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**we_are_toast** · December 12, 2011, 08:43 AM

Re: Gold getting .......Oh Bugger!

Originally posted by Mega View Post

Killed!
Oh Bugger, everytime & i mean EVERYTIME i buy some it gets KILLED !!!!!!

Could you please tell us when you are about to buy gold?

**Master Shake** · December 12, 2011, 09:55 AM

Re: Gold getting .......Oh Bugger!

B-t-f-d

**davidstvz** · December 12, 2011, 10:07 AM

Re: Gold getting .......Oh Bugger!

After yesterday's news, I figured this was coming. It'll bounce back soon enough. But yeah, I recently sold silver and immediately traded for gold with the credit instead of taking a check. I should have taken the check and waited for an opportunity like this to buy gold. Oh well. I think I've got enough for now... time to sit on it and think about other things.

**ajerimez2** · December 12, 2011, 10:37 AM

Re: Gold getting .......Oh Bugger!

Technicals are not looking good - gold breaking south from the end of a triangle after a double-top at $1,900, in a pattern that could be a head-and-shoulders top. It also seems to have broken below its longstanding upward trend line - basically the chart looks foreboding. I know technical analysis is not the most reliable, but this could be a harbinger of a substantial multi-month selloff. Jim Rogers was on CNBC a few days ago talking about a gold price correction, saying he would not be interested in buying more until it sees $1,400 or even $1,200.

Anyone care to hazard a guess? At this point, I would not be surprised to see it drop to those levels by February or March. If that happens, I think gold bulls would have to wait until late 2012 before seeing a meaningful recovery, and gold might not see $2,000/oz until 2013? At this point, I'm not sure if I want to buy back in or invest in real estate - anyone?

**Mega** · December 12, 2011, 11:00 AM

Re: Gold getting .......Oh Bugger!

I feel like Hitler in the bunker in 1945!
Schiff,Keiser,Farber,Rodgers even EJ...........how could you do this to me?
Mike

**lektrode** · December 12, 2011, 03:09 PM

Re: Gold getting .......Oh Bugger!

Originally posted by we_are_toast View Post

Could you please tell us when you are about to buy gold?

+1
altho i know the feeling, only too well.
and some of us are still waiting on EJ's call (for both AU & AG #2)
but cheer up mega - methinks it'll work out yet, patience my good fellow.

**lektrode** · December 12, 2011, 03:13 PM

Re: Gold getting .......Oh Bugger!

Originally posted by ajerimez2 View Post

Technicals are not looking good - gold breaking south from the end of a triangle after a double-top at $1,900, in a pattern that could be a head-and-shoulders top. I know technical analysis is not the most reliable, but this could be a harbinger of a substantial multi-month selloff. Jim Rogers was on CNBC a few days ago talking about a correction, saying he would not be interested in buying more until it sees $1,400 or even $1,200.

Anyone care to hazard a guess? At this point, I would not be surprised to see it drop to those levels by February or March. If that happens, I think gold bulls would have to wait until later next year before seeing a meaningful recovery, and gold might not see $2,000/oz until 2013? At this point, I'm not sure if I want to buy back in or invest in real estate - anyone?

thanks for that insight, guess that squares with EJ's call (?)
and tho i've been nosing around for the right fixerupper in SLC, but... see mega's comment above.

**davidstvz** · December 13, 2011, 05:23 PM

Re: Gold getting .......Oh Bugger!

If it's still going to END UP higher, I'm going to hold on for the long term. But I hate to see this.... if gold goes down to 1,200 before it goes back up to 2,000 I will suffer significant psychological distress.

QUESTION (since I'm an investment newb), if I bought gold this year and it's down from when I bought it at the end of the year, obviously I would owe no taxes. However, If on January first it's at a low point (say 1500 or something) and then by the end of 2012 it's worth 2,000, do I owe taxes on the gain of 500 per oz? Or do I only owe gains vs. the original purchase price? Or do I only owe when I sell?

**Andreuccio** · December 13, 2011, 06:11 PM

Re: Gold getting .......Oh Bugger!

You're taxed only when you sell. It gets reported on schedule D. Taxes are based on the original purchase price vs. the sales price. If you pay some type of commission on either end of the trade you can add it to the purchase price or subtract it from the sales price of that trade. IIRC, other expenses, (like shipping), get reported on Schedule A and are thus subject to the 2% limit. Keep track of when you bought it and when you sold it.

**charliebrown** · December 13, 2011, 06:33 PM

Re: Gold getting .......Oh Bugger!

I am not a tax expert.

You only have a tax conseuqence for 2011, if you sell before Jan 1.

Depending upon whether you make a profit or a loss will have many different outcomes depending upon what form
your gold is in, bullion, trust (GTU), etf (GLD) etc and where the investment is located taxable account, IRA, etc.
I am not qualified to discuss this in detail. I think?? GLD and bullion sales are taxed at 28%. If you file some
fancy paper work I think GTU sales qualify for 15% if you hold for more than one year??

I think ?? if you own GLD, they sell a small portion of their gold holdings each month to collect their management fees.
The sale may come as a gain or a loss to the trust depending upon their purchase price, and you are responsible for
the proceeds whether you sell your GLD shares or not. It is a royal headache, so I do not recommend holding GLD in
a taxable account. You will get a statement from your brokerage showing each monthly transaction. These sales will
only be small fraction of your GLD holdings.

Other more tax savy members may comment also.

Trying to answer your exact question. If you bought in 2011 at 1700, gold goes to 1500 on Jan 1 2012, and you sell
at 2000 on Dec 31 2012, you would pay tax on 2000 - 1700 or $300 an ounce with all the caveats mentioned above.
You can PM me if you have any other quetions,

**davidstvz** · December 14, 2011, 05:23 PM

Re: Gold getting .......Oh Bugger!

Thanks. I think that answers my questions. My gold is in the form of physical coins close at hand, not shares or stuff in a vault. I have all the receipts, so hopefully it is purchase vs. sale price. That would make life simple.

And to lighten things up... I read the Apmex Gold commentary for kicks... they are always trying to spin the news and gold price into a reason to buy.

http://www.apmex.com/Commentaries/default.aspx

In an interesting video found at the CNBC web site, Rick Santelli points out just how bad the U.S. balance sheet looks by breaking it down in the simple terms of a U.S. Family. He took the trillion dollar figures of the U.S. government and took out seven zeros to provide the following breakdown as if they were from a family:
Family income = $23,100
Family expenses = $36,140
Total Family debt = $151,140 (6.5 X bigger than the yearly income)
Current budget cuts = $385 (How will they ever pay off $151,140, when they are losing ground?)
As Mr. Santelli pointed out, most people would call this family bankrupt. Makes one wonder why the U.S. dollar is so popular at the moment?
At 4PM (CT) the APMEX precious metal prices were:

Gold price - $1,577.00 – down $85.10
Silver price - $28.94 – down $2.33
Platinum price - $1,423.00 – down $70.30
Palladium price - $620.50 – down $44.60

**lektrode** · December 14, 2011, 06:10 PM

Re: Gold getting .......Oh Bugger!

Originally posted by davidstvz View Post

....And to lighten things up... I read the Apmex Gold commentary for kicks... they are always trying to spin the news and gold price into a reason to buy.....
....
took the trillion dollar figures of the U.S. government and took out seven zeros to provide the following breakdown as if they were from a family:
Family income = $23,100
Family expenses = $36,140
Total Family debt = $151,140 (6.5 X bigger than the yearly income)
Current budget cuts = $385 (How will they ever pay off $151,140, when they are losing ground?)
As Mr. Santelli pointed out, most people would call this family bankrupt. Makes one wonder why the U.S. dollar is so popular at the moment?

cuz she's the best lookin pig with lipstick here at the keynesian end-of-the-world party?

eye see you have the same sort of sense of humor as me (and _then_ there's mr metalman ;)

and this (Current budget cuts = $385) = 'lightened up' ?

i'd guess it was like this during the last daze of rome, eh?

At 4PM (CT) the APMEX precious metal prices were:

Gold price - $1,577.00 – down $85.10
Silver price - $28.94 – down $2.33
Platinum price - $1,423.00 – down $70.30
Palladium price - $620.50 – down $44.60

well... i guess _this_ is good news (for those of us who've been waiting on/for 'The Call' to pull the BUY trigger, anyway - mega getting nervous aside)

but hey! ITS TIME TO:

some entertainment while we wait and watch (and hope we dont miss the moment...)

24 Hour Silver

24 Hour USDX

**DRumsfeld2000** · December 15, 2011, 09:58 AM

Re: Gold getting .......Oh Bugger!

Mega-do not blame Marc Faber as he warned you!!!!

http://aktien-boersen.blogspot.com/2...reis-wird.html

**Sharky** · December 16, 2011, 02:05 AM

Re: Gold getting .......Oh Bugger!

I don't think of gold going down as a bad thing. It's an opportunity to buy more at a better price!