But the cash is more liquid. Selling $70M worth of gold is a hassle and would invite unwanted attention. $50M in cash you can spend right away.
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deranger@sh.itjust.works 2 weeks ago
Bills weigh 1g, and 1g of gold is >$100, so I’m going with gold.
socsa@piefed.social 2 weeks ago
red_bull_of_juarez@lemmy.dbzer0.com 2 weeks ago
Cash in this day and age is a huge pain in the butt. Sure, you can get groceries and some tech. But buying a house or even a car or pay for services? Impossible to very inconvenient. Even just paying for everything in cash will be a problem if you ever get audited. You’d need to launder the money somehow and at that point you can also take the gold.
UnspecificGravity@piefed.social 2 weeks ago
Another critical difference:
If you got a million dollars in cash you were obliged to pay taxes upon receipt, and if you did not do so and you try to deposit it, you are going to get flagged for a tax audit and subject to criminal charges.
If you got a million dollars in GOLD you don’t pay taxes until you sell it. So you can sit on it for years and then sell it and deposit it and you only pay taxes at that moment and have not broken the law in doing so.
Money is income, Gold is just gold until you turn it into money.
red_bull_of_juarez@lemmy.dbzer0.com 2 weeks ago
Good point, but after a while someone would still want to know where the gold came from. Unless you sell it so slowly that it’d be barely useful to you.
CultLeader4Hire@lemmy.world 2 weeks ago
You’re saying I should open a car wash?
red_bull_of_juarez@lemmy.dbzer0.com 2 weeks ago
On the advice of counsel, I decline to answer that question.
boonhet@sopuli.xyz 2 weeks ago
The point of laundering is to wash money acquired illegally. Meaning you still have to pay the taxes.
If the 500 KG of cash lands on your lap legally and you can somehow prove that, you can just declare it as income and pay the taxes. If it’s drug money or something then you’ll have to launder.
UnderpantsWeevil@lemmy.world 2 weeks ago
Cash in this day and age is a huge pain in the butt.
The initial deposit would be tricky, but after that it’s pretty straightforward.
wonderingwanderer@sopuli.xyz 2 weeks ago
Would it raise as many questions if you inexplicably receive a priceless painting as a gift from an anonymous benefactor and then sell it on the legitimate market?
OwOarchist@pawb.social 2 weeks ago
$50M in cash you can spend right away.
Maybe the bank won’t be too curious, but the IRS will definitely notice.
UnderpantsWeevil@lemmy.world 2 weeks ago
Just pay taxes on $50M. Then you’re left with around $25-35M depending on how you report it.
And that’s more than enough to live comfortably on interviewing l indefinitely
sp3ctr4l@lemmy.dbzer0.com 2 weeks ago
IOUs based off of gold are literally how many modern fiat currencies started.
What in the hell do you need to spend $50M on, right away?
Not to mention gold being around 140x more valuable per weight.
Those weights of either gold or currrency are going to require a vault or armored car and a crew of people with a forklift to either store or hold anywhere.
You’re gonna be bringing both to a bank.
Suddenly showing up with or trying to spend or sell those volumes of either gold or cash is going to get you a visit from the IRS, Secret Service, and FBI, and maybe CIA.
adarza@piefed.ca 2 weeks ago
wolframalpha says the gold is worth about $22m more, but it’s a no-brainer. gimme the cash. the extra ‘value’ in the gold is not worth the extraordinary measures needed to deal with it.
Catoblepas@lemmy.blahaj.zone 2 weeks ago
So only go with bills if they’re in denominations >$100. I guess this would work better with euros.
TheTechnician27@lemmy.world 2 weeks ago
I agree: you’d probably pawn the gold off to some billionaire for some nominal amount less than its face value. (Would the government would let you as a private citizen just sell them like $70 million in gold?) I’m assuming this is legal, in-the-clear, and it doesn’t matter if we assume it was created out of thin air.
I say “less than” because the buyers know you probably lack connections and just want it gone ASAP so you’re not robbed or worse. Still, whatever percentage hit you take can’t be anywhere near the 40% difference between the cash and the gold.
billwashere@lemmy.world 2 weeks ago
Yeah by my calc a 1kg of $100 bills is about 100K, but the kg of gold is roughly $140k-150K (I just checked and its $144K)
But then I’d have to sell the gold…
A_Union_of_Kobolds@lemmy.world 2 weeks ago
Around $140/gram currently for those curious
Asafum@lemmy.world 2 weeks ago
So then, however disgusting the thought, if they do make the trump $250 bill then that would be the only case where taking the cash is the better deal (putting ease of use for gold vs bills aside)
Evil_Shrubbery@thelemmy.club 2 weeks ago
WWII killed the 500 bill (that was gold-backed at the time) so now ppl have to smuggle gold.
Smaile@lemmy.ca 2 weeks ago
for a little while, yah ;)
basxto@discuss.tchncs.de 2 weeks ago
Reminds me, that we are sadly phasing out €500
anomnom@sh.itjust.works 2 weeks ago
You’d think it would be popular with the drug dealers, but I guess crypto maybe has taken its place.
BlameTheAntifa@lemmy.world 2 weeks ago
So $70,000,000 in gold or $500,000 in dollars.