need advice on where to sell gold bars

Hello, I bought a couple of 1oz gold bars from Northwest Territorial Mint as investment and need to sell them. I don't know how this works. I looked at the Kitco website and am a bit lost as to how it all works, ie. mailing it out and all that. NWTM took a very very long time (about 6 months) to send them to me, and now I am very worried that whoever buyer I sell to will take months to pay me, and what if it gets lost? Please advise who is the best company to sell gold bars to. If I can physically sell to a company, I would prefer it. I live in NJ and can travel to NY to sell if needed. Also, do buyers pay in cash, check (personal or corporate?), wire, etc.. Which is the safest way to receive funds, pls advise. Are costs normally associated with it (eg check or wire, what is acceptable cost?). Do I need to ship out the bars, and pay for shipping, or is it normally paid for by buyer? How much tax can I expect to pay on the proceeds? When is this tax paid, eg. does the buyer send me some form at year-end to include with my taxes, or does it come out of the payment immediately, or is it even taxed? Are sales and purchases reported by buyer/seller to IRS? I heard that there are no taxes on gold, am not sure. Any advice is appreciated.

I basically need a primer on how to sell bars and who to sell it to. I had a bad experience with buying, and want to make sure it doesn't happen with selling. Thank you in advance for your help.

 

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Thanks for posting this. I would like to know for some unknown date in the future when I have some gold. Doh! Hopefully the pull back will continue!

 

Try a local coin dealer first. It avoids the hassel of internet selling. But make sure you get a price competitive with internet offers. http://www.golddealer.com/bullionpage.html is usually fairly price competitive and you can use this as a benchmark for whateve you are offered.

 

Try this....

Keep an eye on the live price chart at the Silver and Gold Exchange at http://SilverAndGoldExchange.com
They pay a good price for bullion and they pay for shipping and insurance and you just print a label off their website and you are good to go. It takes 2-3 days. They pay by check or Paypal. They have a perfect Better Business Bureau report so you know they are legit.
Also, I know for a fact that they DO NOT report the transaction to Big Brother. Hope this helps.

 

Where do I sell Scrap Gold?

The links are great for coins but where do I sell scrap gold?
e.g., old jewerly, broken scrap jewerly etc.

 

About three months ago I talked to a Blanchard Rep. and he said the same thing. Still I think when I sell something I would keep it under ten thou.
This amount, I think, would not have to be reported. I will also check with my bank when I want to deposit that big of a instrument. Make sure all conversations are private.
With Blanchard, I was told if I sell back to them, they also give a premium above what the price of the metal is at. But was told that the closing price is when they receive the PM in hand. So if there is a big change = seller be aware. Three days can make a big difference.Rep. was very nice.

 

This is just my opinion, but $6.5 for a morgan dollar or peace dollar is way too low. You should be getting at least $13 for those, the bullion value is about $14....why would you sell a nearly century old morgan dollar for 6 bucks???

Besides, the half dollar, quarter dollar and dime are all about 50% of the value that they should be.....you don't work for Silver and Gold Exchange, do you?

 

Lol

I think the thread is about 1 oz GOLD BARS, not Morgan Dollars!
Not sure why you are ranting about silver coins.
No, I do not work for them or any PM dealer. I was just helping out someone who had a question about gold bars and the way these companies operate. Also, I'd like to see someone pay you $13 for a Morgan that is worn thin and in lousy condition! There is a difference between coin dealers, numismatic value coins, and scrap dealers who will buy in any condition.

Personally, when it gets right down to it, I wouldn't sell anything unless I absolutely had to. But if I did, I'd sell the "good" coins to a coin dealer or collector, or maybe on Ebay and I'd sell bars, junk coins, and scrap to a metals buyer.

 

You better ship it , using Brinks.

 

I think you're wrong about that. First of all, nobody said the dollars were necessarily thin and in lousy condition. Common date morgan and peace dollars in about G to VG condition seem to go for about $13 these days give or take a little bit. The price on the site mentioned are abnormally low for what they are likely being offered.

 

I would wait till the gold price is up then sell.
take your time.there no new mines and the mines that are working are not producing much. so time is the key

 

Try a local coin dealer or metal refiner. My local coin dealer will buy for a few percent under spot that day. Instant cash, but I'd keep the transactions under 8 oz (gold) or 500 oz (silver) to keep the $10,000 Treasury reporting limit for cash transactions from triggering.

 

Make buyer do as many ck as need for you sale for $9999.99 that one way to beat the IRS

 

I'm not sure about this, but the problem with $9999 in cash is that the person who gives you the cash may still fill out an IRS transaction notification if he/she has reason to think you are trying to avoid reporting the income to the IRS. The concept is knows as informed consent.

 

I think you have to be nuts to try to hide transactions from the IRS these days. The downside risk far outweighs the potential "savings." Also, I've been told that the IRS monitors CoinTalk and other internet sites to make lists of potential tax cheats. So if you think you are anonymous when you post here, think again. Something to think about.

 

Midwest refineries pays 95 percent of spot for the pure gold content of bars, coins, jewelry. I've used tham twice and have been pleased with the speed and accuracy of the processing both time.

http://www.midwestrefineries.com/

Nightowl

 

Splitting up a transaction to avoid the reporting requirements is called "structuring", it's illegal, and I've read about someone getting into big trouble for it.

 

Yeah, just don't tell anyone. Just kidding, everyone has already been told as we're on the www.

You should just take your bars to a coin shop and get spot or very close to it if that's what you want to do. I would never sell gold of anykind to an online corp. hya:

 

I would call around to various places, there can be quite a spread between what they pay. Usually the closer to the refiners the better deal, but not always, get a quoted price first

 

Well a couple of one ounce gold bars is not going to be close to 10k dollars. If anyone has more than that to sell and it will be over 10k dollars, then do it in separate transactions a day or two apart. That's not illegal. Maybe you'll find a better deal for the 2nd or 3rd transaction.
And don't fall for the " you must sell it all now" pitch. Play it safe and hold out telling your total amount until the very end. But be honest and straightfoward on everything.