Converting physical gold/silver

[GreenFrog]

Hi again :)

Let's say I buy some gold and keep it PHYSICALLY. It's in my house. When I'll wish to get my money back for it (supposing I can't exchange it to anyone around), how can I exchange it for money? This is espescially true for coins (I guess the bank wont take them)...

And do banks automatically take back gold or silver sold in bullions?

Are there supplementary costs associated with keeping gold/silver physically?

[IrishGold]

I was going to tell you to do a search on this site using the word money but I don't think it will take it 'cause it doesn't have six letters



Hey G-khan can we change that to 5?



Gold and silver ARE money that's the name of this site GOLD IS MONEY!

What you are calling money is actually worthless pieces of paper with the picture of dead people on them. They are called Federal Reserve Notes or FRN's. Not the dead people, the notes.



Go to the editorials section and read the articles there that deal with money. Then go down to the Money-Fiat-Gold-Silver-Dollar Section and read those articles



I don't know of anyone who sells gold and silver who would not re-purchase it. Now, if the POG or the POS has not gone up, you sure ain't gonna get your money back. That's how those guys make their living.



Go look at AJPM or SCPM, they both have a buy and a sell price. (You pay shipping either way)



Banks deal in FRN's and coin they do not deal in gold or silver.



No, what costs could there be?

[fvk]

You take it to a coin dealer. There is always a spread. Which is to say, when you buy a coin from the dealer they charge you more than the spot price of gold and when you sell to a dealer they give you less than the spot price of gold. This is a reasonable fee for the service they provide. If you bought the coins from the dealer in the first place and kept the reciept you may get a better deal when you take them back. Maybe not. If you have the time and the inclination you might get a better deal selling them through ebay or some such direct person to person service. All this assumes they are bullion coins with no numismatic premium. If they are numismatics, all bets are off. Either way, don't try to take them to a bank. You will just confuse the poor sucker at the teller window.

If we are talking a bar of some kind here, and you didn't buy it from the dealer you are trying to sell it to, and you didn't keep the receipt , expect to pay some sort of assay fee as well. Cause you might be trying to pass something fake, and the dealer doesn't know you from adam.

And depending on what state you do this in, expect to present some sort of identification (in case you stole if from somebody. Its ridiculous but its the law in some places) and expect to get a check, not cash.

The above is a summary of my experience. Take it for its worth.

- fvk

[etc]

Money comes from the word "moneta" which means coin. Do you mean how do you buy Federal Reserve Notes with them?

Check out Ebay.

[SilverbackAg]

Money comes from the word "moneta" which means coin. Do you mean how do you buy Federal Reserve Notes with them?

Check out Ebay.


Probably good advice--3 years ago!!! :D

[Wyldwil]

Money comes from the word "moneta" which means coin. Do you mean how do you buy Federal Reserve Notes with them?

Check out Ebay.

I think it's frickin' hilarious that you answered a question that was posted over 3 years ago and never mentioned that the post was over 3 years old!!!:wink:

[45 ACP]

I think it's frickin' hilarious that you answered a question that was posted over 3 years ago and never mentioned that the post was over 3 years old!!!:wink:

I am laughing my ass off too.

Makes me want to find an old post and give it some new life.

[Jack London]

Silver is money. Spend your FRNs on things right now, and save your silver for when the dollar collapses. Then trade it for the things you need.
Hey Joe, I need a new set of tires for my car. How much U.S. 90% do you want for them? Or would you rather have SAEs?