Gold Rush Of 2008

Well, if it comes to that day, I will be on high alert and cradling my rifle... because paying with specie again means the end of fiat currency and this cycle of the economy, which undoubtedly will lead to distress, violence, and etc... so I hope it doesn't come to that.

And gold in Asian trading is up almost $15. Just a note...
www.kitco.com

Okie-Colin, being in the biz that I am, please permit me to point out that the term "cost basis" has specific technical meaning in the tax world. When you say that "My cost basis is zero as they were a gift.", that is not accurate for federal tax purposes. Your basis is "actually the cost the giver paid for whatever was gifted. Should you sell and report the transaction on your tax return, the difference in definition of cost basis could result in enormous differences in the amount of capital gains tax due. If you simply meant that it didn't cost you anything out of pocket, then, well, er.....never mind."

Well since I said they were a gift and that I paid nothing for them than shouldn't it be fairly obvious that is what I meant? I don't want to get into a technical discussion about capital gains taxes on a coin collecting forum, but perhaps you might want to start another thread in the general coin forum about proper tax handling for those of us who have been gifted with collections and resell them.

I didn't mean to sound so snippy. My apologies to you. I actually think the information you have could be of interest to the forum and to me. I have often wondered how the tax codes handle inherited collections, bullion coins or other personal property that are sold by heirs when there is no way to determine the cost basis? You are correct that I used a term in my post that has other meanings.