Posted on 01/30/2021 8:20:31 PM PST by ConservativeMind
You mean those shouting ads on talk radio aren't real - they won't give me top dollar? I'm shocked, shocked I tell you.
Coin dealers will buy and sell at the “spot price” minus a clearly stated in advance % for their commission.
Conversely, if they have coins in stock (iffy today, it’s a seller’s market), they will sell them to you at the day’s spot price, plus a couple % for their profit.
You can learn all of this on their website, or by email, or by phone, or in person.
“Numismatic” PM coins are another matter, I’m only talking about “bullion” coins.
A note: Krugerrands are 90% gold and 10% copper and silver to make them harder and more durable. However, they still contain 1 Troy ounce of pure gold. They are a little bigger than pure gold coins like Canadian Maple Leaves etc.
Coin dealers prefer to trade Krugerrands. Pure gold coins are soft, and they get marred and banged up unless handled very delicately. This means that the condition of pure gold coins varies, putting another cost / value factor into your trade.
If you are trying to sell Krugerrands, condition will be less of a factor as you discuss price.
Remember: for a legit coin dealer, the price will be totally straightforward and clear in advance. Today’s spot market value (you will agree on which exchange etc in advance) plus or minus a set % when buying or selling.
Any coin dealer who does not do business with gold and silver bullion coins this way is a FRAUD.
Numismatic coins are an entirely different ball of wax....very dangerous for amateurs to buy and sell, too many ways to be ripped off by bogus valuations up or down.
PM bullion coins are much safer to buy and sell.
“Right now is a good time to HOLD your gold/silver.”
I agree 100%.
I would not sell PM bullion coins today unless I was starving or facing eviction/foreclosure.
Wait until the Reddit Raiders realize this and start buying silver like crazy, and demanding physical delivery.
Kudos to both of you!
Thank you for the sage advice.
Right now, it’s a seller’s market, and coin dealers should offer a much higher than normal commission over spot price.
I’d ask around, and look for the highest % you can find. I would not take anything as low as “spot price plus 5%.”
Negotiate, you have what they want: physical bullion coins.
Tell him to wait a few weeks. The prices are about to much higher. Also, do not sell for “5% over spot price”. Those coins are already worth 100% of spot price since they are physical silver and the illegal short traders are being squeezed to come up with physical silver.
He won’t have any trouble. There’s a hella run on silver right now. Hold the gold and sell the silver.
Send them all to me. I will value them, then cut you a check for TWICE their value. /s
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