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Keep Your Own Coins

October 24, 2011 by  

Dear Bob,

I just read the October (Bob Livingston) Letter™ and you have been mentioning about taking personal possession of any Gold or Silver that I own. I own some Eagles and some Gold but I called where they are stored and they said if I take delivery I would have to pay tax on the amount. Now how is that any different than buying 10 Silver Eagles and having them delivered to my home? I don’t pay any tax on them. Is there a maximum dollar amount I can withdraw without having to pay tax?

Thanks I enjoy your letters very much
Larry

Dear Larry,

It’s too late in this instance, but you must buy your coins from people who do no reporting and certainly don’t charge taxes. I would pay the tax and take delivery. In these times, don’t let anybody keep your coins under any pretext.

Best wishes,

Bob

Bob Livingston

is an ultra-conservative American who has been writing a newsletter since 1969. Bob has devoted much of his life to research and the quest for truth on a variety of subjects. Bob specializes in health issues such as nutritional supplements and alternatives to drugs, as well as issues of privacy (both personal and financial), asset protection and the preservation of freedom.

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  • CP

    It sounds to me as if you have done business with a very much for-profit business who intends to profit even more from the sale. I am almost willing to bet that the amount of “tax” they want you to pay is pretty close to the difference in value of the gold you bought when you paid for it and what it is worth on the day you demand delivery. In other words, you bought gold they did not have in stock to sell, so they will have to go out and buy what you want placed in your hands. No more than I agree with Bob, this is one area where he and I do agree one hundred percent. If you buy anything of value, demand that it be placed in your hands as soon as possible, if not sooner.

  • http://www.WallStreetCorner.com Larry Oakley

    I certainly agree that you should always take physical possession of any gold or silver that you buy. I am aware that some honest firms do have proper storage facilities, but just to be comfortable with any purchase you make, I’d suggest that you take personal physical possession.

    There’s another good reason to do so — if we have a situation when the value of our currency is a bit lower and you want to buy something, having your gold or silver readily available would be a distinct advantage.

    A few suggested rules to follow: (1) Do not tell anyone that you have gold or silver at home — while most of your family and friends are most likely totally trustworthy, they may mention it in some casual conversation with some other persons, and you gradually will expose yourself to possible danger; (2) With today’s comments in the news relating to the possibility that some banks may fail, it might be a good idea to avoid keeping any gold or silver in a safe deposit box. I recognize that most good reputation banke wouold probably not be a risk, but in any case, I’d consider avoiding the use of safety deposit boxes; (3) Be sure to keep a rather low profile in your way of life, in your conversations, etc. — do not let anyone ever get the idea that you have cash of any kind in or near your home.

    Larry

  • JimS

    It seems like daily a new gold/silver broker appears advertising/hawking their operation as the best place to buy/sell coins/bullion. Anyone know which metals vendor Bob recommends?
    *J*
    ~~

    • http://www.boblivingstonletter.com/ Bob Livingston

      Dear JimS,

      I recommend Franklin Sanders, The Money Changer. http://the-moneychanger.com/entry.phtml He is a Christian and will treat you right.

      Best wishes,
      Bob

  • http://www.ronpaul2012.com mjs
  • Susan

    I would suggest buying Gold in a Self-Directed RothIRA. It will then appreciate tax-free until you’re ready to sell.

  • Wapitiman

    I recommend Mom’s Silver Shop in N. California. They ship promptly USPS and delivery across the country only takes about a week. Buying a set dollar amount each month allows for ‘cost averaging’. I have found this to be very acceptable as my silver keeps growing.

  • John Thomas

    Bob:
    The tax on gold being held for you sounds fishy to me. If they try to really mess you over for wanting your own property consider this.

    Just offer to let them buy your physical product back and send you a money order for the current going price. That should save shipping and handling costs too… Then take that money and reconvert it to the product that you really want with a reliable outfit.

    Good luck.

  • Tim Ryan

    Bob, along these same lines….do you recommend that if we have precious metals in an IRA that we go ahead and take delivery in spite of the tax penalty that we’ll pay?

    Thanks, Tim

  • s c

    In these times, I can’t imagine that anyone could consider buying coins and not physically “have” them. Some people might get the impression that you have more money than common sense. Whatever your situation is, please don’t let ANYONE tell you it’s OK to store them elsewhere.
    Take possession and find a place for them. Either common sense is
    important to you, or you’ve found a reason to replace common sense with a new kind of stupidity.

  • ib12541

    I would recommend going to http://www.silversaver/share/43JNH. Finally, one can save either silver or gold using a dollar cost average approach for as little as $25/week or $50/month. Once you have accumulated either 20 ounces/silver or 1 ounce/gold then with just a few clicks of the mouse you can have your metal delivered to you in just a few days.

    This dollar cost averaging is also recommended by James Turk and David Morgan.

    Good luck to all and happy stacking!

    ib12541

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