Hello. I have been considering buying gold as a way to preserve the value of money and to fight inflation. I think that most likely I would be buying Suisse Lady fortuna gold bars.

I think that at one point, I would probably want to sell my gold bars if the price is favorable. However, I can't think of too many places that buy gold. I think banks are one of them. However, I read that they make you report a capital gain or loss, which I would rather not have to.

Anyway I am just wondering if there are better ways to sell my gold bars. I especially don't want there to be a paper trail for certain...reasons.

Thank you.

Nice try, IRS.

Jewelers

Hold off until the entire U.S. debt market collapses, which could very well be right around the time WW3 pops off... Given sufficient time, humans may pull themselves back together into some semblance of society.

Whenever that happens, physical ownership of commodities like gold will truly begin to shine. You will probably be long gone, but with enough tenacity and luck, at least one of your ancestors will be able to use that rare earth mineral to barter goods and services and have a much better life.

If that doesn't tickle your pickle, then sell it on the internet.

Can you just get a friend to buy it from the bank for you, and/or someone to sell it when the time comes? Since it's not the same person doing the buy and sell, they won't track a capital gain/loss?

You likely do not have the right instruments to check for the gold's purity, so getting it from a reliable source is quite important.

Thank you all for the replies.




I think you brought up something very interesting, something I hadn't thought of.

I have never tried to sell gold to a bank, so I know nothing about the process. However, it just seems like it would be difficult for them to force me to report a capital gain/loss, because they don't have a clue how much I bought the gold for. And there are places where we can buy gold using cash. They will only know how much I am selling the gold for and they usually don't know how much I paid for it.

Best post I’ve come across in a while

Yeah except I should have said 'descendants' instead of 'ancestors'. Woops.

This post was edited by Decarnate on Nov 29 2022 08:52am