Like the title says…

Anyone have an honest and trustworthy source to buy physical gold or silver?

I figure if anyone knows…it’s you guys! lol

Cheers!

Not sure what you mean by honest and trustworthy. This stuff is either sold by the weight or as coins of a known value. That value is on the content of silver or gold and the weight.

Take a look on the web. It will tell you on a daily basis what the price is of various metals. I look at coinflation on just about a daily basis. There are others.

Why in metroplex? The mega bullion dealers like https://www.texmetals.com/, https://www.jmbullion.com/, and https://www.apmex.com/ offer free shipping and will be cheaper than any local storefronts will be.

This is true. If you go to local places like Dallas Gold and Silver Exchange, you're going to pay a hefty premium. But buying bars and rounds at a site like apmex.com you will pay a much smaller markup. I know from experience.

This. But I wouldn't be buying any gold right now. JMO.

Do they charge sales tax?

APMEX. Not a good time to buy though.

Do they charge Sales Tax now of days?

100% agreed

Where do you suggest stashing cash?

I only see CD's as a good investment right now with 5% return rates

Do they charge sales tax now?

I would take 5% all day and all night.

Agreed. I've bought from JM Bullion and Apmex over the years. Rarely, once in awhile have received a questionable item and both companies exchanged the item without difficulty.

Also agree with the other posters that this may not be the best time to buy. But if you want to buy, I could probably pull a few gold & silver things out of the safe that I'm willing to part with at current prices.

Scottsdale Mint does not. I don't recall if Apmex does or JMB.

Especially since we're talking storing stacks of precious metals. Who wants to store it?! Yeah, yeah, there are storage services, but I don't know of any that are free. If there are please share names.

I wonder if you have to pay sales tax when you sell it as well?

Precious metals are captial assets in the eyes of the IRS. Meaning, when sold capital gains may be due in the seller's annual tax filing. Depends on the seller's tax situation.

I don't plan on selling. I'll either barter with it - hopefully we don't get to that point. Or it'll get passed on when I die and the recipient will deal with it though with a reset cost basis.

I am trying to see if state taxes eat you both ways when you buy and sell gold coins.

I don't know anything about coins, but i know any of the big dealers will have tax info (per state) on their site. Additionally, Texas wants tax on the purchase (of bars - I assume coins as well). There would be no state tax on the sale. Though I'm not a CPA, so maybe I'm wrong. Google knows far more.

Texas does not charge sales tax on precious metals.

If you buy precious metals and sell it at a later date for a profit you owe capital gains tax on the gains. This means you would need to keep track of what you paid for the metals and what you sold them for to calculate and report the gains.

I am certainly not advocating anything illegal but there is really not a paper trail with precious metals and I bet the vast majority of people that sell metals do not report the gains or pay any capital gains tax. Someone for example could have bought a coin years ago with cash for $1,000 and then sell it to a neighbor or whoever for $2,000 cash today. I doubt they would be calling up uncle same to pay taxes on that gain.

Here are the reporting requirements to the IRS if you sell to a dealer. https://www.jmbullion.com/buy-back-...FQ6_rFsrcOtW86FDLAsoGEUu2wAaAivWEALw_wcB Most things are exempt and never get reported. The only way the IRS will know you sold them is if you tell them.

5% is a guaranteed loss. Inflation is currently 6%. Put 100k in the bank today , earn 5% and in a year you have 105k. Sounds great at first but something you could buy for 100k today will cost 106k in a year so you tied up your money for a year and after that year you cant buy what you could when you first invested it.

Storing metals is no biggie. If you are talking gold it takes very little space. 100k of gold would probably fit in a soup can. Stick in your safe, bury it in your yard, hide it in your walls, attic, whatever.

Long Term Capital Gains rates on any asset can be zero if your taxable income is low enough. You could sell stocks, land, anything, that is held over a year and pay no Long Term Capital Gains tax.

https://turbotax.intuit.com/tax-tip...s-taxes-brokerage-accounts-etc/L7KCu9etn

I would bet anything this will change, especially under Biden. However, this is the IRS guideline today.

It's all relative. Guaranteed compared to what? Keeping it under the mattress? Nope, that 5% won. An open market equity? You're rolling dice. Of course you're right about current inflation and the 5% example cited. The difference on $100k is trivial though.




If I want something today for $100k I buy it today. I wouldn't put that money elsewhere and then buy in one year.




...have your house robbed or burned down. Sure, the yard is the safest of those you listed. Lol. No recourse in the event of a loss (*depending on insurance coverage I suppose, I hadn't previously considered that). But, what about a storage service? I don't know since I haven't found a free one. Though I know bank safety deposit boxes are not protected. [censored] happens with them though. Yes, highly unlikely. Silver is not as space efficient. Yes, the difference on the scale that common people may have is laughable.



My diversity is diversified. I'm good.

I stacking up my 5% loss every month, I am getting $350 per month for every 100K each month, I am loving it

I'm not totally clear. I thought the dealers report as well separate from self-reporting. That's not the case?