Settling Estate: What Gold Price? - Coin Community Forum

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Author	Replies: 6 / Views: 1,189
TimW New Member United States 4 Posts	Posted 11/29/2008 4:03 pm I am the executor of an estate and have to sell 48 ounces of gold bullion (in bar form, including three 10-oz bars and some smaller ones). There are several gold/bullion dealers in a medium-sized city near where I live. What gold price index should I use as a guide (or what do dealers use) and how much of a buy/sell spread is typical? Many thanks for all your help. (I have to sell the gold; can't keep it.) TimW Report this Post to the Staff

mkman123 Pillar of the Community United States 3184 Posts	Posted 11/29/2008 4:31 pm WOW! 48 ounces thats a good amount! Well heres a funny thing, Kitco price says gold is around 816.30. Normally, bullion dealers will give you a little bit below the kitco price. However, funny thing thats been happening is that this Kitco price which reflects paper gold and silver thats being traded and sold is not on spot with the actual physical price. You can expect to get near 816/oz or even above 816 an ounce! An example is with silver. Kitco says silver is 10 bucks. NOWHERE can you find silver at 10/oz! There are lots of dealers willing to pay a few bucks over spot price for silver. I have seen silver priced at 15+ dollars an ounce fly off the shelves This is the same with gold. You cannot find gold Krugerands, Maple Leafs, Gold Eagles at spot (816!) You could ebay the gold bars but if you must sell it to local dealers, DO NOT LET THEM rip you off. If they offer you 500, 600, 700, just walk away. Even 750 is not good. You can find fellow hoarders willing to pay 816/oz or more so don't settle for less! Report this Post to the Staff
BH1964 Bedrock of the Community United States 10982 Posts	Posted 11/29/2008 7:29 pm This depends on whether or not these bars will need assaying. You have a good amount to sell and the 10oz bars should bring $8K each with no problem if they're "name brand". Even if they're not you may be able to calculate their density and avoid assaying. As mkman123 noted, keep an eye on http://www.kitco.com/ for daily spot prices. You should be able to get very close to spot even for generic bars. ANA #R3154474 Report this Post to the Staff
Sean1011 Valued Member United States 152 Posts	Posted 11/29/2008 7:37 pm i agree you can easily sell gold for spot if not more. i'd be one of the one's willing to pay spot for it Report this Post to the Staff
wd1040 Pillar of the Community United States 3098 Posts	Posted 11/29/2008 7:52 pm hm... There's a lot of buyers on craigslist right now offering 900-920 per ounce... That's in SF Bay area... I would personally buy right now at at least 850 Report this Post to the Staff
mkman123 Pillar of the Community United States 3184 Posts	Posted 11/30/2008 02:11 am wd1040, I've also checked craigslists in the SF bay area and the Sacramento area and your right, people are wanting gold and willing to pay much more than what the kitco spot price says. Report this Post to the Staff
morgantype Valued Member United States 164 Posts	Posted 12/01/2008 12:45 am That is some serious gold. Whose estate was it? Were they a serious collector? Secret collector? Report this Post to the Staff
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