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14 Responses to “Converting Unallocated to Allocated Metals”

1. LC Says:
   December 14th, 2010 at 8:38 pm

   What about converting Perth Mint Certificates from unallocated to allocated. It’s still a certificate.

2. SteveR Says:
   December 14th, 2010 at 9:56 pm

   Perhaps now IS the time to pay taxes on any gold gains, before those taxes are raised to punish “greedy speculators.”

3. Randall Says:
   December 14th, 2010 at 11:39 pm

   Mark, Do you know if you can use a 1031 exchange to switch from gold to silver or vice versa?

4. KRISTINE bRENNER Says:
   December 15th, 2010 at 3:40 pm

   Dear Mr Nestmen
   Can I sell pooled gold in Everbank and purchase my own bullion coins and qualify for this excnage in order to defer taxes?
   Thank you
   Kristine Brenner
   ps I just did this , so perhaps it is too late to qualify this time, but I plan to sell some more next year

5. Marcellus Oostendarp Says:
   December 16th, 2010 at 3:49 pm

   Hello Mark. What do you make of the report on this web site in relation to your article.

   http://www.financeandeconomics.org/Articles%20archive/2010.12.16%20BIS.htm

   Merry Christmas
   Marcellus

6. Leslie Chill Says:
   December 16th, 2010 at 10:15 pm

   Dear Mark,
   Do you know if I have to report to the IRS the fact that I have a Goldmoney account with a value over $10,000 ?
   Can’t find the answer anywhere.
   Thanks
   Les

7. Anarchitect Says:
   December 17th, 2010 at 10:54 pm

   To Randall and Kristine Brenner:

   An in-depth article on the types of exchanges you’re talking about can be found at

   http://solari.com/articles/Tax_Issues_re_Precious_Metals_Holdings

   The gold for silver exchange doesn’t appear to qualify (see III.(6)), whereas the unallocated gold for coins exchange does(see IV.A).

8. Michael Woolsey Says:
   December 18th, 2010 at 7:50 pm

   Question,
   I have gold 10oz bars held in a gold account I purchased a while back.
   I would like to convert them to 1oz gold coins and take delivery, but the gold company (Monex) says I will have to sell the bars first then buy the coins for delivery.
   The problem is I don’t want the IRS to see a profit from the sale and come after taxes owed.
   Is it possible to do an exchange and defer taxes till later?

   Michael

9. Anarchitect Says:
   December 23rd, 2010 at 1:58 am

   To Michael Woolsey:

   See the article that I linked to above. Section III.A.(5) suggests that you should be able to defer the taxes if the coins are non-numismatic. See a tax specialist about how to file your return accordingly.

10. Erik S. Says:
    December 25th, 2010 at 3:49 pm

    Regarding unallocated metals…
    What if a person simply *takes possession* of his unallocated gold ounces, paying a fabrication (and delivery) fee, to receive his gold in the form of one-ounce bullion coins? And a second twist — what if the coins he receives are “commemoratives”, like Canadian Olympic Maple Leafs?

    Thanks in advance.

11. Honey Lanham Says:
    December 29th, 2010 at 7:32 pm

    First, please do not publish my name, initials are fine.
    This is a bit off course of your article, but I have a question. We have gold and silver in several places. I am getting increasingly nervous about accessing them by internet. I would rather have them close at hand as we are already having access problems with one account. The easy and expensive way is to sell the metals and send the money to the US. Then we have to report a profit. Is there a way to send the metals or carry them into the US without selling them?

12. PLEdwards Says:
    December 30th, 2010 at 8:04 pm

    I just sold some unallocated gold and silver that I held for 2 years in a limited partnership. Can I set this up as a 1031 exchange if I plan to purchase silver and gold within the next six months. What is the best way to set this up to defer taxes at this time? Also, does this sale fall under the long term capital gains rate of 15%? or, the commodity rate of 28%? or, if a member of the partnership is a corporation, is it subject to the 34% tax rate?

13. PLEdwards Says:
    December 30th, 2010 at 8:06 pm

    I just sold some unallocated gold and silver that I held for 2 years in a limited partnership through Everbank. Can I set this up as a 1031 exchange if I plan to purchase silver and gold within the next six months. What is the best way to set this up to defer taxes? Also, does this sale fall under the longer term capital gains rate of 15%, or, the commodity rate of 28%, or if it passes through to a member of the partnership which is a corporation, is it subjectg to the 34% tax rate?

14. Joseph DiPietro Says:
    April 1st, 2011 at 3:50 pm

    If I sell existing PM held in the US and purchase the same or more from a US vendor it seems to qualify as an “exchange”. Were I to choose to store this purchase now, or move it later, to an overseas storage facility of that vendor will the exchange hold up?

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