Randomly “discovering” a shiny object that turns out to be gold would definitely be a dream come true for many people. After all, gold is one of the most instantly recognizable and widely valued precious metals in the world. However, if you actually do come across some gold bars, whether or not you can keep them depends on the details involved with your fortunate find. Here’s what you need to know.
Consider the Location of Your Found Gold
This is one of the factors that determines whether or not what was found can legally be kept. If you stumble across a bunch of gold bars on state or federal land, those beautiful bars may not truly be all yours. Avoid potential legal issues by first notifying local authorities. They can give you more detailed information about what applies based on the location where the bars were found.
Understand There May Be a “Rightful Owner” Out There
Many states have rules about found objects with values above certain amounts. In California, this applies to lost property with an average value of more than a hundred dollars. If you’re required to turn in your newly discovered gold bars to local authorities, efforts are usually made to identify an owner. This may involve attempts to trace the purchase based on where it was produced according to markings on the bars. Otherwise, the standard policy is to wait for a reasonable time. If no rightful owner comes forward, the bars will likely be returned to you. If you’re not sure what the value is for the gold bars, especially if they’re on the smaller side, a Carlsbad gold and bullion dealer should be able to provide an estimate.
Protect the Gold Bars
Before you find out if you can keep the gold bars, make an effort to protect them. Do this by only handling the bars with clean hands to avoid smudges. Also, store the gold in a moisture-proof box or storage container that isn’t in an excessively humid location. Taking this extra step ensures the bars aren’t unintentionally damaged, which could be an issue if you’re not able to keep them. If you do get to keep them, you’ll also appreciate having your gold bars in good condition.
Decide What to Do with the Bars
Should you be able to hang on to your bars, the final step is to decide what to do with them. If you’ve never collected or owned gold before, you may prefer to sell them. This is also something a reputable precious metals firm can help you out with. If you opt to keep your gold bars instead of selling them, take the following steps:
• Store the bars in a secure location (e.g., in a home safe or at a local bank)
• Get your gold bars officially appraised so you’ll have documented proof of value
• Have the bars insured for added protection and peace of mind
If you decide to sell your bars and you’re looking for the best place to sell gold in Carlsbad, reach out to the trustworthy professionals at First National Bullion. We buy and sell all kinds of precious metals, including silver, platinum, gold, and palladium. Carlsbad residents who are looking for reputable dealers and high-quality service should give us a call at (760) 253-8072 to speak with one of our precious metals experts.
The statements made in this blog are opinions, and past performance is not indicative of future returns. Precious metals, like all investments, carry risk. Precious metals and coins may appreciate, depreciate, or stay the same in cash value depending on a variety of factors. First National Bullion does not guarantee, and its website and employees make no representation, that any metals for sale will appreciate sufficiently to earn the customers a profit. The decision to buy, sell, or borrow precious metals and which precious metals to purchase, borrow, or sell are made at the customer’s sole discretion.