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Advice re: Krugerands <> Bullion conversion.
RTers!
I have 500+ 1oz. SA Krugerands in their original containers with original
certificates dated 1987, 1988, and 1989. They were bought at prices between
$400.00 and $451.00 an oz. so obviously there is a potential substantial
tax-loss against their current value wich may be a potential offset that I
might want to use.
In light of: Present descending gold prices, (where do you think it will
bottom? $280/oz? $200/oz.? $100/oz.? under $100/oz.) Possible Y2K propelled
rally in gold 12-18 months hence, Impending Bear Stock Market, Asian Crisis,
etc., I would like to either hold onto the KRs. or convert them to some kind of
certificate deliverable gold bullion which would allow me more flexible
financial options with regards pledging the KRs as collateral for investment
and/or trading.
My ideal solution would be the get my CFM to accept them as part of the cash
assets in my margin account.
Can anyone please advise best method, and which CFMs/institutions will either
accept accept KRs as collateral or allow/facilitate conversion to certificate
deliverable gold bullion. Obviously, I'd I still like to still retain the KRs
as collateral for trading without incurring the additional fees for conversion.
Exactly what form of gold bullion will my CFM allow me to hold in my margin
account? What would be the most advantageous way I could convert my KRs to that
form of bullion? If my CFM can't do it, can anyone suggest some other CFM or
Gold dealer/broker/agent/trader that could?
Best holiday greetings and wishes for the new year.
Yours,
Tony Parker
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