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Started By
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re: I have questions about selling gold
Posted on 12/27/24 at 10:30 pm to Pandy Fackler
Posted on 12/27/24 at 10:30 pm to Pandy Fackler
quote:. Basically rounds look like “coins” but aren’t actually issued by a government so they aren’t legal tender.
And what do you mean by "rounds"?
Something like this is a round:
This post was edited on 12/27/24 at 10:34 pm
1
Posted on 12/27/24 at 10:33 pm to BigBinBR
Got it.
Posted on 12/28/24 at 2:47 pm to BigBinBR
quote:
Collector coins will sell above spot, and coins will sell for more than rounds. And you can get near spot for coins. But any place buying regular old Brittanias for spot won’t be open long. That’s a sure fire way to lose their arse.
Ok, so on that note. APMEX offered 2575.30 on a spot price of 2620.30.
Posted on 12/31/24 at 9:36 pm to BigBinBR
quote:
Collector coins will sell above spot, and coins will sell for more than rounds. And you can get near spot for coins. But any place buying regular old Brittanias for spot won’t be open long. That’s a sure fire way to lose their arse.
Depends. If the place buying is turning their purchases of metals within days (or hours), they buy at spot and sell for a 10-15%. That is my experience with the dealers I have used. They are dealing in volume and turnover inventory fast.
Learned that lesson a bit early in my purchasing history. Find the volume dealers. They give fair deals as they want to sell as soon as possible to avoid price movement risk.
Posted on 1/2/25 at 3:51 pm to Weekend Warrior79
quote:I've known the principal there since the '90s, I've done tens of thousands of dollars worth of business with him, admittedly only buying never selling.
Have been considering Causeway Coin based on preliminary reviews, just have not gotten around to putting it all together and making the drive.
I'd recommend him without hesitation or reservation.
I have referred other folks to Causeway and have never received a bad report.
General Caveat for any Metals or Coin Dealer: Folks never get what they think their coins/metal are worth.
Good luck
Posted on 1/2/25 at 4:10 pm to Alltheway Tigers!
quote:
Depends. If the place buying is turning their purchases of metals within days (or hours), they buy at spot and sell for a 10-15%. That is my experience with the dealers I have used. They are dealing in volume and turnover inventory fast.
Learned that lesson a bit early in my purchasing history. Find the volume dealers. They give fair deals as they want to sell as soon as possible to avoid price movement risk.
I spoke to three dealers today. Locally, they're buying at about 98% of spot value. Kitco (online) offered almost full spot. I've got maple leafs and gold eagles.
Posted on 1/2/25 at 10:58 pm to Pandy Fackler
I usually browse this board periodically and had forgotten my account, so I made a new one to chime in on this.
In the US the strongest government-minted gold coins (i.e. the most liquid, sought after, and therefore easiest to sell) are usually (in this order):
1. American Gold Buffaloes
2. American Gold Eagles
3. Canadian Maple Leaves (your "Elizabeth II's")
The age of the coin is not a consideration for what percent of spot you'll get - only the type of coin and the condition. You say yours are perfect condition.
In a decent seller's market (I'd say we are in a decent enough market right now), I would be somewhat reluctant to sell Buffaloes or Eagles under spot. Find someone willing to pay spot for your eagles if you have the time. It is not uncommon at all to get spot for Maple Leaves in perfect condition too and just depends on the buyer. Show an air of confidence/understanding and don't be afraid to walk away. Unfortunately a lot of gold dealers have a bad reputation, because seller/buyer ignorance is a key factor they exploit to make those 10-15% margins. I've heard good things about Causeway Coin in Metairie, and it's always had good reviews online.
Additionally, one of the most important parts to all of this is something others have mentioned: commercial dealers are only required to report any single-day transaction over $10k. I put emphasis on the "single-day" part. Do with that information what you will.
Lastly, my advice (as with any appreciating asset) would be to only sell if you feel strongly that you need to or if the cash is going to another appreciating or productive investment. Good Luck.
In the US the strongest government-minted gold coins (i.e. the most liquid, sought after, and therefore easiest to sell) are usually (in this order):
1. American Gold Buffaloes
2. American Gold Eagles
3. Canadian Maple Leaves (your "Elizabeth II's")
The age of the coin is not a consideration for what percent of spot you'll get - only the type of coin and the condition. You say yours are perfect condition.
In a decent seller's market (I'd say we are in a decent enough market right now), I would be somewhat reluctant to sell Buffaloes or Eagles under spot. Find someone willing to pay spot for your eagles if you have the time. It is not uncommon at all to get spot for Maple Leaves in perfect condition too and just depends on the buyer. Show an air of confidence/understanding and don't be afraid to walk away. Unfortunately a lot of gold dealers have a bad reputation, because seller/buyer ignorance is a key factor they exploit to make those 10-15% margins. I've heard good things about Causeway Coin in Metairie, and it's always had good reviews online.
Additionally, one of the most important parts to all of this is something others have mentioned: commercial dealers are only required to report any single-day transaction over $10k. I put emphasis on the "single-day" part. Do with that information what you will.
Lastly, my advice (as with any appreciating asset) would be to only sell if you feel strongly that you need to or if the cash is going to another appreciating or productive investment. Good Luck.
Posted on 1/3/25 at 6:51 am to RHSPort
Excellent. Thanks for the post.
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