Sold 3 oz of Gold - A review of my First time experience selling precious Metals

[Hermann]

Went to the local Swiss Watch Emporium and Jewelry which also operates a coin and bullion business. First off, pulling into their lot their was a marked local police vehicle keeping an eye on the parking area and the main doors. Once inside we were greeted by another armed security officer who very politely directed us to Eric the bullion area manager. Quickly and politely he verified my gold as real and made an offer. I accepted the offer as it was 5% below spot and 5% above melt. In a couple minutes I had a check in hand. The whole process took 15-20 minutes. Walked to the car to deposit it on the BofA mobile check deposit function. The cash was available this morning. I sold two 1 oz pieces pieces, a 5 gram piece and six 1/10 oz AGE's. Still have gold in more barterable sizes. Overall a pleasant and eye opening experience that I had not experienced before. Might had been able to get a slightly better deal but as Cramer says, PIGS GET SLAUGHTERED

Going to take my silver in for appraisal soon.

 

[Barkleymut]

I have quite a few silver dimes, will probably hold onto them just as a hedge and imho probably the best useable currency in a total disaster scenario. Have seen lots of 10 or 100 selling on ebay, no grading needed, just valuable for the silver content.

 

[ArrestMeRedZ]

I'm not familiar with the term 5% above melt, but by inference would I be correct in assuming that melt value is universally accepted as 10% below spot?

 

[BobsArmory]

I stopped by a local coin company to sell a bunch of silver coins. They quoted me 20.6 X face value of the coin. Don't know if thats a good deal or not. Good job on the gold sale, you made a profit.

 

[ArrestMeRedZ]

Www.ngccoin dot com for melt value, currently 24 x face value.. Looks like they are taking a 14-15% commission. I don't know if this is the standard, or excessive. I would think for 90% silver content U.S. coins it is a bit much, but IDK the standard.

 

[Sumboodie]

$3200/oz?

 

[PandaBear]

Many people I know keep telling me I should buy physical gold instead of gold ETF. I am going to use this as the proof that I wouldn't.

I'm not going to invest in something that when I want to sell it would cost 5% or more in spread. If I want to keep a few coins as emergency I can understand, but that wouldn't be the same as keeping 20% of my portfolio in physical gold.

 

[ArrestMeRedZ]

Many people I know keep telling me I should buy physical gold instead of gold ETF. I am going to use this as the proof that I wouldn't.

I'm not going to invest in something that when I want to sell it would cost 5% or more in spread. If I want to keep a few coins as emergency I can understand, but that wouldn't be the same as keeping 20% of my portfolio in physical gold.

Just make sure it is an ETF that has the real metal, rather than one that is simply designed to follow the price of the underlying metal. For silver, PSLV has the actual silver bars and can produce them for delivery. SLV does not - and that fact is actually in their prospectus. I suspect GLD is the same (but I'm not sure as I don't have gold).

 

[PandaBear]

Just make sure it is an ETF that has the real metal, rather than one that is simply designed to follow the price of the underlying metal. For silver, PSLV has the actual silver bars and can produce them for delivery. SLV does not - and that fact is actually in their prospectus. I suspect GLD is the same (but I'm not sure as I don't have gold).

Yes. I only invest in the major ETF like GLDM.