1 oz gold ingots - suisse credits

[Smitty]

I want to know how much Jewelers are paying for their 24k gold ingots. Are you willing to paying spot price or above spot prices for your gold? Specifically, if they come sealed in the pouches like the suisse credits in 1 oz ingots with serial numbers.

Thank you for any response.

 

[jimdoc]

I think most jewelers would use shot or wire
as they could use what they need.
Here is a cool site with lots of info;

http://www.preciousmetalswest.com/index.php

 

[goldsilverpro]

Most jewelers also sell gold coins and bars to their customers. They may be interested in buying yours but I would guess that they would only pay slightly under spot. The pouches and bars would have to be in perfect condition to get the best price.

 

[Noxx]

Personally, most (if not all) of the jewellers over here will buy gold for a way under spot... Even recognized ingots... And they sell it for more than 100$ over... That's sad for those who buy...

Anyways, Smitty, if one day you are willing to sell one ingot, I will be taker.

Thanks

 

[Lou]

Might try http://www.kitco.com

 

[Irons]

Bullion is considered a collectible by the IRS and subject to a 28% tax on capital gains. On the other hand, US minted coins such as the Gold and Silver eagle and Buffalo are considered legal tender and not subject.

Invest wisely. The margin you pay up front may be a way lot less than what you have to pay in taxes in the long run.

Many wise investors purchase and store concentrates as a long term investment since, under mining statutes they are not cosidered bullion. Once the Gold or Silver concentrate is refined, it falls into the Bullion category.

 

[heirloomreplacement]

I'm with Irons on this one

One would have to be kinda carefull what they use as investmant avenue as far as the Feds are concerned.

I do agree with the legal tender V bullion
Ingots, bars and rounds are considered Bullion By the Feds and yes subject to Cap gain taxes.

Basically any coin that has a dollar amount stamped on it is considered legal tender> meaning if you were crazy enough to pay for your purchase at the store with silver eagles they would have to accept the dollar value of them.

However I know of a few exceptions to this rule>
I believe St Gaudins > and two or three others can be considered By the feds as a Type Of individual IRA>
which of course leads to the same type of Tax laws you would expect to deal with in a conventional IRA.
One would have to look into this a bit further to find the exact coins the Feds allow one to invest in as IRA type savings>
and also consider the penalties for selling an IRA investment early.
However I am sure this data is accuarate as I was once advised to dump My IRA into this type of avenue >
( so it would be harder to trace)

The up side is this type of avenue is also deductable as an IRA on your year end taxes>

One would have to weigh the pro's and Con's
Just adding to the info on this subject
Keeping My Money in my care is better than letting others at it :lol:

Jim

It's been quite a few years now >
As I recall it took My accountant awhile to find the info for me.

 

[Ageo308]

Not sure how it is in the U.S and other countries but over here any jeweller that pays for gold at or above the spot price then they are complete fools.

Gold refineries pay a few dollars below the spot and thats the best price you will get (unless selling to a private individual).

 

[Irons]

We laugh about that but Gold has appreciated at about 28% over the last year and since scrap isn't refined Gold, it makes a better investment taxwise than buying Gold bars. There's some pretty saavy investors out there who know how to work the system.

The first wise guys I met were in the scrap metal business.

 

[Jim's24K]

Thank you Irons and Jim for the valuable insight into the tax situation. It appears that buying coins or holding scrap karat gold would be a much better investment than buying bullion, over the long haul, considering the 28% capital gains tax. Thanks, I was unaware.

Jim

 

[mwren]

Our company will usually pay spot + $1.00usd per troy ounce for 24k casting grain, but we rarely buy less than 50 t/oz at a time and only from a well known refiner in good standing.

 

[Harold_V]

Our company will usually pay spot + $1.00usd per troy ounce for 24k casting grain, but we rarely buy less than 50 t/oz at a time and only from a well known refiner in good standing.

That's a shame. I was far from a well known refiner, and produced gold of exceptional quality, which was sold for spot.

Perhaps you've seen this picture before.

Harold

 

[mwren]

I am familiar with that picture, perhaps you are familiar with this one?

 

[Harold_V]

No------not familiar. Details, please?

Harold

 

[mwren]

but seriously, I have the opinion that any raw material such as casting grain should be bought from the least expensive source. But the problem is accountability, now I am not accusing anyone of anything I am just explaining my point. If I buy my mill products from H&S and findings from Stuller or Rio Grande and the metal content isn't right I make one phone call and my problem is solved, instantly, and I lose very little time and no money.

If I purchase the 25cm of 18k 22gauge round wire from Jack Smith and the karat is off even by a couple percents, he doesn't answer the phone or return messages then I get the short end of the stick.

Also the worst part is that I know a bunch of people who can produce high grade 24k grain and they sell it below spot but when you need 14kwg solder or 10kpg tubing or 18kgg wire or .925 flat sheet or something else they cannot keep a consistant product nor do they have any intrest in correcting the error.

Point is producing the casting grain is one thing but If you can produce karat gold mill product in different colors and then we would be more than happy to use your product.

 

[goldsilverpro]

What are you saying? I'm lost.

 

[dixie]

mwren, What is your beef here. I've seen the Rio catalouge and findings are usually about double the spot price.

I cut off all the findings before my gold is sent in and I sell the "used" findings to repeir guys who are glad to pay spot +10% for them.

As far as what to do when you get screwed dealing with someone, "DON'T DEAL WITH THEM AGAIN" if they won't make it right. That is what I do.

 

[mwren]

Got no beef with anyone.

What I am saying is when I deal with the small time refiner I normally get screwed.

As far as rio countertop catalogs when you look at the bottom of the pages you will see a small picture of a key with a number next to it. The key repersents keystone pricing and the number repersents the number of times the item has been marked up for retail pricing.

 

[Harold_V]

What I am saying is when I deal with the small time refiner I normally get screwed.

Perhaps you'd be better served to find a higher class of people. You apparently have a knack for finding those that were willing to do you. It's obvious you didn't encounter me, for that was not my method of operation.

I resent the implication that because I wasn't a high profile refiner that I was, in some way, lower principled than the "big boys", some of which gave me the screwing of a lifetime.

I'm baffled by your insinuation that, somehow, major refiners are exempt from being dishonest. My experience dictates that isn't the case. My experience also dictates that, while I have been burned by three of them, I have not been burned by all of them.

Don't misunderstand my previous comments. I'm not interested in selling gold to you, nor was that my intention when I made the comment that it was a shame that you wouldn't deal with the small time refiner. I simply stated that your "I once saw a brown dog, therefore all dogs are brown" attitude I find very offensive. You have no reason to look upon me as a crook, for I've done nothing to you.

So you understand my position clearly, I have not refined precious metals since 1995, when I sold my refining business and retired.

Your apology will be accepted. I expect it will be forthcoming.

Harold

 

[usaman65]

Im with haroldv on this one.....if one egg in the carton is cracked,that doesnt mean the rest are.

but if i were to buy a few ounces of gold- i would buy some engelhard,jm,credit bars, all reputible refiners.

kev