Hi All, Would like to get some questions answered and peoples experience provided on selling their bullion. As im sure a lot of you know, physical metals are not very liquid and can be hard to sell - especially at a fair price ( especially in the current market). The easiest way obviously is to take it to a bullion dealer in exchange for cash, but the biggest problem is the cash rate they give you for it. in short, Any advice on the questions below would be great. 1. Taking payment: As typically I buy my metals in cash over the internet, receiving large sums in my account from buyers when I sell isn't ideal. Mainly because of the tax implications. Preferably I would like to do CASH deals as this eliminates a lot of this problem. Anyone got advice on selling bullion with deposits into your bank account? It just looks bad having say 5k deposited into your account and alarm bells raised. 2. BULLION DEALERS: does anybody know the best buyers of bullion with the lease margin? Ive had a look around and losing 10% on a transaction is horrible and I refuse to sell with that type of margin to a bullion dealer. From my research, the lessor margins the bullion dealer offer are typically on cast gold bars 1oz and higher. Personally, for liquidity purposes, im going to target buying this metals more. 3. EBAY is a good place to sell, but once again large sums deposited into my account is not what I want and the fees are HIGH. All advice and experiences would be greatly appreciated! Liquidity I think is metals biggest barrier and I have been looking at buy contracts aswell to help when I need quick cash...
Here's some info for you: http://www.ato.gov.au/General/Capital-gains-tax/ http://www.austrac.gov.au/aml_ctf.html
Which is your closest capital city? Put a "Want to sell" on the forum. F2F (Face to Face). Meet in a public place or at one of the meets.
Attend a Silver Stacker meet in your capital city. Believe you will find fellow members that will offer you a fair and reasonable price on bullion at meets. Secure environement plus you get to meet other stackers.
Great, Thanks for your replies. I think mostly everything contributed is standard. Though once again the problem with Bullion is liquidity. Im doing a bit of research and found a great product offered by Peter Schiff who owns his own offshore bank. Basically, you can buy gold and silver with your $AUD and store it in value relative to gold and silver price. This is converted to a bank debit card which you can spend and draw in instantly - Brilliant. So you have instant liquidity and still able to stack / save in gold and silver. Im not sure of the fees etc, though will keep you all posted for anyone interested.
Sammy, Its a good point but once again its a solution for liquidity problems. Of course I believe you should keep some physical, it just makes sense. The chances we are going to need PHYSICAL are so slim, I don't think there will be an apocalypse... We all have different strategy's, I personally stack to protect my wealth and long term speculating on a price rise... But at the end of the day, you wont be chopping up your 10oz PM bars to buy a loaf of bread are you?
All my stack is 1/3 ounces, ie, fiddies. I should have enough bread into my eighties. Perhaps my only other advise is to stay on the island. Offshore is just too far away in case of an emergency, personal or global.
You could send me the physical stuff and I could hold it for you and give you cash as you need it and I could beat them on fees
If you would consider doing that, why not just buy SLV or another silver etf? Fees should be cheaper.
Hi, Yes I get your point. Accept the europac bank stores your gold and silver at the Perth mint depository. It appears to be minimal fees and you can take delivery also. Another great point is its linked to a debit card for easy use and liquidity. I have considered SLV also, which is great for liquidity. But the ownership of physical including liquidity at the same time is a great benefit it seems.
