Gold predictions????

[4metals]

Just thinking about the forum format in general.

I agree completely, this thread was about gold price predictions in light of the American election. With the hope that a discussion about PM's and associated tax benefit would both yield decent information and be found in a search because the title pertains to the subject, I invite you to start a thread in the debates and discussions section.

 

[galenrog]

Perhaps a thread on PM's, and their associated tax benefits and rules/laws would be in order. Or do we continue here? Just thinking about the forum format in general.

Agreed. Perhaps separate threads for different nations, should interest be high enough. Start with US, UK, Canada.

 

[4metals]

I don't think my input in the new thread will be very useful, I studied chemistry, refined gold, but hired accountants! So this type of advice is above my. pay grade.

 

[Mike Low]

I will not get started on VAT and the problems between a logical interpretation and the accepted rulings concerning VAT Notice 701/21/ and Notice 701/21A. without suitable alcoholic lubrication.
In fact, it looks like those section of legislation have been republished since I last looked at them and made my enquiry.
So I will have to re-read them.
It turned out that the "Travel Industry" had similar thoughts and went to the trouble of conducting a VAT tribunal to try and argue their case.
They lost, and I have nowhere near the resources of the travel industry to employ the right people to argue my case.

I had to rush into Liverpool city centre many times with my hm customs cheque before they closed in customs house at 5.30 pm

I did feel like I worked for them collecting money owed and borrowing it for 3 months,
As I recall when I retired and closed my business I had to pay them 12k.

 

[Mike Low]

I am aware of this, we have brittania 1 Oz coins, face value of £10, a good friend of mine has been using his pension to buy this way.

He is buying them to pass on to the kids to lets say to the use this loophole, nice little rich man's law.
Has to be authorised denomination's , it's confusing.

I feel like minting my own coins

Brittania coins 1 Oz £2170 per coin
Spot gold £2075

 

[anachronism]

I have never heard or seen anything that indicate that UK, precious metals in the form of legal tender are considered to have tender value for inheritance tax purposes.
You can pass gold bars and coins onto your children without inheritance tax if you remain alive for seven years after you make the gift.
Gold coins produced by The Royal Mint are exempt from both capital gains and value-added tax.
Investment.
Maybe someone can find the HMRC advice concerning this.

The advice is available from a simple Goggle search which then links to many places that confirm this, including HMRC. Bullionbypost is a good starter. Yes of course you have the 7 year rule but that starts at the face value of the legal tender.

 

[Justincase]

The advice is available from a simple Goggle search which then links to many places that confirm this, including HMRC. Bullionbypost is a good starter. Yes of course you have the 7 year rule but that starts at the face value of the legal tender.

If it is easy, you should be able to cite your sources.
Such as "Investment gold coins (VAT Notice 701/21A)"

 

[flamington12]

He is buying them to pass on to the kids to lets say to the use this loophole, nice little rich man's law.
Has to be authorised denomination's , it's confusing.

I feel like minting my own coins

Brittania coins 1 Oz £2170 per coin
Spot gold £2075

Nothing confusing about it - basically a tax free asset in many circles that is always "guaranteed" to have value - right???

 

[Justincase]

Nothing confusing about it - basically a tax free asset in many circles that is always "guaranteed" to have value - right???

Just would not want anyone to liquidate their house and convert it into sovereigns without seeing the advice they are following in writing from HMRC themselves.
Not that anyone would go off half cocked and take the advice of internet people when it comes to nest-egg investments, I would hope.

 

[goldshark]

Just would not want anyone to liquidate their house and convert it into sovereigns without seeing the advice they are following in writing from HMRC themselves.
Not that anyone would go off half cocked and take the advice of internet people when it comes to nest-egg investments, I would hope.

I am wondering how Spanish pieces of 8, doubloons, ancient Roman coins are classified; bullion, or face value.

 

[Mike Low]

Not sure probably a specialist type of collecting, I suppose it would fetch a premium, like Australian nuggets, Alaskan gold, even clogi gold in Wales, I heard that medical gold is worth more, 9999 refined

 

[Justincase]

I am wondering how Spanish pieces of 8, doubloons, ancient Roman coins are classified; bullion, or face vaue.

2. Investment gold coins
2.1 Definition of an investment gold coin
An investment gold coin is either:
a gold coin minted after 1800 that:
is of a purity of not less than 900 thousandths
is, or has been, legal tender in its country of origin
is of a description of coin that is normally sold at a price that does not exceed 180% of the open market value of the gold contained in the coin.

 

[goldshark]

2. Investment gold coins
2.1 Definition of an investment gold coin
An investment gold coin is either:
a gold coin minted after 1800 that:
is of a purity of not less than 900 thousandths
is, or has been, legal tender in its country of origin
is of a description of coin that is normally sold at a price that does not exceed 180% of the open market value of the gold contained in the coin.

Good to know, Does that apply in the US, Europe, where? Thank you.