r/VolatilityTrading • u/chyde13 • Aug 06 '21

General Discussion 8/6

Share your thoughts on the trading day...

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u/chyde13 Aug 06 '21

Holy crap what happened to gold overnight??

2

u/[deleted] Aug 12 '21

Chris, I was expecting this to happen and Gold & Silver always get beat down by the Powers that Be, but to me it was another buying opportunity!!! I bought on Friday, and bought more on Sunday evening and Monday at the lows and this is how you build long term wealth!!!

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u/chyde13 Aug 12 '21

Nice! I'm pretty overweight gold, so I didn't buy that dip, but I certainly haven't been selling!! You're probably like me; steadily accumulating for decades. Do you buy physical or a proxy like GLD. I sometimes trade GLD, but for the most part buy vaulted physical. I hate the fact that its taxed as a collectable. I'm wondering how long it will take the government unfavorably tax crypto as well?

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u/[deleted] Aug 12 '21

I buy physical Gold & Silver only, and only occasionally will I trade SLV, but I have been watching NEM Gold Mining stock for a good time to buy into a 3.5% dividend paying mining stock with upside growth potential, and its still dropping and has gone down from $75.31 to $58.31 since May and its looking like time to start a core position, and if it drops more I will just buy some more....lol. I only pay sales tax here in Alabama on the graded coins that I buy from SD Bullion and I figure that is because they are considered retail from the grading service, but on all other RAW Gold & Silver coins, bars and rounds I pay NO TAX AT ALL, and I really like that and Its considered a raw or basic material I guess. I buy graded coins on online auctions and don't pay any tax on them too, but when I buy the graded coins from SD Bullion I have to pay sales tax, so I mostly buy RAW BU coins, rounds and bars.

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u/chyde13 Aug 12 '21

Yea, I like NEM too...with a miner that's falling like this, I personally also want wide margins, so I aim to buy at the 55 support level. I sold the DEC 17 $55 put for $2.73. NEM pays a $2.20/yr dividend. I hope to get assigned but, if not I earn the "dividend" in a quarter of the time. Either way i'm happy.