New to gold and just imported gold for the first time!

[Goldspartan]

Hi everyone, I'm new to the gold industry and I just imported and sold gold for the first time! I'm currently buying pure 24k gold for about $50 a gram and selling it to a refinery for 98% of the spot price. I bought small amounts from a few different sellers in person and flew into the US with them and sent them to the refinery and everything was legit. I do worry that maybe they sold me legit 24k gold with the intention of gaining my trust to make bigger buys. I'm joining this forum because I want to learn as much about gold as possible before making larger buys.

 

[PeterM]

Hi everyone, I'm new to the gold industry and I just imported and sold gold for the first time! I'm currently buying pure 24k gold for about $50 a gram and selling it to a refinery for 98% of the spot price. I bought small amounts from a few different sellers in person and flew into the US with them and sent them to the refinery and everything was legit. I do worry that maybe they sold me legit 24k gold with the intention of gaining my trust to make bigger buys. I'm joining this forum because I want to learn as much about gold as possible before making larger buys.

Goldpartan, from what you just said, is the perfect recipe for disaster. I hope you know what your doing? Good Luck.
P

 

[4metals]

As PeterM said be careful. You are being sold gold at approximately $300 an ounce discount. Could be you are buying directly from the miners and your deal is better than the only other game in town. If that's the case watch your back because you are likely pissing off someone local. Then there's the issue of AML regulations in the US which are in place to prevent gold and precious metal sales from being used to launder money. If the gold is coming from South America they will be scrutinous of your efforts if you in fact reveal what you are doing. And finally, your quantities are likely small because you are being paid 98%. Any kind of volume and. that number will go up north of 99.5%.

If you can be present for the melt and bring your own XRF you can be relatively certain of what you are buying. And you should make sure it doesn't leave your sight so you can be sure that what you put in the bucket is what comes out of the bucket when the refiner in Miami see's it.

I could fill pages of stories of gold buyers who came into the refinery with amazing deals only to realize it was amazing...... for the other guy.

Goodluck and be careful.