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Thread: How to sell large amounts of bullion

  1. #1

    Default How to sell large amounts of bullion

    This is just a hypothetical question and not something I am doing. Lets say at some point I would want to sell a 30K chunk of bullion. I am pretty sure the local guys can't handle the transaction. Do you send it in somewhere, take a check for payment. Just been thinking. Buy silver with cash, take possession for safety, but then comes a whole another set of problems when wanting to sell. Sure I can maybe sell 2-3K and get cash locally, but what if I want to sell a big chunk. Seems after all the steps taken to be safe, I might be at the mercy of mailing it in and hoping to get paid, or hoping a check clears. What are the best and safest alternatives?

  2. #2
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    Quote Originally Posted by CookieMonster View Post
    This is just a hypothetical question and not something I am doing. Lets say at some point I would want to sell a 30K chunk of bullion. I am pretty sure the local guys can't handle the transaction. Do you send it in somewhere, take a check for payment. Just been thinking. Buy silver with cash, take possession for safety, but then comes a whole another set of problems when wanting to sell. Sure I can maybe sell 2-3K and get cash locally, but what if I want to sell a big chunk. Seems after all the steps taken to be safe, I might be at the mercy of mailing it in and hoping to get paid, or hoping a check clears. What are the best and safest alternatives?

    Years ago Bullion Direct sent me a 5 gallon padded bucket with security lock insured by Loyds of London and shipped via FedEx I filled up the bucket with silver, gold and platinum and they sent me a check after receipt and inspection. It was a very easy and secure transaction. Unfortunately they have since gone Bankrupt but I would imagine your larger bullion dealers could do the same.

    My only advice, knowing what I know now, is to break up your sale into smaller chunks. Don't risk too much in ONE transaction. I'd rather pay an extra couple hundred in shipping fees than loose 30K in one fell swoop.

    Good luck.
    Disclaimer:Later....

  3. #3

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    I can give you my experience when selling a large chunk. I did this a few years back in the high $30's. I googled coin shops, we buy gold places and pawn shops within a 150 mile radius. Phoned every single one and wanted to know what they would give me for my bullion. In total I sold to 5 different places. All but one gave me spot. The other gave me spot minus $0.50. I organized everything ahead of time and was clear I wanted cash. In my state you can only sell $10,000 in one place before having to deal with paperwork. Once place bought that amount and had me come back the next day. Even locked the price in. Didn't want to deal with shipping, checks clearing and the IRS sticking his nose in. Oh, and I made sure to file my capital gains tax can't have Uncle Sam going without.
    Utah, Get Me Two!

  4. #4

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    Quote Originally Posted by Count Stacula View Post
    Years ago Bullion Direct sent me a 5 gallon padded bucket with security lock insured by Loyds of London and shipped via FedEx I filled up the bucket with silver, gold and platinum and they sent me a check after receipt and inspection. It was a very easy and secure transaction. Unfortunately they have since gone Bankrupt but I would imagine your larger bullion dealers could do the same.

    My only advice, knowing what I know now, is to break up your sale into smaller chunks. Don't risk too much in ONE transaction. I'd rather pay an extra couple hundred in shipping fees than loose 30K in one fell swoop.

    Good luck.
    Good advise. Just thinking ahead about an exit strategy when and if the price would get where I was happy down the line. I am a little uneasy about shipping things to a large dealer and getting a check. A lot can happen, most likely would not, but as you see with Bullion Direct if you happened to be dealing at the wrong time, things could go bad fast. Wondering if you could physically drive or fly to any of the big boys and deliver in person and get paid in any safer way. Maybe take their check directly to their bank, open an account to transfer into, then wire out. Might be worried for no reason, but something I wonder about.

  5. #5
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    Quote Originally Posted by CookieMonster View Post
    Good advise. Just thinking ahead about an exit strategy when and if the price would get where I was happy down the line. I am a little uneasy about shipping things to a large dealer and getting a check. A lot can happen, most likely would not, but as you see with Bullion Direct if you happened to be dealing at the wrong time, things could go bad fast. Wondering if you could physically drive or fly to any of the big boys and deliver in person and get paid in any safer way. Maybe take their check directly to their bank, open an account to transfer into, then wire out. Might be worried for no reason, but something I wonder about.
    You are not worrying for no reason. Money is money and crooks are crooks. Be careful who you trust with your money. If you can get a good price locally face to face in cash then sell some that way. If you have a good level of trust with an online broker then sell some that way too. Be as diligent in your sale as your were in your purchase so you can sell with confidence. Even if it costs you a few bucks more breaking up your stash, you are better off in the long run.

    Some people spend days, weeks, or months in research before they buy but try to sell in five minutes. Don't make yourself a victim. Be just as diligent when you sell as when you bought.
    Disclaimer:Later....

  6. #6
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    Send it to the big guys. Ask them to give you tax forms. Just pay the vig. Trust me. Not worth the aggravation of being shady. They will know the tax and advise you before closing the deal. So if your metal is worth 30K and the feds want 4500 then send you a check or 25.5, then you give it all to an accountant to reduce the burden through your normal writeoffs. Don't be crazy and try the phuck them. Some dumb ass would probably try to make 30 to 60 cash transactions over a period of time from small shops, etc. That is probably why some pawn shops offer ****ay deals because they probably beat the spread. Some of these guys do all the cloak and dagger then brag at some party while there is a spouse of an agent around. Next thing you know you lose everything. Just pay them their money.

  7. #7
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    Quote Originally Posted by Bobmhey View Post
    Send it to the big guys. Ask them to give you tax forms. Just pay the vig. Trust me. Not worth the aggravation of being shady. They will know the tax and advise you before closing the deal. So if your metal is worth 30K and the feds want 4500 then send you a check or 25.5, then you give it all to an accountant to reduce the burden through your normal writeoffs. Don't be crazy and try the phuck them. Some dumb ass would probably try to make 30 to 60 cash transactions over a period of time from small shops, etc. That is probably why some pawn shops offer ****ay deals because they probably beat the spread. Some of these guys do all the cloak and dagger then brag at some party while there is a spouse of an agent around. Next thing you know you lose everything. Just pay them their money.
    Ah yes, the tax man. When I sold I had my cost basis already established. Come tax season I just told my accountant I bought this and sold it for that and he did all the rest.

    Confuses says "He who screws first gets screwed last"

    Keep it up front and honest and you'll be OK.
    Disclaimer:Later....

  8. #8

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    ive sold off over 500oz in the past week and a half on ebay and have NETTED $22.16/oz, mostly cull dollars and mexican junk.

    i was gonna sell a MB of rounds to my dealer for .50 over spot but did much better on ebay
    Retired in 2009 at 39 years old, what day is today

  9. #9

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    Quote Originally Posted by CookieMonster View Post
    This is just a hypothetical question and not something I am doing. Lets say at some point I would want to sell a 30K chunk of bullion. I am pretty sure the local guys can't handle the transaction. Do you send it in somewhere, take a check for payment. Just been thinking. Buy silver with cash, take possession for safety, but then comes a whole another set of problems when wanting to sell. Sure I can maybe sell 2-3K and get cash locally, but what if I want to sell a big chunk. Seems after all the steps taken to be safe, I might be at the mercy of mailing it in and hoping to get paid, or hoping a check clears. What are the best and safest alternatives?
    Depends on the local guys.

    I sold a large number of GAE's to my guy back around 2012/13. We went into a back room and he counted out the cash...

    Easy.

  10. #10

    Default Be safe!!!!!!!!!!!!!!!!!!!

    This^^^^^^^^^^

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