How do you sell gold?

[Copperhed51]

Ok, so I'm all set to buy a few thousand dollars worth of gold. Let's say I do it and eventually it goes up significantly and I want to convert it into money I can spend. How would eventually go about selling my gold to get paper money? This is the only problem I can see with the whole gold buying thing.

 

[angelatc]

Call me! I'll buy it.

Or you can go to a coin dealer. Look for those "We buy gold" signs in store windows.

Or you can try eBay.

The thing I wonder about is - do you have to sign a receipt or something for gold? Because in the '30's. the government took it all away from people. It seems that in this electronic age, they might like another list of who bought gold.

 

[Copperhed51]

haha, sure you'll buy it right now. What about when it gets to its peak value? I just wonder if there's going to be a point in time when I have a whole bunch of gold but I can't do a damn thing with it.

 

[Bruno]

The only problem with the whole gold buying thing is not the selling part, but the part about you not knowing how the selling part works. And there are many that believe that gold and silver may again become legal tender, or black market currency.

Where you buy gold, usually you can sell gold back. You may have to wait to break even, depending on the timing. Could have made a killing from last week to today, though, but you never know. Long term hardly anyone thinks gold and silver will not be worth more, unless there was price fixing by the Fed or something.

coinshops are a good way to go. If you have one in your area, go in and look around. Ask about reselling and what they offer. It may be just spot price, or over, depending on what you are selling back such as a K-Rand vs. a gold bar or bullion.

Here is an example of a coin forum that has a lot information and opinions on coins.
http://www.coinforum.com/

 

[Bruno]

Call me! I'll buy it.

Or you can go to a coin dealer. Look for those "We buy gold" signs in store windows.

Or you can try eBay.

The thing I wonder about is - do you have to sign a receipt or something for gold? Because in the '30's. the government took it all away from people. It seems that in this electronic age, they might like another list of who bought gold.

Sssshhh!!

 

[Copperhed51]

The only problem with the whole gold buying thing is not the selling part, but the part about you not knowing how the selling part works.

You are correct I suppose. I'm going off the assumption that the dollar will eventually completely collapse and I will be holding my gold until at least that point in time. I'm just really scared to have all my money saved up as money. God that sounds ridiculous. I just ordered Crash Proof and am hoping to learn enough about all this crap so that I can get my money somewhere safe for a while. I mean it in all sincerity when I say this, I'm scared.

 

[literatim]

Gold in bullion form is tracked by the government. If you buy gold bullion, the place of purchase is legally bound to send in a form with your information and how much gold you bought.

 

[Copperhed51]

Gold in bullion form is tracked by the government. If you buy gold bullion, the place of purchase is legally bound to send in a form with your information and how much gold you bought.

Even if you buy it from somewhere overseas?

 

[literatim]

Even if you buy it from somewhere overseas?

Shipping would be ridiculous and then you would have to deal with customs.

 

[Bruno]

You are correct I suppose. I'm going off the assumption that the dollar will eventually completely collapse and I will be holding my gold until at least that point in time. I'm just really scared to have all my money saved up as money. God that sounds ridiculous. I just ordered Crash Proof and am hoping to learn enough about all this crap so that I can get my money somewhere safe for a while. I mean it in all sincerity when I say this, I'm scared.

Many of us are scared. No one has all the answers. Keep your chin up. It's better to be scared in order to get prepared.

Crash Proof will teach you a lot. I just finished it myself. Don't get all hung up on the later foreign stocks chapters if you don't have larger amounts to invest. The rest of the book is a good, informative read in layman's terms.

And never hold all your money in any one area. It is a good idea to diversify. Many recommend only 5-20% of your assets tied into precious metals. Others feel that number might be a little higher for them. Spread your eggs to different baskets.

Gold in bullion form is tracked by the government. If you buy gold bullion, the place of purchase is legally bound to send in a form with your information and how much gold you bought.

that's not always true. you just need to do your research.

 

[Josh_LA]

haha, sure you'll buy it right now. What about when it gets to its peak value? I just wonder if there's going to be a point in time when I have a whole bunch of gold but I can't do a damn thing with it.

The only point in time you'd not be able to do things with it is around now, where the prices are considered a loss compared to short term past. But as long as is APPRECIATES, SOMEBODY WILL BUY.

You ever heard somebody say they have too many houses and cars they don't know what to do with them? No, they're just not willing to sell at a price less than what they invested.

 

[eric_cartman]

pay cash when you buy it from a coin store... when you sell gold, sell it for cash back to the coin store. no paper trail, government doesn't know you have the gold if they decide to confiscate it.