Which payoff would you take, gold bullion or $4M cash?Prev Topic Next Topic

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Coin Toss

Zeta Reticuli Star System
United States
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January 17, 2006
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Feb 28, 2012, 6:06 pm

Illinois has a new $20 scratcher (there's an image in Instant Games).

Here's the top prizes:

5 PRIZES OF $4,000,000 PAID IN GOLD BULLION OR CASH!

Which would you take?

I'm wondering how the taxes would work if you opted for the gold.

The gold would be a gamble as it could go up or down.

I'm thinking taking the cash and buying some gold would be a good move.

What do you say?

Those who run the lotteries love it when players look for consistency in something that's designed not to have any. So many systems, so many theories, so few jackpot winners.

There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.
mcginnin56

United States
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Feb 28, 2012, 6:36 pm

Yeah Gold has been on the increase for years, peaking last year, and since then dropping a $100 or more a troy ounce.

I would be nervous about Gold dipping south again, and would definitely opt for good ol' cold, hard cash.
rdgrnr

100

The Hall Of The Mountain Kings Tennessee
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Feb 28, 2012, 6:38 pm

I'd take the cash cuz I'd get rid of a lot of it on real estate (farmland) right away.

And beefing up the bunkers of course.
Bigheadnick

Taunton, Ma
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February 11, 2012
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Feb 28, 2012, 6:43 pm

Well, with a war in Iran and or N.Korea almost immenant, I think gold is the choice. Gold is always high in war time.
Coin Toss

Zeta Reticuli Star System
United States
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Feb 28, 2012, 7:06 pm

People who win prizes on game shows, cars, vacations, furniture, etc...are taxed on the value of those prizes.

So if you went for $4M in gold bullion, what would the tax on it be and how would you pay it? (Other than selling a bunch of it off to pay the taxes, which seems a little silly).

Those who run the lotteries love it when players look for consistency in something that's designed not to have any. So many systems, so many theories, so few jackpot winners.

There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.
garyo1954

Texas
United States
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May 2, 2004
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Feb 28, 2012, 7:12 pm

Quote: Originally posted by Coin Toss on Feb 28, 2012
Illinois has a new $20 scratcher (there's an image in Instant Games).

Here's the top prizes:

5 PRIZES OF $4,000,000 PAID IN GOLD BULLION OR CASH!

Which would you take?

I'm wondering how the taxes would work if you opted for the gold.

The gold would be a gamble as it could go up or down.

I'm thinking taking the cash and buying some gold would be a good move.

What do you say?

I would check to see if as a winner I was expected to take possession of the gold before deciding. Be wise to have it as a investment, just not in your possession.

I'm probably here unless I'm not.
Dreaming would be a perfectly useless function if it's only purpose was to entertain.
haymaker

Egg Harbor twp.south Jersey shore
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Feb 28, 2012, 7:12 pm

Quote: Originally posted by Bigheadnick on Feb 28, 2012
Well, with a war in Iran and or N.Korea almost immenant, I think gold is the choice. Gold is always high in war time.

gold was around record highs back in the late 70s, but i think it was caused by skyrocketing interest rates,

morgatages 19% , car loans 12%, look at the rates we have now,i think gold is nearly peaked out,

unless we have some catastrophe.i'd take the cash and put quite a bit in real estate,its not going to stay down forever.

land,rental properties, REITS etc.

Extraordinary Popular Delusions & the Madness of Crowds -- Charles Mackay LL.D.
Bigheadnick

Taunton, Ma
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February 11, 2012
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Feb 28, 2012, 7:21 pm

Quote: Originally posted by haymaker on Feb 28, 2012
gold was around record highs back in the late 70s, but i think it was caused by skyrocketing interest rates,

morgatages 19% , car loans 12%, look at the rates we have now,i think gold is nearly peaked out,

unless we have some catastrophe.i'd take the cash and put quite a bit in real estate,its not going to stay down forever.

land,rental properties, REITS etc.

I agree, real estate is a great investment right now. It's only a matter of time before it rises again. Barrang an option to get the prize as part gold part cash. I take the gold, sell half and invest half of that into real estate and the other half would be my spending money.
James1

Florida
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Feb 28, 2012, 7:54 pm

I would take the cash and invest in real estate. I dont find it wise to take the gold at this all time high. In fact I had a bunch of gold bullion I inherited from my grandfather (he purchased for like $30 an ounce) that I sold last year for $1,700+/ounce and used the funds to buy a rental property.

2018 Biggest Win: $500 (multiple times but who cares about $500 right?)

All time Biggest Win: $4K ($5 Green & Gold)
sully16

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Ringleader

Michigan
United States
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October 28, 2009
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Feb 28, 2012, 8:06 pm

Cash for me.
savagegoose

adelaide sa
Australia
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Feb 28, 2012, 9:13 pm

i guess it depends on the taxes and capital gains.

with the money printing and ever increasing US debt, meaning debt ceioling is going up ever 6 months, i dont see the price of gold bottoming anytime sooon, not until there is a credible plan to balance a budg...

anyhow enough silly talk , GOLD

" Still swinging, still missing "
2014 = -1016; 2015= -1409; 2016 = -1171; 2017 = -1257 ; 2018 = - 1380 = TOT = - 6233

keno historic = -2291 ; 2015= -603; 2016= -424; 2017 =-427; 2018= -223 TOT = -3968

:
Coin Toss

Zeta Reticuli Star System
United States
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Feb 29, 2012, 1:02 am

Something else to consider, I think America once made it illegal to own gold.

What if you opted for gold and that happened again?

A fence isn't exactly going to offer you fair value and if it's illegal to own it, then what?

Those who run the lotteries love it when players look for consistency in something that's designed not to have any. So many systems, so many theories, so few jackpot winners.

There is one and only one 'proven' system, and that is to book the action. No matter the game, let the players pick their own losers.
GASMETERGUY

NASHVILLE, TENN
United States
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February 20, 2006
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Feb 29, 2012, 1:10 am

I would take the cash and buy land and gold. Of course, if the polls indicate that a Republican will win the White House, then I would sell the gold. The price will surely drop after the election. Land may decrease in value but when push comes to shove, you will need a place to stand. About 500 acres ought to be enough to stand on.
savagegoose

adelaide sa
Australia
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Feb 29, 2012, 1:26 am

actually illegal gold sold for more than face value, i think the 1 oz was $20 face, gold was $35/ oz officialy and sold on the street for $40 per oz

" Still swinging, still missing "
2014 = -1016; 2015= -1409; 2016 = -1171; 2017 = -1257 ; 2018 = - 1380 = TOT = - 6233

keno historic = -2291 ; 2015= -603; 2016= -424; 2017 =-427; 2018= -223 TOT = -3968

:
ShotokanWizard

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February 29, 2012
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Feb 29, 2012, 1:34 am

I would take the gold bullion only if they threw in an armored truck to transport it around. Otherwise I would take the cash and buy guns and maybe a small tank.

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