There are always ads on TV to buy gold. I think it’s time I sold my Father’s early 1970’s 1 ounce Krugerrands, but never see where to sell them. Any advice other that a pawn shop? I live in Orange County, CA.
www.golddearler.com (have dealt with them, they are good)
www.apmex.com (have dealt with them, they are good)
USGoldbuyers.com (have dealt with them, they are good)
I believe the first two post their buy/sell prices, which change according to the market, perhaps every ten minutes or so.
Me? I would NOT be selling gold unless you need the money.
“I think it’s time I sold my Father’s early 1970’s 1 ounce Krugerrands, but never see where to sell them.”
Hold on to them, unless you are desperate for money.
Sell to individuals.
Cash only.
Meet at a police department or bank.
I’ve done very well with these people and never had a problem. But I’d be careful if your thinking of buying physical in this market. The dealer premiums (mark up) is very steep right now.
Coin shop if you’re sure you want to sell.
second choice: providentmetals.com
“but never see where to sell them. Any advice other that a pawn shop?”
Any coin dealer will buy them.
Call a few local coin shops. Not “We Buy Gold” shops, coin dealers.
Ask them what their spreads are on gold bullion coins. That just means the range of prices they charge, depending on the particular coin, over the “spot” price. They have a similar spread or range of prices they will pay when buying from you. You’ll quickly sniff out who has good buy and sell prices.
If “spot” is $1850 that day, they might pay you $1800 for a Kruggerand, maybe $1820 for US Eagle, say. Something along those lines. US coins being preferred over foreign, there is a slight premium buying and selling. But it depends, the last time I talked to a dealer he was kind of preferential to Krugs. So I dunno. But in any case the price offered to you should be very close to spot. In tight markets, they might offer spot, or even a little more.
If you were buying instead of selling, the price would be a little over the spot price. The profit margins are tight on bullion coins. They make their money on the spreads. The way a dealer will protect himself from price fluctuations is making a simultaneous buy or sell from his dealer. If they are “neutral”, they don’t care if the market is going up or down, I suppose.