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Going to sell 10K Oz. of silver and 320 Oz of gold.
Clackamas1
Posts: 773 ✭✭✭✭✭
I have to cash out my gold and silver held in a pension plan, I can't apparently hold in a roll over IRA; not really worried about that I will put it in to index mutual funds. It is about $950K which has me a little worried. Meth/crack heads will kill you over $20. I contacted APMEX and Kitco and the both said they would send someone out. OK, sounds reasonable but I was thinking of hiring through the local union, off duty police officers for the trade off. It is a substantial physical holding so it is not like I can just send it in the mail but the gold (320 oz) could be readily tossed in a bag and run off with. I generally am not paranoid but what would you do?
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I'd sell the gutter and keep the gold. RGDS!
The whole worlds off its rocker, buy Gold™.
I have to sell it all. My name is not Biden.
Seems strange to me that you would be in possession of physical metal in your IRA in the first place. Typically, this would be held by a custodian. They would be the ones to deal with the transaction, not you and some "crackhead" conducting a physical transaction. Sounds like make believe land to me.
PS: not sure what President Biden has to do with it?
RGDS!
The whole worlds off its rocker, buy Gold™.
eligible IRAs (pension) do not allow you to hold the metal. is it a "self pension" plan? If so, there is no time limit on cashing out. Why not a little at a time to private buyers. Although convenient, you will take a haircut selling to a reseller.
Give Me Liberty or Give Me Debt
Sell it on the BST for best offer.
Worry is the interest you pay on a debt you may not owe.
I'd sell some of it the way that derryb and PerryHall both suggest. You could also sell a portion of it to Apmex by making an appointment and taking a trip by car to OKC.
I knew it would happen.
First off get a top notch accounting firm that deals in IRAs and such. The gold should not be in your possession as stated above. So, now comes the tax man and capital gains. Get CPA'ed up.
bob
I would personally carry that to the vendor unless the drive is too long. Is there not a big dealer in your location? Might consider that even if you have to do it in batches.
The gold should not be in your possession as stated above
There's really no good reason to have gold in an IRA. Utilizing a CPA is a good idea in general, but I'm not sure what a CPA can do for you at this point, that you can't do for yourself.
If you have good records and documentation, you can manage the tax consequences yourself by balancing gains vs. any losses in your holdings.
If you really have to sell it all at once, I'd opt for shopping it around to the major dealers in a package deal, such as you've already started to do.
I knew it would happen.
It is a pension plan right now and you can own anything. When I retire the plan I have to convert it to an IRA and you are correct in the IRA you basically can't hold the physical. In a pension plan however you are allowed any type of asset. The pension, since I own the company is a defined benefit plan and our actuaries and accountants basically tell me what vehicles I can use and physical assets like metals and homes are allowed. It is when you terminate the plan when you run into the issues. The Biden thing was a joke.
I'd get a second opinion from a qualified CPA. There could be more to this than whether the gain on sale is subject to capital gain tax.
That is a considerable amount of metals to sell. Profit wise, you will do better selling in small quantities to buyers. The large groups will likely just give you melt. Your choice of course. Cheers, RickO
We have an actuary, law firm and a CPA firm. We are good on advice. I do agree with you though in that you don't do this without professional help. So many business owners cheap out on professional help and that is the wrong move. There is a profession for all of the above and for good reason.
I know a guy who can handle the deal. I'm former infantry and can pack. Want me to hook you guys up ?
Will a sale to Apmex or Kitco result in a Form 1099 for 2023?
https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163
It should not matter. It is in a pension plan asset and as long as the checks are back to a pension account - it is a zero. Not even reportable - as long as it stays in the pension plan.
Given how important this is, I think I'd solicit random advice from people I don't know on a public forum.
"The vaccines work,” Trump said, adding that the people who “get very sick and go to the hospital” are unvaccinated.
“Look, the results of the vaccine are very good, and if you do get it, it’s a very minor form,” Trump continued. “People aren’t dying when they take the vaccine.”
Do your part, America 💉😷
JM Bullion is paying more than spot
Give Me Liberty or Give Me Debt
if you're in Oregon, I would talk to Rodney at AJPM downtown Portland, see if they're paying about the same as AMPEX or Kitco
Id take it to one of the big firms that can handle that amount, get cashiers check or however payment in hand, and go
before you hit the road with a big load be fully aware of how asset confiscation/forfeiture works. Hint: it don't work in your favor.
Give Me Liberty or Give Me Debt
Have you thought about Brinks? Stacks uses them on big orders.
This would have been resolved by now if the OP had just bought ETFs.
Knowledge is the enemy of fear
Yeah, but then this thread wouldn’t exist. Let’s play paper. What we need is a stock market trading platform forum.
and one who for those who come here because they hate PMs and those that buy them. But then again every forum has those that are there for reasons other than the purpose of that forum.
Give Me Liberty or Give Me Debt
Random advice, from people who have actual experience on such matters is precisely what the OP is asking for. They are the professionals when it comes to the questions asked.
Give Me Liberty or Give Me Debt
@Clackamas1 congrats for running a successful business and stocking away nice retirement account
Martin
+1
Yes. No place for those who hate.
Some folk like to do things the hard way. Others like to be more efficient. That's what makes the world go round.
I'll be interested in the OPs experiences in this liquidation. Good luck to you
Knowledge is the enemy of fear
I live in a California county with 3 million people and had a jewelry store friend who was murdered and his wife was shot in the head in a botched robbery so I might be a little jaded but my primary concern would be personal safety. I would be perfectly okay with a little less money but a SAFE and easy transaction.
Yeah it is kind of hard to buy a loaf of bread with a piece of an etf.
but you can always trade the etf for a promise for a loaf of bread. LOL
Give Me Liberty or Give Me Debt
I double pinky swear I will give it to you.
My lord --- that is horrific. I arranged 3 retired police officers (friends of mine) to be onsite plus me. They know what to do. If things go sideways it is not worth anyone's life. it will be fine. I sincerely hate that I have to actually think about this, back in the day there was almost zero crime. It there was a crime it was usually me or my friends shoulder tapping for beer.