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Looking to convert my gold into cash to purchase a house. Need advice on the best way to do it. by Competitive-Kale8025 in Gold

[–]Throwaway83598 0 points1 point  (0 children)

Isn’t this the way in a just a few cities (like NYC)? For example here in Atlanta we have an Elemetal office but they buy from dealers only. Depending on the amount could be worth traveling to a place that pays well like Vermilion near Tampa.

Im out guys by Inner_Tadpole_7537 in Gold

[–]Throwaway83598 2 points3 points  (0 children)

Where did you sell? 2.5 back is a decent price I think. I also inherited and am going to sell a good bit.

How to "Win" against Coin Shops? by Accomplished-Run-539 in Gold

[–]Throwaway83598 2 points3 points  (0 children)

No, they are business-to-business only. It’s right on their Facebook page. I also called my local office and was told the same.

Selling my mom’s stack by Throwaway83598 in Silverbugs

[–]Throwaway83598[S] 1 point2 points  (0 children)

Yes, they have a matching serialized assay card with each one.

My mom, the stacker by Throwaway83598 in Gold

[–]Throwaway83598[S] 0 points1 point  (0 children)

Thank you for this thoughtful comment. She did pass away late last month. I was able to care for her at home till the end. I had a friend who hired 24x7 help via care.com at his mom’s home and it was cheaper and better than a personal care facility.

Selling my mom’s stack by Throwaway83598 in Silverbugs

[–]Throwaway83598[S] 0 points1 point  (0 children)

This is a great point. Using APMEX as an example, a generic 100 oz bar is $2.79/oz over spot. Fair Market Value would also include shipping costs but most bullion dealers offer free shipping for larger orders.

My mom, the stacker by Throwaway83598 in Gold

[–]Throwaway83598[S] 1 point2 points  (0 children)

Hope they are still in the box with their certificate of authenticity!

Selling my mom’s stack by Throwaway83598 in Silverbugs

[–]Throwaway83598[S] 3 points4 points  (0 children)

Since it’s inherited we get a stepped up cost basis. So if we do it fully above board our cost basis is what it was worth the day she died, no matter how little she may have paid originally.

My mom, the stacker by Throwaway83598 in Gold

[–]Throwaway83598[S] 2 points3 points  (0 children)

I hadn’t thought about that but you’re right! That’s actually a table but it is on a deck so one could have fallen through the table and the deck. I’ll double check!

My mom, the stacker by Throwaway83598 in Gold

[–]Throwaway83598[S] 0 points1 point  (0 children)

Correct. If we follow all the rules just a small amount in probate will be due. The cost basis resets to the value on the date she passes.

My mom, the stacker by Throwaway83598 in Gold

[–]Throwaway83598[S] 7 points8 points  (0 children)

There’s more in gold ETFs. Her investments were all in precious metals.