Numismatics

[theroguetrader]

Hi everyone, just wanted to ask, has anyone been involved in this at all ? or know anyone thats into collecting/storing coins etc..??

and is it possible to say buy some American Gold Eagles/Maples etc - maybe store them in a depository or a bank - then convert them to cash at the current market rate and then transfer those funds say into a regular account..??

Or is all that a bit too complicated for tax reasons etc etc ..?

 

[luckyd1976]

Hi everyone, just wanted to ask, has anyone been involved in this at all ? or know anyone thats into collecting/storing coins etc..??

and is it possible to say buy some American Gold Eagles/Maples etc - maybe store them in a depository or a bank - then convert them to cash at the current market rate and then transfer those funds say into a regular account..??

Or is all that a bit too complicated for tax reasons etc etc ..?

It seems the web site is having some technical difficulties but
https://online.kitco.com/
"Pool accounts" are very interesting if you are looking to buy gold, deliver gold, transfer real gold etc... Now your tax question is best left to a tax professional lol

 

[theroguetrader]

It seems the web site is having some technical difficulties but
https://online.kitco.com/
"Pool accounts" are very interesting if you are looking to buy gold, deliver gold, transfer real gold etc... Now your tax question is best left to a tax professional lol

Thanks for that.. - from what ive read, its best to focus on bullion coins as opposed to the " rare " collectible ones -which if you dont know the business, you can get scammed on quite easily ..!!

 

[grantx]

James,

Buying gold coins is an expensive way to buy gold. For example, you will have the profit mark-up and VAT (in the UK) on top of the gold value. I think costs add around 20%. However, you can buy gold bullion (at the market rate) which is stored in a bank on your behalf. Don't know the details, I'm afraid (try a search on Google for "gold bullion".

Of course, you can avoid all this tedium by doing a Brinks Mat.

Grant.