Bad time to sell but... ( advice needed)

Discussion in 'Gold' started by anglox_b, Oct 10, 2021.

  1. anglox_b

    anglox_b Member

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    I left oz about 12 years ago, but left the gold I'd bought at the time in the safe of a friend along with some silver which I recently chose to sell, because being a conscientious objector ( health care field), I haven't worked at all this year. The selling silver process was smooth with no issues and the money was transferred to me here in Europe ( spain) where I have settled with no problems. With world events as they are currently, I'm thinking now of how to get my metals into my possession, as not having the jabberwocky, it's unlikely I'll be returning to Oz any time soon. One option ( and the only one I can see) is to sell my Gold in Oz, and re-buy physical over here with the proceeds, while the prices are still relatively low. ( I initially bought in at the 2009 prices). is this a really silly idea, and are there any alternative suggestions? All advice appreciated.
     
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  2. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Thats the only realistic alternative, as physically shipping the gold is a recipe for disaster re tax and customs.

    I would do it slowly over time, not all at once, to reduce Forex and spot movement risk.
     
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  3. Ian Gillman

    Ian Gillman Active Member

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    You can use crypto to move the money.
     
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  4. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    Another alternative is swapping for crypto, which of course depends upon your views of that asset. Depending on the location of the bullion, you could use a bullion dealer that also offers crypto products (Ainslie Wealth for instance) and swap for BTC or Eth or whatever and have it sent to your own secure wallet. There is also the option of a gold/silver backed token if you wish to retain exposure the the PM market.

    @Ian Gillman, I was in the middle of typing when your suggestion was posted. :)
     
  5. neonuke

    neonuke Well-Known Member Silver Stacker

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    I would agree, crypto is your best bet for moving your proceeds. I could possibly help facilitate this if you’re interested, depending on how much metals we’re looking at.
     
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  6. anglox_b

    anglox_b Member

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    Thanks for the responses guys, ideologically Im not a crypto person in any form, and so not comfortable with that option. If I were to sell, in what sort of amounts and at what sort of frequency should I transfer the funds over, that aren't going to raise the attention of the authorities or cause me any problems?
     
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  7. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    Another option is to take it to a bullion dealer and swap it for pool allocated or similar.
     
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  8. anglox_b

    anglox_b Member

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    Yeah it's not been easy I can tell you, selling my silver to stay afloat was a bit of a swallow but honestly i'm just glad I had it, and two that I bought when I did, and walking voluntarily out of a job I have done for thirty years is also definitely challenging, but walking the talk means exactly that and I cannot and will not engage with tyranny for a pay check. Thanks for the advice on the amounts, I'm thinking 5k increments as well.
     
  9. TreasureHunter

    TreasureHunter Well-Known Member

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    Be aware of the fact that cryptos are most likely going to correct soon. Expect this to happen until the end of the winter, probably even until New Year. So, it's not a good idea to risk big buys of any crypto currently.

    Re-buying the PM's is the best idea, indeed.
    celticgold.eu is a Germany-based company selling silver and gold throughout the EU, so they will ship to Spain as well. They accept crypto and fiat (transfer, they don't accept cards) as well.

    They are one of the very few VAT-free silver sellers within the EU, while also having "easy to digest" premiums, when compared to other European dealers.

    You probably know that cryptos and PM's tend to move in opposite directions on the markets, so if cryptos crash, then expect PM's to start climbing. This will most likely happen soon, so make sure you pick the best time to buy/sell (make your own calculations) and prevent losing a fortune over a bad move.

    Best of luck, all best ;)
     
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  10. anglox_b

    anglox_b Member

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    Thankyou!
     
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  11. anglox_b

    anglox_b Member

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    So bit of an update: As the NHS mandates have been announced, there will be no popping back to the UK for work for me anymore, so Ive decided to sell a portion of my gold. I have two options 1. To sell to Ainslie, who frankly have been brilliant even though I am overseas or 2. Sell to the person who has been storing my gold for the last 10 years. The main issue I see is paper trail versus no official papers. The square in me wants to keep everything legit and above board should I ever have to deal with " authorities", or is this just me engaging in wrong think? What are the pros and cons of each? and If i sell to my friend how should I document the transaction? receipts etc?

    Thanks for input/advice.
     
  12. Golden ChipMunk

    Golden ChipMunk Well-Known Member

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    There are many here that accept cryptos Swaps & many that will buy yours metals.
     
  13. Silverling

    Silverling Well-Known Member Silver Stacker

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    If I was in your position I would not consider Ainslie as you will probably receive less than spot for your gold. If your friend is happy to buy it then I would sell it to him. Would your friend be willing and capable to pack and post for you? If he would, you could put some items up here for sale as a few of us have "Wise" (formerly transferwise) or similar accounts and we can transfer Euro or GBP to your account or just straight AUD into an existing AU account. If you can make allowances for buyers transfer fees to you I think you could get some buyers and move your items through this forum. The consideration should be that you bare the transfer fees that may be involved. Attached is a guide of a "Wise" transfer of what you may get. Just an idea, good luck.
    Screen Shot 11-15-21 at 06.47 AM.PNG Screen Shot 11-15-21 at 06.49 AM.PNG
     
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  14. anglox_b

    anglox_b Member

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    Hi thanks for response.I've decided that Im going to sell to my friend. What I need to know is what price do I use on the day??? Any feedback/advice gratefully received.
     
  15. anglox_b

    anglox_b Member

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    Thanks treasurehunter!
     
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  16. Silverling

    Silverling Well-Known Member Silver Stacker

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    This is only my opinion and you can do whatever you like. I would download the KITCO app on to my phone or just look up KITCO on your PC and check the spot price of gold on the ask side. I would offload to your friend at spot price or if your goods are really sought after collector coins maybe with a small premium on it. The thing is it has to look attractive for him to buy because he might not really want them. If you ask too much over spot he might decline and put it in the too hard basket and say no thanks. If you were to get spot it would still be better than what most bullion shops would give you. If you were to say something like, you can buy them all for spot and I know you most likely would re sell them on silver stackers with some premium on top, I'm pretty sure he would take them, I know I would. Good luck any which way you go.:)
     
  17. TreasureHunter

    TreasureHunter Well-Known Member

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    Hello - as you can see, the cryptos are still in the middle of a correction. Some people suggest moving into stable coins (which are generally more stable), due to less price fluctuations - not sure exactly how this works, because the stable coins are less wide-spread and there might be several scam coins as well.

    I am not a crypto guy, I just read and ask a few things around, so do your own research and talk to a real life crypto exchange. If I were you, I would go straight into a crypto physical office (I believe you are in Spain and in Spain there are several chains, they have real offices).
     
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  18. Nugget

    Nugget Well-Known Member Silver Stacker

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    May I suggest that you look at Ainslie Bullion or GoldStackers for what they are selling for and go a bit under that
     
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  19. anglox_b

    anglox_b Member

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    Thanks all!
     
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