03
Sep
2009
Gold Rising From Its Slumber
Gold has just broken through $987 an ounce. I don’t suppose if it breaks $1000 before Labor Day, you guys would give me my “by summer” gold call, will you? Nah, didn’t think so.
Anyway here’s another way the government does its best to keep you in your financial prison:
[S]ince the IRS has determined gold to be a collectible, owning physical gold would subject the investor to the special long-term capital gains tax rate of 28 percent, not the normal 5-percent or 15-percent ones. (For less than one year it is 35-percent.) Owning shares of an ETF that holds gold or silver makes you subject to the higher rates.
Comments are closed.
