I have a hypothetical question related to selling gold bullion. It seems like this forum would be one of the best places for me to find an answer. Say a person (we'll call him John Smith) were to come in to possession of three large bars of refined gold. He got them legally. They were gifts from a very wealthy relative. They have no stamps or markings on them, but each one is confirmed to weigh very close to 400 ounces. No paperwork came with them, but John was assured they're each .999 pure gold bullion. John spoke with the relative and a trusted financial expert about what to do based on his current financial situation. It was determined that it's in his best interest to sell all three gold bars now. The cash would be stored in an account that could be accessed regularly. Now for the question. What steps would John need to take to sell his bullion? What type of outlet or institution should he take it to for sale? Should he go to some place to have the gold stamped as .999 pure, or would the prospective buyer be able to do that in-house?
Can sell them back to the bullion dealers. Just ask them , if they will buys them back. Link below http://www.metrowestpreciousmetals.com/
Hmm, apart from it being a rather large financial transaction (1.3 million USD), it is rather interesting to know that there is no stamp/purity on the gold bars. Why don't you try giving APMEX's purchasing department a call to see if they might be interested.
APMEX seems like it would be the most appealing buyer, but it looks like you need to ship items to them. It seems like insurance and security would be an added hassle. To be honest, this vendor would probably be the most practical option for John. Considering they only meet by appointment, I'm sure they would be able to provide a seller with options for validating the quality and authenticity of the bars.
APMEX is locate in Oklahoma City Downtown Oklahoma City Office 226 Dean A. McGee Avenue Oklahoma City, OK 73102 Oklahoma City from Boston 25 h (1,688.9 mi) via I-90 W and I-44 while; MetroWest PreciousMetal There are 15.47 miles from Wayland and Boston and 19.29 miles by car. Wayland and Boston are 34 mins far apart (by car).
I am wondering if there would be any complications with verifying the legality of ownership, or indeed gift status for CGT exemption.
I don't think "John" would need to go somewhere just to get it stamped. A legit buyer would have it tested and buy it without any markings. The market is in a significant consolidation period right now...using history as a guide, there will be an upcoming period of rising PM prices. Why does "John" need to sell gold right now...can't he wait until the market is favorable to selling? The value of the alleged gold could be worth double or triple in a few years of what it's value is today. .
I guess it be desirable to keep this well under the radar so considering the TSA and Police is roaming the American High Ways I find it a particular bad idea to drive around with this much. On a traffic stop one can be assured to be accused of money laundering / drug dealing / tax evasion ect. and kiss your possessions good bye. And say hello to law suits... Perhaps it may be better to chunk them up into smaller pieces and sell them off in increments locally.
I would have also thought the "trusted financial advisor" would have the knowledge to make this sale or push him in the right direction . I am pretty sure this hypothetical should have been substituted with imaginary.
400 troy ounces is about 12.5 kilo , about 28 pound. An Army fully loaded backpack about 60 pound with gears. Just put it in a backpack . 12.5 kilo bar is not that big. FYI $445, 000 usd approximate today value.
Just trolling, not sure! Anyway, John should approach a refiner to have the 400oz bar/s refined into smaller bars and stamped with weight and purity, this would then give him greater liquidity and a wider market to liquidate to. A 400oz bar would have a very LIMITED market. Even some bullion dealers may not be interested in tying up $1.3m of capital in just 3 bars of gold. The bigger mints would be the best people to approach.
