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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: Taikun who wrote (31780)	10/25/2004 5:10:48 PM
From: Lhn5	Read Replies (1) \| Respond to of 39344

If you don't know the 1 ounce rule do you have to follow it? Goldmoney doesn't have any Eagles as far as I could tell. Why would they?

To: Taikun who wrote (31780)	10/25/2004 6:06:27 PM
From: Jon Warren	Respond to of 39344

They store 400 ounce bars. goldmoney.com Where are my goldgrams stored? All goldgrams are stored at VIA MAT International Ltd. in the form of bars that meet the standards of the London Bullion Market Association. Each bar weighs approximately 400-ounces, which is about 12,500 grams. VIA MAT stores the bars in a secure precious metals vault that it owns and operates near London, England. All gold stored at VIA MAT for use as goldgrams remains the property of the owner of those goldgrams. Neither VIA MAT nor GoldMoney have any ownership interest in the customers' gold in VIA MAT's vault. I have not set up an account with them. Just looking at the web site and thinking about it. JW

To: Taikun who wrote (31780)	10/25/2004 7:38:54 PM
From: Claude Cormier	Read Replies (2) \| Respond to of 39344

< opened my GoldMoney account. The server was very busy. :))) Of course, thousands per minute are opening accounts <g> <Every time you purchase GoldMoney grams is it an investment <in gold and every time you sell GoldMoney grams to purchase <something is it a liquidation of gold? < I do not view it like that. It considerer it as an exchange of currency. But your interpretation is probably how the IRS will interpret it as well. <I am asking since gold is a collectible, the maximum capital gains rate is 28%.> I have no idea about US tax laws. I do not sell my Goldmoney so I do not have gains to report. Goldmoney does not report anything. If I sell one day, I think they will be capital gains... unless we are on a gold standard <g> I certainly intend to evaluate all legal issues at that time... Gold is not a collectible as far as Goldmoney is concerned. It is a currency. That is why I intend to hold on it. <In addition, Americans are required to report all sales of <bullion in 1oz sizes or more, particularly non-American Eagle <bullion (I am sure GoldMoney holds a variety) to the IRS. Goldmoney gold is of only one kind: 400 oz LBMA bars. No coins. < If so, are you required to report to the IRS?> In theory yes. I guess. You should declare capital gains. Goldmoney does not report to the IRS as they are not under US jurisdiction. So it is your responsibility to do these declarations and pay taxes if you want. Question. Does the IRS allows you to claim losses for the decline of the USD?