Vanity: Help with selling gold or silver coins

Jan 30, 2021 | ConservativeMind

[ConservativeMind]

A friend wants to sell his gold and silver coins. He lives an hour west of Memphis.

Would anyone know a decent place, it may not be local, to sell them?

Any help would be appreciated.

[spetznaz]

I fully agree that eBay has to be one of the worst places to buy and sell expensive items. Unless someone 100% knows exactly what they are doing, and I mean 100%, the chances of being swindled in some way are high. I’m part of a community of people dealing in high end watches, and eBay is viewed in the same way the shadowy land of the hyenas in The Lion King was looked at.

You can buy or sell flip flops or old VHS tapes on eBay, but buying or selling expensive coins, jewelry and watches on eBay will likely get you swindled. Someone will sell a Rolex and then the buyer claims nothing was in the package; or someone will buy a Rolex and get a fake.

I would never sell Kurgerrands on eBay.

Is there a local jewelry shop (not pawnshop) he can go to?

[ConservativeMind]

He could do so, but thought the stores wouldn’t provide the best prices.

That is definitely a fall back option.

[Hostage]

I’m told there’s someone that will be happy to take them in trade for his soon to be ex-wife.

[matthew fuller]

https://www.kitco.com/charts/livegold.html

https://www.kitco.com/charts/livesilver.html

[kiryandil]

Wait a bit if possible. Prices likely to go up.

The Reddit WallStreetBets kiddies who just did the hedge funds are talking about doing silver as one of their next targets:

The Resurgence of Silver
Daily Reckoning - 27 January 2021 - James Rickards
https://www.freerepublic.com/focus/f-chat/3930016/posts

first post: "I've seen several reports of short raiders planning to take down the metal markets next."

[teeman8r]

If they are American eagles, I am paying face value.

[greeneyes]

Yes, I am aware of that. Their plan will drive the price up.

Even if they don’t follow through, those prices will likely go up albeit much slower.

[amorphous]

Your friend could call some of the coin stores in the larger cites, like Memphis or maybe Little Rock. Check the tax laws in TN, and AR, and the state where APMEX is located. Stores in larger cities should be more competitive and offer better prices.

Expect a check, so that has to clear and there are capital gains to consider. Discuss method of payment with the coin store, etc. Have your friend ask around, there may be a mom/pop nearby. Even if they offer a lower price, cash is nice.

I'm sorry to hear ebay has become so dangerous. Ebay was going to be one of my easy ways of selling a few silver eagles now and then; glad for the warning. FR rocks!

Concur with others to wait awhile, if able.

[LegendHasIt]

When I had to sell off some of my PMs a few years ago, I got about 10% more for them on eBay than Apmex offered (After subtracting the eBay fees). , and 30-40% more than any of the area jewelery shops offered, (and 50% more than the “we buy gold” outfits and pawn shops offered).

I did refuse to sell to anyone with very few feedback ratings, or low feedback ratings, but had absolutely no problems.

[Redcitizen]

Very Good humor! Thanks for the laugh.

[Myrddin]

Right now is a good time to HOLD your gold/silver. The short squeeze raiders are going to have a go at the silver market. To the extent they succeed, there will likely be a move in gold too. In the interim, find a local silver/gold bullion dealer/coin shop that understands the value of both generic bullion and silver/gold with numismatic value. The numismatic cases are value added by virtue of a specific release of a coin in a year. That requires some expertise and some reference books.

You can track the current market at Silver Towne for gold/silver bullion.

[kiryandil]

I think it may be starting. It'll probably bleed over onto gold, ConservativeMind, so you might want to advise your friend of near future events...

Significant Distributed Silver Short Attack in Progress
APMEX ^ | 1/30/2021
https://www.freerepublic.com/focus/f-news/3930397/posts

[kiryandil]

The targets of the WallStreetBets Reddit kiddies are trading PAPER, not physical.

In this way, they're keeping the price of physical silver down.

[ConservativeMind]

Thank you for that.

[ConservativeMind]

Thank you to both of you!

[johnnygeneric]

Sell on ebay

[CaptainK]

I don’t where you live but I have used this place myself. It was an easy process.

https://doralrefining.com/selling-your-scrap/what-we-buy/

[MeneMeneTekelUpharsin]

Folks, I was not aware of that site. I will have him get a quote from Apmex.com

Hmm...

[Larry Lucido]

:-)

[lucky american]

Have him buy a copy of numismatic news at the grocery store or the coins magazine. In the back of it are reputable coin dealers and they are organized by state. He could look there. We love coin shows but due to covid, it kinda put a stop to them. There are a few but usually in a large city.