Selling bullion

Discussion of the Gold portion of the Permanent Portfolio

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Kriegsspiel
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Selling bullion

Post by Kriegsspiel » Fri Jul 05, 2019 5:34 pm

What methods have you all used to sell bullion?
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Smith1776
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Re: Selling bullion

Post by Smith1776 » Fri Jul 05, 2019 5:46 pm

I've seldom done it, but I just look at the bullion dealers in my area and sell to whoever offers the highest rate.

I keep it simple. I've never sold online, personally.
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dualstow
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Re: Selling bullion

Post by dualstow » Fri Jul 05, 2019 7:41 pm

Although I’ve never sold, a family member drove his to the dealer from whom he bought it. Some of the treasure was numismatic.
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Mark Leavy
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Re: Selling bullion

Post by Mark Leavy » Fri Jul 05, 2019 9:05 pm

I've bought a lot of gold from AJPM in Portland. I called up the owner and said that I wanted to sell him some. He quoted me a price and I showed up 2 days later in his office with the goods. He scanned every coin - even though they were in the same packaging that he had sold them to me in. All fair and above board. Great results.
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Re: Selling bullion

Post by sophie » Sat Jul 06, 2019 2:22 pm

I sold coins to APMEX when I tax loss harvested several years ago. No big deal, just a phone call and a trip to the post office to send it registered mail.

If I had to do it again though, I'd probably journey to a local bullion dealer and make the transaction in person.
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Re: Selling bullion

Post by Kriegsspiel » Sat Jul 06, 2019 2:33 pm

What prices have your local dealers been quoting you? I called one near me and he said they buy bullion for $75 under spot, minor variations for different coins, which seems pretty low.
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Re: Selling bullion

Post by Smith1776 » Sat Jul 06, 2019 3:29 pm

Image

These are the buy/sell rates for 1 oz. Gold Maple Leafs at the dealer I trust and use the most. These are Canadian Dollars of course.

I always use this company, the Vancouver Bullion and Currency Exchange, because they source directly from the mint. Other dealers in the area are purely buying and selling in the second hand market. Buying coins directly sourced from the mint I figure will give me that extra layer of protection against counterfeit coins.
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dualstow
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Re: Selling bullion

Post by dualstow » Sat Jul 06, 2019 5:22 pm

Smith1776 wrote:
Sat Jul 06, 2019 3:29 pm
...
I always use this company, the Vancouver Bullion and Currency Exchange, because they source directly from the mint. Other dealers in the area are purely buying and selling in the second hand market. Buying coins directly sourced from the mint I figure will give me that extra layer of protection against counterfeit coins.
But, they’re buying your coins. ??? Or are they not? I assume they are because they have both a buy price and a sell price.
When you buy, is it new, sealed, “MintDirect”, like some Apmex offerings?
e.g. https://www.apmex.com/category/90169/th ... ct-program

Final thought: I think some mints (Perth?) melt down and re-mint what they buy. Maybe that’s it. Final, final thought: No, they do sell random year at VB.
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Mark Leavy
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Re: Selling bullion

Post by Mark Leavy » Sat Jul 06, 2019 7:09 pm

Kriegsspiel wrote:
Sat Jul 06, 2019 2:33 pm
What prices have your local dealers been quoting you? I called one near me and he said they buy bullion for $75 under spot, minor variations for different coins, which seems pretty low.
I only buy/sell with dealers that publish both a buy and sell price all of the time. Typically the spread runs about 5% or less.
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Re: Selling bullion

Post by Libertarian666 » Sun Jul 07, 2019 12:55 pm

I have sold to Kitco in the past, but that was some time ago.

Then I got an account with Dillon Gage Metals in Dallas, which has a pretty small buy-sell spread, especially if you are doing volume.

Recently I have sold to US Gold Bureau, because they have good buy prices and are affiliated with the Texas Bullion Depository. That is very convenient because they can accept delivery from the depository and pay me via ACH in a few days, without my having to handle the gold.
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Re: Selling bullion

Post by Smith1776 » Sun Jul 07, 2019 8:29 pm

dualstow wrote:
Sat Jul 06, 2019 5:22 pm
Smith1776 wrote:
Sat Jul 06, 2019 3:29 pm
...
I always use this company, the Vancouver Bullion and Currency Exchange, because they source directly from the mint. Other dealers in the area are purely buying and selling in the second hand market. Buying coins directly sourced from the mint I figure will give me that extra layer of protection against counterfeit coins.
But, they’re buying your coins. ??? Or are they not? I assume they are because they have both a buy price and a sell price.
When you buy, is it new, sealed, “MintDirect”, like some Apmex offerings?
e.g. https://www.apmex.com/category/90169/th ... ct-program

Final thought: I think some mints (Perth?) melt down and re-mint what they buy. Maybe that’s it. Final, final thought: No, they do sell random year at VB.
Yeah, they also buy your coins and will sell coins that have already been in circulation.

When I go and buy I simply make a request to get a coin that is newly from the mint and hasn't been in circulation yet.
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