Good morning! I have been looking for a place to sell some of my bullion collected over a few years. What I am being told is that at this time there are few buyers and if they are buying they are only paying something less than current gold prices. As an example, I was only offered $1,250 for American Eagle in 1 OZ. Has this been what you have found in your area? Thanks
ProvidentMetals, in Dallas, buyback is currently about $1307 for a 1oz AGE. Spot $1314. You may get more if you sell to an End Buyer, versus a middleman who will want to make money on the transaction.
Why would it surprise anyone that actual gold buying prices are soft right now? Gold has been chronically overpriced for several years. The new chief economic advisor, Larry Kudlow, is a strong dollar bull and precious metals bear. The fundamentals show hugely evaporating physical gold demand. What's the surprise?
Silver is really soft right now too. Buy and sell premiums are both down. Don't get into the Au Ag mix if you can't afford to sit for years on it. Then, you will also realize your money would have been better off somewhere else!
Except: "buy when no one else wants it, sell when everybody does"... The problem is, you never know when (if ever) that day when "everybody wants it" will come. Buy too much stuff for an indefinite future, and the piles might collapse and crush you before you get to sell it.
Many people don't realize this but everybody has to make money, or atleast Attempt to....LOL, that's from the refiners thru the middleman and finally to the dealers, but the process works in the reverse as they want to give you the least Money back for your PM,S when you go to sell, as repeated on this forum many times over buy as close to spot as possible many reputable dealers such as Provident Metals or JM Bullion offer great special with just a few dollars over Spot or in some case at spot, so its always good to check around.
Most bullion buyers are soft right now, because not a lot of physical demand. Normal market cycle that some claimed a few years ago would never, EVER return again. It is always in cycles. If you are a long term bull, try to push premiums lower than they historically have been the last few years. You will be surprised at how low you will be able to get some stuff today. I know I am adding to the pile in these markets.