need advice on where to sell gold bars

I agree 100% the IRS need to find the moneys lost in the banks system we bailed out.
not the person that try to bail them self out

 

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Fine, the heck with the silver coins....let's examine the gold. $19.86 a gram for 24 karat gold. 24 karat gold is pure. 31.1 grams to an troy ounce. That makes an ounce of gold to these BOZOS, $618. Spot is currently $1130. The silver and gold exchange is bull crappy!

And I suggest you stop posting a link to their crappy deals..unless you want me to talk about how poor they are.

 

This is Mike from the Silver and Gold Exchange. I see that there is discussion about our company and I would like to clear a few things up. First.... there is a big difference between 24k SCRAP gold (broken jewelry, etc) and bullion bars. Thats why we have two separate prices on our chart. We clearly post our bullion price which is 90% of spot for both gold and silver. So, using the example of $1130 spot above, we would pay $1017, NOT $618! Now you might think that is low, but also consider that WE pay for Priority Mail shipping and up to $5000 insurance. Believe me, this is not cheap, especially when the 100 ounce silver bars are coming in. Second, most of the time when you send to a refiner, not only to you have to pay for your shipping and insurance, but once the package is sent, that's it. You get a check for what they decide to pay and it's over. There could have been a price fluctuation (unless they let you lock in a price) while the package was being shipped, or they could for some reason deem the weight and/or purity is different than what you believed. With most of them, once you receive the check, your gold is long gone. With us, when your items are received, we contact you with our offer and if you are not happy with it, we gladly return your items, insured, at our expense. I am sure there are many items you can sell to a coin dealer and get a lot more than we can pay, but that's not our niche. So.. before characterizing a company as Bozos, please consider the facts. We are not for everyone, but we do have a place, we are up front and ethical in our business, and we do not try to compete with coin dealers. We are an option for the things they do not want and we pay a LOT more for those things than our competitors. Try sending a gold bar to on of the online places that advertise on TV and you'll know what I mean. I welcome you to check out our site at www.SilverAndGoldExchange.com or call me personally at 800-266-9395 extension 5
Best Regards,
Mike Ferreira
Silver and Gold Exchange

 

Hi Mike,

I apologize since I got the scrap confused with the bullion. What I don't understand is, junk coins are bullion. I buy them as bullion all the time. Why are you offering such poor prices for things like Morgan dollars. $6 isn't competitive.

Also your chart fails to address the AGE, which has a purity of 91.3% (or is 22 karat). Do you offer scrap for that...or is there something I'm not seeing?

 

We price the "junk" coins like we do because again, we aren't expecting the good ones. We get in some that are worn so thin that they have lost almost a third of their weight. Since they are 90% silver, we just consider them "scrap". Again, many of these coins a coin dealer would pay more, but we will take anything while they may not. Again, the shipping on these kills us. If someone sends one totally shot Morgan using our shipping label, it costs us $4.80 for shipping, a minimum of $2.00 for insurance, plus $6.79 for the dollar. That puts our cost at $13.59. I have even had someone send in a total of two dimes once. Now, of course, there are times when someone sends in a nice box full of them and we do just fine. That is why we post what we pay on our website. This way, people can shop around. If they can get a better price, with no gimmicks, they should go for it. When we talk to people on the phone, and they describe something they are considering sending us, like maybe a proof set for example, we always let them know if we think they can do better somewhere else and try to point them in the right direction. Then we know we just made a friend and when they or someone they know has "scrap" they want to sell, we know the will think of us.

As far as gold American Eagles... we always pay on them as if they are .999 fine bullion even though they are not. We do make adjustments for some foreign coins though, like the Mexican Dos Pesos... we just take our bullion price and adjust it based on the gold content of those coins.

 

I suggest that you call Silvertowne in Winchester Indiana. I recently sold them 1,000 ounces of silver and was paid 99%. Definitely get a quote from them. I have dealt with them many times before and they are a stand up group.

I'm sorry but the %90 for pure bullion that Mike is quoting seems cheap even with shipping.

I mean I'm a little operation and we pay 95% of spot for pure.

 

I was speaking with a jewelry advertiser today re: an AEG piece, and they said that because it wasn't 24 carat, they would have to send it to a refiner. Their offer? Around $800. I have seen this over and over again where ridiculous prices are offered for the most easily quanitified article on planet Earth. At some point the AGs will have to get involved. I would run transactions by the CPA, give him/her the records so that when they sign off, they are responsible.

Northern Nevada does a good job of posting their spreads: http://www.brokencc.com/bullion.php

Gary North, recommends The Moneychanger, American Federal, and a few other outfits. All the higher volume national dealers are good.

 

Oh I like this thread. Very informative and helpful, exactly what I'd need.

 

Mike, thanks for taking the time to explain your pricing model. It is very helpful to understand how the other side of the business operates.

 

Or you can sell your gold to APMEX they pay above spot I ship to them USPS regesterd mail insurance is $1.50 for each $1000. They pay fast! Dont settle for below spot!

 

thank you for your replies

thanks to everyone for their replies. sorry I could not understand nearly 90% of them, as I am not a coin collector or metal collector or anything like that, just a regular person who invested some modest savings in a couple of small gold bars because friends were doing it too. Now I need the money and want to sell, but didn't want to get conned. I'm not in anyway trying to trick the IRS, I pay my taxes fair and square. This economy is in recession and every litle bit will help our government and out country get back on track. The only reason I bought the gold was because my friends said stocks are sinking (this was a few years ago) and I didn't know how to invest in them anyway. So they said, buy the bars, keep them under the pillow, sell them whenever you need to, and since I paid income tax on the money I bought the bars with, I wouldn't have to pay much taxes when I sell them. No one thought that gold would become so expensive then, we just thought a few dollars here and there. Now that it's become so expensive and I have about $2k worth of gold, (which to me, is a lot of money), and I bought it for half price, that's 100% profit I have to pay tax on, so just was wondering how it worked. That's about it. Anyway, thanks for your help and advice. Appreciate it.

 

Sell Your Coins Online For the BEST PRICE!

Right now - it seems that coins have a higher value for their silver content and for the coin value. Because silver and gold are so high, selling them for their silver value will probably give you MORE CASH! I searched and searched online for a good company who would buy my coins and finally found a reputable company that PAYS THE HIGHEST! The Silver And Gold Exchange. http://SilverAndGoldExchange.com
They're a great company!

 

I'm sure they're very good in some areas.

They are offering under $1000 for gold rounds: http://silverandgoldexchange.com/sell-silver-and-gold/what-we-pay/

Northern Nevada coin offers more: http://www.brokencc.com/bullion.php

I have no bias in this issue, I would just do business with the most advantageous buyer.

American Metals out of Eugene, Oregon, run by Barry Farb is another very reputable buyer/seller, Coinnet market maker.

 

I buy all metals
michael@scottasset.com

 

Ebay or another collector,friend etc or cointalk members or by word of mouth who wants them. A dealer is the WORST place to go. With shipping insurance and paypal there really no easier way.

 

An investment in gold is always healthy. In your case you have doubled your money and I think its time to reap rewards . You had rightly bought at a low and its time now to sell. You can always buy again when it hits a low. Book your profit and have some fun. Selling Gold is not easy and has a very high risk element. Maybe you should look for a genuine buyer who would give you an optimum price .Even a little loss in these kind of dealings pinches you for a long time. A friend of mine who was in a similar position as yours happened to survey 3-4 merchants online and zeroed on http://www.fabon5th.com/ . He got a great price on his gold and shared their professionalism with us. Their customer care department took great care of him and as per him were not at all pushy. They are located in New York 's diamond district by the name of Fabrikant Fine Diamonds. I am sure that you will neither regret the timing of selling nor you will regret visiting them. Act fast to get best returns on your investments. Cheers!

 

Welcome to CoinTalk. And I can't stress how strongly I disagree with your opening statement. Nothing is always good no matter how much you like it.

 

Here come the traveling salesmen.

 

Any local coin dealer should be able to help you out!!

 

IRS will want there $$$$ but if u can have the buyer cut u check for less 10,000.00.:secret: like $9995.00 til you get to the amount your selling.must dealer will do that.