Gold Tops U.S. $1600 For First Time In 7 Years

[mineit]

1 hour ago, phrunt said:

I see that happening on the Gold Rush show, they're always paying for things in gold.   I always thought it'd be illegal as you are avoiding sales taxes but then it can't be illegal or they'd be hiding it, not putting it on an international TV show.    I would imagine in NZ it would be illegal to buy something from a shop with some gold.  Even million dollar things like wash plants are paid for in gold on Gold Rush, the sales tax missed on something like that.

Alaska doesn't have sales tax some cities do have a local tax no state tax here either I have traded gold in the past for items so where you buy some things tax makes a difference when we bought our motorhome in Arizona the tax was over 10,000 dollars  

[GB_Amateur]

5 hours ago, phrunt said:

I see that happening on the Gold Rush show, they're always paying for things in gold.   I always thought it'd be illegal as you are avoiding sales taxes but then it can't be illegal or they'd be hiding it, not putting it on an international TV show.

There are a couple of potential problems with your logic:  1) it's a TV show based in reality, but modified for the audience, and 2) illegal stuff goes on all the time in the USA (and many other countries, for that matter). Oh, and recent Gold Rush episodes are mostly filmed in the Canadian Yukon.  (I'm assuming you are referring to the Gold Rush TV show with Tony Beets, Parker Schabel, etc.)

Although only peripherally related, I recall back in the late 70's --> early 80's precious metals' price boom that some people would pay for transactions with historic coins claiming the sale was made at their face value.  For example, I buy a vehicle from you and pay with pre-1933 $10 gold pieces, say I give you 10 of those and claim the sale price was $100 when it was actually in the few thousands (value-wise).  Then taxes (sales, income, capital gains) were presumably to be paid on $100 basis.  It actually worked for a while until the legislators decided they were the only ones entitled to step through such a loophole....  That assumes you report your transactions to the government, though.  (See #2 above....)

Sales taxes have been collected for over half a century in my state, however if you bought an item out-of-state you were allowed to not pay sales tax in the state where you bought it but with the provision that you would subsequently report it and pay tax on it when you filed your (state) tax return for that year.  I'm sure you can imagine how well that worked.  Within the past few years the state governments have figured out a way to get interstate transactions (such as on Ebay and Amazon) to have the sales taxes collected by the seller.  Another leak in the dike gets plugged....

 

 

 

 

[Trent King]

Gold and beer are the two main currencies where I live, all the shops, tradies etc will take it.

[bado1]

In my experience, there are quite a few local vendors/service providers that will trade for gold. A local dentist will gladly trade, my locally owned gun shop, a landscaping outfit, and the owner of the gravel yard will trade for gold. I would guess that there are more and that it's just a matter of asking. I need a new a/c compressor for the wife's Tahoe (it's warming up pretty quickly here in AZ) and I'm gonna ask my mechanic if he will trade out for gold...perhaps just the labor part.  

[WesD]

Wow looks like digi gold trading $1730 today and heavy metal in the hand trending an additional $200. Prices moving fast up and down just like the world situation now. You just dont know what to expect day to day or even hour by hour.

[GB_Amateur]

50 minutes ago, WesD said:

Wow looks like digi gold trading $1730 today and heavy metal in the hand trending an additional $200.

With that much disparity between these two markets, someone is locking in some serious low-risk profit.  Does anyone remember this situation historically?  1979??

[Noah (FL)]

Let’s just hope that when/if it hits $2000 that a can of beans or roll of TP isn’t $10.  
 

That being said.....,if it does hit $2K I’ve got a few ounces of gold jewelry that are going straight to the gold buyers regardless of how much beans and TP cost🏴‍☠️🏴‍☠️

[Redneck]

Alot of the big US banks put a $3000 target on gold per oz last year.  Before the Covid and all the money printing.

It could easily surpass that price.  And silver, $100 +.   Silver is currently the biggest bargain out there  at Less than $20 an oz. 

[Koeh]

On 2/23/2020 at 4:05 AM, jasong said:

The gold prices are nice, but rhodium is dwarfing all the metal gains, it's almost quintupled in the last year. PGM prospecting is looking pretty dang appealing again now. 

I tried to buy 10oz of rhodium when it crashed a couple of months ago,but you could not buy it for spot price,from what I was told it’s a buy sell setup,so spot price means nothing basically

[Koeh]

I enjoy detecting and being outdoors and finding gold is a bonus,have never done it to make money or to get rich,so my finds will go to my kids as a little present for when they get older, that’s why I keep it.