San Diego Housing Bubble News and Analysis

There's the rub of buying gold. The commission cut is always 15-25% when you go to sell. lol.

The best way is call around.
Here's a list of local Appraisers:
http://old.appraisers.org/findappraiser/

how do you figure your basis on that gold for purposes of paying taxes on your gain?

hold on to gold or pay down house? id hold onto the gold.

If you had gold coins you could sell them at a coin shop but old gold rings and chain etc. requires a second hand dealers license to purchase. If you would like a safe place to sell old gold I would recommend a place in Penasquitos called Richard West Jewelers. I found him at a web site www.sellgoldsandiego.com which has directions etc. The area is an upscale neighborhood in a shopping center which I would consider a safe area. They were very nice and as far as I could tell paid a very fair price for my old wedding ring. I would recommend them.

What taxes? :)

Tough question, pay down your house or hold gold for its future value. If your interest rate is 5 to 7% on your house, and you pay x amount down, would you be better off holding gold for its future value or saving the 5 - 7 % interest on whatever you pay down. Seeing that gold took a dump this week and they are starting to talk about disinflation where commodities start to loose value it might be wise to choose the long term benefit of selling your old gold now and saving the 5 to 7 % interest long term.

Thanks for the input. I went to www.sellgoldsandiego.com and found the contact information and I'll give them a try. In so far as figuring out the basis points etc. I guess I can cover that with my one time exclusion when selling.

Sorry, but not true.

Gold is currently selling for around 934 an ounce. A 20% commission would be 186.00!! I don't think so!

Gold and Silver are very viable ways of protecting your wealth. Alan Greespan wrote a very interesting paper back in the 60's that you ought to read.
http://www.gold-eagle.com/greenspan04199...

Now there are always people willing to rip you off but that can't happen if you are educated. Any reputable dealer will give you a fair price.

http://www.golddealer.com/bullionpage.html
Lets take California Numismatic as an example. If you have a one ounce Gold Eagle they will actually pay you 16.00 an ounce above spot price, or 950.00. If you want to buy that same coin from them it would be 980.00. The difference between 950 and 980 is the commission. According to my mathematics that is somewhere around 3%.

Again, you can find plenty of people who will charge you a 20% commission but a reputable dealer won't.

As far as your rings and Jewelry you will likely only get melt value. Being that it would need to be processed, even a reputable dealer will probably pay a fair amount below spot, but not more than 20%.
Good Luck

What is a reasonable melt value commission, in your opinion?

I was at Fashion Valley Mall last week and noticed a new store that's sole purpose is "We Buy Gold". I don't remember the name of the store, I just remember thinking how odd it was to see it in Fashion Valley.

I would be interested in buying some or all depending on how much you have. How much are they offering you per gram?

go to Cellar Coin on Garnet in PB - Mike and April will take care of you and they won't screw you for 20%

you will be paid the spot price of gold ($934/oz this morning) minus a 'premium' - the premium is how coin / bullion dealers make their money

the premium varies depending on what type of coin you have - Krugerrands have a lower premium than American Eagles, for example - premium changes depending on market conditions

Kitco.com is a good place to check prices online - right now they are showing $947 as their buy price for a Krugerrand (note this is higher than spot price which could indicate that supply is limited so they are willing to pay more than spot price for coins) https://online.kitco.com/selling/index.html

just to reiterate, talk to Mike at Cellar Coin - he will take care of you and pay you a fair price - from my experience (buying both my gold coins), he has the best prices in San Diego

~

the next issue is taxes

I find it offensive that the govt charges taxes on precious metals (PM) transactions - PMs are the only honest money - when you trade your fiat dollars for precious metals you are exchanging one form of money (dishonest) for another (honest) - why should there be a tax when you change back from honest money to dishonest money? - and, the tax is 28% because the govt categorizes the PMs the same as collectibles - again, total BS

anyway, you have to decide how to handle the tax aspects of any PM sale - if you sell 20 oz or more of gold the coin dealer will be required to report the sale and issue you with a 1099 - a sale of less than 20 oz is a non-reportable event and no 1099 will be issued - verify the 20 oz level with Mike - don't provide your SSN and there will be no 1099 - if you have more than 20 oz to sell you might choose to sell 19 oz to several different dealers - again, you have to decide how to handle the tax issue

I am not a tax planner, CTA, PM dealer or any other type of financial advisor - I am providing this information for entertainment only - if you interpret this information as advice you are doing so at your own peril

~

edit: oops - just re-read your post - you don't have coins, you have jewelry - Mike won't buy your jewelry because he isn't a pawn shop - you might call him and ask for a recommendation as to where to sell your jewelry

FWIW, someone I know took a white gold ring in with a nice diamond to coin shop. The coin shop offered $19.00, or spot price for it.. they weren't being shady, as they knew the owner - he was just demonstrating how they don't buy rings other than for melt price.

It was later sold via Craigslist for $3800. You might be better off selling those items there.

The CashForGold stuff is even worse than spot price, as there are countless former customers who have posted their experiences online.

Look up how much gold is actually in 14k and other varations - you can have a pound of rings and chains that end up not being worth very much melt price.

I'll pay you 80% of the spot price for any amount you want to sell. This is not a "rip off" as others say, its the premimum to pay an expert who can grade it, melt it and find a buyer on the bullion market. You will not get more from any of these "We buy gold" advertisers.

FYI, you'll never get spot price for gold in coins or jewelery. Gold is usually melted. You need to own a jewelry store if you want to get more out of it.

Sell it on eBay. At the very least you can check the current real world price. You'll get more money than going through a dealer. I do this all the time for both Gold & Silver.

The Turtle

been to most gold dealers in SD at one time or another and x2 what 4plexowner said: Cellar Coin on Garnet in PB

Sell it yourself. Do cash transactions at a bank. Be careful. Be honest. Advertise on Craiglist, SDReadder.

Good luck

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