When selling your gold how do you get fair market prices?

Discussion in 'Bullion Investing' started by Yankee, May 22, 2009.

  1. Yankee

    Yankee Senior Member

    I hope someone can give me good advice about selling your gold and silver when the time comes to do so. I own both gold bars and 9, 1oz 2009 SG gold coins and thinking ahead I have been trying to find a dealer that will buy these items without wanting them for almost a free price!. So far I have contacted 17 coin shops and asked what price they buy gold and silver. Most offer only 70% melt value for the U.S. 1oz SG coins and 55-60% on gold bars. Silver quotes have been even worse they offer 55% for unopened mint rolls of Silver eagles. I know they have to make a profit but if you cant get fair market value for your bullion why buy it at all? I hope some here on this forum has in the past sold some of their bullion and can let me know your secret???? and no I am not selling at this time. THANKS!
     
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  3. andrew289

    andrew289 Senior Analyst

    The secret is time. You have to dollar cost average. You buy gold on a set schedule every month, 6 months or yearly no matter what the price is. That way when it comes time to sell you even out your losses over time.

    For example in 1993, I bought 10 ounces at $350 an ounce. I sold those 10 coins for $960 an ounce last year when gold was about $990 (about $30 less than spot on each coin). The dealer makes his money and I made mine.

    If you try to sell gold you bought at $900 when spot hits $980 ..you won't make much profit. Gold is a long term investment and not something to flip on a $60-$80 jump in the market.
     
  4. Chiefbullsit

    Chiefbullsit CRAZY HORSE

    Father Time said buy low, sell high.

    Gold.....a long term investment.....unless you get 70's then flip 'em like pancakes and do it again.:high5:
     
  5. silvrluvr

    silvrluvr Senior Member

    Check out Kitco.com, their buy/sell prices are on the site. I have sold silver bullion to them for close to spot and it was a good transaction. I shipped them the material by Registered Mail and in a week or two got my check in the mail. No complaints.
     
  6. Cloudsweeper99

    Cloudsweeper99 Treasure Hunter

    Look at www.golddealer.com too for buy prices that are usually fair. As you are discovering, the typical coin dealer will size you up and cheat you if he can [except for the ones who hang out on cointalk of course, who are all saints ;)]. But there are a few out there so keep looking. I have two within a reasonable driving distance from me who buy at fair prices, and several who won't. Selling at a coin show is also possible, or on EBAY if you can take very good photos.
     
  7. goldcollector

    goldcollector Member



    You have contacted 17 coin shops and they are all lowballing you ??? WOW. That seems almost impossible. In my area, there are at least 10 shops and they all pay SPOT minimum for gold these days as they know they can sell it for SPOT + $100 easy. With the recent run up on silver, they may be paying a little below spot on silver, maybe $14 an ounce. But I have NEVER EVER been offered 55% spot on silver ASE's or 70% MELT on Gold. Its seems you must be calling places like cash4gold, which is a known low baller. But 17 actual coin shops and they are all trying to rip you off ?? All I can say is WOW.

    Anyway, get a copy of coin world, there are a lot of buy ads at the back and through the book from good companies. You will easily get SPOT, maybe a little more. Or you can try the open section and sell on this board.

    I WILL PAY YOU SPOT FOR GOLD. LET ME KNOW. But trust me, you can get spot + $50 on gold so easy.
     
  8. goldcollector

    goldcollector Member

    if you arent scared, put it on craigslist and ask for spot. It will be sold in minutes.
     
  9. Yankee

    Yankee Senior Member

    Craigslist might work for me when the time comes I will just meet the buyer in the lobby of my local police station I live in a small town and our police station lobby is smack in the middle of where all the cops sit not only that but the front door wont let you outside unless the desk cop buzzes the door open
     
  10. Danr

    Danr Numismatist

    Or meet at the bank where your box is, you can immediately deposit the money and not even leave the building with the money.
     
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