So my dad recently inherited some gold and also a form of gold flakes that need to be added to a solution to be turned back into gold. But anyway the jist of it is that this company my dad is talking to, elemental wants him to fill out a bunch of paperwork for him to basically become a dealer to make 90% over the 60% they could pay him. Does anyone know anything about any of this thay could help? I keep ttying to tell him to wait until after the election. But have any of you ever sold larger quantities of gold or ha e any insight on stuff like this? I figured id start here since i feel like this is my "place" on the internet. Thabks for any answers. We are in the begining stages of this but i need to hit my dad with any relevant information asap
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Don't sell, that is my advice. Going higher than ever before.
Wait, follow BRICS meeting in October, GOLD will be the main commodity
https://x.com/wallstreetapes/status/1793309664677167315?s=52&t=HxV1ii2-5xQSDrA4yNTf1Q
👆Listen to the quick video about BRICS from Clayton Morris and his Redacted channel.
BRICS is leaving the dollar in October
Creating its own currency system using local currencies, meaning national currencies.
Don't sell but if you do sell privately. I hate Reddit but they have r/silverbugs that I'd buy and sell stuff on. Got lots of silver at spot. Just sell gold off 1ozt at a time, same reason I never bought a 100ozt bar, as much as I would love holding that big of a chunk of silver I don't want to be handed an IRS form when spot hits $100 per ozt. A few states changed their tax laws, might be worth jumping over the border into Nebraska to sell. Any major amounts especially in flake form or obscure minted bars and coins any buyer is going to want x-ray or other tests done.
If you know anyone who has a reputation on ebay they could offload it but people would be hesitant so plan on smaller amounts initially. Talk to a mint about pouring you some bars maybe?
I think number one rule is don't ever tell anyone, at anytime, that you have PM in your possession, but that's just me.
And remember, a safe is only as secure as your willingness to not open it when a pistol his held to your child or wife's head.
My friend spray painted a couple 100 ozt silver bars black and used them as door stops, nobody knew for years until he wanted something with the money and cashed them in. I'm a minimalist and hide a lot of shit in plain sight too.
I have no children, wife, live rural and don't have a safe. I like keeping my money in land and everything a theif would want is locked up in my truck, good luck getting into it between me and a glock and my Rottweiler mutt. Ain't nothing in there worth dying over.
In my research I have learned that there are reputable private precious metal dealers in most communities (a step up from pawn brokers, but they are okay, too). If it's less than $10K, there's not paperwork... or at least that's what I was told. So, maybe sell 4 coins, then the next week another 4 coins... but I recommend hanging on to at least half of what he inherited (I am assuming he wants to sell because he needs some cash). Keep in mind income tax... so, if you have a friend in a state that just ended state taxes for precious metal sales, work with them to get it sold. Still have to pay federal tax, however the most important point of all of this is that it is an inheritance... so maybe the first step is to talk with a financial advisor and/or attorney to ensure that it was received as an inheritance and therefore not taxable under a certain amount. Anyway, a lot of variables... so, I guess my first recommendation is to speak to a trusted advisor, maybe a family friend who deals with inheritance tax.
Check out Miles Franklin, Precious Metals. Google their website and click on the "about" tab and then "f.a.q" Read down and all your questions will be answered already. My advice for your dad is to sell his gold and buy silver. For more about that, check out "Bix Weir" on YouTube.
Find a decent local jeweller.
They are always taking in second hand jewellery and melting it down and will often give you the spot price.
Gold coins or bars can be sold to the big dealers like jm bullion. Just mail it in.
Just me, but I would resist filling our anything. Especially government paperwork. Here is a link to a California company that you can buy from and sell to that discusses what, when and where gold transactions are considered "reportable". Don't know anything about the gold flakes you are talking about though. This is about bullion. https://www.golddealer.com/investment-guides/reportable-bullion-cash-transactions/
Uncle is sick we need money. Sorry not trying to put toooo much info out there
The whole world is currently ditching the US Dollar and accumulating gold, but he wants to do the opposite?
I'm Happy to introduce your dad & you to Tim and Yankee.
https://www.youtube.com/watch?v=J4QYTBtLtYE&ab_channel=YankeeStacking
Why would he want to change silver or gold into fiat cash? I suppose if he needs cash for expenditures, I could understand that, but otherwise remember the saying, You earn in cash, and spend in cash, but you save in physical metal.
Consult a lawyer and have them look over the documents. Find out about the 60%, is it because of taxes, or is the company trying to put some kind of administrative fee on him? They might not try any bs if he is represented by a lawyer.
pawn shop?
Private sales, JMbullion, SDbullion and others have buyback programs, pawn shops (call around...).
Just have your dad go to breakfast where the old men hang out, bring 1 or 2 examples and ask them if they would like to buy any.
I wouldn't try to sell all at once if you have a lot; it puts a flag on you.
If I was your neighbor I'd certainly buy some. The gold flake stuff depends on what it exactly is; that likely has some more to it than bullion or coins.
Depending what it is e.g. gold eagles / liberties whatever if you're nearby I'd be willing to beat the SD/JM offers, but I also have to say I don't think you should sell it.
Also there is subreddit PMsforsale you could list on, but it will be a little hard to get started selling gold there, and you would likely need to ship first because of it, however as long as you only use established buyers you probably wouldn't have a problem. Slow and steady wins the race.
No help here but what a great problem to have!
I’m with you. Don’t sell. Gonna go to the moon.