opened account at Perth Mint.. how to sell gold for cash

Discussion in 'Gold' started by $10million, Jun 5, 2014.

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  1. $10million

    $10million New Member

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    Hello
    I just opened an account at the Perth mint, but havnt used it.
    When it comes time to selling the gold I would prefer to do it
    on a cash basis, avoiding the messy paperwork and other things.
    How easy is this to do with Perth mint gold bars? How liquid is the market.?

    If I want cash do I pay a cost for this?

    Assume im audited at some stage I can claim I still have the gold, ie I havnt sold it.

    nudge nudge wink wink
    advice is appreciated

    Mr $10milllion
     
    $10million, Jun 5, 2014
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  2. Nabullion Dynamite

    Nabullion Dynamite Active Member

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    Perth Mint is popular on this forum so I'm sure the bars would sell well. Best way to keep things off the radar is doing private transactions on forums such as this. You can also do private person to person sales on sites like craigslist. If you are selling smaller amounts using different LCSs would work too, but they do require a signature. Best is to just keep things completely legal...
     
    Nabullion Dynamite, Jun 5, 2014
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  3. House

    House Well-Known Member Silver Stacker

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    The ATO apparently visits this site so be careful about what you write ;) If you claim you have it, they might ask for evidence of this. Did you open a PMDP or just registered with them to have bullion mailed to you?

    PM bars are highly liquid as it's a reputable brand and known worldwide. The size of the bar will affect it's saleability, anything above 1oz might be harder to shift. But price it right and you should be able to get a quick sale.
     
    House, Jun 5, 2014
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  4. Eureka Moments

    Eureka Moments Well-Known Member Silver Stacker

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    Mr Auditor: "Show me your unsold stuff."

    Say no more. ;)
     
    Eureka Moments, Jun 5, 2014
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  5. $10million

    $10million New Member

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    Bullion should always be allocated and held physically. This is why the lobdon gold pool crashed in 1969 or so. This is why the gold banks are slowly crashing, or atleats they were into the 2011 highs.

    IF I goto a bullion dealer in sydney do they pay prices that they advertise as their buyback prices online or do they try and screw more? Eg ABC is advertising $1315 today for buyback.. is it a quick transaction?

    whats an LCS?

    Does perthmint automatically gove info to AUSTRAC, how does one avaoid that?
     
    $10million, Jun 5, 2014
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  6. House

    House Well-Known Member Silver Stacker

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    They'll give you what they're advertising online but that can change very quickly. As long as the gold is real it should be a quick transaction

    An LCS is Local Coin Shop.

    You can't avoid having your info given to AUSTRAC if you deal with legit bullion dealers.

    Why buy from the Perth Mint and pay for postage and insurance when you can get it cheaper in Syd?
     
    House, Jun 5, 2014
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  7. $10million

    $10million New Member

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    from what I see perth mint prices are same as Sydney dealer prices.
    whats the biggest /best place to buy peth mint gold in sydney?
     
    $10million, Jun 5, 2014
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  8. House

    House Well-Known Member Silver Stacker

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    They're the same until you add in the postage and insurance (10% of the value I think)... cheaper to walk into a dealer in Syd in most cases. Or order from reputable dealers such as Goldstackers or Perth Bullion. They'd be slightly cheaper than the Mint too as they get wholesale prices.
     
    House, Jun 5, 2014
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  9. $10million

    $10million New Member

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    where to go in sydney? who is most reputable
     
    $10million, Jun 5, 2014
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  10. House

    House Well-Known Member Silver Stacker

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    ABC, Bullion Money, KJC, Bullionmark etc

    And yes, you're welcome.
     
    House, Jun 5, 2014
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  11. Caput Lupinum

    Caput Lupinum Well-Known Member Silver Stacker

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    What, no love for Bullion List?
     
    Caput Lupinum, Jun 5, 2014
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  12. $10million

    $10million New Member

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    hhhmmm I was hoping fo rt an authprised perth mint dealer.. I see jaggards on the perth mint website
    other advice is welcome
     
    $10million, Jun 5, 2014
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  13. House

    House Well-Known Member Silver Stacker

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    All the above I mentioned are on PM's list of official distributors- http://www.perthmint.com.au/perth-mint-coin-distributors-australia.aspx

    Bullion List was in the 'etc' part CL. But actually didn't know they were located in Syd even though I've bought from them a few times :rolleyes: Great guys and excellent service :)
     
    House, Jun 5, 2014
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  14. Kam

    Kam Active Member Silver Stacker

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    Bullion Money are in Syd too
     
    Kam, Jun 5, 2014
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  15. $10million

    $10million New Member

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    I want to buy gold, and a lot of it. My concern is that when I offload it, I don't want to pay CGT.
    After all property investors get HEAPS of exemptions, and some don't pay anything.. how about us gold bugs.
    So how does on buy perth mint gold bars and MINIMISE taxes(for lack of a better word)?

    if you drop me a private email that's cool too.
     
    $10million, Jun 5, 2014
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  16. danman49

    danman49 Well-Known Member Silver Stacker

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    You might want to take note of the above.
     
    danman49, Jun 5, 2014
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  17. DanielM

    DanielM Active Member Silver Stacker

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    do yourself a favor go away
     
    DanielM, Jun 5, 2014
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  18. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    here there everywhere
    :rolleyes:
     
    spannermonkey, Jun 5, 2014
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  19. whinfell

    whinfell Well-Known Member Silver Stacker

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    Easy - buy high, sell low. Claim a capital loss. :p
     
    whinfell, Jun 5, 2014
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  20. $10million

    $10million New Member

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    hey, minimising tax is a legally correct thing to do.. that's why tax law exists.. it defines rules and regulations.
    maybe I just buy high and sell low as suggested.
     
    $10million, Jun 6, 2014
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