Best Way to Sell Gold?

[Feenix566]

Before I buy more gold, I'd like to know there's an easy way to sell it in case I decide to use that savings to buy a house or something. I called up my local coin shop, and they said they'll give me $15-$20 below spot price for it. Factor in the $10 per coin in commissions and fees when you buy it, and you're losing $30 per coin right off the bat. That means the price of gold has to go up $30 for you to break even.

I'm not suggesting that won't happen, but I'd like to know if anyone knows of a better way to offload their gold coins closer to spot price.

 

[TruthisTreason]

Ebay and coin shows are pretty good. It's tough to get retail, the trick is to buy in the dips before a surge and then sell.

 

[Ethek]

Gold is the kind of investment that you hold for several years. After our currency is adjusted for inflation you can find a buyer pretty easily.

 

[tmosley]

Before I buy more gold, I'd like to know there's an easy way to sell it in case I decide to use that savings to buy a house or something. I called up my local coin shop, and they said they'll give me $15-$20 below spot price for it. Factor in the $10 per coin in commissions and fees when you buy it, and you're losing $30 per coin right off the bat. That means the price of gold has to go up $30 for you to break even.

I'm not suggesting that won't happen, but I'd like to know if anyone knows of a better way to offload their gold coins closer to spot price.

Your dealer is trying to rip you off. These days, you should be getting 15-20 bucks ABOVE spot for a gold coin, although this might depend on the type of coin.

Ebay will get your the highest return, as you get dealer prices there. If you have enough, you could sell to APMEX or so, which will get you somewhat less, but you won't have to deal with the risk of not selling, or selling for less than you wanted.

 

[Zippyjuan]

If he is paying $15- $20 above spot to buy from you then he must be selling for $30 to $40 above- he has to make his profit on the deal.

 

[Josh_LA]

Before I buy more gold, I'd like to know there's an easy way to sell it in case I decide to use that savings to buy a house or something. I called up my local coin shop, and they said they'll give me $15-$20 below spot price for it. Factor in the $10 per coin in commissions and fees when you buy it, and you're losing $30 per coin right off the bat. That means the price of gold has to go up $30 for you to break even.

I'm not suggesting that won't happen, but I'd like to know if anyone knows of a better way to offload their gold coins closer to spot price.

sell it here on forums, take paypal or money order, you won't even lose any in fees.

or forums like GoldIsMoney, or craigslist, the choir is always "in the market" (or simply, the market is always in the market, no shit) to buy.

 

[tmosley]

If he is paying $15- $20 above spot to buy from you then he must be selling for $30 to $40 above- he has to make his profit on the deal.

Right. That's what they are doing. APMEX does this, and my local shops do it too.

 

[gaazn]

Before I buy more gold, I'd like to know there's an easy way to sell it in case I decide to use that savings to buy a house or something. I called up my local coin shop, and they said they'll give me $15-$20 below spot price for it. Factor in the $10 per coin in commissions and fees when you buy it, and you're losing $30 per coin right off the bat. That means the price of gold has to go up $30 for you to break even.

I'm not suggesting that won't happen, but I'd like to know if anyone knows of a better way to offload their gold coins closer to spot price.

Factor in no paper trail, and you actually make money. But Geitner or Daschle might know more about that one.

 

[fj45lvr]

best way is face to face. If you sell it to someone paying paypal with PLASTIC and you have to "ship" they can attempt to say that you sent a "fake" or it was "empty" and then file a disputed claim against you even though it was signed for and delivered and you could be at risk to lose your gold (I don't know how common or often this happens but there are a ton of dirtbags out there).

if you lose a little bit per ounce selling face to face it is worth it compared to shipping it to who knows where.

 

[bander87]

Wait, wait for gold to go up $30 an ounce?

That's nothing.

 

[Josh_LA]

Wait, wait for gold to go up $30 an ounce?

That's nothing.

yeah, $30 isn't even 4%

 

[forsmant]

at a discount