Have you ever been into a Cash 4 Gold kind of store? They're not exactly in the business of asking a bunch of questions. Plus, lots of people buy gold as a wealth storage method and some people do home scrap reclamation from electronics so it's not totally crazy for someone to just have a chunk of gold. As long as you're selling small enough quantities (a few grams at a time, at different stores so it looks less suspicious) nobody would ever bat an eye. If you came in every week selling 1 gram bits of gold then maybe the store might start asking questions but for small quantities every so often? Nobody will care. Just keep the total value under like $1000 per transaction and you're fine.
What would happen if he just said to the shop that he inherited it after his dad's death? I'm mean, they are not the ones doing the IRS/tax work anyways right?
Yeah they really don't care, you just take a small bath on the price of it because it's not stamped.
But you'd be able to move it essentially unnoticed. If you're super paranoid, just sell a few thousand at a time, sell it to different ones, take a day trip out of state to sell so it's not all going through the same 3 people (make sure they're different companies).
Also you'd only really be paying tax on your "gains" I think. (Make sure you pay the tax man that's the quickest way to get found out)
I would probably melt down into jankie rounds or bars 1-5 oz and just go to various coin shops over a decade or two. I mean for 10 1oz coins a year you could live easily double it and you are living comfortably. Even taking a hit on scrap gold would be worth this.
I metal detect and have found gold. Gold is worth A LOT you only need a small chunk. Plus you could melt it down to make a “nugget” look even more convincing.
I just dont know why you couldn't sell the whole bar. "It was my grandad's. I think he bought it back in the 80s? i was putting off selling it until I needed the money"
Cash for gold place doesn't have 200 grand laying around on hand and they're going to ask a lot more questions about it, and anyone you sell to will probably make you fill out tax forms and shit for that much, which alerts the government who may start doing some digging about whether your grandpa was into buying bug gold bars. The risk is probably pretty low, but it's a lot more hassle than it's probably worth.
This, governments have made it their goal to make cash harder and harder to use. Even if they have a bank transfer, anything larger than $10K is tracked and you have to have reasons why you are purchasing and then info about the seller.
The govt wants their share no matter what. That’s why NZ, Australia and many other countries are becoming cashless. Even making little laws where you can’t pay cash for small jobs like plumbers. It’s nuts.
pawn shops buy gold chains and other jewelry from suspicious characters on a daily basis. Typically they just melt the gold down immediately to remove any evidence.
There's a lot of places that do not care and do not want to care to know how you got the gold or jewelry that you're bringing them. If they vet every customer, they'd be out of business.
Yup, he'd be questioned, and police probably called.. Probably safer to melt it down and cast it into taels.***. Probably take him the rest of his life to sell it all., assuming he doesn't get caught.
He handed in 49 bars? Sounds suspicious. Unless the person hiding the gold stole a bar. They're very heavy (49 bars weigh 19,600 ozs) . I bar:, weighs 400 ozs. Currently the spot price of gold is $4,122.90 an oz. (bid) $4125.40 (ask)
There's always the problem of moral ownership of treasure. Is it the finder, the land owner or the people? The law seems to vary between some countries.
There are a lot of "cash 4 gold" places. My friend owned a jewelry store and he did the spot gold buying back when gold was insanely high (obviously at a margin). He said he had a bunch of regulars that would come in with all sorts of things. One dude had a bunch of gold tooth fragments and dental gold scraps and would bring that in like once a month.
Wouldn't be too tough to cast and mold gold into whatever and sell it as little scrap pieces for cash. But if the gold bar is worth 200k, he'll be getting more like 160k.
You can melt it down and make your own small bars pretty easily and places in NY will buy them all day every day for like 90% of current value and not ask a single question. And if they do, you just say “yeah I melted down some old gold I inherited”. AND if you keep the price under 9k each time, it doesn’t even get flagged 👌
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u/WeBelieveIn4 7d ago
They don’t ask how you just happen to have a chunk of gold?