Posted on 04/15/2019 9:42:27 PM PDT by Jonty30
I'm just curious, off hand.
If I found a vein of gold in an undisclosed location, and I mined it for all its worth, how would I get the gold onto the market and retire?
I don't have any gold, but I'm just curious about the process.
All sorts of gold buyers out there... I am on a prospecting forum and they have a classifieds page where people advertise nuggets and fines all the time... Sells pretty fast usually.
I know the one prospecting shop I go to in Prescott Arizona sells nuggets at spot price but they only pay 75% of spot buying it.
Turn it into jewelry?
Also, don’t take any pictures of your theoretical gold mine with anything smart and locations turned on... Somebody on the forum did it and it stored the exact longitude and latitude the photo was taken and the guys hole was dug out next time he went back.
I believe there are smelter’s out there that would process your raw gold and send you back purified bars or pay you a cash price for the pure gold bars.
Are these types of sales reported to the IRS for tax purposes?
Always run your photos through some tool like ImageOptim (Mac app) to strip out all the Exif data before putting your own photo on line.
I wouldn’t do that. I don’t have anything like that anyway. The question occurred to me on another forum when it was asked how Green Lantern would get money.
It seemed to me that he could use his ring to process an asteroid of raw materials and sell the raw materials. But I’m just wondering how somebody could sell a ton of gold for quick cash.
Is there an industry giant that would write me a billion dollar check for a quick sale or is there a limit as to what I could sell at once?
Why would anyone post a picture of a gold mine they found online? Even without the EXIF data, they can find YOU. Assuming you can find a way to convert the gold into cash over time, better to shut up and not give out any details.
You’d give the metal to a gold bar manufacturer who would cast standardized gold bars that could be easily sold on the market.
Gold ore needs to be smelted and purified for bank safekeeping and monetization.
But before smelters will process the ore they are required by law to see your title papers. To get the papers you need to declare it to the US Treasury who will have rights to a portion of it.
When you have the paperwork in order, then the purified gold can go into safekeeping with a bank set up for that and you can sell it to the bank, to Treasury. to gold bond traders, and so on or you can borrow against it.
Anyone attempting to put purified gold into safekeeping will need to show chain of custody papers. The Iranians are known for transporting purified gold into a purported gold mine shaft in Turkey and then try to bribe local Turks to claim it is newly mined gold so they can fabricate smelter documents and get it into safekeeping with UBS in Zurich. This is done to evade sanctions.
So one can get into a lot of trouble as in prison time if the paperwork is not in order.
Cast it into chess pieces. Silver for white gold for black
I would think any reputable buyer would do so.
I watch gold rush on TV, one of the guys this year finished the season right at 7500 ounces of gold, I think they said 9 million... I would be curious to know how much of that was profit though, Doubting much more than about 2 mil. if that.
If your interested here is that forum I belong to, but have not even been there for awhile now... Lots of good info. if you get gold fever.
https://nuggetshooter.ipbhost.com/index.php?act=idx
Lots of cool nugget pics on the guys webpage, he sells metal detectors.
https://nuggetshooter.com/index.html
I have a piece of gold ore with threads of gold running through it. A geologist told me to never extract the gold from it because it was such a beautiful specimen. I’m still keeping it in its natural state.
Maybe someday I’ll have to sell it. Not now.
Before you do anything, watch The Treasure of Sierra Madre.
Then proceed cautiously. The story is more true than you would imagine. Finding treasure destroys lives more often than not, just like winning the lottery. And everyone wants to know where it came from so they can have it for themselves, including all governments.
There are lots of gold buyers that pay for things like gold fillings and jewelry. Most jewelry is appraised at the wholesale gold weight value based on purity and with a deduction made for jewels like diamonds. I’m sure they could find a way to move it for you.
The tricky part will be paying taxes. You’ll have to do that, but it might be more complex than the selling part.
And if you need a trustworthy go-between who is willing to handle all of these tedious matters for a tiny commission, just reach out :-)
I'd then make small ingots in standardize sizes.
Then I would compile a list of reputable gold dealers and sell a few ingots to each dealer.
I don't know if you have to have a cover story but say you inherited them from your father, mother, uncles' estate.
If you don't want to draw attention to yourself don't sell large quantities at once and multiple times to the same dealer. Keep the deals small and don't imply you have more to sell.
Gold dealers in your city might know each other and if you're concerned about them talking about 'the same guy came to my business with the same story too' try to sell outside your area.
Large transactions will raise eyebrows and draw attention so keep transactions small, spread them around, and don't do them all at once.
That’s the best and only way to keep a secret.
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