A close frind/ busniess client asked me to sell his silver 4 him. He bought 800 oz in the late 70s and has held on to them ever sense. (I know why not sell in the 80's boom), but he has come on hard times due to the economy and wants to get rid of them. Whats the best way to get rid of them. They are in 8 100 oz bars.
I know it sounds like a lot of silver, but in perspective, it's not. Any reasonable mid-of-the-road dealer would take that amount. Just call around to several local places and ask what they're paying for 100-oz. bars of silver. Be prepared to tell them which manufacturer, as they're not created equal. If you have a recognizable brand, you should be able to sell it for about 50 cents to $1.00 under spot. Once you've found a place, make sure they know it's 8 bars you're bringing in. Be prepared to potentially fill out a bunch of paperwork if you sell them all at once. Smaller quantities you may not have to fill out documents, depends on the dealer. Good luck!
Yeah, just call or visit some dealers. The coin dealer I go to says to give him advance notice if the sale will be in the 6 figures, otherwise he says just come in. Depends on the dealer. Everyone from the "we buy gold" jewelers on the corner to the old time coin dealers would love to make you an offer.
I went to my local dealer today, and he said a dollar under spot, but I don't want me frind to lose almost a K because some dude is "bearish" on silver when I know good and well he sells at $2 over spot. I would just put them on ebay but after fees and pay pal he would lose even more. I'll try the refiner thing. He is a real cool dude and great client so I want to try and do him right. Also i realize that realative to amont of silver that is traded daily its not that much, but it is 80% of a full contract worth, and its def more then chump change at that level.
$1 under spot isn't too bad, but you might do a bit better. What he sells it for is irrelevant. I doubt he does much business selling at $2 over spot. You can justify $2-3 over spot for 1 oz eagles nowadays, but for 100 oz bars? Never.
Apmex pays .84 under spot right now.... thats slightly better but mailing them 800oz you will spend the extra change. Your best bet would be to find someone local who will pay spot or maybe .25-.50 under spot. Craigslist maybe? 1$ under spot is not too bad- and no he wont sell those big bars for 2-3 over spot, or he wont sell them at all if he tries.
Just a word of warning If you are selling them for a friend this kind of volume can cause problems that many don't take into consideration. When you cash them in it will be YOUR info on the paperwork. If ever audited they will want the taxes on that sale, from you! Richard
You may want to seriously consider taking the offer. It is reasonable and will be far easier and safer than EBAY or other sources that you don't know well. Your friend isn't "losing" a grand because it is very unlikely that you will get spot for the bars without taking on a significant additional risk.
If you know a futures dealer you might be able to get a better deal going through COMEX. Buy 2 more bars and then sell the December (or whatever) month contract you like. Selliing Futures can be profitable and safe when you are in posession of the commodity.
Your dealer's offer seems a little low to me. Have you checked online? Most of these seem to be buying 100 ounce silver bars for closer to spot--about $.20 or $.30 less. Franklin Sanders the Moneychanger doesn't list prices you would have to call him. http://www.goldmastersusa.com/purchasing/silver_coin_buying_prices.asp http://www.golddealer.com/bullionpage.html#THE_MOST_POPULAR_SILVER_BULLION http://www.apmex.com/APMEXTop40/Default.aspx http://the-moneychanger.com/entry.phtml
I doubt that the bars would be acceptable for Comex delivery without incurring assay, delivery and registration costs. Also, one silver contract is, I believe, 5,000 ounces. Selling to the local dealer is safe and responsible. This is important when dealing with other people's money.
I agree with the fact that unless you want to pay the tax on those bars I'd do the research and then tell your buddy where to take them. The dealer isn't likely to let you put someone else's info on the paperwork.
Agreed with spot at $18.29 as I type this, thats about $14,632 worth of silver at spot. That income will need to be listed on your 2010 taxes and I would hope that the buyer won't let you use another persons social.
So, he has to pay the full sale value of taxes....Not the difference between the purchase and sell price? Taxes are based on gains, right? Or am I missing something here?
Hey everyone. Hope yall are having a great weekend i'm balls deep in a dealerships parts department doing a physical count of 500K worth of boat parts. Taxes sux. I hope I don't have to pay them will consult a cpa, also might just go to a person that is known for not liking paperwork checks or cc J/K I'll let yall know what I do thanks for the advice. I still think a dollar under spot is bs, but everyone is out to make money and at only a 100 dollars a bar I totaly understand
You may think it BS, but if he gave you spot he would have to sell them that much higher and then the buyer would be calling foul. Remember he has a business to keep running
thats exactly what I said. I think its bs, but I understand that he is trying to make money. I think it is bs that most computer people charge 125 dollars an hour for work, but again they are trying to make money. Its great me me to though when I come in at 85
