Home Forums Ask Sean Gold and Silver

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  • AvatarBill Myers
    Participant
    Post count: 13

    I’m not sure you can answer my question, it is a little off the normal but I need someone I trust for advice. I purchased tangible gold and silver through an IRA account and paid a front loaded fee. I since took delivery of the items as an IRA dispersement and paid my taxes. When I sell the items, I was only pay a 1/25% commission. However, now the company went out of business, Goldworth which I thought was a solid company. My question is not about the past and lack of wisdom; but what, who, or how should I sell my items when the time comes I wish to do so? Not sure who to trust, what is expected commissions (I realize the 1/25% is off the table), or even how to go about it. Are you comfortable recommending someone or at least point me in a direction I can research this? If not, I understand.

    • This topic was modified 7 months, 3 weeks ago by AvatarBill Myers.
    AvatarDavid 2036
    Participant
    Post count: 37

    Is it correct understanding that you took delivery of a physical asset, not a piece of paper?

    Grateful JonGrateful Jon
    Participant
    Post count: 89

    Hiya Bill,
    • I don’t have any knowledge of buying/selling gold!!!!!!!

    Since you hadn’t gotten much in the way of replies, just for grins, I put myself in your position & asked: “How would I go about selling metals if I had them?”

    Knowledge is power! This is just my 2 cents worth, eh!

    I took my normal process of making a big financial decision (last used when I had my roof replaced this summer) and worked through it:
    1. I’d want to deal with someone locally so that I could evaluate them when I go in:
    a. Do they have a business presence listed in Google (or whatever browser you use)?
    b. Do they appear above board or shady?

    2. I personally like to get 3 bids on big ticket items, I would think that going to 3 places would be a good idea. When talking to the representative at the first place you go in to, let them know that you’ll also be going to “Insert the name of another business” to see what they will give you.

    3. What does the Better Business Bureau say about them?

    4. What does the internet say about them?

    5. What is gold/silver going for at this minute? I googled “price of gold”, it came up with a spot price of $1,570.55.
    a. If it’s in bars & not coins, do they assay them onsite to give you a fair price or do they just low ball the price?

    6. You’d mentioned IRA, I’d be checking into reporting requirements for an IRA & how to handle the transaction so there are not any negative tax consequences…..got an accountant? If it was me:
    a. If it’s a small amount, I’d be checking it out online to see what google comes up with.
    b. If it’s a significant amount I’d be talking with an accountant, figuring that the fee is money well spent.

    Good luck!!!

    My formal advice: Be logical, get the emotion/fear out of this transaction before you act.

    Best Regards,
    Jon

    Sean HymanSean Hyman
    Moderator
    Post count: 2794

    I’m no pro on physical gold companies. We always go with gold ETFs or gold mining stocks, etc. instead. I do hold a few silver coins but that’s because they were given to me and so my cost basis is zero. With the ETFs, we don’t have to really worry about some of the potential pitfalls of physical gold, like you mentioned above.

    Some companies you might check with are: EverBank.com, Kitco.com. And you could read what they have to say on Google about selling physical gold, in case that’s helpful: https://www.google.com/search?sxsrf=ACYBGNQKob08zh8AVSDZQ9eiLUKIRgGqxg%3A1581332633479&ei=mThBXrD5HIXitQXllYfgDQ&q=where+can+I+sell+my+physical+gold&oq=where+can+I+sell+my+physical+gold&gs_l=psy-ab.3..33i22i29i30l3.19804.25251..25449…0.1..0.101.2326.32j1……0….1..gws-wiz…….0i71j35i39j0i131j0j0i67j0i273j0i20i263j0i3j0i22i30..23%3A0g81g99g110g87g82g71g82g72g63g77g68g84j24%3A0g1g1g1g1g1g1g1g1g1g5g5g15.7_Y-ayR4e_I&ved=0ahUKEwjwqY-P68bnAhUFca0KHeXKAdwQ4dUDCAw&uact=5

    We’ll always buy ETFs or gold mining stocks, etc. because its cheaper and easier to do.

    AvatarErnie Mills
    Participant
    Post count: 37

    I also hold some gold and silver from previous investments. Sean, I like your way (now my way) a lot better. With that being said… I need a strategy for getting out. I purchased gold and silver coins using various online outlets, and I was considering divesting in the same manner. I’m profitable on all of them at this time. Obviously I don’t want to sell them too soon, but I also realize I can’t just hit the sell button to close my positions. Do you have any guidance on when I should begin to slowly divest. It seems like we have a good way to go in the gold & silver Bull Market. Your thoughts are appreciated.

    Sean HymanSean Hyman
    Moderator
    Post count: 2794

    There’s a great chance that this market corrects quite a bit over the coming months and that could push gold/silver into new “higher highs”. Gold could easily go to $1800-$1900+ and silver could go to $26-$36 or so.

    Robert R WeidmanRobert R Weidman
    Participant
    Post count: 10

    I have purchased one ounce gold bullion coins at my local coin dealer for spot price (current) plus a fee and sell the same way. Fee was reasonable. The local jeweler has a sign out all the time stating we buy gold that may only be jewelry. I like to deal locally and have always been treated fairly and honestly. I hope that is helpful.

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