melt price ?

woody3882

Just out of curiosity, how much of a percentage loss can one expect if selling off gold bullion, lets say it is .999 pure bullion. How much of a percentage of the spot price is reduced for the melt cost. Rough estimate is good,

Thanks

Woody3882

AUandAG

My local shop is paying $1,106 for one ounce recognized gold bars.



Does this help?



bob

OPA

You may want to check out some of the big players to see what they are paying

APMEX buy price

derryb

As long as the real stuff is worth more than the paper stuff (futures), the real stuff should always net more than the paper price. With PM premiums at record highs, there is no reason to sell for melt or less.

jmski52

Scotsman Coin has a good buy-sell page for all the various bullion coinage, and they are competitive.

TwoSides2aCoin

How many you want to sell ?

BAJJERFAN

Originally posted by: derryb

As long as the real stuff is worth more than the paper stuff (futures), the real stuff should always net more than the paper price. With PM premiums at record highs, there is no reason to sell for melt or less.

That's fine if you have access to a variety of buyers, but how many people can sell to the same folks their local dealer can sell to? Also even if you got $15 over here for a 1 ounce bar, registered shipping would cost you $20, so you'd still net $5 under spot. Mite aswell take spot from your local dealer if you can get it. Many want to offer 5% back of spot for bars.

BAJJERFAN

Originally posted by: AUandAG

My local shop is paying $1,106 for one ounce recognized gold bars.



Does this help?



bob

Which is what in relation to spot, over or under?

CaptHenway

Originally posted by: BAJJERFAN

Originally posted by: derryb

As long as the real stuff is worth more than the paper stuff (futures), the real stuff should always net more than the paper price. With PM premiums at record highs, there is no reason to sell for melt or less.

That's fine if you have access to a variety of buyers, but how many people can sell to the same folks their local dealer can sell to? Also even if you got $15 over here for a 1 ounce bar, registered shipping would cost you $20, so you'd still net $5 under spot. Mite aswell take spot from your local dealer if you can get it. Many want to offer 5% back of spot for bars.

Don't confuse them with reality........

BBN

for 1/10s my local guy is currently buying at 115 and sells at 125. Small profit margin, but he sells high volume so PMs are very profitable by the end of the day. When ouncers come in he buys at melt and resells for about 2-3% over. Gold bullion rarely makes it through the end of the day at his shop. It's hit and miss. He's had days where someone walked into the shop and sold him $10k in gold at 10am and it's all sold before 2:30pm when I get back in town from my job to see if he had any.

woody3882

Thanks for all the info, I appreciate it. I am not ready to sell just yet, I have been buying 1 oz bullion and 1 0z Buffalo coins. But I am building a retirement home and wanted to educate myself just in case i needed a quick payday. Also I know the selling limits without the dealer reporting the sale, but if I go to more than one dealer, say a half dozen in one day, and sell under 10K to each, is there any cross referance or documentation that adds the differant totals for the different dealer sales that will bite me in the end. Just curious. As I said before, i am just trying to educate myself

Thanks to all

derryb

Originally posted by: woody3882
Also I know the selling limits without the dealer reporting the sale, but if I go to more than one dealer, say a half dozen in one day, and sell under 10K to each, is there any cross referance or documentation that adds the differant totals for the different dealer sales that will bite me in the end. Just curious. As I said before, i am just trying to educate myself
Thanks to all

You may very well have to explain the bank account deposits from the sales. This could lead to you also having to explain not reporting the income for the year on your tax return, if you do not report it. The secrecy of selling for cash disappears once you start depositing that cash or spending it all at one place where it draws attention. Best to play by their rules and they will let you go home every night.

BAJJERFAN

Originally posted by: derryb

Originally posted by: woody3882

Also I know the selling limits without the dealer reporting the sale, but if I go to more than one dealer, say a half dozen in one day, and sell under 10K to each, is there any cross referance or documentation that adds the differant totals for the different dealer sales that will bite me in the end. Just curious. As I said before, i am just trying to educate myself

Thanks to all

You may very well have to explain the bank account deposits from the sales. This could lead to you also having to explain not reporting the income for the year on your tax return, if you do not report it. The secrecy of selling for cash disappears once you start depositing that cash or spending it all at one place where it draws attention.

If you get audited by the IRS/taxes you might have to splain those deposits whether they are cash or check. Checks don't normally invite scrutiny from curious bank personnel.

BAJJERFAN

Originally posted by: woody3882

Thanks for all the info, I appreciate it. I am not ready to sell just yet, I have been buying 1 oz bullion and 1 0z Buffalo coins. But I am building a retirement home and wanted to educate myself just in case i needed a quick payday. Also I know the selling limits without the dealer reporting the sale, but if I go to more than one dealer, say a half dozen in one day, and sell under 10K to each, is there any cross referance or documentation that adds the differant totals for the different dealer sales that will bite me in the end. Just curious. As I said before, i am just trying to educate myself

Thanks to all

Keep in mind that gold and silver bar sales must be reported to the IRS if they exceed a certain quantity. Also Krands and Maple Leafs are reportable in 25 ounce quantities or more. I may be in error, but I have not seen where it's reportable, IF a dealer pays you more than $10K in cash. When you buy from a dealer, it's $10K in cash per year. More info here

TwoSides2aCoin

So you're not selling. Drats.