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Co-worker recommended I buy Platinum
10-12-2016, 04:09 PM
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#1
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Recycles dryer sheets
Join Date: May 2016
Location: San Jose
Posts: 59
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Co-worker recommended I buy Platinum
My co-worker recommended I buy Platinum based on its value relative to Gold:
Platinum Prices vs Gold Prices | MacroTrends
My co-worker said buying/selling an actual metal (gold, silver, platinum...) incurs no taxes if the transaction is > $1500. I doubt this is true.....
I probably won't do it, but thought I would inquire if others on this board hold metals long term and buy Platinum in particular (as opposed to Silver or Gold)?
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10-12-2016, 04:13 PM
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#2
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Recycles dryer sheets
Join Date: May 2013
Location: Toronto
Posts: 230
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I assume you mean < $1500 rather than > $1500. I also doubt it's true but I'm not American so I can't swear to it.
I would never buy physical metal. You have to store it. You have to pay fees both to buy it and to sell it.
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10-12-2016, 04:14 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
Posts: 8,968
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After my wife died I sold all her gold and silver jewelry and bought another motorcycle.
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10-12-2016, 04:17 PM
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#4
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Moderator
Join Date: Feb 2010
Location: Flyover country
Posts: 25,357
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I hope you realize that capital gains on the stuff are taxed at ordinary income rates, not the lower rates for securities.
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10-12-2016, 04:20 PM
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#5
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Recycles dryer sheets
Join Date: May 2016
Location: San Jose
Posts: 59
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He said there were no taxes on selling precious metals as long as the transaction as > $1500. I don't think he knows what he's talking about. I am sure it's rather complicated since some items could be collectors items or investment metals. I was more interested in if anyone here buys platinum as opposed to gold and why
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10-12-2016, 04:22 PM
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#6
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Recycles dryer sheets
Join Date: May 2016
Location: San Jose
Posts: 59
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Thanks braumeister. That's what I thought. Thanks for confirming!
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10-12-2016, 04:27 PM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: Les Bois
Posts: 5,761
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i bought my metal 15 years ago from monex.com - I think gold was $280 an oz then
Platinum looks underpriced
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10-12-2016, 04:29 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Nov 2011
Posts: 3,902
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Quote:
Originally Posted by Spudd
I assume you mean < $1500 rather than > $1500. I also doubt it's true but I'm not American so I can't swear to it.
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Some US states exempt metals from sales tax, some depending on the amount of the purchase.
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10-12-2016, 10:11 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,094
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I won't buy metal, unless it was in coin form directly from the actual place that makes them, because someone is making very good forgeries of precious metals and selling them, the forgeries are so good they even fool dealers who have ended up with filled bars.
Using tools to verify the bars/coins doesn't detect the fake ones.
Beyond that, the reason I don't like precious metal is the buy/sell spread, storage, and lack of nice tax treatment.
http://video.foxnews.com/v/184956115...#sp=show-clips
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10-12-2016, 11:13 PM
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#10
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Recycles dryer sheets
Join Date: May 2016
Location: San Jose
Posts: 59
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Thanks Sunset for these words of caution
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10-13-2016, 06:45 AM
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#11
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gone traveling
Join Date: Apr 2011
Posts: 3,375
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Quote:
Originally Posted by krldrummerboy
My co-worker recommended I buy Platinum based on its value relative to Gold:
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Why? I think there's large enough markets for both that they're fairly priced for today's circumstances. Unless someone is hoarding & trying to create a bubble.
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10-13-2016, 07:40 AM
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#12
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,094
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Quote:
Originally Posted by gerntz
Why? I think there's large enough markets for both that they're fairly priced for today's circumstances. Unless someone is hoarding & trying to create a bubble.
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I don't know if anyone would do that after the Hunt Brother's tried to corner the silver market back in the 70's, but you never know
Educate Yourself - The Hunt Brothers and the Silver Bubble
"
In 1973, the Hunt family of Texas, possibly the richest family in America at the time, decided to buy precious metals as a hedge against inflation. Gold could not be held by private citizens at that time, so the Hunts began to buy silver in enormous quantity.
In 1979 the sons of patriarch H.L. Hunt, Nelson Bunker and William Herbert, together with some wealthy Arabs, formed a silver pool. In a short period of time they had amassed more than 200 million ounces of silver, equivalent to half the world's deliverable supply"
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10-13-2016, 08:39 AM
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#13
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gone traveling
Join Date: Apr 2011
Posts: 3,375
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That thought is why I added my last sentence.
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10-13-2016, 09:02 AM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: Les Bois
Posts: 5,761
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I guess I can crack out a silver eagle and use it to mark my ball on the green again?
__________________
You can't be a retirement plan actuary without a retirement plan, otherwise you lose all credibility...
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10-13-2016, 12:30 PM
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#15
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2014
Location: Spending the Kids Inheritance and living in Chicago
Posts: 17,094
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Quote:
Originally Posted by Big_Hitter
I guess I can crack out a silver eagle and use it to mark my ball on the green again?
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Too bad you missed selling it in 1980 when it was worth ~$54 due to the Hunt Brothers.
Now it's just 18.89 at best.
1 oz Silver Eagles for Sale | APMEX Silver Eagle Coins | Silver Coin Investment
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10-13-2016, 12:39 PM
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#16
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2016
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The silver jewelry was worth so little when I sold it that I saved some and melted it into a free form "blob" with a torch and made this little goodie;
Weighs about 2 troy ounces and I use it for a card protector when I play poker.
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10-13-2016, 12:39 PM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2013
Location: Les Bois
Posts: 5,761
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Quote:
Originally Posted by Sunset
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i think they were about $5 an oz when I bought them
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10-13-2016, 12:59 PM
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#18
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2013
Location: Texas
Posts: 10,934
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There have been no taxes paid or collected on sliver, gold or platinum purchases if in excess of $1000 here in Texas for many years now. I've done it many times in the past. I understand there is a new law that eliminates the $1000 limit now so there is no tax for any amount. I understand that can vary by State.
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10-13-2016, 01:03 PM
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#19
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,021
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Quote:
Originally Posted by Car-Guy
No taxes collected on sliver, gold or platinum purchases if in excess of $1000 here in Texas. I understand that can vary by State.
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True. And the tax for under $1,000 was eliminated in 2013.
Quote:
As of October 1, [2013] the sales tax levied on purchases of gold, silver and platinum bullion and numismatic coins in Texas is now eliminated. It is the first time that a state has expanded an existing sales tax exemption for gold and silver.
Previously, Texans were paying 6.25% on all precious metals purchases under $1,000,...
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Texas eliminates sales tax on precious metals coins - Mineweb
__________________
Numbers is hard
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10-13-2016, 01:20 PM
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#20
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Recycles dryer sheets
Join Date: May 2016
Location: San Jose
Posts: 59
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Looks roughly split down the middle. My state has no tax if > $1500. Woohoo
States That Collect Sales Tax on Precious Metals
Alabama charges a 4% tax (with an additional 4-5% County & City tax)
Arkansas
Connecticut (when the amount exceeds $1,000)
District of Colombia
Florida (when the value exceeds $500)
Indiana
Kansas
Kentucky
Louisiana
Maine
Minnesota
New Hampshire
New Jersey
New Mexico
Nevada (when the coin of bullion sells for more than 50% of its “Face Value.” However, private mint bars and rounds are exempt from taxation.)
Nebraska
North Carolina
Ohio
Oklahoma
Tennessee
Vermont
Virginia
Washington State
West Virginia
Wisconsin
States That Do Not Collect Sales Tax on Precious Metals
Alaska (However, local government taxes may still apply.)
Arizona
California (when the value of coins or bullion exceeds $1,500)
Delaware
Georgia
Idaho
Illinois
Iowa
Maryland (when the value of numismatic items and bullion exceed $1,000)
Massachusetts (when the value of coins and bullion are exempt when over $1,000)
Michigan
Mississippi
Missouri
Montana (However, there may be a 3% Provisional tax in certain communities.)
New York (when the bullion’s value exceeds $1,000)
North Dakota
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Texas (when the value of the coins and precious metals exceeds $1,000)
Utah
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