End Game: Tax on gold

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#1 Mon, Sep 12, 2011 - 5:02am
I feel like Turd
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End Game: Tax on gold

So the dust settles after all this financial turmoil with FIAT. Gold is now worth a fortune. What's to stop the governments taxing it or introducing law that will have effectively eliminated the money you've made from your forethought of purchasing it now?

Edited by: I feel like Turd on Nov 8, 2014 - 5:31am
Mon, Sep 12, 2011 - 6:07am
dirk
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I believe it's inevitable.

I believe it's inevitable. When things seem too good to be true....

And when it hits: https://www.youtube.com/watch?v=P5AxJ2oqi0U

Where does it end? When we value a grain of gold like a grain of sand...
Mon, Sep 12, 2011 - 6:53am
ohiometalman
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My 2 zinc cents....They can

My 2 zinc cents....They can tax the paper gold, they do already thru capital gains. If they try to tax the physical, people who own it will treat it as cash and make trades on gold for assets (cars, real estate, cattle...whatever) and avoid it. Why do you think goverment/banks hate the metal so much? They cannot control it.

Mon, Sep 12, 2011 - 9:26am
Hammer
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If they tax gold, they will

If they tax gold, they will seriously p off some very serious players it, so I can't see it personally.

"I found a flaw in the model that I perceived is the critical functioning structure that defines how the world works." - Alan Greenspan, October 2008 WTF ! Now you tell us !!!
Mon, Sep 12, 2011 - 2:59pm
Dr Durden
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You know who's going to own

You know who's going to own all the physical gold one day? The banks, not people. No sense in taxing something no one owns.

Read Bix Weir's Road To Roota theory/letters if you haven't yet. I'm with him; they know better than anyone that fiat will not sustain and gold is real money. Their smokescreen in the mean time is to make it look like a worthless, barbaric relic. The funny thing is, to 99% of the sheep out there, it WORKS!

Got GIABO? "It's called the American dream, because you have to be asleep to believe it." ~George Carlin
Mon, Sep 12, 2011 - 3:54pm
UGrev
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I'm thinking black markets

I'm thinking black markets will take over as the REAL free markets..

Mon, Sep 12, 2011 - 4:20pm
tmosley
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When the fiat currency falls,

When the fiat currency falls, the government falls. That's all there is to it. Gold won't be worth a hundred billion or a hundred trillion an ounce for long. Very soon after, it will be worth infinite, and the government won't be able to compel workers to come in and enforce their laws any more.

Mon, Sep 12, 2011 - 6:47pm
Mr. Picklepants
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I lurk on many ron paul/pro

I lurk on many ron paul/pro metals forums, and I'm still amazed at the amount of people who don't come close to comprehending what a currency collapse will do. I still see posts like "What about student loans?", "What about outlawing gold?" "What about credit card debt"? "What about house payments?"etc.....

When the currency dies, that all goes away. The government itself cannot function. You will not be worrying about any of those things. You will be thinking "Holy fu*&*ing sh*T". That includes myself, because no matter how much I expect it to happen, I still won't believe it when it happens. I still probably won't be mentally prepared.

As Tmosley said, government officials won't be getting paid. How are they going to do their jobs? It will be a giant reset. It will be at least 6 months of "holy f*(^*(( shi*&((!!!!". Then tyranny, or freedom.

Tue, Sep 13, 2011 - 10:47am
BASEBALL 13
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What to do With Your gold WTSHTF

Gold fever as price hits new high

Looks good to me...

Wed, Sep 14, 2011 - 1:15am
Drifter
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An interesting point I

An interesting point I noticed today.

Story on Drudge says new poverty figures are in @ 15% of the US population in poverty @ $23k/yr per family of 4.

Argentina poverty figure was % 15 pre 2001 currency collapse, afterwards %60.

OVERNIGHT.

Wed, Jan 4, 2012 - 3:39am
Senseosensei
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Bumping this for a question

I think it's safe to assume we all agree gold will be valuable in the end. And that it is wise to get as much of it as fiat can buy.

But let's assume we get the big announcement that the gold standard has returned. Who owns most of it? The same people that call the shots today? The elite few that probably will have 80% or more of whatever gold is still there?

What is bothering me, is if we are better off then, or if it will be business as usual with the same old same old having the power. I mean being rich by then is surely better, way better, than being poor, no question about it. But are we really better off then ? Does our society change? Or did we just move up in the food chain because of our new (golden) wealth.

Or should i not bother at all and just stack 0_O

Mon, Jan 23, 2012 - 3:58pm (Reply to #11)
lilbromarky1
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Senseosensei wrote:I think

Senseosensei wrote:

I think it's safe to assume we all agree gold will be valuable in the end. And that it is wise to get as much of it as fiat can buy.

But let's assume we get the big announcement that the gold standard has returned. Who owns most of it? The same people that call the shots today? The elite few that probably will have 80% or more of whatever gold is still there?

What is bothering me, is if we are better off then, or if it will be business as usual with the same old same old having the power. I mean being rich by then is surely better, way better, than being poor, no question about it. But are we really better off then ? Does our society change? Or did we just move up in the food chain because of our new (golden) wealth.

Or should i not bother at all and just stack 0_O

I personally am not hoping for a gold standard. A gold standard is flawed in that it pegs a certain abstration such as a "dollar" to the metal, and doesnt allow it to float.

Gold doesnt need a gold standard for it to perform well, it just needs the dollar to collapse and for people to generally lose faith in paper.

If humans want any chance of avoiding this problem in the future, items should be priced in ounces of metal. There can be a currency derived but the money itself should be metal. Any attempt to take something that was once money and apply a unit of currency to it such as a dollar, or a zwote, or yen is just one step that governments take to obscure the true definition of what money is. Its a ruse, a con-job, a hornswaggle.

Like my ideas? Check our blog at: https://backtobasicseconomics.blogspot.com/
Mon, Jan 23, 2012 - 6:46pm (Reply to #12)
unknownrider
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deja vu all over again

Posted this on prepare accordingly yesterday. I have the same concerns, but that hasn't stopped me from buying PMs...

I've been meaning to post this question for awhile, so here goes. I am relatively new to all the " what to do when TSHTF " stuff. I've bought some physical, bought some PHYS held in my 401K, making some preps around the house, etc., but I still read about the possibility of a future high tax on gold and silver. I'm reading this in many places, from reputable people that are pro-PMs, not the idiot "gold bubble" media bunch. Some say that if a future global currency is based on a basket of commodities that include gold and silver, governments ( not just the U.S. ) would impose such crippling taxes on redemption that it would negate a large portion of one's profits. Certainly, if the government smelled a profit there, they would enact such a tax overnight.

I'm trying to get my head around the optimum scenario here. One could sell their gold as it enters it's phase transition, let's say $5000.00/ounce for starters, but presumably taxes would have to be paid as you go. ( Today, tax rates on gold or silver is 28%, because it is considered a collectable. Some suggests future rates as high as 90%, although that seems like an extreme ).

One could hold their gold and silver until the smoke clears, if it ever does, and be sitting on the greatest investment of their lives, but then what? I personally don't think we will ever get to the point where we will be buying goods and services with those coins/bars. Also, I'm a little tired of hearing this one " I'll get rid of my gold coin when I can trade it for a house ". What the hell is that supposed to mean?

I'm sure there is someone out there that has been buying PMs a lot longer than I have and can provide some real answers here. I will add that I am thinking of buying more PMs and commodities in general, so I'm on board here, just can't shake these nagging feelings and would like some thoughts. Thanks.

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