Selling gold coins anonymously?

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turkeybucket
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Selling gold coins anonymously?
I need to sell a gold coin or two and would prefer to do it anonymously as possible.  If I sell it to a dealer, 2.5% under spot, he will cut me a check, no cash.  Are there dealers that pay cash or is it nothing to be concerned about? Other tips for selling would also be appreciated. TIA.
Edited by admin on 11/08/2014 - 06:31
Eric Original
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It varies dealer by dealer,

It varies dealer by dealer, so check around.   The amount that requires a check rather than cash is really more of a matter of dealers business policy, not a matter of law.  Paper money is still legal tender in this country, for now....

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couplover
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Anonymity?

Why the need to hide? There is no reason to as it is still legal and common to buy and sell gold. Once you begin to appear to be looking for a "sneaky" way to do things you bring suspicion onto yourself. 

The lines of the  rules are wide and easy to stay within without doing any damage. Anonymous or not you are legally responsible to report the sale for taxation purposes. Do not confuse reporting standards of different dealers with the duties of reporting. You are required to disclose. Period. I suggest you use other means of "trading" gold other than coins and bars as the spread and taxes make it very difficult to realize outsized gains in the ST. Stack metal for LT safety and appreciation and trade paper instruments (if you must) for ST gains. IMHO 

That said I believe if you go to any gun show or coin show you can easily sell coins with little paperwork and for cash. You can also accept a check and simply cash it at the issuers bank with proper ID. 

opalboy
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Here is all you need to know

From the last post "You can also accept a check and simply cash it at the issuers bank with proper ID."

Silver Rock
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Gold Dealers Vs Gold Bullion Dealers
Those of us who have studied Austrian Economics believe a currency crisis is looming. As awareness of such a crisis becomes more widespread, interest in diversifying from paper currency denominated assets into physical gold will rise substantially. As such it is vital that you purchase gold bullion, not the non gold bullion products pushed by many gold dealers. Gold Dealers are plentiful. Gold Bullion Dealers are few and far between. If you want to be certain you purchase the Bullion form of physical precious metals - be it Gold, Silver or Platinum - buy from a Gold, Silver and Platinum Bullion Dealer, not a Gold Dealer. Virtually every gold television and radio advertisement you hear, even those brought to you by celebrity radio and television talk show hosts, are Gold Dealers. Yes, their products include gold bullion but their business model is based on steering people into high priced gold numismatic coins - and they are very good at it. Why take a chance? Identify your Gold Bullion Dealer now. Call them and talk to them and get your questions answered now - so that when you are ready to buy, you can do so comfortably with the reassurance you are buying Gold Bullion - not the proliferation of other gold products on the market today.
 
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Silver Rock
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Gold Storage - Did You Know....

You can get segregated and insured gold and silver storage at First State Depository for less than you would normally pay for unallocated storage. First State charges 60 basis points for segregated insured storage (10 basis point for storage within a precious metals IRA). I refer my customers to First State and they have been very satisfied with the service. Here is a link to their website: http://www.fsdepository.com/Vault/

Also, just an FYI; If you decide to store your bullion in your house - first of all don't tell anyone - but you also need to be aware that most, if not all Homeowners Insurance policies do not cover theft of bullion or only cover up to a minimum amount such as $1000. The cheapest way to get insurance on your gold and silver bullion is to have it stored on your behalf at a secure facility such as First State Depository, where the cost of storage includes the cost of insurance.

Any questions - please feel free to contact me. A link to my website with contact information is below. Likewise, if you have better storage suggestions, please share.

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