somewhere down the road there might be a
new rule that says hey if you sell more
than 2 000 worth
of gold or you know which would be like
maybe an ounce of gold right
that there might be a 1099. so i've told
people if they've got their cushion done
maybe it is wiser to buy some of the
smaller fractional code coins because
then maybe you know you'll be able to
fly under the radar you know in 20 or 30
years when you know you're retired you
just want to go down and get enough
spending money for the week or something
so i'm down here at center street gold
and silver and oh wow they've got a ton
of really cool stuff in stock here and
i'm talking to dennis the owner dennis a
lot of people have been asking me when
they go to sell their bullion
um do they just bring it in to the coin
shop or i mean is there any limit to how
much they can sell is there anything
like that they should know about
you know it's just as easy as buying it
you bring it in you hand it to me
i write a ticket
i verify that you know the product is
you know actually what it's what it is
i look at the screen i go here's the
price
i ask do you want cash or a check
and that's it and that's it bingo bango
uh there's not a lot of reporting
requirements
there are in larger volumes oddly enough
it's not a dollar amount it's actually
the number of items you're selling me
and according to the rules as i
understand it if you bring me in a
thousand dollar face value bag of 90
percent
u.s coinage
which today is worth about 20 000 bucks
i need to do a 10.99 if you bring me in
more than a thousand ounces of bar
silver
i'm supposed to do a 10.99
if you brought me in
a monster box or two or four or five
monster boxes of eagles i have no
reporting requirement over here on sd
bullion.com i was able to find the list
of items that will trigger a 1099 form
if you sell them to a bullion dealer in
these quantities or greater so just as
dennis mentioned you have the 90
constitutional silver coins 1 000 face
value or greater silver bars or rounds 1
000 ounces or more for gold you have a
kilo or more of bars or rounds and then
for gold coins you have 25 ounces or
greater in one ounce gold maple leafs
gold krugerrands or gold mexican onset
coins for platinum it's 25 ounces or
more and for palladium it's 100 ounces
or more now if you don't live near a
coin shop and you want to actually sell
to sd bullion just go to their main page
and click on sell to us and then all you
have to do is actually call this number
right here to start the process and sd
bullion actually does have all of their
buyback prices listed which is really
cool this is how much they're paying
over spot for these items not a lot of
online bullion dealers actually show the
buy back prices so it's really cool that
sd bullion actually does that so when
you do a 1099 i mean you're taking this
person's information like their social
security and their full name and all
that stuff they got to put all that
information down yes exactly wow exactly
but if they're selling a smaller amount
let's say they're just selling a one
ounce gold coin or you know 10 ounces of
silver or whatever there's there's no
reporting requirements on your end
correct that's that's our understanding
okay and and here's just a tidbit here
too that i've thought about a little bit
is that they could change a lot you know
when obamacare came into uh existence
part of that law is they wanted to have
coin dealers do
1099s on anything over 600 bucks
the coin lobby just went nuts because
you can imagine i've got this one shop
here but imagine all these coin deals
and all these
numismatic coins that are worth
thousands or hundreds or
even less whatever 800 whatever to have
to do a 1099 on every single transaction
which is too much so they were able to
get that out of the language
about six months ago i heard
some senator representative bache was
thinking about
put into law
absolutely if you bought any gold coin
in the u.s it wouldn't it wouldn't be
taxable
right really but when i hear that i
started thinking well they're not going
to tax one thing they might try to
attack something else
so maybe
somewhere down the road there might be a
new rule that says hey if you sell more
than two thousand dollars worth
of gold or you know which would be like
maybe an ounce of gold right
that there might be a 1099. so i've told
people if they've got their cushion done
maybe it is wiser to buy some of the
smaller fractional code coins because
then maybe you know you'll be able to
fly under the radar you know in 20 or 30
years when you know you're retired you
just want to go down and get enough
spending money from the week or
something right or maybe even silver i
mean if all you have is one ounce gold
coins you diversifying the silver you
could easily sell that stuff no exactly
exactly and the nice thing about silver
and smaller units
i mean it's very divisible i mean right
you hey you can get rid of one or two at
a time and
no big deal right so one question that
people have asked is if they bring like
a whole monster box of american silver
eagles they wouldn't have any trouble
selling it right well they won't here i
mean just some shops
a lot of the coin shops out there they
really are not they kind of do a few
they do a little bit of this just
because they need to keep their
customers right but they're not really
doing bullion so a lot of times when
you're
dealing with that kind of volume
some of the actually coin shops will
defer you to a buoyant shop really i
mean i mean that's been my experience in
the local community um
uh but but hey all you do is call them
and go hey i got a monster box what do
you pay me yeah that's a really good
advice just call the shop and make sure
they can handle it right i think it's
always good in fact this really helps
us as dealers we started having people
make appointments i used to just be an
open door and do whatever and actually
by having appointments or having people
call ahead it would help me kind of know
what product i needed to have ready or
product that was coming in so there's
there was always a frustration like oh i
just pick up the phone and order a
monster box and in 20 minutes somebody
walk in with one
so it really helps the coin shop know
what's coming in and they can also
make sure that if you've got an
appointment like no one else is standing
there watching you you know get 15 or 20
000 bucks in cash i know one thing that
people have been talking about is sort
of the
what's like the the lowest you will pay
i mean if someone is bringing in like
three nines fine silver typically most
shops are gonna pay them at least spot
right
well
that varies
right now we're buying all of our
uh one ounce coins at about about a buck
50 over over spot right okay but that's
because of the demand obviously right
right um
pre-coded quite frankly we were 50 cents
under spot and that had been like that
for maybe 15 years i mean really that
was i mean maybe it went up a little bit
but yeah usually it was right around
spot the the caveat there would be it'd
have to be retail friendly product there
might be something that was buried in
the backyard and the farm and you know
because believe me we've seen that kind
of stuff coming in so what about like
milk spotted maple leaves i mean would
you consider those retail worthy or
would you pay less we would pay a little
bit less for those as soon as something
gets damaged or defaced
you know what it really goes to the
round price in my shop okay and i will
sell them like that too if they're milky
i'm not going to sell them like a brand
new product so someone even has american
silver eagles that are all scratched up
and dinged and they look nasty you
basically just treat them like a round
at that point exactly okay does that go
for gold too i mean
it does
here's my rule of thumb
and basically
in the gold
arena you've got three nines products
from old maple leafs
but you also have what can happen with
pure gold is it gets red spots on it
so bottom line at my shop if it has a
red spot on it or a scratch on it i take
20 bucks off okay and but if it has a
red spot on it in scratch i'll sell it
for 20 bucks cheaper usually quite
frankly i'll do it cheaper than that
because somebody might bring me in 10 of
them like that you know from a tube that
they just played around and did chunk
with it and i go i want to get rid of it
so you know i do a daily special or
something i'll put it out there on you
know through my little network and go
hey anybody want to buy gold really
cheap one thing that not a lot of coin
shops do that you guys in particular do
which i really like is you put your buy
back prices on your website and i feel
like a lot of dealers don't do that and
maybe they don't do it on purpose but i
mean and you even post it right here
like when people come in the shop they
can see exactly what you guys are paying
for each product and i i personally
think that's really cool i think all of
the dealers should do that well it does
cost a lot of money to have a website
that actually is functional
and you know and and does that trick so
but you're right i mean
and i know that there's other shops out
there
that have my screens in the shop
but they're facing inward not outward
exactly
what are you paying well let me check
here and they go oh i see your psycho
it's a really great service that you
guys are offering that and me as a
customer i really appreciate that
transparency oh thank you yeah hey
you got it you know hey we got to treat
everybody equally and
the guy that's buying one ounce the
guy's buying half a million you know
they're both beautiful customers really
seriously absolutely all right well
thank you so much dennis i appreciate
the time you got it take care the last
thing regarding selling your gold and
silver is capital gains tax now
obviously depending on what country you
live in this will vary and i'm not a tax
expert so i'm not going to go into this
but you are supposed to pay capital
gains tax if you actually make money off
of your gold or your silver investment
so you know when you buy this stuff a
lot of times you buy it with cash and
then when you go and you sell it you
sell it for
cash so you know it's cash in cash out
and unless you're doing those large
quantities like we talked about you're
not gonna have to fill out any irs forms
or anything like that so that's all i'm
going to say regarding capital gains tax
i know you can figure this one out for
yourself
if you have any questions about selling
gold or selling silver feel free to put
those down below in the comments section
and i do want to say a massive thank you
so much for watching my video and i will
see you all in the next one silver
dragons
out