ARA doesn't take GOLD anymore from the public!!!!! *UPDATE, they're taking my GOLD!*

[RyanChappell]

A 2-6 months ago there was thread here saying that ARA no longer dealt with the public, but would accept your gold if you told them you were a metal detectorist and mentioned the forum.

It probably has to do with the US' new money policies that are keeping a closer eye on gold transactions either for terrorism laundering or so the government knows where to find the gold if they decide to restrict who can own gold again like they once did.

People here are still using them!

You just have to say the right thing:
"I am a metal detectorist. Friends on FMDF have referred me. John Smith, etc to be exact."

They don't deal with just anyone because they don't want to buy from criminals.

http://metaldetectingforum.com/showthread.php?t=95562&highlight=sell+gold

 

[Jax]

The deal with a Tax ID is, you must then report this to the govt. My friends have them for businesses and They must prepare reports (even if profit or sales are $0.00) for the IRS. If you sell your gold under a Tax ID, it will be just the same as earned income.

 

[fishnnut]

I wonder if the reason for this change is because of the IRS and people not reporting this as income. Maybe a reason they are changing their rules??

 

[NHKeith]

It might be worth a try. In my county, I only pay $25.00 for a County Business License and a copy of that has worked for every situation that I have needed one for. It might work for this too. I don't know.

Doug

I know she uses that number to get bulk rates on supplies, and to get the best supplies.

Some people won't sell to you unless you have that number. They won't sell you at the whole sale price either. Its probably yo cover their butt.

I wish I found enough gold to sell then this whole thread would have a little more meaning!! I did find two pieces of gold this year!! one ring 14k and one 14 pendant. Next year I am shooting for 4 pieces.

 

[Bonesquat]

Sure, just go and get a tax ID number. It may take an hour to get it. Create a business name and just go that route. Heck, maybe I should start offering 85% and then resell to ARA using my business name.

G2M

Costs $200 to get a business license in my county....

 

[PAMD Tim]

Hmmm, I could be a middle man for 5%. I own a small business.

 

[Bonesquat]

Hmmm, I could be a middle man for 5%. I own a small business.

I'd do that. 93% and it's yours.

 

[DIRT DOBBER]

You know, it almost makes sense to make a "Salvage Company LLC" or sole proprietorship, especially if a person finds enough gold to offse the 70% a gold dealer will give you as opposed to the 98% ARA will.

doug

Exactly and you can write off your equipment to compensate. Get a sole proprietorship (dba), make up business cards, offer your services to the local law enforcement and the community. Donate a few items to the local heritage museum. I bet you could even write off your hunting time at an hourly rate if you offered to find lost items for your homeowners. Maybe $20 startup cost for the cards and DBA, and you're selling your gold at 98%.

 

[PAMD Tim]

I'd do that. 93% and it's yours.

I would do it for the guys local to me but, after thinking about it, I won't get in the middle of a crapstorm. If the refinery says there was x amount shipped to them and I say it was y amount it could get ugly. Sorry.

 

[PAMD Tim]

Exactly and you can write off your equipment to compensate. Get a sole proprietorship (dba), make up business cards, offer your services to the local law enforcement and the community. Donate a few items to the local heritage museum. I bet you could even write off your hunting time at an hourly rate if you offered to find lost items for your homeowners. Maybe $20 startup cost for the cards and DBA, and you're selling your gold at 98%.

I like your idea, it's a sound one

 

[IMShooter]

in Michigan you can just use your social security number...tax id should be free...

have always heard good things about midwest. Many people on this board used to use them.

I think most switched because ARA gave a better % and they'd hold your gold for however long so if the market changed you could cash in on that day.

Luckily my friend gives me 96-98% on gold and silver...

 

[diggerTmole]

Exactly and you can write off your equipment to compensate. Get a sole proprietorship (dba), make up business cards, offer your services to the local law enforcement and the community. Donate a few items to the local heritage museum. I bet you could even write off your hunting time at an hourly rate if you offered to find lost items for your homeowners. Maybe $20 startup cost for the cards and DBA, and you're selling your gold at 98%.

That is so freaking crazy sounding it just might work. That is a great idea.

 

[DirtyRob]

I find this odd. I have this local jewelry/collectible/coin shop where I sell my gold at...and get spot price for it. I weigh it myself and make sure they get the same weight. I thought that more local shops might do the same. I guess I'm lucky. I did try another shop on a small 10K ring...got about $30 less than I expected.

 

[turtlefoot]

I find this odd. I have this local jewelry/collectible/coin shop where I sell my gold at...and get spot price for it. I weigh it myself and make sure they get the same weight. I thought that more local shops might do the same. I guess I'm lucky. I did try another shop on a small 10K ring...got about $30 less than I expected.

Most local shops where I live pay around 70% of spot price and sell for 110% spot price. There are a couple of places that pay 90% for higher end jewelry with nice diamonds and drop the amount they pay if the stones are missing.

The one local coin store will pay 10x face and sell for 25x for silver coins (last time I was there).

Doug

 

[jwebs]

Oh, and Midwest is a decent place to use. The only qualm I had with them is, and it's partially due to my ignorance, that in addition to the 5% they take off, the take an extra "3-5%" off of the payment for any amount of gold under 3 troy oz. to account for weight loss during the refining process. Other than this, they have excellent service, quick response times, decent customer service, and afaik, no requirement to report anything to the IRS...yet anyway

 

[SeabeeRon]

This thread has been reported as getting off topic and getting too political and has been cleaned up.

Please stay on topic without interjecting political views.

 

[Milhaus]

I would love to start my own cottage industry foundry but I am guessing there is a landslide of bonding and legal and security problems.

Frankly smelting and ingot casting is pretty easy and can be done on the cheap.

 

[OKFarmer]

SeaBeeRon,

How is asking the people that are roasting ARA Gold to direct their anger where it is due (those that have imposed the new 1099 laws) GETTING OFF TOPIC???

That's just crazy!!! The reason ARA Gold needs the additional information is a POLITICAL REASON!

So anything that happens or affects dectectorists that has origins of a political nature are not allowed to be discussed? So I can't discuss the EPA has considered banning metal detecting because of the effects of all the "radaiation" we are emitting into the soil? Look it up. There is a document on it. It would be reasonable to say the current administration needs to put a choker on the EPA and their inquiries and opinions is COMPLETELY REASONABLE!!!!

OKFarmer

 

[JBEXPRESS]

 

[Onaug]

Their Web site states that they do not deal directly with the public and you have to send in an application along with an EIN or TAX ID number.

Doug

If I had the capital to do this, I would start a side business and at least give around 90% spot. 60 - 80% is rediculous. I have the experience just not the start-up. Hmmm. I think this deserves some research to see if there are any red flag new regulations and talk to SBA.