[Tangurena2]

> But the thing I'm stuck on is the places you can walk into and get cash for even one kilo of gold

My sister had been hoarding our mother's & grandmothers' jewelry for decades. I finally got her to sell off the gold before another of her bad choices in boyfriends stole the rest (last guy took her for about $40k). We took a check for it, but the guy had most of the $70k in cash at hand. No KYC at all. Here in the US.

Selling gold is still the Wild West.

[mrandish]

Sure, selling the sorts of gold grandmothers and crazy uncles horde like rolls of Krugerrand coins, etc and even raw flake amateur prospectors mine out in Nevada is common and probably pretty easy to convert into cash amounts up to a few hundred thousand dollars. But these seem to have been minted gold bars, very likely stamped and serialized.

Admittedly, I don't know that industry, but wouldn't trying to cash even a dozen 1kg minted gold bars with Federal Reserve serial numbers trigger some... questions? Or alternatively, require finding a vendor who explicitly asks no questions (basically a fence for probable stolen or illicit goods). And, even moving the gold a dozen bricks at a time is 25 separate transactions of over $1.7 million each. Are there a lot of places that just keep a couple million in $100 bills on hand for transactions? The largest branch of a national bank in our suburban area of 200K people gets pissy when we go to get $10,000 cash without calling ahead because "we might run out and need to schedule extra cash delivery."

If it's really possible to walk into a "We Buy Gold" place with 12 1kg gold bars and walk out with $1.7M in cash, no questions asked I'm just surprised. As someone who leans moderate libertarian, I don't have a problem with it. I do kind of resent having to fill out a government form (and the implied presumption I'm a criminal) anytime I get $10K of cash at the bank.

[yieldcrv]

> If it's really possible to walk into a "We Buy Gold" place with 12 1kg gold bars and walk out with $1.7M in cash, no questions asked I'm just surprised

the spreads are horrible in most places, outright swindles

[Tangurena2]

> the spreads are horrible in most places, outright swindles

Most of those retail locations will pay 60% of spot. My sister did a lot of research looking for better deals within about 200 miles of us. We negotiated 90% of spot with the guy we sold to. The smelter (who only dealt with the wholesale trade like the guy we sold to) would pay 95% of spot.