I would like people's opinions and experiences in selling your gold bullion, rounds and coins. There are so many choices in purchase and prices are all over the place. Please answer question 1, other questions may be irrelevant . 1. Have you had any problems selling a particular weight or type of gold and what was the problem? Do you prefer bullion, rounds or coins? Do you prefer by the ounce or gram? If you prefer ounces, do you prefer fractions of an ounce, if so which fraction(s)? If you prefer grams, which weight?
I think these are all "your mileage may vary" questions. For someone with lots of volume, there are high premiums on the fractionals. Coins almost always get a premium - at least US coins. A lot has to do with what kind of outlet you have and your exit strategy. If you plan to take them to a "cash for gold" it won't matter. They'll offer you a percentage of spot no matter what it is. Coins have a restricted market as far as premiums are concerned. Cash 4 Gold will buy it, but rarely pay a premium. Ebay has good sales numbers, but high fees that eat into the profit. As I said in the beginning, your mileage may vary. As with most things, cost plays a significant role. While you may not pay a premium on a 1 kilo bar of gold - and get it very close to spot - finding a buyer that wants an entire kilo is VERY difficult. Even "Cash 4 Gold" probably doesn't have $42k in cash on hand to give you (and they'd have to do some paperwork to pay you anyways). 1ozt gold bars are probably the best balance. Consider your market - who's going to buy it and what kind of cash would you expect?
I agree with Brett in general. My only difference would be in ultimate choice of investment vehicle. I would say in the US ounces are preferred over grams. I would say a US coin would retain its premium over a bar, since its much easier to detect a counterfeit. So my choice, only for investment efficiency in the US, would be 1 ounce US eagles or Buffalo bullion coins. Reasonable minds can disagree, I am just stating my opinion.
Opinions are what I want. so, how about the lowest prices over spot. Like sunshine mint is often low priced for example, so is the anyone that had trouble selling gold from a particular mint or in bad shape?
I once bought a 1853 US Gold dollar on eBay for $68.00. The description said "The ugliest gold dollar on eBay" When I went to sell it years later I was offered $75. It had 3 bad scratches on the reverse. I figured I would be better off trading it. So I traded it plus $200 cash for a raw G-4 1895-O barber dime.
I recently sold some. I took in a pamp 1 oz gold bar and 6 ten oz silver bars. I was paid right at spot for mine in a LCS. I was pleased with that. Saves me the cost and headache of shipping. As I was stacking the last 6 years, I began to wise up and buy with selling in mind. That's where I began buying 1 oz gold eagles, 1 oz silver eagles, and still some ten oz bars of silver. I also bought half oz platinum eagles. I tried to sell a pile of silver commemorative coins I had, and I kept getting crap offers. I finally sold them to my dad for spot value. That experience is what got me back on the reservation. I don't do collectibles anymore.
If you are talking investment and a bullion product that is easiest to sell then stick to one ounce gold eagles. When I first started buying I underestimated how much easier it was to sell these. You can always sell gold in any form. The question is how much you will be paid. A gold eagle will always hold a premium when sold to an honest dealer.
I really enjoy buying bullion and am fairly new to it. I watch the markets daily for fun. My question to you all is, where is the best place to buy your bullion?
I've bought from a local coin shop and from Jm bullion. Coin shop is expensive compared to Jm. On the original note, Thanks for your inputs everyone. I think I still have some reservations about eagles because I may need to sell at a place other than the coin shop like the "we buy silver and gold " places. I believe they may not offer premium....I worry...
If you have to sell at a place like that then I would advise not to buy anymore silver of any kind. They will never give you anywhere near a fair price no matter what form your silver is in.
I agree with the one poster that stated Ebay has high returns but the high fees DO eat up the profits...so I do this: 1. Buy from my LCD (over time he has given me a $1 to $1.50 discount on ask when I buy 90% silver from him. 2. I "sell" on Ebay and absorb the hit from the fees...in the long run it works for me as I am not a business or sell in large quantities. Trying to sell "back" to your local LCD is murderous. You will not get back what you would like to have gotten back, trust me. The LCD has to make money too. This is accepted across the board. 3. I sometimes, rarely though, sell back to LCD but NOT for what he wants to give me. I use the 90% for a trade in his store and work him to a comparable price that I can accept. Then I sell that back on E bay, eat the fees, and still come out ahead. Everyone has different ways of doing this, this is just one of several ways to get out ahead and not lose too much profit from buying 90% junk silver and then selling it. JMHO.
I buy from Provident metals and sell to a dealer that buys back rounds at spot and ASE's at $1.50. I would buy from him but he is a little higher than Provident. I'm actually selling a lot at a coin show this weekend. I have found the best prices at shows because of all the competition the dealers have with each other.
Cheers and good luck! Where's the show? I'm exhibiting my Peace Dollar collection at the local show here in Sacramento
Show's in Longmont, CO. Just North of Denver. Hopefully I can get a little silver bump in the next two days before I sell.
