I have decided to have a self Managed Super Fund a few years ago. Amongst my portfolio i started buying silver and coins in Australia from Ainslie Bullion and Bullion mark. As there are now audit requirements on coins, insurance and outside storage. I need to reduce coin holdings I have purchased Dragon Silver coins 1 0z Lunar series and Panda coins silver 1 oz minted in 2011 all in capsules. Be great to get advise on prices to list as well as how to sell, as I dont have trading history. Best I guess is payment on pickup ? I look forward to hearing from you.
Welcome to silver stackers. All I know about precious metals in a SMSF is that I have unallocated metals just so I can avoid the issues of storage, insurance and compliance. Are they classified as bullion or collectibles in your documentation? Bullion has less stringent rules surrounding them but also you are only likely to be looking at spot value during audits whereas collectibles will net you more but you have greater compliance issues. I am guessing that selling from the SMSF is going to involve a lot more paperwork and a larger papertrail than many private silverstackers are willing to go through, not sure of the legal requirements but I am guessing that a receipt at the very least and maybe some sort of proof that the deal was made at arm lengths, so you couldn't just sell it to yourself for spot price for instance. Most dealers would only be obliged to offer you spot price and no numismatic premiums. The site's sponsor, Gold Stackers http://www.goldstackers.com.au/store/silver/silver-coins.html?cat=76 occasionally has some Dragons in stock but nothing at the moment. You might be able to get a dealer to give you a valuation (rather than an offer to buy) if you know them well enough.
Hi all I live in northern gold coast but have business in Brisbane. Am wanting to sell some silver bullion blocks and bars locally and privately as the spreads dealers are charging are ridiculous. Any leads please.
