My father had a gold mining stock he bought in the USA market, when whatever happened the company and the stock is now only on the philippine stock market. What's the the best way to sell the stock, other then flying to the philippine's like some brokers have suggested.
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posted: Oct. 13, 2016 @ 8:20p
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Oct. 14, 2016 @ 1:40p
posted: Oct. 14, 2016 @ 1:35p
Dilbertic said: My father had a gold mining stock he bought in the USA market, when whatever happened the company and the stock is now only on the philippine stock market. What's the the best way to sell the stock, other then flying to the philippine's like some brokers have suggested.
Trying to find out the information from my mother, why it was pulled out of the USA and how much it's worth, at once point she has to have a new vert issued so she could sell it overseas, but no one offered to deal with it. I will get more info and post it.
at the current exchange rate of almost 50 PHP per USD, this means your stock is worth $0.04-0.05 per share. How many shares do you have? It will certainly cost you $100 plus a fair bit of hassle to sell in the Philippine market if you can find a broker who will take it, so keep that in mind if you decide to try to do something about it. If it's (hopefully) a too small amount to be economic to sell, you could consider selling it to a friend for $1 and take your capital losses for tax purposes; your broker may allow you to give away the stock to them as "worthless" and let you take your loss similarly. Or you could hold it for the long term and hope eventually it becomes easier to trade in the Philippines from the US in another 5-10 years. If it's worth more than that and you want to sell, consider calling Schwab and Fidelity and ask if they could help you sell it.
unfortunately it trades on what's called the "gray market" which is about as terrible as things get in terms of OTC trading - no quotes and in this case, a single trade for all of this year and at half the price of the Philippine market value ($0.02). Still, if you hold it at a US broker, it might not hurt to ask them to place a limit order to sell it, which you'll probably need to do by phone rather than their website for a stock like this. Maybe if you put out a "good til cancel" order at $0.02, someone might eventually buy it. On the bright side, it would only be the regular US commission, $10 or whatever, if you managed to sell it this way (one commission charged per day it trades, so if it takes several days to fill the order, you could pay several commissions).
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