cigarettes, nylon and other things that wold have significant value if there were a huge disaster.


I heard about a guy that stockpiled thousands of dollars worth of Jack Daniels whiskey to barter with in case of a disaster. It is something that will keep for a very long time and it will also retain it's value or even go up. People will always want alcohol no matter what happens. I doubt if he would trade it for your useless gold.

JuGgErNoT said:   Glen Beck is not the be all end all for gold silver...in fact, the US has only experienced a pure fiat standard for 40 years...before our current pure fiat system...gold silver served as money for well over 5000. To attribute saving in gold to Glen Beck tin foil hat nuttiness shows your ignorance...I don't own any...cough...but I surely don't find it odd to put money there versus a .01% HIGH YIELD savings account either...

Notice: there is a difference between MONEY and CURRENCY...


Is there now? And what exactly is that difference?

Money is anything accepted in exchange for a good or service, currency is anything used as a medium of exchange within a given monetary system (even if that system is wampum or whiskey). They're the same.

OliverQuackenbush said:   
My only point I am trying to make is that silver and gold, in my view, are as worthless as paper money, if you view paper money to be worthless.
You worry about inflation, that paper money can be easily overprinted and lose value when the amount of corresponding commodities you use money to pay for stays constant.
But isn't it true that the silver/gold supply also increases over time - I mean silver and gold that people possess isn't disappearing while silver/gold mines continue to operate.
My main point is that silver/gold have no intrinsic value, which is what I was talking about when I said you can't eat it. Just like paper money, it is considered to have value simply because people desire it.
Its true that silver/gold has been considered valuable for much longer than paper money, as 30 silver pieces are mentioned in the bible, but American Dollars have been around a long time too, and once again, both metals and currency are valuable only because we say they are.
In the apocalyptic times people are talking about when they are talking about the impending great depression, I would much prefer a 5 gallon can of gas or a bunch of food with a long shelf life over precious metals. I can't imagine anyone would trade scarce resources necessary for survival for precious metals, in that scenario. In my view, precious metals are only for rich people who have collected so many material goods, that they can't think of anything more to buy that is useful or necessary for survival or comfort. I'm not trying to talk trash about the wealthy either - I myself collect silver dollars, morgans and peace. The only thing I am saying is that the survivalist food bins you can get at costco will be much more valuable than my silver dollars in apocalyptic times. Just my views.
OK, I'm going to paraphrase the illogical arguments of those who don't like gold and silver and attempt debunk your mind-controlled conclusions:

1. Gold and silver are "intrinsically" worthless: 5000 years of human activity is contrary to this claim. What has changed and when did this change happen - that like you, nobody else still values the metals?

2. Mines keep producing metal so the supply side of the supply/demand relationship suggest the value of metals should drop: Substantial effort and expense are required to produce each unit of metal and human greed suggests there is never enough of a high desired commodity. Compare this with a printing press run wild or better, an electronic entry on a computer. Which of these situations demonstrate the most scarcity?

3. Preparing for SHTF, one must choose between having food, guns and gas or silver and gold: Most will have both, but those that make this argument ALWAYS have neither. It's simply a false dichotomy.

In the end, those that promote the idea that gold and silver will somehow reverse 5000 years of historical experience and go "worthless" have simply accepted the matrix as reality and enjoy the idea that ignorance is bliss..

0AfterRebates said:   emcdemc said:   As someone told me recently. Much better to invest in guns, bullets, whiskey, chocolate, cigarettes, nylon and other things that wold have significant value if there were a huge disaster.


I heard about a guy that stockpiled thousands of dollars worth of Jack Daniels whiskey to barter with in case of a disaster. It is something that will keep for a very long time and it will also retain it's value or even go up. People will always want alcohol no matter what happens. I doubt if he would trade it for your useless gold.
I'll bet he already has gold. And if he doesn't, I'll bet he would diversify his Cache. Whiskey is great for barter, but much more difficult to safely store and transport.

"1. Gold and silver are "intrinsically" worthless: 5000 years of human activity is contrary to this claim. What has changed and when did this change happen - that like you, nobody else still values the metals?"

I think this statements truth hinges on what type of SHTF scenario is being prepared for.

Regime change, lesser catastrophes, any kind of scenario where a functional civilization survives or quickly recovers ... I could see gold still being desired. Those in charge retain ample resources for their own uses, and gold can be their status symbol/wealth store, This would represent the last 5000 years...

Total disaster - nuclear war, epidemic that kills 90+% of the population worldwide, civilization breaks down ... I don't see gold being worth much. Those at the top of the pile are struggling to survive, they would have no need for baubles. Unparalleled situation that can't be compare to history....

Whiskey is currently overvalued due to taxes and government restrictions on its production. It's pretty simple for anyone to make. If government collapsed and people were looking for alternative forms of money, everyone would start making whiskey and it would be worth less than it is now.

Gold and silver are not 'intrinsically' worthless. Both have various industrial uses and are excellent as conductors among other things.

I wanted to thank everyone for their suggestions before the thread spins totally into zombie apocalypse territory.
Invited relative over. Sent relative home with shiny objects. Told her to deal with it. Relative is mildly mad, but TBH I don't really care.

I don't think that your options are limited and I suggest you to have a detailed discussion about it with your wife. Then ask the relative to take the coins with him and put it in a safe in his own city, ask your wife also to tell him (though politely) which would compel him to take the gold with him. If this does not help then tell him that you are shifting to some other place and renting the hose to someone.

jerosen said:   Gold and silver are not 'intrinsically' worthless. Both have various industrial uses and are excellent as conductors among other things.

Sure, but it's actually because gold and silver are relatively useless that it's a decent medium of exchange. Otherwise, people would be using it up instead of circulating it, and it's hard to keep the economy moving that way.

However, most of the time, if a society used gold or silver or jade or something, it didn't circulate as coins. It sat in the temple or courthouse or castle or whatever for possibly hundreds of years, untouched, while everybody used tallies and tabs to keep track of who owed what. Coins only started to get used frequently when you had large armies that were on the move and needed something portable to trade for supplies.

Getting back to the original OP question, the problem wasn't any of this, it's that his relative sounds pretty unstable and the less OP has to do with his current obsession the better, so looks like situation resolved.

The webpage listed below lists some creative solutions including a short video (by Richard Maybury) on how to bury precious metals on your property.

Gold Storage Options

1. Crazy Relative
2. Liquidate 401k into precious metals
3. profit ???



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