Gold and silver prices are down

Varmint said:
I think metals are selling off on the view that Trump won't tolerate so much Fed stimulus and easy money.
Click to expand...
Yes - he criticized Yellen during the election for keeping interest rates so low so I think you're right. But if Trump attempts to fix the debt he has two options: monetize the debt or default on it (or part of it). If he defaults, precious metals will be a safe haven. If he monetizes, inflation will be high and precious metals will move up. Either way, I think the long term prospects for precious metals is bullish.
 
Gold took the hit due to paper dumping. The CBO expects another $10 Trillon in debt by 2020 if nothing changes. Trump spoke of $1 Trillion 'infrastructure' spending. Further, he wants to pull back Trillions of Dollars into the US via taxes, fees and regulations - inflation is coming, and soon. I feel very comfortable with PHYSICAL Gold & Silver.
 
enbloc said:
Any new entrants into the Precious Metals game should consider recording their purchases over time. This will allow you to know your Dollar Cost Average when you sell or trade from your stack.

It's easy to do. Just record your date of purchase; amount of Oz. purchased; amount of Oz. held (over time); price paid per ounce; price paid total; total dollars purchased (over time).

I also add type of metals purchased. ASE, MAPLE, LIBERTAD, GENERIC, etc. but that is not critical.
Click to expand...

If anyone would like help doing this, I set up a spread sheet that auto calculates based on spot price.....


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enbloc said:
Any new entrants into the Precious Metals game should consider recording their purchases over time. This will allow you to know your Dollar Cost Average when you sell or trade from your stack.

It's easy to do. Just record your date of purchase; amount of Oz. purchased; amount of Oz. held (over time); price paid per ounce; price paid total; total dollars purchased (over time).

I also add type of metals purchased. ASE, MAPLE, LIBERTAD, GENERIC, etc. but that is not critical.
Click to expand...

How does the IRS know you're selling gold/silver, and what your cost was?
 
For anyone that is interested in the silver spreadsheet I use, shoot me PM with your email address. I have it set up to auto calculate for the following:

American Silver Eagles
Canadian Silver Maple Leafs
Rounds
Austrian Philharmonics

All you have to do is enter the quantity of ounces, then the price PER OUNCE you paid. The sheet takes care of the rest. You have to keep the spot price updated (lower part of the sheet).
 
Good buy Chet! I bought 10 1 Oz Engelhard prospectors (my favorite design) last week and I'm thinking I'll continue to add a few each week if the prices stay low.
 
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