What to do with a gold coin?

[chickensducks&agoose]

My grandma has apparently bought me, my sisters and my cousins a gold coin... one each. Each coin supposedly cost her around $1600.00 If/when she sends them out to us, i am unsure as to what to do with mine. should I keep it, and hope it increases in value? Should I cash it in, and buy silver? Should I cash it in, and buy new tires for our vehicles? DH wants a motorcycle... where can you cash them in anyway?

 

[THEFAN]

My first rule is never trade hard for soft.

This is a kingly gift. I personally would hold on to it. The only way I would sell my gold and silver, if it ment I was going to get out of debt with selling it.

There is very little I would trade silver and gold out for. Why would I trade basically 1 oz gold for a motorcylce I would be putting money into it and will depreciate in value. Gold doesn't.

Now I might think about gold for a tracker. That I could put to use on the homestead. I could get my moneys worth out of that and make money to.

First rule never trade hard for soft.

Good luck

In the old days gold ment freedom and I do believe that will apply again soon. If not for you but for your children.

 

[Wifezilla]

I agree with THEFAN.

Save it.

Don't trade it for something stupid.

If you do end up spending it, spend it one something that will greatly benefit you in bad times.

 

[FarmerChick]

I agree. Save it or spend it on something that will truly help your life.
not a want, a must have need......

very nice gift and very generous of her!

 

[ohiofarmgirl]

i dont have any idea but i love that THEFAN said this....

This is a kingly gift.

wow!

my grandma always wanted me to save my money. that sounds like good advice.

 

[lighthawk]

Whatever you decide to do... DO NOT take it to a "cash for gold" store they are notorious ripoffs. I hope you don't cash it in but should you decide you must, take it to a reputible coin dealer.
Gold is and has always been a way to preserve wealth. While inflation surges gold will always retain it's value and preserve your purchasing power. Your grandmother knew exactly what she was doing... don't let her down. JMHO.

ETA... It is a little late to cash it in for silver as the current gold-silver ratio is at 35.5 to one. There are those that speculate that it may go as low as 20 to one, the only reason to trade it for silver is that you can sell the silver in smaller increments to avoid possible taxation or reporting to the IRS. The new health care bill requires any transaction in precious metals over 600 bucks be reported to the IRS in 2012.

 

[chickensducks&agoose]

The new health care bill requires any transaction in precious metals over 600 bucks be reported to the IRS in 2012.

wow, really? That doesn't sound like a health care issue! Weird. If/when she manages to mail it, I'll just stash it, and wait until it's worth a zillion dollars.

 

[TanksHill]

The new health care bill requires any transaction in precious metals over 600 bucks be reported to the IRS in 2012.

So what can you buy in the way of gold that cost less than 600 buck? So reporting wont be an issue?

Someone knowledgeable needs to start a buying gold thread. I would love some advice.

g

 

[lighthawk]

The new health care bill requires any transaction in precious metals over 600 bucks be reported to the IRS in 2012.

So what can you buy in the way of gold that cost less than 600 buck? So reporting wont be an issue?

Someone knowledgeable needs to start a buying gold thread. I would love some advice.

g

It isn't a health care issue it is a tax loophole issue bundled in the bill.
Tanks there are 1/4 oz and 1/10 ounce gold coins. Obviously the smaller the coin the better IMO. This is also a good reason to take a serious look at silver.
BTW The current law does not require reporting unless the transaction is over $10,000.00

 

[Mattemma]

I would save it. It is rare to get equal or more that it is worth.Everyone wants to get a good deal.