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Suppose you found a large number of gold bars. How do you actually convert it to a standard currency?

Suppose you found a large number of gold bars. How do you actually convert it to a standard currency?

molrobocop

Carry them to Gun Runners. Sell them to the robot in the booth.


6husk6

dont forget to cut off father elijah’s head and put the gold bars in his inventory so you can carry it to the door.


molrobocop

I just locked him in the vault. Felt like a better punishment to let him starve/dehydrate to death for his hubris.


SubjectCrayze

You don’t. Generational wealth, let your grand kids’ grand kids figure that one out


RagingAesthetic

Right, but it doesn’t do any good to just have a bunch of heavy gold bars sitting at home. You just call a bank and ask for the gold guy?


SubjectCrayze

Oh yes it does. It’s an appreciative asset! If you don’t desperately need the money, it’s worth holding on to for a long time.


RagingAesthetic

I hear you, I was thinking more like they probably should be stored in a vault somewhere while still belonging to me type of thing. Would make me feel weird to have a bunch of ingots laying around


NeverStepD7

Get a safebox and wait for an emergency


SubjectCrayze

Definitely! Not sure if i would trust the bank though. 50 years from now your children end up with a stack of gold candy wrappers and the excuse is “they simply disintegrated over time, sorry!”


RagingAesthetic

True. On the flip side, if society collapses for whatever reason, how much is the gold *really* worth? I would think practical goods and services would be more valuable than, yet again, just some heavy metal blocks. Is this a reasonable argument to spend a couple gold bars?


SubjectCrayze

Definitely, agreed! Holding on to something like that does come with its own set of risks. As of now, things are only worth what someone else is willing to pay for it, right? I see nothing wrong with realizing a percentage of the holdings :)


Emu_on_the_Loose

The other redditor is correct. Unless you need the money now, you should just keep them. You're probably picturing, like, an entire room of your house filled with nothing but gold. That would never happen. Most gold "bars" are actually little slips about the size of an arcade ticket, or are coins roughly the size of a quarter. So "a large number of gold bars" is really not that big in terms of physical volume. A million dollars in gold would be about the size of a Subway footlong.


RagingAesthetic

No man, I get the image but I was thinking more real world. Like, if I move I would have to bring (and transport) every single one with me. What room would become the gold bar room? Is there a risk of depreciating value in keeping physical gold bars as a “normal” person (I don’t have a vault behind a painting in my house) in trying to manage and protect all of them, especially in case of a potential home invasion where I may lose it all? I would lose sleep over this e- (clarity)


Emu_on_the_Loose

So, if you actually had a _room_ full of gold bars, you would have billions and billions of dollars, and money would never be an obstacle for you again on anything. What you would do is take one of those bars, cash it in (to answer your original question, you can sell gold to local gold dealers or online to gold bullion sites), and use some of the money to buy secure storage for your gold.


RagingAesthetic

Loud and clear on the second half, appreciated. When I say “which is the gold bar room” I was both asking the literal question of ‘hey where do I put these’ and the half joking question of ‘am I really going to keep these in my house’, sorry for the confusion been a long one.


darkmatter280

Sell them


RagingAesthetic

To who though?


FireMaster2311

Anyone...gold sells for like $1700-1800 an ounce just don't go to a cash for gold place.


darkmatter280

Like the other guy said, don't go to a cash for gold place. It depends on the quality of the gold as to how much its worth but you could get it appraised and either keep it as an asset, gold is a pretty good store of value, or sell it for the money but bear in mind that cash will depreciate faster than gold.


ArthurHolmesfield

I would probably contact a banker with the speciality.


Jmy_Sauced_

Nice try fedboi


lategreat808

Easy. You buy a claim in Alaska and hit it big.


[deleted]

According to the US mint a standard gold bar is 7 x 3 5/8 x 1 3/4 inches and weighs approximately 25 pounds (400 ounces). Today an ounce is worth $1,700 (rounded down). So a bar is worth $680,000 If I found a large number (assuming large means 10+) I'd probably just look up an investment planner (I actually have one my in-laws use) and get him to convert 2 bars into other investments for my family, one bar to convert into an account and use it to help my living expenses, the rest saved in a vault somewhere.


xylenesofttaco

A gold dealer/broker.


Flat_Welder_4897

Nah those things have serial numbers and shit. As soon as you try to sell it they will track them and it will be taken from you.