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catoismymotor (46.33)

Deciding to live on the gold standard? Help!

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July 16, 2009 – Comments (6) | RELATED TICKERS: GG , CEF , SLW

I recently heard in passing a conversation between two people. Person A said, "I wish we had never moved off the gold standard." Person B replied, "I've decided to live on the gold standard. To (warm place) with bad decissions made by past presidents." How does one decide and then execute the idea of living on the gold standard? How would this work? Chris? GMX? Anyone? Help! This idea has me intrigued. I would Google or Bing! it (sounds dirty) in order to get some details but I would rather turn to those I repect in the field of precious metals and mining before reading what others have to say.

Thank you,

Cato

6 Comments – Post Your Own

#1) On July 16, 2009 at 10:36 AM, InflationSilver (99.95) wrote:

Was he a rapper?

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#2) On July 16, 2009 at 10:53 AM, catoismymotor (46.33) wrote:

No. You are thinking of DMX. GMX is short for GoldMiningExpert, a CAPS player.

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#3) On July 16, 2009 at 12:00 PM, leohaas (31.91) wrote:

Very simple: convert all your assets into physical gold. And whenever you receive money, convert that into gold as well. Then sell on a weekly, monthly or as-needed basis what you think you need for the period. Kinda like the way you'd use an ATM.

If you decide to only do business with like-minded people, you can probably get them to accept your gold as payment.

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#4) On July 16, 2009 at 1:09 PM, ReadEmAnWeep (58.46) wrote:

If you convert all your assets to gold, or lets just say invest in physical/actual gold, do you avoid taxes on the appreciation?

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#5) On July 16, 2009 at 1:35 PM, silverminer (30.93) wrote:

ReadEmAnWeep

No, unfortunately gold and silver are treated by the IRS as "collectibles", giving them the highly ironic ability to tax them at the highest capital gains rates.

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#6) On July 16, 2009 at 5:14 PM, ReadEmAnWeep (58.46) wrote:

silverminer,

man, that figures. I thought I had finally found a nice little hole. lol.

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