Good experience selling to JM Bullion

[barrett]

Just an FYI that I had a good experience selling 20 coins to JM Bullion last week. Their price was about $600 higher ($30 per coin) than what Apmex was offering. About 1% above spot for Eagles, 1% below for Maple Leafs and 1.3% below for Krugs. Dropped my package off at 5:00PM last Wednesday and had the funds in my bank account by Sunday morning. Postage (two day) & insurance cost $87.50.

[snedgar]

Thank you for posting this, Barrett.
This is a good data point.

[pmbug]

I don't sell often, but when I do, I have always sold to a local coin shop. I've been hesitant to try selling via the mail with a dealer. It's nice to hear that some folks have had positive experiences with it.

[yankees60]

I don't sell often, but when I do, I have always sold to a local coin shop. I've been hesitant to try selling via the mail with a dealer. It's nice to hear that some folks have had positive experiences with it.

If you sent 5 coins and the dealer said you only sent 4 how would that ever get resolved?

I realized that the one time I bought gold coins mail order ... what was my recourse if I did not receive what I'd ordered and paid for and the dealer said had sent?

[barrett]

I don't sell often, but when I do, I have always sold to a local coin shop. I've been hesitant to try selling via the mail with a dealer. It's nice to hear that some folks have had positive experiences with it.

If you sent 5 coins and the dealer said you only sent 4 how would that ever get resolved?

I realized that the one time I bought gold coins mail order ... what was my recourse if I did not receive what I'd ordered and paid for and the dealer said had sent?

Don't know the answer to your question, Vinny, but I guess that is one of the risks of selling to a major dealer via mail (and getting a higher price). JM Bullion is located in Irving, TX so I wasn't about to fly down there. I did several mail order purchases from Kitco back in 2018. Started with five coins to test the waters and then made a few slightly larger orders. All went very smoothly even though I was a little squeamish about doing business with a company based in Canada (Montreal, I believe).

pmbug, I only priced this at one local shop and he was offering 3% to 9% under spot, so not good. In fairness he runs a super small shop and would likely take on a lot of "resale risk" if he bought 20 coins. We do have another place 40 miles away that probably would have offered a decent price but they were closed the day I was trying to get this done. Just wanted to get it taken care of before I had to leave town for a couple of days.

[pmbug]

If you sent 5 coins and the dealer said you only sent 4 how would that ever get resolved? ...

If I were to sell (a valuable lot) to a dealer, I would do what they do when they sell - record video of the metal getting packaged (and sealed) for shipment and ship insured.

[Xan]

JM Bullion is located in Irving, TX so I wasn't about to fly down there.

That's actually not a bad option if you can make it work. That's less than 15 minutes away from the second-busiest, and very centrally-located, airport in the country. If you're really dealing in quantity the trip could easily be worth it.

[yankees60]

If you sent 5 coins and the dealer said you only sent 4 how would that ever get resolved? ...

If I were to sell (a valuable lot) to a dealer, I would do what they do when they sell - record video of the metal getting packaged (and sealed) for shipment and ship insured.

Until now I'd not known such a thing existed.

[dualstow]

Just an FYI that I had a good experience selling 20 coins to JM Bullion last week.
...

Good to know, Barrett, thanks.
I don't know if I'll ever sell, but if I do I'll just follow the instructions for mailing it. I'm sure JM Bullion and Apmex are used to every customer being nervous, but they receive shipments every day.

As for flying, I don't think I could handle bringing more than a 1/4 oz of gold on a plane or through TSA. Easier for me to walk to the post office.
I like Pmbug's idea of videoing the process of packing it up, if only for peace of mind.

[I Shrugged]

JMB doesn’t show up on Google Maps in DFW. And they give no address anywhere on their website. Maybe these are for security reasons. I will have to call them to see if they allow in person dealings.

[yankees60]

JMB doesn’t show up on Google Maps in DFW. And they give no address anywhere on their website. Maybe these are for security reasons. I will have to call them to see if they allow in person dealings.

Completely off topic. But was it you who mentioned here Biggs's Wealth, War & Wisdom book?

[dualstow]

JMB doesn’t show up on Google Maps in DFW.
..

Default something Window? Never mind i just realized: Dallas-Forth Worth

[I Shrugged]

JMB doesn’t show up on Google Maps in DFW. And they give no address anywhere on their website. Maybe these are for security reasons. I will have to call them to see if they allow in person dealings.

Completely off topic. But was it you who mentioned here Biggs's Wealth, War & Wisdom book?

Yes.

[I Shrugged]

I found their shipping address and looked it up. It’s a nondescript building in an industrial park. Still I should be able to hand deliver, with pre-clearance.

[I Shrugged]

No dice. I’d have to send it in. I’m considering it.

[yankees60]

JMB doesn’t show up on Google Maps in DFW. And they give no address anywhere on their website. Maybe these are for security reasons. I will have to call them to see if they allow in person dealings.

Completely off topic. But was it you who mentioned here Biggs's Wealth, War & Wisdom book?

Yes.

Thought so.

I bought it when you told us about it.

Finally read it a few weeks ago.

It was too weak and speculative on the links between the market and what was going on current events-wise.

But it was completely outstanding on the history part of it.

I've read lots and lots and lots on World War II and this book had a lot of things about that I'd never read before.

Reading the book made me want to read other of his books.

[I Shrugged]

JMB doesn’t show up on Google Maps in DFW. And they give no address anywhere on their website. Maybe these are for security reasons. I will have to call them to see if they allow in person dealings.

Completely off topic. But was it you who mentioned here Biggs's Wealth, War & Wisdom book?

Yes.

Thought so.

I bought it when you told us about it.

Finally read it a few weeks ago.

It was too weak and speculative on the links between the market and what was going on current events-wise.

But it was completely outstanding on the history part of it.

I've read lots and lots and lots on World War II and this book had a lot of things about that I'd never read before.

Reading the book made me want to read other of his books.

I’m glad you got some good things out of it. I have not read anything else by him.

[welderwannabe]

FWIW I have sold to APMEX before and it was a smooth process.

[ppnewbie]

Very helpful thread. I’ve heard there is no reporting requirements when you sell under a certain amount to a local coin shop. Is that true? And if so is it also true for large dealers like Apmex and jmbullion. Incidentally I just purchased from jmbullion for the first time. Good experience.

[dualstow]

Very helpful thread. I’ve heard there is no reporting requirements when you sell under a certain amount to a local coin shop. Is that true? And if so is it also true for large dealers like Apmex and jmbullion. Incidentally I just purchased from jmbullion for the first time. Good experience.

I only remember that it was the case for buying. I bought under US$10K worth around 2011 and the dealer said there was no reporting required. (Of course I used a check, so…)
But I haven’t sold.

[pmbug]

... reporting requirements when you sell ...

This has been the industry standard for years:

Certain products that JM Bullion may purchase from customers are reportable to the IRS. These reportable items require the filing of a Form 1099-B. In order for the Form 1099- B to be filed with the IRS , the customer will need to complete a Form W-9. The Form W-9 should be sent to the customer during the sale negotiation and must be completed and received by JM Bullion prior to payment for the sale. Forms 1099- B will be mailed to customers by February 15 in the year following the Sell-To-Us.

The following are guidelines provided by ICTA related to Precious Metal sales, and these guidelines, as well as the IRS rules, are subject to change at any time without notice.
...

Click link for the table of guidelines:
https://www.jmbullion.com/faq/report-pu ... overnment/

Recently, the IRS clarified their rules and some dealers are now saying that 1099b reporting only applies to transactions involving large bars that could be use to settle futures contracts (watch from ~2:20 until ~5:20):

[I Shrugged]

Recently, the IRS clarified their rules and some dealers are now saying that 1099b reporting only applies to transactions involving large bars that could be use to settle futures contracts (watch from ~2:20 until ~5:20):

Super! Thanks.