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

[flyingveepixie]

14 hours 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  

Maybe you're over analysing it.  I'm not ready to sell yet either and I kind of think along similar lines myself at times, but what's the point...🤔  If someone asks you where you got a sov from that you can't provide a receipt for, you could always say it was gifted to you by a parent or an old Aunt or something. Ultimately I don't think it will matter.

[CazLikesCoins]

1 hour ago, flyingveepixie said:

Maybe you're over analysing it.  I'm not ready to sell yet either and I kind of think along similar lines myself at times, but what's the point...🤔  If someone asks you where you got a sov from that you can't provide a receipt for, you could always say it was gifted to you by a parent or an old Aunt or something. Ultimately I don't think it will matter.

I do wonder what'll happen when the Silver Forum's lights eventually get switched off and 9000 people are left to wander the internet without a home. 

I know there's a few other similar forums but that's still a variation on a theme. 

Longer term I imagine my little pension pot will most likely end up in a Jiffy bag being posted to the Royal Mint to fund a retirement holiday. I don't buy much gold so selling any of it presently, barring the odd coin I'm not happy with is counterproductive. 

I can't see myself at 70 years old doing deals online to sell a few sovereigns, or wheeling myself to the post office selling things off by piecemeal. Which brings me back to paperwork. In a future ever increasing in CCTV, digital ID, government gateway accounts linking everything from your tax bracket to your medical records, and heaven help us when digital currency arrives, how many bullion dealers will take dear departed granny's gold on face value? By then they'll probably be an app to check if granny's even dead, or if you ever even knew her. But now I've descended into outright paranoia and I've written myself out of my own thread  🤣

[CazLikesCoins]

11 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?

It's a bit higher than my goals. I'm saving for a holiday. Maybe a new carpet haha

[Zeuk]

2 minutes ago, CazLikesCoins said:

I do wonder what'll happen when the Silver Forum's lights eventually get switched off and 9000 people are left to wander the internet without a home. 

If that ever happened there would be plenty in the sidelines ready to step in.

 

3 minutes ago, CazLikesCoins said:

Which brings me back to paperwork. In a future ever increasing in CCTV, digital ID, government gateway accounts linking everything from your tax bracket to your medical records, and heaven help us when digital currency arrives, how many bullion dealers will take dear departed granny's gold on face value? By then they'll probably be an app to check if granny's even dead, or if you ever even knew her. But now I've descended into outright paranoia and I've written myself out of my own thread  🤣

There would have to be legislation change for the gold market to change significantly.  There's no need to feel like you're doing anything wrong, keep good records, pay taxes due but be tax efficient within the system.  This is really no different to investing in stocks and shares, just another part of a well-balanced portfolio, if anything the govt should be happy we're reducing future dependency on the state.

[CazLikesCoins]

1 hour ago, danieldorkins said:

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! 😭)

Looks like's Goldfinger's car. Have you checked under the paintwork to see if the panels are gold? 😃

[Squashie]

27 minutes ago, CazLikesCoins said:

 

I can't see myself at 70 years old doing deals online to sell a few sovereigns, or wheeling myself to the post office selling things off by piecemeal. Which brings me back to paperwork. In a future ever increasing in CCTV, digital ID, government gateway accounts linking everything from your tax bracket to your medical records, and heaven help us when digital currency arrives, how many bullion dealers will take dear departed granny's gold on face value? By then they'll probably be an app to check if granny's even dead, or if you ever even knew her. But now I've descended into outright paranoia and I've written myself out of my own thread  🤣

I’d argue that whatever your opinion is on how the future will look, even if I’d agree that it will look as bleak and as close to what you describe (can’t wait lol), what’s the point in worrying? You won’t change it.

Additionally, and the biggest take away point for me, is if the world descends as far as I’ve inferred you believe, then the receipt to a few PM purchases will be the least of your worries. 

[CazLikesCoins]

17 minutes ago, Squashie said:

I’d argue that whatever your opinion is on how the future will look, even if I’d agree that it will look as bleak and as close to what you describe (can’t wait lol), what’s the point in worrying? You won’t change it.

Additionally, and the biggest take away point for me, is if the world descends as far as I’ve inferred you believe, then the receipt to a few PM purchases will be the least of your worries. 

I think we're already living inside that reality to an extent barring a digital currency roll out, apps on phones, chips in hands, all personal data conglomerated into gov'-gateway MKII where your phone becomes the 21st century equivalent of a nosey neighbour snooping, spying and listening to your every word and reporting back to relevant gov' depts' that you 'accidentally' missed your 19th covid shot and find the jab police kicking your door down to update you. 

I suppose the way to survive might be to comply with all instruction but while your social credit balance might be healthy, you might end up naked in a pod covered in jab holes and wondering why there's a man who cant speak any English spooning you.

I'm just glad I know how to grow tatties, be free, be poor lol.

Edited April 6, 2023 by CazLikesCoins

[Zeuk]

3 minutes ago, CazLikesCoins said:

 

you might up up naked in a pod covered in jab holes and wondering why there's a man who cant speak any English spooning you.

 

We can but hope

[MonkeysUncle]

10 hours ago, ArgentSmith said:

Think thats why probate is a thing so yeah 😆

Or giving stuff to your kids long before you're likely to be wearing a wooden overcoat.

So long as you have enough to survive on!

[danieldorkins]

7 hours ago, CazLikesCoins said:

Looks like's Goldfinger's car. Have you checked under the paintwork to see if the panels are gold? 😃

I hadn't checked but thought I really should - you never know, got quite excited as the initial checks with a magnet looked quite hopefull, then realised the upper coachwork is ally! 😒

[adamantio999]

Not keeping anything for the quarter ounces. I only keep the invoices for the full ounces, which I'm not planning to sell anytime soon, especially since they are liying at the bottom of the sea.

[danieldorkins]

11 hours ago, CazLikesCoins said:

I do wonder what'll happen when the Silver Forum's lights eventually get switched off and 9000 people are left to wander the internet without a home. 

I know there's a few other similar forums but that's still a variation on a theme. 

Longer term I imagine my little pension pot will most likely end up in a Jiffy bag being posted to the Royal Mint to fund a retirement holiday. I don't buy much gold so selling any of it presently, barring the odd coin I'm not happy with is counterproductive. 

I can't see myself at 70 years old doing deals online to sell a few sovereigns, or wheeling myself to the post office selling things off by piecemeal. Which brings me back to paperwork. In a future ever increasing in CCTV, digital ID, government gateway accounts linking everything from your tax bracket to your medical records, and heaven help us when digital currency arrives, how many bullion dealers will take dear departed granny's gold on face value? By then they'll probably be an app to check if granny's even dead, or if you ever even knew her. But now I've descended into outright paranoia and I've written myself out of my own thread  🤣

Bloody hell! I only started down this road at the age of 70! having sold my business I could seriously look at what to do with some money now I had some! so I have  acquired myself some gold, some from dealers and some from TSF, I don't intend to sell but if I do I guess I will have to wheel myself down to the post office! not sure on your paranoia, I have had this most of my working life, a loathing of authorities and their belief that they can tell ME what I can do, it has caused me a lot of grief over the years (but I do get a secret enjoyment out of believing I am screwing up the system in my own small way, in fact it makes absolutely no difference to them) 

Sorry I have continued to deviate from your original post but you started it 😁

[CazLikesCoins]

9 minutes ago, danieldorkins said:

Sorry I have continued to deviate from your original post but you started it 😁

Oh it's ok I can barely remember what it my post was about without scrolling back lol

 

[SidS]

On 06/04/2023 at 08:43, flyingveepixie said:

🤔 , you could always say it was gifted to you by a parent or an old Aunt or something.

From what I can gather you need to put them in a tin with any old c**p and state that's it's an unresearched estate sale - they fly off the shelf on eBay - don't forget: L@@k super rare!

[MBTPSilver]

Of the few dealers processes I'm aware of you'd only need proof of ownership normally for a particularly large sale. If you rock up with a few Sovs they shouldn't care. Once you're getting into kilo's and up they might want receipts or a copy of a will etc if you've inherited, for AML purposes.

[SidS]

7 minutes ago, MBTPSilver said:

Of the few dealers processes I'm aware of you'd only need proof of ownership normally for a particularly large sale. If you rock up with a few Sovs they shouldn't care. Once you're getting into kilo's and up they might want receipts or a copy of a will etc if you've inherited, for AML purposes.

I hope James32 is listening!

Edited April 8, 2023 by SidS