Where to buy/sell physical Gold

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doneat53
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Joined: Tue Jul 04, 2017 1:23 pm

Where to buy/sell physical Gold

Post by doneat53 »

I've inherited some gold coins that I'd like to sell.

1) Can anyone with experience tell me the type of place I should search for to sell them at the best price?
2) Also, is there a standard formula for what is a reasonable market deal? ie gold spot plus -X%?
3) Would I be looking for a different place to sell coins (krugerrand) vs bullion?

Thanks!
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CAsage
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Re: Where to buy/sell physical Gold

Post by CAsage »

See if there are any local coin or gold shops in your area, and call them. I sold a Gold Panda at a walk in shop for spot cash (sadly less than today's prices). For melting, Midwest Refineries is fair and reasonable.
Salvia Clevelandii "Winifred Gilman" my favorite. YMMV; not a professional advisor.
bombcar
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Re: Where to buy/sell physical Gold

Post by bombcar »

Melt price is hard to beat from the online places.

If the coins are “collectibles” of sorts they may almost be worth spot or a bit more.

The highest you will ever get is private transaction to someone you know.
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bertilak
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Re: Where to buy/sell physical Gold

Post by bertilak »

doneat53 wrote: Sun Jun 09, 2024 2:33 pm I've inherited some gold coins that I'd like to sell.

1) Can anyone with experience tell me the type of place I should search for to sell them at the best price?
2) Also, is there a standard formula for what is a reasonable market deal? ie gold spot plus -X%?
3) Would I be looking for a different place to sell coins (krugerrand) vs bullion?

Thanks!
I had a decent experience selling gold coins to a local dealer at his very small shop on a side street.

Bullion coins (like Krugerrands) were bought at spot -X%. I forget what X was but I went through with the deal so I apparently thought it was reasonable. I'm sure X was a low single digit. (3?) I did sell him one "collectable" coin and watched him resell it at a profit to someone who walked into the store right after me! (The coin was still sitting on the counter and caught the buyer's eye.) It was a small profit and I figured it was a reasonable mark-up as I would not have even been aware of that buyer on my own!
May neither drought nor rain nor blizzard disturb the joy juice in your gizzard. -- Squire Omar Barker (aka S.O.B.), the Cowboy Poet
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Hacksawdave
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Re: Where to buy/sell physical Gold

Post by Hacksawdave »

It depends. Location has advantages/disadvantages. I use local shops and was surprised in 2022 that they were buying at over spot. I also have nearby access to major coin shows three times a year where metals are transacted. Skip pawnshops, the one-day hotel stops, and other like venues as they have the lousiest spreads and worse.

If you have nothing available locally, you can research online dealers. I have never done an online gold bullion transaction but have bought silver eagles and some Peace Dollars quite a few times before. Years ago, Krugerrands used to trade at a discount because of their political overtones. I do not know if that still exists these days or not.
Timmar
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Re: Where to buy/sell physical Gold

Post by Timmar »

I sold some silver and gold bars and coins for my cousin last year. The local buying shop offered about 60% of spot. I ended up going with JM Bullion online and it was flawless. They paid a little over spot for almost everything and returned a few silver coins they deemed "not authentic" after testing. I was VERY leery of doing this online so I did it in several smaller transactions. The whole thing was well communicated, transparent, and fair. I would use them again if I wanted to buy or sell precious metals.

I really wanted and tried to do this locally but just could not find a place even close to fair around me.
JeanM
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Re: Where to buy/sell physical Gold

Post by JeanM »

I used APMEX to sell some inherited gold coins a few years ago. At that time, they gave me a quote over the phone that was valid for 10 days. They explained how to pack and insure the coins. After receiving the coins, they sent me the quoted amount. I found their process very straightforward.

My perception - and it’s only a perception - is that a lot of people buy physical gold and silver, and places like APMEX and JMBullion have an incentive to maintain a trustworthy reputation.
momopi
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Re: Where to buy/sell physical Gold

Post by momopi »

doneat53 wrote: Sun Jun 09, 2024 2:33 pm I've inherited some gold coins that I'd like to sell.
1) Can anyone with experience tell me the type of place I should search for to sell them at the best price?
2) Also, is there a standard formula for what is a reasonable market deal? ie gold spot plus -X%?
3) Would I be looking for a different place to sell coins (krugerrand) vs bullion?
Thanks!
If the coins are fairly standard (eagle, maple leaf, krugerrand) you can go to local coin shops, pawn shops, and jewelry stores. Same for the bars from PAMP, Valcombi, AMPEX, etc.

If the gold is non-standard like gold flakes from panning, then that gets more complicated.
PoppyA
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Re: Where to buy/sell physical Gold

Post by PoppyA »

It would be nice to have a Wiki article on this subject as it comes up pretty consistently. OP if you do a search you will find the same advice you are being given here in previous posts.
AlmstRtrd
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Re: Where to buy/sell physical Gold

Post by AlmstRtrd »

Will be following this thread closely as I am also looking to sell some coins (mostly Eagles but a few Maple Leafs & Krugerrands too).

For me this is just a rebalance while also freeing up some taxable funds for spending in the next couple of years. And, as a super-conservative investor, I want to scoop up some more T-Bills/T-Notes while rates are favorable (crystal ball says sell gold, buy T-Bills!). But that is also part of the rebalance.

Will try to remember to report back here with any good or not-so-good news. When I bought (2014 - 2018), some was from locals coin dealers and then I also bought some from Kitco by mail. As a previous poster mentioned, the mail transactions can be unnerving, so will try to avoid that this time.
smitcat
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Re: Where to buy/sell physical Gold

Post by smitcat »

AlmstRtrd wrote: Mon Jun 10, 2024 6:41 am Will be following this thread closely as I am also looking to sell some coins (mostly Eagles but a few Maple Leafs & Krugerrands too).

For me this is just a rebalance while also freeing up some taxable funds for spending in the next couple of years. And, as a super-conservative investor, I want to scoop up some more T-Bills/T-Notes while rates are favorable (crystal ball says sell gold, buy T-Bills!). But that is also part of the rebalance.

Will try to remember to report back here with any good or not-so-good news. When I bought (2014 - 2018), some was from locals coin dealers and then I also bought some from Kitco by mail. As a previous poster mentioned, the mail transactions can be unnerving, so will try to avoid that this time.
"As a previous poster mentioned, the mail transactions can be unnerving, so will try to avoid that this time."
This is a very interesting view from our perspective - as we have felt the exact opposite.
ncbill
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Location: Western NC

Re: Where to buy/sell physical Gold

Post by ncbill »

doneat53 wrote: Sun Jun 09, 2024 2:33 pm I've inherited some gold coins that I'd like to sell.

1) Can anyone with experience tell me the type of place I should search for to sell them at the best price?
2) Also, is there a standard formula for what is a reasonable market deal? ie gold spot plus -X%?
3) Would I be looking for a different place to sell coins (krugerrand) vs bullion?

Thanks!
Bullion coins or collectables?

I sent out one collectable via a local coin shop (who offered to buy it for $X beforehand) to be slabbed & graded.

Once it came back slabbed & graded they more than doubled their offer...I still have it.
AlmstRtrd
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Re: Where to buy/sell physical Gold

Post by AlmstRtrd »

smitcat wrote: Mon Jun 10, 2024 8:08 am
AlmstRtrd wrote: Mon Jun 10, 2024 6:41 am Will be following this thread closely as I am also looking to sell some coins (mostly Eagles but a few Maple Leafs & Krugerrands too).

For me this is just a rebalance while also freeing up some taxable funds for spending in the next couple of years. And, as a super-conservative investor, I want to scoop up some more T-Bills/T-Notes while rates are favorable (crystal ball says sell gold, buy T-Bills!). But that is also part of the rebalance.

Will try to remember to report back here with any good or not-so-good news. When I bought (2014 - 2018), some was from locals coin dealers and then I also bought some from Kitco by mail. As a previous poster mentioned, the mail transactions can be unnerving, so will try to avoid that this time.
"As a previous poster mentioned, the mail transactions can be unnerving, so will try to avoid that this time."
This is a very interesting view from our perspective - as we have felt the exact opposite.
Hey smitcat, Can you please clarify what you mean? Do you mean that it's more stressful to sell in person?
smitcat
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Re: Where to buy/sell physical Gold

Post by smitcat »

AlmstRtrd wrote: Mon Jun 10, 2024 10:38 am
smitcat wrote: Mon Jun 10, 2024 8:08 am
AlmstRtrd wrote: Mon Jun 10, 2024 6:41 am Will be following this thread closely as I am also looking to sell some coins (mostly Eagles but a few Maple Leafs & Krugerrands too).

For me this is just a rebalance while also freeing up some taxable funds for spending in the next couple of years. And, as a super-conservative investor, I want to scoop up some more T-Bills/T-Notes while rates are favorable (crystal ball says sell gold, buy T-Bills!). But that is also part of the rebalance.

Will try to remember to report back here with any good or not-so-good news. When I bought (2014 - 2018), some was from locals coin dealers and then I also bought some from Kitco by mail. As a previous poster mentioned, the mail transactions can be unnerving, so will try to avoid that this time.
"As a previous poster mentioned, the mail transactions can be unnerving, so will try to avoid that this time."
This is a very interesting view from our perspective - as we have felt the exact opposite.
Hey smitcat, Can you please clarify what you mean? Do you mean that it's more stressful to sell in person?
When we started to buy and sell metals about 15 years ago it seemed much 'safer' to purchase from well known online sources like JM Bulliuon and APMEX. There was no method we could use to assess the small local dealers for their products availability, quality, price or safety.
Over the years purchasing and selling a few dozen times we have not had a problem with the well knonw online sources in either small or larger shipments. At least that was our experiences so far....
AlmstRtrd
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Re: Where to buy/sell physical Gold

Post by AlmstRtrd »

Thanks for clarifying, smitcat.

I priced selling to Apmex today and for Eagles they offered 1.1% below spot, for Krugerrands 2.1% below spot and Maple Leafs 1.3% below spot. A local coin dealer told me that depending on quantity and other factors, he would charge between 3% and 9% (ouch!). But he runs a super small shop and probably takes on a lot of risk due to potentially slow turn around times.

To be continued.
smitcat
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Re: Where to buy/sell physical Gold

Post by smitcat »

AlmstRtrd wrote: Mon Jun 10, 2024 4:50 pm Thanks for clarifying, smitcat.

I priced selling to Apmex today and for Eagles they offered 1.1% below spot, for Krugerrands 2.1% below spot and Maple Leafs 1.3% below spot. A local coin dealer told me that depending on quantity and other factors, he would charge between 3% and 9% (ouch!). But he runs a super small shop and probably takes on a lot of risk due to potentially slow turn around times.

To be continued.
Just to be clear ....we have only dealt with bars and bullion - no collectible metals.
That may make a difference but you still need to find a trustworthy small shop that can verify the quality and value of the item(s).
suemarkp
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Location: Somewhere in WA State

Re: Where to buy/sell physical Gold

Post by suemarkp »

AlmstRtrd wrote: Mon Jun 10, 2024 4:50 pm Thanks for clarifying, smitcat.

I priced selling to Apmex today and for Eagles they offered 1.1% below spot, for Krugerrands 2.1% below spot and Maple Leafs 1.3% below spot. A local coin dealer told me that depending on quantity and other factors, he would charge between 3% and 9% (ouch!). But he runs a super small shop and probably takes on a lot of risk due to potentially slow turn around times.

To be continued.
I just checked jmbullion (they have a sell to us page so you can see their buy back prices without having to call). They were offering just over spot for gold eagles and about 1.5% below spot for Krugs. I recommend using the JMBullion shipping label if you sell to them. You will need access to a fed ex counter so you can get a tracking number. They charge you for the label, but it shouldn't be too bad for gold. When I have sold them silver, the shipping has ranged from $25 to $60. The $60 box was rather heavy, but they insure it and it goes by air.

It can take JMB a while to process your order. I got an email when they received my box, but it took them 10 days to process it. This is typical when prices go up and they get flooded with people selling.
Mark | Somewhere in WA State
AlmstRtrd
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Re: Where to buy/sell physical Gold

Post by AlmstRtrd »

suemarkp wrote: Mon Jun 10, 2024 9:38 pm
AlmstRtrd wrote: Mon Jun 10, 2024 4:50 pm Thanks for clarifying, smitcat.

I priced selling to Apmex today and for Eagles they offered 1.1% below spot, for Krugerrands 2.1% below spot and Maple Leafs 1.3% below spot. A local coin dealer told me that depending on quantity and other factors, he would charge between 3% and 9% (ouch!). But he runs a super small shop and probably takes on a lot of risk due to potentially slow turn around times.

To be continued.
I just checked jmbullion (they have a sell to us page so you can see their buy back prices without having to call). They were offering just over spot for gold eagles and about 1.5% below spot for Krugs. I recommend using the JMBullion shipping label if you sell to them. You will need access to a fed ex counter so you can get a tracking number. They charge you for the label, but it shouldn't be too bad for gold. When I have sold them silver, the shipping has ranged from $25 to $60. The $60 box was rather heavy, but they insure it and it goes by air.

It can take JMB a while to process your order. I got an email when they received my box, but it took them 10 days to process it. This is typical when prices go up and they get flooded with people selling.
Thanks for posting this, suemarkp. I am checking JMBullion prices about eight hours later and also seeing Eagles just over spot (nice), Maple Leafs about 1.3% below spot and Krugs about 2% under spot. suemarkp, can you please confirm that payment from JMBullion is by bank wire? I assume it is done the same by all major companies. An Apmex rep told me yesterday that they pay by bank wire, so just trying to compare apples to apples.

Helpful to know about possible processing delays, so thanks for adding that.
smitcat
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Re: Where to buy/sell physical Gold

Post by smitcat »

AlmstRtrd wrote: Tue Jun 11, 2024 4:51 am
suemarkp wrote: Mon Jun 10, 2024 9:38 pm
AlmstRtrd wrote: Mon Jun 10, 2024 4:50 pm Thanks for clarifying, smitcat.

I priced selling to Apmex today and for Eagles they offered 1.1% below spot, for Krugerrands 2.1% below spot and Maple Leafs 1.3% below spot. A local coin dealer told me that depending on quantity and other factors, he would charge between 3% and 9% (ouch!). But he runs a super small shop and probably takes on a lot of risk due to potentially slow turn around times.

To be continued.
I just checked jmbullion (they have a sell to us page so you can see their buy back prices without having to call). They were offering just over spot for gold eagles and about 1.5% below spot for Krugs. I recommend using the JMBullion shipping label if you sell to them. You will need access to a fed ex counter so you can get a tracking number. They charge you for the label, but it shouldn't be too bad for gold. When I have sold them silver, the shipping has ranged from $25 to $60. The $60 box was rather heavy, but they insure it and it goes by air.

It can take JMB a while to process your order. I got an email when they received my box, but it took them 10 days to process it. This is typical when prices go up and they get flooded with people selling.
Thanks for posting this, suemarkp. I am checking JMBullion prices about eight hours later and also seeing Eagles just over spot (nice), Maple Leafs about 1.3% below spot and Krugs about 2% under spot. suemarkp, can you please confirm that payment from JMBullion is by bank wire? I assume it is done the same by all major companies. An Apmex rep told me yesterday that they pay by bank wire, so just trying to compare apples to apples.

Helpful to know about possible processing delays, so thanks for adding that.
In our past sales To JMB there have been 3 options - ACH, wire transfer, paper check.
From memory ACH was free, wire transfer and paper check were each like $25 fee.

Delays - If you go to their site there was a page on FAQ's , on that page there was a section on payments that discusses payments and timing amongst other things. That is where you will find out many things you have asked or maybe have not thought of as of yet.
suemarkp
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Re: Where to buy/sell physical Gold

Post by suemarkp »

AlmstRtrd wrote: Tue Jun 11, 2024 4:51 am
Thanks for posting this, suemarkp. I am checking JMBullion prices about eight hours later and also seeing Eagles just over spot (nice), Maple Leafs about 1.3% below spot and Krugs about 2% under spot. suemarkp, can you please confirm that payment from JMBullion is by bank wire? I assume it is done the same by all major companies. An Apmex rep told me yesterday that they pay by bank wire, so just trying to compare apples to apples.

Helpful to know about possible processing delays, so thanks for adding that.
I've used ACH direct to my checking account, but this needed to get setup once which may take a day (did it before a buy, but I think you can go set that up once you have created an account). I have an account I use for only things like this. Low balance, and things come and go to it like Venmo, Zelle, gold sales/buys, etc. There may be dollar limits for ACH versus wire. Paper check is an option too.

Here is a note from their FAQ on selling to them: We offer three payment options to pay out your Sell-To-Us: ACH (electronic check), Bank wire, or paper check. There are no fees associated with paying you via ACH. Bank wires incur a $25 fee, and paper checks incur a $30 fee. These amounts would be deducted from the final total of your Sell-To-Us.

Finally, you will also need to provide a credit card number when you sell to them. This is in case you don't send them anything (you cancel after you committed) and they need to cover their market loss. Normally, they won't charge anything to it.
Mark | Somewhere in WA State
AlmstRtrd
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Re: Where to buy/sell physical Gold

Post by AlmstRtrd »

I ended up selling my 20 coins to JMBullion yesterday (thank you smitcat!!). Eight Eagles, nine Leafs & three Krugs. Compared to Apmex, their price was about $600 higher total or $30 per coin overall. This was with the spot price at about $2,310. Package has been shipped and I will try to update here when the $ hits my account.

I actually liked the Apmex customer service better but $600 is a significant amount of money for me. Really appreciate the help in this thread.
nassau34
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Re: Where to buy/sell physical Gold

Post by nassau34 »

A few years ago I shopped around a handful of gold coins from a safe deposit box. I live in the northwest suburbs of Chicago. The best offer I got by far was from the Morton Grove coin shop on Waukegan Rd, and the owner seemed like a really good guy. The worst offer was from the coin shop in Glenview on Glenview Road, and the owner struck me as someone you would not want to do business with.
AlmstRtrd
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Re: Where to buy/sell physical Gold

Post by AlmstRtrd »

AlmstRtrd wrote: Wed Jun 12, 2024 5:11 am I ended up selling my 20 coins to JMBullion yesterday (thank you smitcat!!). Eight Eagles, nine Leafs & three Krugs. Compared to Apmex, their price was about $600 higher total or $30 per coin overall. This was with the spot price at about $2,310. Package has been shipped and I will try to update here when the $ hits my account.

I actually liked the Apmex customer service better but $600 is a significant amount of money for me. Really appreciate the help in this thread.
The funds from my Tuesday sale through JMBullion hit my Chase account overnight, so about 3 & 1/2 days total from dropping the package at FedEx. I am impressed. Already transferring the funds to Fidelity to reinvest on Monday. Again, thanks to smitcat and others on this thread.
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