Two good movies, but they always pose a question for me …
Let’s say you did come into possession of a gold bar – the standard size of a gold bar is 400 troy ounces / 27.5 lbs / 12.5 kg.
What exactly could you do with it?
Do you mean other than selling it for $800,000?
Give everybody in Liechtenstein new gold fillings?
How do you sell such a large amount of gold?
27.5 lbs is a lot but not an insurmountable amount of weight. I used to sling 50 lb bags of sand over my shoulder when I worked at Toys R Us. (We sold them to people to fill sandboxes, which we also sold.) My bowling ball weighs 16 lbs and it’s not that big of a deal to carry it around in a bag.
Like @TriPolar said, I’d probably try to sell it. Assuming it came into my possession legally, and I didn’t have to fence it or anything. That’s a lot of value that I’d be worried about losing, and I’d try to turn it into money that I’d want to put in my bank account ASAP.
I’d also like to be clear that I assume we’re talking about bars of gold bullion used for international bank trade, and not the ones that get minted for people (which usually run between 1 gram to 1 kilogram).
Easy. Just Google “selling a 400 ounce gold bar”. You’ll find lots of places that buy and sell them. I mean lots of places.
First I’d go over to the place a couple miles away that has a big sign that says ‘We Buy Gold’. If they couldn’t handle it I’m sure they’d can tell me who would. After that I’d ask someone I know at RISD (Rhode Island School of Design), or check with Tiffany & Co. who makes the Super Bowl trophy right in my town, or somebody at Josten’s the company that makes Super Bowl rings and tons of class rings for schools all over the country, and then maybe see if a nearby Texas Instruments plant is still using gold. I live in an area with a high density of commercial gold use.
I’m going to assume this gold bar isn’t legally procured because selling a legally acquired bar doesn’t sound like much fun. I’d learn about melting metals, buy myself a crucible, and each year I’d melt off a little bit of my bar and take it to a gold seller. If asked where I came by the gold, I’d tell them I’m a big into metal detecting and every once in a while I melt everything down and sell it. I’d also claim my earnings on my taxes.
I’d go back to the other threads I started and thank everyone for taking the time to answer my stupid question.
Throw in Three Kings to the movies in the OP for Ice Cube’s discourse on what luggage has the appropriate tensile strength for toting gold ingots based on his character’s experience as an airport worker.
I’d do something similar but go further and cast it into jewelry. Mix it down from pure to look less suspicious.
I don’t feel like waiting around to cash in on my gold so if it’s been obtained illegally I’ll take $400,000 for it today.
That’s because you’re a scholar and a gentleman.
Where are you going to get 172 ozt of fine silver and 117 ozt of jewelry-grade copper to mix down to make 14k gold?
Stranger
Cambio Negro
My question is, how did any of them get an ounce home? Probably a different thread, in a different forum…
So assuming it was of dubious provenance (though not from an obvious illegal source, e.g. there was a gold bullion heist last week across town) how would your average “we buy gold” place know that?
Are they required to check the provence? Are gold bars given serial numbers?
I would–as mentioned in the post I quoted–do it a little at a time. And I would, you know, buy it?
Bad move. Any place that has that sign is not going to give you the best price. Ditto for jewelery stores and pawn shops (which the ‘we buy gold’ place is likely to be). Try going to a coin shop. Or rather try several and see which offers the best deal.
But that’s only for smaller amounts of gold. It’s unlikely a retail store of any type would be able to come up with enough money to buy this amount of gold. So just use the bar as a doorstop. I’m sure it makes a very good one.
I wouldn’t take their first offer. Assuming legit gold here, I can look up the prices paid for quantity. Anyone in it the business will know who is the next step up the ladder. And I threw out the ‘We Buy Gold’ first as a grabber, as you could see I know several places that can afford to pay me the going rate for an ingot that size. If illegal I would be happy to take half that.
Yes they are. The standard gold bar the OP talks about is the Good Delivery bar, and serial numbers are part of the specification for those.
In my country, you also need a licence to buy or sell gold bullion.