For the second straight day, you’re in for a treat. Following yesterday’s special guest appearance from our founder, David Schectman – titled “MILES FRANKLIN AND BFI, A HISTORICAL PERPSECTIVE” – our firm’s President, Andy Schectman, penned today’s RANT topic.
Aside from service and prices, Miles Franklin differentiates itself through a comprehensive education program – via its two daily newsletters, the Miles Franklin Daily Gold and Silver Summary and the Ranting Andy Hoffman Daily Newsletters. The majority of this commentary is dedicated to market-related topics, but we also try to “demystify” the largely opaque bullion business. Not that it’s so complex, but as so few people own Precious Metals, very little information about the bullion business is publicly available.
In recent years, we have received many inquiries about switching all – or part – of client holdings from PHYSICAL gold to silver. Some (like myself) view silver as more undervalued than gold; some anticipate currency collapses necessitating temporary (or permanent) barter economies – in which silver will be more desirable given its lower absolute price; and some simply want to “rebalance” their PM portfolios.
Under such circumstances, Miles Franklin can seamlessly broker an exchange of your metals, per the simple instructions below. If you have further questions, Andy Schectman – or the other Miles Franklin brokers – will be happy to answer them.
Swapping Gold for Silver
Swapping gold for silver is an easy process. Below you will find detailed instructions on how to do it safely and securely.
Miles Franklin consistently offers the industry’s highest bid prices for gold coins. Upon receiving and accepting a bid for the gold being offered, it is the client’s responsibility to send the coins in a timely fashion. The proceeds will be used as credit for the swap to silver.
Notably, there are bullion dealer reporting rules that come into play when you sell. When we purchase from the public, we are required to file a 1099B on the client’s behalf, for the sale of 25 ounces or more of South African Krugerrands, Canadian Maple Leafs, Mexican Gold Onzas, and gold bars of any size, totaling 25 ounces or more. However, aside from these instances, there are no reporting requirements on ANY other gold items!
Packaging is the most important step in the process. It is very important to make sure gold coins are securely wrapped or packaged tightly in tubes. Even with tubes, it is not a bad idea to stuff a cotton ball inside the tube to eliminate rattle. The bottom line is one should err on the side of safety rather than under-protection.
The only way to securely mail gold is through the US post office. The post office offers a program called Priority Flat Rate. With free shipping supplies, Flat Rate options, and no weighing or calculating, the Priority Mail Flat Rate service is a simple way to ship. Delivery times are typically two days, and Priority Mail Flat Rate Boxes are both fast and affordable.
After you seal the Flat Rate box with strapping tape, you will need to cover all the edges of the box top, bottom, and center with postal registered tape. Unfortunately, it is hard to find postal registered tape any place other than behind the counter at the post office; however – like the Flat Rate box – it too is free.
First, cut the registered tape to size, and activate the adhesive on the back with a damp sponge or paper towel. After sealing the box with strapping tape, apply the registered tape over all boxes seams. Anywhere someone could stick an exact-o knife blade into the box must be covered with the registered tape.
The last step involves simply addressing the box, and obtaining the registered receipt. You will declare the value of the contents on the registered receipt, but need not tell the postal employee what you are sending. My personal favorite response is “machine parts,” but as long as the package does not contain hazardous material, it is none of their business.
In 23 years of business, we have never lost or not received a sent registered and insured package.
Upon receipt of the sent gold, we will immediately ship out the agreed upon silver order.
PROTECT YOURSELF, and do it NOW!
Call Miles Franklin at 800-822-8080, and talk to one of our brokers. Through industry-leading customer service and competitive pricing, we aim to EARN your business.