Two French kids reportedly discover gold bars worth over $100,000 during lockdown

tommy44

Popped up on CNBC today on Europe News.

Edited to provide a different link.

https://www.insider.com/french-kids-found-gold-bars-in-lockdown-quarantine-france-2020-5

ricko

Wow... What a great find....Imagine the thrill of such a discovery. Cheers, RickO

MsMorrisine

tax rate? 100%

Timbuk3

I can't retrieve it !!!

taxmad

@Timbuk3 said:
I can't retrieve it !!!

https://www.insider.com/french-kids-found-gold-bars-in-lockdown-quarantine-france-2020-5

johnny9434

Something there likely not to forget in a hurry

Timbuk3

Thanks taxmad !!!

SaorAlba

What I cannot figure out is why the descendants of the old lady that bought them in the 1960's and stuffed them away thought auctioning off something and taking the hit on commission is better than selling them to a refiner. And then there is the tax - so with commission and tax lop off $40K in your return.

tommy44

@SaorAlba said:
What I cannot figure out is why the descendants of the old lady that bought them in the 1960's and stuffed them away thought auctioning off something and taking the hit on commission is better than selling them to a refiner. And then there is the tax - so with commission and tax lop off $40K in your return.

I agree, and why do people sell grandmas gold jewelry to the "we buy gold" guy at the local hotel when he passes through town a couple of times a year. Everyone isn't as smart as us forum folks.

SaorAlba

@tommy44 said:

@SaorAlba said:
What I cannot figure out is why the descendants of the old lady that bought them in the 1960's and stuffed them away thought auctioning off something and taking the hit on commission is better than selling them to a refiner. And then there is the tax - so with commission and tax lop off $40K in your return.

I agree, and why do people sell grandmas gold jewelry to the "we buy gold" guy at the local hotel when he passes through town a couple of times a year. Everyone isn't as smart as us forum folks.

Tell you what, my grandma raised me and was a sharp tool in the shed and taught me better than to eff up by selling cheap.

CaptHenway

Right. Commercial kilos worth roughly $55,000 each at melt. Sell them to a refiner and you should get 96-97%. Sell them through an auction house and get what? 70%?

SaorAlba

@CaptHenway said:
Right. Commercial kilos worth roughly $55,000 each at melt. Sell them to a refiner and you should get 96-97%. Sell them through an auction house and get what? 70%?

Uh, the French state will take 41% based on the likely outcome of the auction. Sell them to a refiner, you might find one that won't report the purchase/sale to the state - negates pernicious tax letting.