What are peoples thoughts on stacking gold bought without receipts regarding selling it on?

[CazLikesCoins]

I've picked a bit of gold up off the forum recently and I'm wondering what the bullion dealers will make of it when its time to cash in. I know the RM are keen on proof of ownership as they've asked me in the past when I had the odd item for sale.. I had paperwork then but I won't have it for the forum purchases. I'd like to read members thoughts.

Edited April 5, 2023 by CazLikesCoins
editing

[SilverDrum]

7 minutes ago, CazLikesCoins said:

I know the RM are keen on proof of ownership as they've asked me in the past when I had the odd item for sale.. 

Not once has anyone asked for proof of ownership from me. With the amount of "best value" sov purchases, that don't specify the coin in any way..i'm not sure what value i'd give to that receipt if i was a dealer. Curious to hear what others say. Was this on a "High value" sale?

Just send the RM this receipt.

[motorbikez]

Receipts what are you on about😄

[Pete]

Never been asked by any of the bullion dealers.
They just weigh it and pay cash.

 

[CazLikesCoins]

26 minutes ago, SilverDrum said:

Not once has anyone asked for proof of ownership from me. With the amount of "best value" sov purchases, that don't specify the coin in any way..i'm not sure what value i'd give to that receipt if i was a dealer. Curious to hear what others say. Was this on a "High value" sale?

Just send the RM this receipt.

I can't send them a Tesco bill lol. It was on the RM website sales form. The doomy bit that says 'Where did you acquire this' or something. One sovereign was the item and I ended up keeping it as they offered such a silly low price I actually thought they were trolling me for wasting their time with less than a quarter ounce gold to sell 😅

[James32]

Sounds like a load of codswallop. Have never been asked for a receipt, have never asked for a receipt. Sell your items on here and you won't take a dealers haircut. OK let's play devil's advocate and pretend gold is £4k an oz and dealers are the only safe option. I think there need for gold will be relatively high and as long as its real, money will still change hands the same day.

[CazLikesCoins]

Just now, James32 said:

Sounds like a load of codswallop. Have never been asked for a receipt, have never asked for a receipt. Sell your items on here and you won't take a dealers haircut. OK let's play devil's advocate and pretend gold is £4k an oz and dealers are the only safe option. I think there need for gold will be relatively high and as long as its real, money will still change hands the same day.

If I pop over to Lawrence's in Blackpool I shouldn't be worrying about lack of paperwork? I don't want to replay a scene out of Snatch where I look like a dodgy person with a bag of gold I'm trying to shift and can't think of a convincing answer where I got it. Where's this from? "Um ... I bought it online!" Oh likely story! "No I did look and I've printed out some avatars of people who I bought it from!" No paperwork! 5p an ounce for your cheek! 

Sounds like I don't need any paperwork.  

[James32]

1 minute ago, CazLikesCoins said:

If I pop over to Lawrence's in Blackpool I shouldn't be worrying about lack of paperwork? I don't want to replay a scene out of Snatch where I look like a dodgy person with a bag of gold I'm trying to shift and can't think of a convincing answer where I got it. Where's this from? "Um ... I bought it online!" Oh likely story! "No I did look and I've printed out some avatars of people who I bought it from!" No paperwork! 5p an ounce for your cheek! 

Sounds like I don't need any paperwork.  

Still don't know why you will be selling to a dealer?

[CazLikesCoins]

1 minute ago, James32 said:

Still don't know why you will be selling to a dealer?

I'm thinking longer term. There might not always be a silver forum or easily accessible private sales. I've got years before I'm ready to cash up for retirement and am wondering what's going to be out there when I arrive. Lumping a wheelbarrow of gold to great great great grandfather Lawrence of Chads MKIV might be the only option  

[James32]

2 minutes ago, CazLikesCoins said:

I'm thinking longer term. There might not always be a silver forum or easily accessible private sales. I've got years before I'm ready to cash up for retirement and am wondering what's going to be out there when I arrive. Lumping a wheelbarrow of gold to great great great grandfather Lawrence of Chads MKIV might be the only option  

Na you will have flogged it all for the new I phone 46 by then 

[MonkeysUncle]

Someone will always buy it.

A pawnbroker like Ramsdens as an example will want proof of who YOU are when buying stuff. They can legitimately record they bought X off of Mr/Mrs Y. If Mr/Mrs Y acquired the item from nefarious means that is not their problem. 

Receipts are meaningless. Unless trying to take faulty electronics etc. etc. back for replacement...

1 hour ago, James32 said:

Still don't know why you will be selling to a dealer?

Insanity?

[MonkeysUncle]

1 hour ago, CazLikesCoins said:

If I pop over to Lawrence's in Blackpool I shouldn't be worrying about lack of paperwork? I don't want to replay a scene out of Snatch where I look like a dodgy person with a bag of gold I'm trying to shift and can't think of a convincing answer where I got it. Where's this from? "Um ... I bought it online!" Oh likely story! "No I did look and I've printed out some avatars of people who I bought it from!" No paperwork! 5p an ounce for your cheek! 

Sounds like I don't need any paperwork.  

Snatch? Wasn't that the dodgy looking Jewish guys robbing diamonds with the legend that is Mike Reid fencing?

[MonkeysUncle]

2 hours ago, SilverDrum said:

Not once has anyone asked for proof of ownership from me. With the amount of "best value" sov purchases, that don't specify the coin in any way..i'm not sure what value i'd give to that receipt if i was a dealer. Curious to hear what others say. Was this on a "High value" sale?

Just send the RM this receipt.

Is kettle stacking the new thing? 🥸

More useful than a tube of silver!!!

[CazLikesCoins]

6 minutes ago, MonkeysUncle said:

Snatch? Wasn't that the dodgy looking Jewish guys robbing diamonds with the legend that is Mike Reid fencing?

Yes we watched it the other night. Was fun. We'd just watched 'The Gold' and wanted a British crime caper. 

[Zeuk]

I would have thought its pretty standard for a dealer to take coins and bars without receipts.

[dicker]

Gold is gold.  Thats the beauty of it as an asset.  

[Midasfrog]

HMRC might want to see all of your receipts for both buying and selling 🧐

[danieldorkins]

Stack coins - no capital gains tax had to be paid, cash in upto £325k (todays values) so inheritance tax was not payable and tell 'em you inherited it or am I talking out of my a...h..e?

[Zeuk]

If i ever got a proper request from them i'd just tell the truth, bought them on the second-hand market, no receipts and then give them 20 years of backfile bank records to go through to reconcile the transactions with the spreadsheet i keep.

[Spyder]

I think it is over worrying about nothing.  I go to Hatton Garden when I want to sell scrap gold and no questions are ever asked and cash payed in hand. They test, they pay. Simples

[Zeuk]

Ive had a couple of inquiries from HMRC before, one was a number of years after I had sold a rental property so whilst I still had records they were very messy.  Advice from accountant was to just send them everything and then let them figure it out, took quite a pleasure in just posting piles of disordered and messy files ☺️

[ArgentSmith]

7 hours ago, James32 said:

Still don't know why you will be selling to a dealer?

If Gold spikes you can just dump as much as you like in one hit, they may ask you where it came from to cover their ass, easy option just say bullion dealer. Never been asked for receipts to date but who knows what the future holds, but as you say we don't need dealers, just can be convenient at times.

[ArgentSmith]

PS would not dream of selling Silver to a dealer lol

[ArgentSmith]

3 hours ago, danieldorkins said:

Stack coins - no capital gains tax had to be paid, cash in upto £325k (todays values) so inheritance tax was not payable and tell 'em you inherited it or am I talking out of my a...h..e?

Think thats why probate is a thing so yeah 😆

[danieldorkins]

I inherited the car in my avatar and brought it back from Aus, had no interest shown by anybody in "authority" I assume that once you have received an inheritance then probate has been granted, can't find any info. that says you as the receiver, has to prove that probate was granted, so inheritance tax would have been sorted under probate and if you then sell your inheritance (the gold) as long as its currency, no cgt would be payable (unlike the car possibly! 😭)