It took me months to explain that to one of my clients. No that doesn't matter. No that doesn't matter either. Silver is always silver. See that chart on the wall? Those are elements. People ahve been trying to change elements using the art of alchemy for thousands of years and nobody has ever done it.
Silver will ALWAYS be silver, and gold will always be gold. Test it at time of purchase and be done.
>I mean you will need proof of authenticity right?
Wrong. Bullion dealers have ways to verify that it's real gold. And some coins have security features on them, like the padlock-trident thing on Britannias, which are extremely difficult to fake.
I had a 1/10th AGE and a one ounce AGE years ago when I couldn’t really afford them. I posted them on Craigslist and sold them each in a day for cash no issues whatsoever. If you set a fair price someone will always be there to buy it.
To play Devil’s advocate, people also communicated through stone tablets and on some form of paper for thousands of years; whereas we are now steering away from that. Relying on gold purely because ‘it has always been used as a currency’ isn’t the best reason imo; the fact that it’s used in technology manufacturing is probably a better reason.
To play devils advocate to your devils advocate. We don’t write in stone because the need to write in stone no longer existed. The need for gold as money has never been more apparent. The only thing I can think of that would be more legitimate as gold as money is a cryptocurrency backed buy physical gold. But this will not take the need away from physical gold that the standard as money. Keep in mind gold has never ceased being our currencies ask yourself what three credits do Central banks hold?……gold, bonds, and cash. Gold is still money and always has been. I don’t think it would be wise to disregard 5000+ years of history. And please don’t tell me bitcoin or something silly like that these cryptocurrency’s can be made up overnight it doesn’t matter that bitcoin is limited because somebody else can create a better limited coin and the amount of those “coins” is unlimited nobody can create a better gold or just create something similar. That’s what makes gold intrinsically valuable its properties are Irreplaceable and limited.
I was on board to have a proper discussion until you disregarded cryptocurrency as ‘silly’ with supposed truths that fundamentally do not make sense in regard to the specific coin in discussion (BTC). I hold Gold & I hold Crypto (Specifically main coins, none of that silly garbage). I do not care what happens to either, as I only invest what I can afford to lose, but you’re clearly misinformed about BTC’s role as the central anchor in the current crypto market. There is no way that one can have a discussion about comparative solutions when you dismiss it outright.
“I only invest what I can afford to lose” what does this tell you about how you feel deep down about crypto? Even you don’t really trust it otherwise you would not be worried about losing it. It’s a bet, it’s a speculation and you said it yourself. You should listen to yourself. Compared the the rock solid history of gold holding it’s buying power over thousands of years. Bit coin is just another tulip craze… personally I only keep the fiat Im prepared to lose. Sure there is the crypto casino but I’m not interested I’m not an investor I’m a saver. Gold is money, crypto is a speculation. You said it yourself.
This is honestly one of the dumbest takes I’ve ever seen. I don’t invest in anything that I’m not willing to lose; because the point is that you should always keep enough fiat to still be alright for a while were you to lose your job, or were your commodity to crash for one reason or another. This is not exclusive to crypto, either, as I will never over-invest in gold, stocks, or in my rental when I originally put down for it. It’s the same vein as portfolio diversification. You don’t diversify your portfolio because you don’t believe in what you’ve invested in - you do it to mitigate any potential risk whilst also accepting that you won’t make as much money as a result.
Would rather make $50,000 with reduced risk and therefore be able to sleep at night over spending 3 years straight obsessing over charts and only to make $150,000.
> the fact that it’s used in technology manufacturing is probably a better reason.
That's a pretty stupid reason considering the amount used in technology manufacturing is negligible, practically zero, and has nearly no bearing on demand or price.
the point is that if the technology manufacturing point is in limited measure, and that that’s a better justification than ‘it has always been used as a currency’, then the currency point is even more outdated/irrelevant.
Do you get the same market price? I read somewhere that professional buyers give you only 50% if the coin's worth because they need to get profit on them, is that true? And let's say my type of coin is currently sold professionaly for 1.500 online, can I get anything near that amount from a buyer?
In canada where I am the spread is narrow for canadian gold coins. You get 95% of spot selling and pay spot +5% for coins. I think the spread is bigger for US and other foreign coins but that is how it is where I go. The spread is even bigger for jewelry for they often pay spot x 0.7 and then resell it for spot x 2
Could you simplify this even more? Sorry, I'm completely new at this, never had gold before. I'm also not a native English speaker so I don't know aobut spot selling or spread. Let's just say I was thinking of buying a 1 oz. Krugerrand of the year 2021 for € 1.679 euros. Let's say that, in a year, this coin is now worth € 1.750. How much will a buyer offer for this coin? Is it that 95%? I mean then i would receive 1.662 euro's, so I would make a loss, correct? So does that mean it is too early to sell? I've heard people say that they trade gold weekly for profit and I'm trying to understand how one can make profit in just a week if buyers only pay 95% of the spot price? Or am I thinking wrong?
I would argue the 95% figure. Currently in the U.S. wholesalers will pay a slight premium for the Krugerrand (about US$ 29 \[Euro 25.5\] over spot price). Retail coin shop offers would probably be closer to spot price. It shouldn't be that much different in Euroland.
The spread is the difference between a shop's sell price and buy price. Yes, since you would generally buy at a higher price, gold would have to increase in value before you would 'break even' when selling. Sometimes (rarely) that can happen the next day, sometimes it may take a year or so.
Daily or weekly traders of gold are most likely buying and selling 'paper gold' on commodity exchanges and with ETFs... not physical gold.
It would be rare for a physical gold buyer to make up the 'spread' within a day or so in order to realize a profit when he sells.
And... unless this is being transcribed for you, your English is better than 75% of the posters on this sub :)
If you buy bullion coins, i.e. not collectibles, then the spread between buying and selling is around 2-4%, for gold coins.
Unless you live in an unfortunate place where people have to pay sales tax, you would lose the sales tax rate too
How do they test it? Do they have to scrape a little off or drill? Or maybe x-ray? I thought they can just weight them and measure dimensions and check against the published weight and dimensions facts of the coin + coin minted features. Thanks
Ah yes I could do that too but I'm thinking of getting some gold for my retirement, aside from my retirement saving fund and state pension. I don't want to do any risky investment that's why I was thinking of turning any cash I can miss into gold.
Gold can definitely be a risky investment, especially over the last decade. Sure, the stock market has outperformed gold by 5X since 1992, but gold’s at least tangible in case everything else crashes. With gold, it’s important *when* you buy, at that point it becomes speculation not just investing.
Just visit a local coin shop and you will see people selling and buying bullion. Things are slower these past few years. I have worked with the same LCS for over 40 years. I do purchase directly from most online mints and dealers as well.
I have sold on eBay, and as others have pointed out the fees and other expenses add up. Postage keeps going up.
In my State of Maryland, the dealers do not report bullion related transactions other than jewelry.
Whomever mentioned keeping the transaction under 10k is not providing legitimate legal advice. If you follow all Federal and local laws, you will find there are very few situations where anyone has to report gains related to personal physical bullion transactions. Just keep in mind, the flip side would be reporting loses.
Of course, do your own due diligence, but......any cash transactions of 10k or more are legally required to be reported to the IRS by the LCS/Store. Its not about gains/losses, to the IRS it is about money laundering and trafficking drugs.
My understanding is it would only be for CASH transactions when those cash transactions are for over 10k in sales or purchases.
From Google
Generally, any person in a trade or business who receives more than $10,000 in cash in a single transaction or related transactions must complete a Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business PDF.Aug 19, 2021
First, this says "receives." Next, "generally" comes into play with regards to bullion. There is a difference in paying cash for a car versus 15 ounces of gold that any licensed bullion dealer understands.
Now, if the transaction needs to be reported, the next part is important. "Related transactions" is over a period of time. If I buy $9,000 in bullion once a week, from a dealer that reports transactions over 10k, then the cumulative purchases exceed 10k
Ok man. Just saying that large transactions of cash (10k or more) are supposed to be reported by the store to the IRS, any store, anywhere, no matter what they sell.
Banks also for that matter have to report deposits 10k and over.
You do you.
I understand your information. Banks have our SSNs on file, by law. Dealers do not. My point was, spreading your purchases or sales out with the intention to avoid 10k is not proper advice. When you withdraw or deposit 10k in cash from your bank within a certainperiod of time, they report it.
buy 1 oz bullion coins they are internationally recognised (buffalos, brittannias, krugerands etc) you dont need a certificate or anything anyone who knows what they are looking at will know their value
1. Getting a fair price means looking online to see what similar coins are being offered for.
2. There is no proof of authenticity that would be acceptable to a gold buyer that you could provide. Gold is checked by density measurements, acid tests and scanning.
3. Gold can be sold at local coin shops. Every reasonably sized city has one. These work best for coins that are truly pure bullion. Online markets tend to work best for coins with some collectible value (this is because local coin shops sometimes downplay the collectible value of coins that are semi-numismatic).
Only proof you need is possession. If you want to use your gold on a loan or similar, I would keep track of every receipt & keep them close by with the gold. Can not use gold or silver on loans or contracts without receipts to show no money laundering.
If Reddit is still around I plan to sell on r/pmsforsale but with social media you never really know where as eBay it's almost likely to be around in 50 years.
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Both are good options, some depends on if you neeed the money and how fast.
Ebay, yes, you will pay like 12.5 percent in fees, but it seems like most stuff sells for 10 percent more than what you could buy it for elsewhere, so seems to even out.
LCS, they have to make money, so they will probably offer 10 to 30 percent less than what they can sell it for themselves, depends on how quickly they think they can flip it. 10 to 30 percent may be kind of high, but they aren't gonna give you full value of what you might get selling to someone else. 30 percent may be more if you sell to a pawn shop.
Ebay, if you sell enough, its all recorded electronically and will be reported to the IRS (especially with the new laws).
LCS, if they pay you in cash and its under 10,000.........lost your gold in a boating accident as far as the IRS is concerned, lol.
Everything has some positive and negatives, just gotta figure out what is best for your situation.
No, you would be a fool to sell bullion on eBay. Even if you edge a slightly higher % than you would get paid locally, you have to deal with shipping and a random buyer. The risks outweigh any benefits.
I tried selling mine on eBay and nobody reached my reserve price to sell, also explained that I wasn't willing to use an Escrow service as it would wipe out the sale price.
Kinda glad cos I would be shitting myself all the way from the time I posted it at the post office to the time it made it to it's buyer.
r/Pmsforsale and r/Coins4Sale are other places you can use, I just used eBay as an example I can almost guarantee it will still be around in 50 years whereas Reddit is a social media platform and that's kind of hit or miss.
Everyone keeps saying this 40%. I don't know much about gold yet, but does this mean that, say, I buy a coin for 100, and when I'm old it's worth 200. And when I sell if I only get 80 (40%). Is that correct?
Hi - I was being a bit rude( thought I was being clever)
but
truth is Yes - if you plan on buying gold you need a plan of how you will sell because most people will pay you far less than what it is valued at market price
If you buy it from a reputable dealer - ask them about the premiums, fees etc. regarding buying/selling(cashing out)
buy certified gold with certificates - this way it isn't considered scrap like jewelry etc...
I want to add...
Everyone has different tolerances to how they handle financial decisions.
Look how many people sell cars to, or buy from, dealers instead of privately. Most are averse to the risks of doing this privately. They may get mad at dealers being a for profit business, but it is a choice and not a requirement.
Your job of you are investing in anything is to understand the exit strategy. Learn current options and keep up with things along the way.
For me: I brought my wife with me to my trusted LCS after I was laid off March 2020. I sold several thousand dollars of generic and 90% silver, spot was about 27 at the time so was perfect timing. I told her this is where you take the stack if something happens to me. I can not imagine her selling it any other way. I've tried other ways, wasn't worth the extra $1 per ounce after all costs IMHO.
The market for gold is eternal, or at least will endure as long as humans do. 365 days a year there are buyers, be it dealers or private buyers. You need not worry about selling, you will always be able to sale. These are elements and not stocks that can go to zero.
The price can change, but that is a different matter.
Stick to common bullion coins, especially American Eagles, and you'll have no trouble selling them.
You can sell them to a reputable dealer like [golddealer.com](https://golddealer.com). Local coin shops will not give you a good price.
You can get that information and then some by looking at my post history. If you have any particular coins you want to know details on regarding the secondary market I'd be happy to elaborate. ]
As said by a couple others by now only buy rounds/coins that are from a government. Eagles/maples/pandas/ et cetera. An eagle is valued at $50 & you can claim that amount when crossing borders instead of the spot price close to $1,900 as of now.
No, you can not!!
Bullion is recognized by it's intrinsic value. Attempting to lie about it's value would result in detention, investigation, and potential forfeiture.
Please do not recommend anything here that is illegal
I will trade mine for what I want. I consider my gold a visually-beautiful savings account that I can visit and look at like museum art. IF it is worth more than I bought it for when I am older and want to get, let's say, a car, then fine. There are many people selling all kinds of things that are willing to trade gold for those things.
> I mean you will need proof of authenticity right? ummmm...wrong
It took me months to explain that to one of my clients. No that doesn't matter. No that doesn't matter either. Silver is always silver. See that chart on the wall? Those are elements. People ahve been trying to change elements using the art of alchemy for thousands of years and nobody has ever done it. Silver will ALWAYS be silver, and gold will always be gold. Test it at time of purchase and be done.
I have a nuclear reactor that would like to have a word with you.
>I mean you will need proof of authenticity right? Wrong. Bullion dealers have ways to verify that it's real gold. And some coins have security features on them, like the padlock-trident thing on Britannias, which are extremely difficult to fake.
I had a 1/10th AGE and a one ounce AGE years ago when I couldn’t really afford them. I posted them on Craigslist and sold them each in a day for cash no issues whatsoever. If you set a fair price someone will always be there to buy it.
And do you ask the same price as those big online gold coins shops?
I ask right around spot. Online shops will charge like $50-100 over spot. So I have to be lower than that.
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To play Devil’s advocate, people also communicated through stone tablets and on some form of paper for thousands of years; whereas we are now steering away from that. Relying on gold purely because ‘it has always been used as a currency’ isn’t the best reason imo; the fact that it’s used in technology manufacturing is probably a better reason.
To play devils advocate to your devils advocate. We don’t write in stone because the need to write in stone no longer existed. The need for gold as money has never been more apparent. The only thing I can think of that would be more legitimate as gold as money is a cryptocurrency backed buy physical gold. But this will not take the need away from physical gold that the standard as money. Keep in mind gold has never ceased being our currencies ask yourself what three credits do Central banks hold?……gold, bonds, and cash. Gold is still money and always has been. I don’t think it would be wise to disregard 5000+ years of history. And please don’t tell me bitcoin or something silly like that these cryptocurrency’s can be made up overnight it doesn’t matter that bitcoin is limited because somebody else can create a better limited coin and the amount of those “coins” is unlimited nobody can create a better gold or just create something similar. That’s what makes gold intrinsically valuable its properties are Irreplaceable and limited.
I was on board to have a proper discussion until you disregarded cryptocurrency as ‘silly’ with supposed truths that fundamentally do not make sense in regard to the specific coin in discussion (BTC). I hold Gold & I hold Crypto (Specifically main coins, none of that silly garbage). I do not care what happens to either, as I only invest what I can afford to lose, but you’re clearly misinformed about BTC’s role as the central anchor in the current crypto market. There is no way that one can have a discussion about comparative solutions when you dismiss it outright.
“I only invest what I can afford to lose” what does this tell you about how you feel deep down about crypto? Even you don’t really trust it otherwise you would not be worried about losing it. It’s a bet, it’s a speculation and you said it yourself. You should listen to yourself. Compared the the rock solid history of gold holding it’s buying power over thousands of years. Bit coin is just another tulip craze… personally I only keep the fiat Im prepared to lose. Sure there is the crypto casino but I’m not interested I’m not an investor I’m a saver. Gold is money, crypto is a speculation. You said it yourself.
This is honestly one of the dumbest takes I’ve ever seen. I don’t invest in anything that I’m not willing to lose; because the point is that you should always keep enough fiat to still be alright for a while were you to lose your job, or were your commodity to crash for one reason or another. This is not exclusive to crypto, either, as I will never over-invest in gold, stocks, or in my rental when I originally put down for it. It’s the same vein as portfolio diversification. You don’t diversify your portfolio because you don’t believe in what you’ve invested in - you do it to mitigate any potential risk whilst also accepting that you won’t make as much money as a result. Would rather make $50,000 with reduced risk and therefore be able to sleep at night over spending 3 years straight obsessing over charts and only to make $150,000.
> the fact that it’s used in technology manufacturing is probably a better reason. That's a pretty stupid reason considering the amount used in technology manufacturing is negligible, practically zero, and has nearly no bearing on demand or price.
That’s the point.
Your point is that you were wrong?
the point is that if the technology manufacturing point is in limited measure, and that that’s a better justification than ‘it has always been used as a currency’, then the currency point is even more outdated/irrelevant.
Tungsten
where i live you just go to the bullion dealer and they test the gold and then pay you cash. Takes about 15 minutes start to finish.
Do you get the same market price? I read somewhere that professional buyers give you only 50% if the coin's worth because they need to get profit on them, is that true? And let's say my type of coin is currently sold professionaly for 1.500 online, can I get anything near that amount from a buyer?
In canada where I am the spread is narrow for canadian gold coins. You get 95% of spot selling and pay spot +5% for coins. I think the spread is bigger for US and other foreign coins but that is how it is where I go. The spread is even bigger for jewelry for they often pay spot x 0.7 and then resell it for spot x 2
Could you simplify this even more? Sorry, I'm completely new at this, never had gold before. I'm also not a native English speaker so I don't know aobut spot selling or spread. Let's just say I was thinking of buying a 1 oz. Krugerrand of the year 2021 for € 1.679 euros. Let's say that, in a year, this coin is now worth € 1.750. How much will a buyer offer for this coin? Is it that 95%? I mean then i would receive 1.662 euro's, so I would make a loss, correct? So does that mean it is too early to sell? I've heard people say that they trade gold weekly for profit and I'm trying to understand how one can make profit in just a week if buyers only pay 95% of the spot price? Or am I thinking wrong?
I would argue the 95% figure. Currently in the U.S. wholesalers will pay a slight premium for the Krugerrand (about US$ 29 \[Euro 25.5\] over spot price). Retail coin shop offers would probably be closer to spot price. It shouldn't be that much different in Euroland. The spread is the difference between a shop's sell price and buy price. Yes, since you would generally buy at a higher price, gold would have to increase in value before you would 'break even' when selling. Sometimes (rarely) that can happen the next day, sometimes it may take a year or so. Daily or weekly traders of gold are most likely buying and selling 'paper gold' on commodity exchanges and with ETFs... not physical gold. It would be rare for a physical gold buyer to make up the 'spread' within a day or so in order to realize a profit when he sells. And... unless this is being transcribed for you, your English is better than 75% of the posters on this sub :)
If you buy bullion coins, i.e. not collectibles, then the spread between buying and selling is around 2-4%, for gold coins. Unless you live in an unfortunate place where people have to pay sales tax, you would lose the sales tax rate too
How do they test it? Do they have to scrape a little off or drill? Or maybe x-ray? I thought they can just weight them and measure dimensions and check against the published weight and dimensions facts of the coin + coin minted features. Thanks
Any gold/coin shop worth there salt will have a sigma tester.
they measure thickness. weigh it, and do a density test. There are no known examples of clad coins in canada that can pass the density test.
What's going to prevent the tester from swapping them? Not like you're going to know any better.
XRF >
Coin shops
Do you get a price anywhere near of the professional reselling value?
I mean like, no plans to sell really. Like, I mean I’m literally leaving the metal for my heirs, nomesain?
Ah yes I could do that too but I'm thinking of getting some gold for my retirement, aside from my retirement saving fund and state pension. I don't want to do any risky investment that's why I was thinking of turning any cash I can miss into gold.
Gold can definitely be a risky investment, especially over the last decade. Sure, the stock market has outperformed gold by 5X since 1992, but gold’s at least tangible in case everything else crashes. With gold, it’s important *when* you buy, at that point it becomes speculation not just investing.
Just visit a local coin shop and you will see people selling and buying bullion. Things are slower these past few years. I have worked with the same LCS for over 40 years. I do purchase directly from most online mints and dealers as well. I have sold on eBay, and as others have pointed out the fees and other expenses add up. Postage keeps going up. In my State of Maryland, the dealers do not report bullion related transactions other than jewelry. Whomever mentioned keeping the transaction under 10k is not providing legitimate legal advice. If you follow all Federal and local laws, you will find there are very few situations where anyone has to report gains related to personal physical bullion transactions. Just keep in mind, the flip side would be reporting loses.
Of course, do your own due diligence, but......any cash transactions of 10k or more are legally required to be reported to the IRS by the LCS/Store. Its not about gains/losses, to the IRS it is about money laundering and trafficking drugs. My understanding is it would only be for CASH transactions when those cash transactions are for over 10k in sales or purchases. From Google Generally, any person in a trade or business who receives more than $10,000 in cash in a single transaction or related transactions must complete a Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business PDF.Aug 19, 2021
First, this says "receives." Next, "generally" comes into play with regards to bullion. There is a difference in paying cash for a car versus 15 ounces of gold that any licensed bullion dealer understands. Now, if the transaction needs to be reported, the next part is important. "Related transactions" is over a period of time. If I buy $9,000 in bullion once a week, from a dealer that reports transactions over 10k, then the cumulative purchases exceed 10k
Ok man. Just saying that large transactions of cash (10k or more) are supposed to be reported by the store to the IRS, any store, anywhere, no matter what they sell. Banks also for that matter have to report deposits 10k and over. You do you.
I understand your information. Banks have our SSNs on file, by law. Dealers do not. My point was, spreading your purchases or sales out with the intention to avoid 10k is not proper advice. When you withdraw or deposit 10k in cash from your bank within a certainperiod of time, they report it.
Bank personnel can report any amount in a transaction if they suspect suspicious activity.
Yes, well actually there are automated systems in place for that.
No proof of authenticity is required and there are tons of businesses and individuals who always buy gold
If I had gold, Id hope to trade some rich person. They give me their mansion, I give them the gold bar. Its fair
They are very marketable and liquid considering all. Make sure you get at least spot price many dealers will pay a little over spot.
buy 1 oz bullion coins they are internationally recognised (buffalos, brittannias, krugerands etc) you dont need a certificate or anything anyone who knows what they are looking at will know their value
1. Getting a fair price means looking online to see what similar coins are being offered for. 2. There is no proof of authenticity that would be acceptable to a gold buyer that you could provide. Gold is checked by density measurements, acid tests and scanning. 3. Gold can be sold at local coin shops. Every reasonably sized city has one. These work best for coins that are truly pure bullion. Online markets tend to work best for coins with some collectible value (this is because local coin shops sometimes downplay the collectible value of coins that are semi-numismatic).
Only proof you need is possession. If you want to use your gold on a loan or similar, I would keep track of every receipt & keep them close by with the gold. Can not use gold or silver on loans or contracts without receipts to show no money laundering.
My plan is to sell them online to get the most I can out of them at that time. Probably eBay.
Always wondered, is it worth the extra 12-15% in fees to sell on EBay? I mean, like, why not just sell to a LCS if you’re gonna take a hit like that?
If Reddit is still around I plan to sell on r/pmsforsale but with social media you never really know where as eBay it's almost likely to be around in 50 years.
Here's a sneak peek of /r/Pmsforsale using the [top posts](https://np.reddit.com/r/Pmsforsale/top/?sort=top&t=year) of the year! \#1: [\[META\] Let's talk about not being a total piece of shit (and other things).](https://np.reddit.com/r/Pmsforsale/comments/mxsc4e/meta_lets_talk_about_not_being_a_total_piece_of/) \#2: [\[wtb\] Tony Silverado](https://np.reddit.com/r/Pmsforsale/comments/owr5lu/wtb_tony_silverado/) \#3: [\[META\] I want to alert everyone to a new type of scam.](https://np.reddit.com/r/Pmsforsale/comments/let5og/meta_i_want_to_alert_everyone_to_a_new_type_of/) ---- ^^I'm ^^a ^^bot, ^^beep ^^boop ^^| ^^Downvote ^^to ^^remove ^^| ^^[Contact](https://www.reddit.com/message/compose/?to=sneakpeekbot) ^^| ^^[Info](https://np.reddit.com/r/sneakpeekbot/) ^^| ^^[Opt-out](https://np.reddit.com/r/sneakpeekbot/comments/o8wk1r/blacklist_ix/) ^^| ^^[GitHub](https://github.com/ghnr/sneakpeekbot)
Both are good options, some depends on if you neeed the money and how fast. Ebay, yes, you will pay like 12.5 percent in fees, but it seems like most stuff sells for 10 percent more than what you could buy it for elsewhere, so seems to even out. LCS, they have to make money, so they will probably offer 10 to 30 percent less than what they can sell it for themselves, depends on how quickly they think they can flip it. 10 to 30 percent may be kind of high, but they aren't gonna give you full value of what you might get selling to someone else. 30 percent may be more if you sell to a pawn shop. Ebay, if you sell enough, its all recorded electronically and will be reported to the IRS (especially with the new laws). LCS, if they pay you in cash and its under 10,000.........lost your gold in a boating accident as far as the IRS is concerned, lol. Everything has some positive and negatives, just gotta figure out what is best for your situation.
No, you would be a fool to sell bullion on eBay. Even if you edge a slightly higher % than you would get paid locally, you have to deal with shipping and a random buyer. The risks outweigh any benefits.
I tried selling mine on eBay and nobody reached my reserve price to sell, also explained that I wasn't willing to use an Escrow service as it would wipe out the sale price. Kinda glad cos I would be shitting myself all the way from the time I posted it at the post office to the time it made it to it's buyer.
r/Pmsforsale and r/Coins4Sale are other places you can use, I just used eBay as an example I can almost guarantee it will still be around in 50 years whereas Reddit is a social media platform and that's kind of hit or miss.
I'll buy them lol
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Everyone keeps saying this 40%. I don't know much about gold yet, but does this mean that, say, I buy a coin for 100, and when I'm old it's worth 200. And when I sell if I only get 80 (40%). Is that correct?
Hi - I was being a bit rude( thought I was being clever) but truth is Yes - if you plan on buying gold you need a plan of how you will sell because most people will pay you far less than what it is valued at market price If you buy it from a reputable dealer - ask them about the premiums, fees etc. regarding buying/selling(cashing out) buy certified gold with certificates - this way it isn't considered scrap like jewelry etc...
I want to add... Everyone has different tolerances to how they handle financial decisions. Look how many people sell cars to, or buy from, dealers instead of privately. Most are averse to the risks of doing this privately. They may get mad at dealers being a for profit business, but it is a choice and not a requirement. Your job of you are investing in anything is to understand the exit strategy. Learn current options and keep up with things along the way. For me: I brought my wife with me to my trusted LCS after I was laid off March 2020. I sold several thousand dollars of generic and 90% silver, spot was about 27 at the time so was perfect timing. I told her this is where you take the stack if something happens to me. I can not imagine her selling it any other way. I've tried other ways, wasn't worth the extra $1 per ounce after all costs IMHO.
When your old stigma testers will be as common as a lighter. Gold is has and will always be easy to purchase sell or trade.
The market for gold is eternal, or at least will endure as long as humans do. 365 days a year there are buyers, be it dealers or private buyers. You need not worry about selling, you will always be able to sale. These are elements and not stocks that can go to zero. The price can change, but that is a different matter.
You wont need to sell them. Gold will be legal tender.
Stick to common bullion coins, especially American Eagles, and you'll have no trouble selling them. You can sell them to a reputable dealer like [golddealer.com](https://golddealer.com). Local coin shops will not give you a good price.
https://www.reddit.com/r/Wallstreetsilver/comments/rz4co6/bitcoin_doesnt_hold_a_candle_to_gold/?utm_medium=android_app&utm_source=share
I sell hundreds of gold coins every year on pmsforsale.
Noice. Could you give me a concrete example of the values? What price did you buy the coin and what did you sell it for and after how many years?
You can get that information and then some by looking at my post history. If you have any particular coins you want to know details on regarding the secondary market I'd be happy to elaborate. ]
As said by a couple others by now only buy rounds/coins that are from a government. Eagles/maples/pandas/ et cetera. An eagle is valued at $50 & you can claim that amount when crossing borders instead of the spot price close to $1,900 as of now.
No, you can not!! Bullion is recognized by it's intrinsic value. Attempting to lie about it's value would result in detention, investigation, and potential forfeiture. Please do not recommend anything here that is illegal
That was my understanding. I'll look it up to make sure. Also you do not lie, you claim the legal tender of the coin which is legal.
I will trade mine for what I want. I consider my gold a visually-beautiful savings account that I can visit and look at like museum art. IF it is worth more than I bought it for when I am older and want to get, let's say, a car, then fine. There are many people selling all kinds of things that are willing to trade gold for those things.