Gold storms past $1,800 towards new record high (Inflation?)

Yahoo Finance ^ | July 8, 2020 | Peter Hobson

[faithhopecharity]

Yes but I don’t pay commercial rents at least not directly. And food prices are greatly inflating ( we agree on the causes for this but the fact is that food prices are greatly inflating ). Best,

[wny]

that signals the top.....a shoeshine boy moment....

first the smart money gets in, then institutional, then the general public, then the robinhood crowd. that’s the time to get out.

[amorphous]

Have you priced a new pickup lately? Especially a heavy duty one?? A nice Dodge Ram with a Cummins diesel will set you back about $75,000!

[Perseverando]

Have you priced a new pickup lately? Especially a heavy duty one?? A nice Dodge Ram with a Cummins diesel will set you back about $75,000!

Wow! Is that the 24 karat gold plated model? LOL!

[WaterWeWaitinFor]

anyone have any thoughts on the real estate market, along with the “inflation” issue / gold prices?

Asking for myself, not a friend. :)

[amorphous]

It’s a 4x4 Laramie 2500, but certainly not the top of the line.

[PeterPrinciple]

Have you priced a new pickup lately? Especially a heavy duty one?? A nice Dodge Ram with a Cummins diesel will set you back about $75,000!
Wow! Is that the 24 karat gold plated model? LOL!

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Farmers and business buy them at that price. Save 50% on income tax and it only costs you $37,000 net.............

[Perseverando]

Farmers and business buy them at that price. Save 50% on income tax and it only costs you $37,000 net.............

BLM gets them for a steal!

[amorphous]

Save 50% on income tax and it only costs you $37,000 net.............

Maybe 33%. But then there is sales tax. And the tax deduction is only if there was a profit. Many farmers are having a bad year, again.

[PeterPrinciple]

Maybe 33%. But then there is sales tax. And the tax deduction is only if there was a profit. Many farmers are having a bad year, again.

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You don’t know what your are talking about

32% fed income tax

15% Self employment tax

8% state tax income tax

ok, I rounded up, just easier that way.

Bottom line, do you want $37,000 in the bank or a “$75,000 pickup. 45% discount drives a lot of decisions. Whether they are good decisions is another matter.

[Sam Gamgee]

Might have made a bad move selling all my gold investments.

[Perseverando]

Might have made a bad move selling all my gold investments.

You think that was bad?

Now, you're probably not going to believe this, but I had all my gold coins and all my guns in my old canoe out in the middle of this big old lake for no particular reason. And then you won't believe what happened next..... The strangest thing! I mean who would have thunk it? Seriously!

[amorphous]

Not everyone who needs a new pickup will fall into the highest tax bracket. A 33% deduction figure, if eligible under 179, assuming you actually made a profit in the particular endeavor you're making the deduction against (whether farm or business,) is a good rule of thumb. As for your other question; I prefer things I need verses excess dollars in a bank, created out of nothing, and taxed every time they change hands. Many states also have tax brackets. The self-employment tax and alternative minimum tax are separate considerations, of course.

Kudos for taking all into consideration tho. Most folks only think of federal income taxes when considering costs.

[bunkerhill7]

I wu z remembering gold was 30 buck ounce cos then we uns went to californias feather river n done found a smackin n mine in the rivers holes then went to Georgetown n found nuther one to boot whilst poking for them bottles. Yup yup yup. Find a mine n dig it out yupyupyup

[TheRightGuy]

I’m ready to sell a few ounces. How much discount should I expect from spot gold prices?

gold bullion COINS from reputable countries should sell or at or near spot

gold bullion rounds, bars, etc. should sell at 3-5% below spot

[GOPJ]

...when the non-gold investors start paying attention, you know it’s taking off.

Yes, and shoeshine boys...

[amorphous]

I’m pretty sure you can get better than spot if you sell them on Ebay. Check what they’re going for there first.

[GOPJ]

When there are no cops around you are on your own.

Live in a Republican State and a Republican city and you'll be fine.

[Reynoldo]

Provident Metals is paying about $20 an ounce OVER spot for 1 ounce Eagles

[William Tell]

"... a shiny metal that you can’t eat, it can’t keep you warm, won’t fuel a vehicle, won’t produce electricity, etc"

I think no matter how bad things get there is always somebody around who is so wealthy that they don't need more food, more heat, more fuel, or more electricity. They recognize the inherent scarcity of gold and will accumulate it.

For thousands of years an ounce of gold has been worth the price of a nice suit of clothes. The U.S. just spent several trillion dollars that it didn't have in order to stabilize the economy. I would bet on gold in the near term and against any currency.