Has anyone ever figured out a better way to get the best price possible for gold coins? The only way I have gotten decent gold prices is to sell coins to other collectors. If you go to a coin shop, you'll get ripped! Is there any other "recycling center" or another buyer that I am not aware of yet?
If you're talking about bullion coins, then yes - selling to a collector is my preferred method. That said, I rarely sell my gold Ben
Right, I'm not looking to sell today. I'm just trying to see if there are any places of interest for me to keep in mind.
Bulion If the coins do not have numismatic value..ie: circulated, or strictly bullion rounds or bars, you could try the Silver and Gold Exchange. They pay strictly by weight and gold/silver content though. They don't pay a premium for graded coins, but they are very fair otherwise. They are at http://SilverAndGoldExchange.com I suggest using them for anything without numismatic value and maybe try ebay or Craigslist for the better stuff.
You don't get ripped, you get a fair price. When you buy gold from a dealer, do you get to buy it at or under spot ? No, you pay more than spot. So when you sell it to a dealer why in the world would you think that you should be able to sell it for spot or more ? There will always be the buy/sell spread. This is true not only with gold or silver - it is true with every coin there is. It is true with every THING there is. If there was no buy/sell spread then dealers would not be in business. No retailer of anything would be in business. Do you get ripped when you go the grocery store ? Do you get ripped when you buy a six pack ? Do you get ripped when you buy a shirt or pair of jeans ? No, of course not. The thought never even enters your mind. Well, it shouldn't with gold and silver either.
C'mon G, Yes I know about the buy/sell spread. I've just had below par experiences selling coins to coin shops, jewelers, pawn shops etc. The only buyers I've run into who give you a fair shake are other collectors. To me all gold coins should have an added premium unless they are scrap. Sure there has to be a buy/sell spread but I haven't been able to sell gold for a decent price in a long time unless it's been to another collector. Hey if you're able to get great prices from coin shops that's great. I always feel like I'm getting way below what I can get from a collector, that equals getting ripped to me. Also, it's not an across the board scenario so maybe I was speaking in general terms, and that's how you took it, I don't know. There are some coin shops who will pay spot but there are others who will act uninterested with the whole song and dance to get you to sell for as low as possible. :bow:
I guess you need to define things a little. What exactly is a fair shake or a decent price ? By define I mean what percentage of spot equals either of those 2 things ? For example, is 90% of spot a fair shake ? You say you've had below par experiences with coin shops. OK, maybe you have. But then again maybe you haven't and you only think you have. We don't know and can't begin to know unless you quote specifics. Again, for example - if a dealer only offers you 75% of spot for generic or bullion gold coins - then yeah, I'd agree with you that you are not getting a fair shake or decent price offer. But if he offers you 90%, or even 85%, then I would say that you are getting a fair shake. 90% is pretty much the rule of thumb and anywhere close to that (like 85%) is also considered to be acceptable, not the best but acceptable and fair. But let me ask you a different question. You say that a dealer is not giving you a fair shake when he offers you whatever for your gold. But what about when you buy it ? Buying is when you make your money, not selling. And put the shoe on the other foot. When you are selling your gold to another collector - you become the dealer. Are you giving that other collector a fair shake ? What's he supposed to pay you ? Reality is this - anybody other than a dealer who expects to be able to routinely buy gold at or below spot is living in a dream world. Anybody other than a dealer who expects to be able to sell gold for more than 10% under spot (as a general rule for there are exceptions but dang few of them) is living in that same dream world.
There's a fair number of articles out that speak to gold coins getting better prices now that the U.S. mint seems to be out of physical gold to produce new coinage. If true, this could push premiums up. On the other hand, if someone has the perennial psychology they are going to get ripped off, they may not recognize a reasonable deal when it's presented to them.
