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 Replies: 15 / Views: 2,233 |
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Pillar of the Community
United States
759 Posts |
Looking for experiences and advice when selling gold and silver to "We Buy Gold" places. Anything to watch out for? What are decent buy prices relative to spot? How to take payment for large amounts (check or cash)? Any input would help and be appreciated. I understand I could net more by selling here, but that's not an option I'm willing to consider. Thanks.
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Pillar of the Community
United States
987 Posts |
Can you go to a coin store vs a we boy gold? Some are the same, some different. Some places that only buy silver and gold and do not sell do not offer competitive prices relative to spot.
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Pillar of the Community
United States
1901 Posts |
You won't get very much but shop around at a few places. Then find the best deal as they all give different amounts. I went to 3 places
The last place I went to offered me about 2/3 of what the first place offered. At the last place they gave me my quote and asked if that will work for me. I said ummmm no I have a better offer. They don't like that they ask you how much and from where. They say maybe we can do better. Then hop on the phone calling "managment" I ended up making double what they offered the first time.
So shop around and don't be afraid to negotiate a better price good luck
Edited by Mrzllewellyn
09/14/2018 09:14 am
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Pillar of the Community
 United States
2843 Posts |
My places will pay me 94% of spot for 10k-22k.
For pure gold not coin, I don't recall exactly, but I think 98% spot.
For pure gold in coin form, they paid full spot.
One place claimed they would pay 95% on the 10-22 but I didn't trust them enough to take my business there.
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Pillar of the Community
 United States
759 Posts |
Thanks so far. Please keep the help coming. Called a couple of places so far and first doesn't buy foreign gold coins, second was around 90% of melt. Will call others when they open soon. I'm not at the $10K-$22K range though so I guess my quantity is large-for-me. Was taking a check in your comfort zones?
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Pillar of the Community
United States
1901 Posts |
I believe he was talking karat not thousand when he said 10k-22k
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Pillar of the Community
United States
7624 Posts |
10k to 22k is referring to gold purity (karat), not (k) as in thousands of dollars.
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Valued Member
292 Posts |
Shop around!
One "famous" place offered me about $75 for my gold jewelry I didn't have use for..
The last and final place offered me $500ish. This was only a couple dollars away from spot.
The first place tried to use excuses like "gold is down today" when it was "down" only like $5.
So be aware that all places are different and shop around a bit.
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Pillar of the Community
United States
2843 Posts |
Quote:
I believe he was talking karat not thousand when he said 10k-22k Yes and thanks for clearing that up. The refining cost is apparently higher for lower purity metals. I was selling a few hundred dollars at a time, several times a month. The dealers that I used all knew me and gave me a better rate than the "off-the-street" customer. If you shop around, you should be able to find a dealer like that. |
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Bedrock of the Community
United States
10284 Posts |
Sell it yourself here after going to one of those places. You'll get more.
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Valued Member
United States
338 Posts |
One Bowl why don't you want to sell here?
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Pillar of the Community
United States
982 Posts |
My buddy wanted to sell some silver eagles when the price of silver was a tad higher, and decided to take just one coin to a We Buy Gold kiosk at a mall here in WV. The guy at the kiosk told my friend he'd have to test the coin to make sure it was silver, but then brought out a pair of metal sheers and CUT THE COIN IN HALF! He then offered my friend a price way below melt value, which my friend accepted... because who wants back an SAE that's been chopped in half?  |
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Rest in Peace
United States
17900 Posts |
Foreign gold, in general, sells for less numismatic value over spot.
Remember that if you sell $10,000 or more at one time the transaction will be reported.
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Pillar of the Community
United States
759 Posts |
If time permits, I may end up selling some things here. TBH, the determining factor will be the PITA factor of maybe 10 or so sales v the incremental inflow. My successful sales batting average is only .600 in lifetime sales through the mail (not all CCF) with packages containing lower value items being reported as arrived damaged, some items missing. All were packaged very securely IMO and in every case, no pictures of said damaged packaging were ever provided. Could happen, I guess. I feel like my mail sales are cursed. But if people are willing to pay for actual shipping and insurance, maybe I'll give it a shot. At a 95% melt offer from a LCS, the low effort, immediate cash is tempting. At a 90% melt best offer, here might be worth it.
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Pillar of the Community
United States
4333 Posts |
Have you considered Craigslist? I would expect you could at least get spot price, as most PM's there are priced about 100% mark up anyways...I've sold there and met the buyer in a public place. Cash-for-Gold shop? Would never even bother.
When I listen to LED ZEPPELIN...so do my neighbors...
Roll hunting since '77
Dirt fishing since '72
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Pillar of the Community
United States
2521 Posts |
I've sold plenty on Craigslist. Naturally you have to use caution & wisely choose when & where to make the exchange. I've dealt with the same buyers many times (one guy in particular 30-40 times over the last few years).
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Replies: 15 / Views: 2,233 |
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Posted 09/14/2018 09:12 am
