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Summary
Transcript
I’m gonna share with you. This is what he said. He is looking to sell gold and silver as they’re rising into the real estate market turning down. He wants to convert into cash flow real estate. Oh, real quick. Let me just tell you a link down below. I’m going to be raising the price soon on the real estate mastermind. All my real estate courses plus monthly coaching calls for an entire 12 months. Links down below for the entire package. He said what he does is he goes into coin shops with a small amount of gold or silver.
He goes and says he wants to sell it and he says he waits to see if they ask him after they’ve given him the price and they figure okay, I’ll take that much. He says I just want to be paid in cash. I don’t trust banks and checks and he goes he’s waiting for them to ask for his personal info. I said why are you waiting for that personal info? He goes because I’m concerned that they’re gonna put that information out to agencies and later on they’re gonna know that he’s got precious metals. I’m like okay.
And he says and I said well does this work? How many times do people in these shops not ask for his information? He says well he goes it doesn’t happen all the time but every once in a while they do. I said well what do you do? Do you give them the information? He goes no I just go you know what? I’ll just I’ll hold on to it for a little bit longer. He goes and finds our place. He says usually 8 out of 10 times if it’s a small enough denomination. He said it’s not gonna work that well with an ounce of gold.
If it’s a fractional piece of gold or if it’s a handful of silver coins generally under 500 600 bucks he says it works. They just give him cash and that’s good to go. And what he’s been doing he says he’s been doing that for a little bit of time before any rules change with agencies wanting these shops to start taking everybody’s information. So he’s like hey you got to tell everybody about this. I’m like alright well I’ll do it. I don’t you know I just pass it on the information. You know I personally haven’t sold any of mine and mine’s vaulted.
So there’s like a obviously you know I’ve been able to keep my cost basis that’s all legit but and I know that you know how much I paid for it and then when I go to sell it that’s all going to be sent to the IRS somebody be paying that stuff. But he says yeah but there are people that have just a handful of coins. This is all they’ve ever had and they’re they’re afraid to go and take profits because they’re afraid that they’re going to be on some kind of list and be you know forever you know governments are going to want to hunt them down.
And he said this is a legitimate concern to people. I said all right well I’ll share how you’re doing your stuff. You know it’s like there’s no rules as far as you know a lot of these stores aren’t reporting because the IRS hasn’t been really clear with certain you know pawn shops little small coin shops antique shops things like that. And then he said also one thing he’s been doing is he’ll post you know very small like one ounce of silver on like Facebook and he’ll meet a public place like in a bank or something like that and sell it for cash.
And so he wanted me to just make sure that people feel you know a little bit more safe doing that like I just said I’d pass on the information. If any of you guys are looking to start taking profits or any point this year as the precious metals go up and find a way of getting it into the real estate market. That’s what this masterminds for one price 12 months of coaching calls and all of my real estate courses that I’ve made ever plus all future real estate courses that I make by myself are going to be included.
So hopefully you got something out of this. Let me know down below what you’re doing and how you think that that plan works. But he said he’s been doing it for a while. It’s been working out really good for him. So just little bits is like he said it’s the opposite of dollar cost averaging in. He’s dollar cost averaging out. So thought I’d share it with you. They’re gonna be ninja is out. [tr:trw].
See more of The Economic Ninja on their Public Channel and the MPN The Economic Ninja channel.