When to to sell silver and gold?

[Pablo]

I’m not anti real gold…. but would be worried having it in my possession and trying to sell it to a business / person I’ve never met before.

Well for sure, eyes wide open. Read all the reviews you can. Select the best place(s) within reasonable distance. Go in WITHOUT your PM and talk to them a couple times. Meet them. They will tell you a bit about the biz as well.

Absolute NO to pawn shops. I agree.

I have dealt with a total of two shops, nearish where I live(d). They were great, no need to shop around. I think this is how it goes for many, find a good place and stick with them unless they change and gouge, etc (it happens)
Redmond Rare Coins and Gold - https://redmondrarecoins.com/
Bellingham - https://bellinghamgoldandsilverbuyers.com/

$4 below spot is like 8% below spot. That’s pricy. I haven’t found their prices to be great.

Crazy bad. Sad because APMEX used to be the best prices around. APMEX Ebay could not even be matched, they always had the lowest prices, until APMEX Walmart started, and they were lower, plus the old Walmart instant rebate card could be used (2-3%? off right at purchase). All this ended, 3 years ago or so. I was lucky to have the cash and buy with both hands back then.

 

[ArrestMeRedZ]

In my experience, APMEX hasn't been competitive in price for some time. I started with them (didn't know better), went to SD Bullion, then ended up with Bullion Exchanges. Never sold to any, but BE advertises buying at around a 5% discount to spot in some cases.

 

[Pablo]

In my experience, APMEX hasn't been competitive in price for some time. I started with them (didn't know better), went to SD Bullion, then ended up with Bullion Exchanges. Never sold to any, but BE advertises buying at around a 5% discount to spot in some cases.

Direct for sure - you need to shop around. I'm not defending APMEX at all - I just used them as an example above if one chooses UPS insured return sales and back when I sold online they did give me the best bid, but stopping sales programs because the are too popular kinda pissed me off. Maybe the ebay stuff ended before covid, I can't exactly remember, but I know the Walmart deals were after covid. I bought silver, gold and platinum.

 

[oil pan 4]

Been watching the currant market value, Buyers here get 7%.

I'd hate to sell too early only to have it's price double next week.

Wait till it's at least at a 7 to 10 year high. Sell to someone who isn't going to screw you. If you sell to a dealer they're going to offer -$100 an ounce under spot for gold and silver is kinda all over the place.
If they offer -$3 an ounce for silver, walk.
Reasonable dealers offer spot to -$1 for silver.
Last time I sold anything was on ebay during the covid mass hysteria panic. Hahahaha suckers.
Next time I sell I'll probably get a booth at a gunshow. Also got some smokeless powders I decided I didn't like that I need to off load.
I'll pay spot prices if you can find me and if I feel like buying.

 

[oil pan 4]

Direct for sure - you need to shop around. I'm not defending APMEX at all - I just used them as an example above if one chooses UPS insured return sales and back when I sold online they did give me the best bid, but stopping sales programs because the are too popular kinda pissed me off. Maybe the ebay stuff ended before covid, I can't exactly remember, but I know the Walmart deals were after covid. I bought silver, gold and platinum.

Apmex is fine to buy from. Infact most of the time when I buy online it's from apmex, but I wouldn't sell them a gd apple.

 

[Pablo]

Apmex is fine to buy from. Infact most of the time when I buy online it's from apmex, but I wouldn't sell them a gd apple.

They gave me the highest price on my gold at the time. Period. So let them bid at least.

I am not a buyer in this market if that tells you anything.

 

[Lubener]

Been watching the currant market value, Buyers here get 7%.

I'd hate to sell too early only to have it's price double next week.

Then hang on to it.

 

[oil pan 4]

They gave me the highest price on my gold at the time. Period. So let them bid at least.

I am not a buyer in this market if that tells you anything.

Yes they will pay at at or above spot for certain things if they're short and you have a lot of them.
2 major points for big dealers is they're always buying and they'll buy 5 and 6 figures worth, so if you need money fast and now they're the way to go.
Yeah last time I checked it was a do not buy market.

 

[Pablo]

BTW I got no premium for my 70s/80s Krugerands. Common mints. Melt value- so wish I had just bought rounds or bars. I can’t really complain though.

 

[JHZR2]

BTW I got no premium for my 70s/80s Krugerands. Common mints. Melt value- so wish I had just bought rounds or bars. I can’t really complain though.

Krugerands always held less of a premium. The way I was told when taking part in the business, was that they weren’t PC so held less of a premium.

Eagles are highest, maple leafs are next, then the rest.

Similarly, some of the older cast JM and other corporate bars carry a premium.

That may have changed but was the case when I was in it more. Now I care about type coins and old gold more.

 

[Dave Hess]

BTW I got no premium for my 70s/80s Krugerands. Common mints. Melt value- so wish I had just bought rounds or bars. I can’t really complain though.

What year did you buy your very first precious metal ?

 

[Pablo]

What year did you buy your very first precious metal ?

2008. We decided to plow any gains from one of the businesses into actual Ag and Au. Some years were pretty lean though. So it wasn't megabucks.

Before that it was just mutual funds in IRAs.

Krugerrand always held less of a premium. The way I was told when taking part in the business, was that they weren’t PC so held less of a premium.

Eagles are highest, maple leafs are next, then the rest.

Similarly, some of the older cast JM and other corporate bars carry a premium.

That may have changed but was the case when I was in it more. Now I care about type coins and old gold more.

Yeah I don't remember paying any premium when we bought, but I do remember the PC part of them. I just figured some of the older ones would gain some premium over the years, not really, but there are some rare ones. Other than silver eagles a few buys when silver was in the mid teens, I stick or stuck with assay card bullion bars for gold and rounds and bars of silver.

 

[burbguy82]

Don’t be greedy.

keep it real partner, give to the needy

 

[burbguy82]

Do folks talk about owning gold on paper but never actually have hands on the gold?

 

[WeyounDS9]

Wait till it's at least at a 7 to 10 year high. Sell to someone who isn't going to screw you. If you sell to a dealer they're going to offer -$100 an ounce under spot for gold and silver is kinda all over the place.

If they offer -$3 an ounce for silver, walk.
Reasonable dealers offer spot to -$1 for silver.

I think it also depedns on the KIND of Silver.
Silver Bars expect to be offered noticable below spot.
Because Bars (unless assayed and with certifate) are not such a big step above melt silver, for which the shop themslevs could only get spot/melt price.

Rounds, I expect to be right around spot these days, at least the well known ones, like Buffalo Silvers.
Why?
Because when buying, the spread from spot to sale price, even on rounds, is now as high or higher than it used to be for Silver Eagles.
I see around 4-5 USD per ounce markup when buying rounds.

Thats more than pre covid Silver Eagles had!

Pre Covid it used to be 1-2 dollars spread on rounds from spot.
Pre Covid Silver Eagles used to be 4-5 USD (what rounds now have ) and now its 7 USD.
Pre covid I might get Spot minus a 1.50 USD per ounce from my best guy for a Round.
For Silver Eagle is might have been 1-2 USD above and for a Canadian Maple leaf around Spot.

Since markups are so high now for physical SIlver, they clearly reflect a perceived increasingly higher value of phsyical Silver over certificates, that means our Bullion can be expected to pay a tad higher in relation to spot, than it did pre Covid.

In the current market, I would expect for say, Canadian Maple Leafs, a Coin, I would not accept a dime under spot.
For Silver Egales I expect 1 USD above spot,and for a well known Round maybe Spot minus 1 USD.

(or thereabouts, I would shop around, one can also call and ask for an offer and I would clearly state, exaclty what you have, if everything is brilliant uncirculated in original packaging and that I have the original pruchase receipt for it. etc etc

(The latter actually is crucial for one of my buyers who will not buy w/o that)

 

[WeyounDS9]

What year did you buy your very first precious metal ?

For one oz Gold Coins the spread between spot and retail buy has always been small.
That changes the economics of selling a bit.

Private party will usually offer me full spot.

 

[spasm3]

I know that now is not the time to buy, but is it advantageous to buy silver rounds over 1oz silver bars?

There are several companies, Ampex, SD bullion etc. Who else is a credible source for physical metal ?

 

[SC Maintenance]

I know that now is not the time to buy, but is it advantageous to buy silver rounds over 1oz silver bars?

There are several companies, Ampex, SD bullion etc. Who else is a credible source for physical metal ?

JM bullion is fine as well. I have bought in the past at a sort of local place but have not been in years. If you paid cash there price was a bit better than online.

As for when to buy - adjusted for inflation the all time high on silver is $200. Not advocating buying, just saying.

** edit - Forgot to mention - the benefit of silver rounds is there easier to authenticate. They also generally carry a numistic premium - which is good or bad depending on if your buying or selling.

 

[WeyounDS9]

I know that now is not the time to buy, but is it advantageous to buy silver rounds over 1oz silver bars?

There are several companies, Ampex, SD bullion etc. Who else is a credible source for physical metal ?

JM Bullion.
Am surprised they have not been mentioned here yet.

 

[spasm3]

JM bullion is fine as well. I have bought in the past at a sort of local place but have not been in years. If you paid cash there price was a bit better than online.

As for when to buy - adjusted for inflation the all time high on silver is $200. Not advocating buying, just saying.

** edit - Forgot to mention - the benefit of silver rounds is there easier to authenticate. They also generally carry a numistic premium - which is good or bad depending on if your buying or selling.

Thanks, i am taking some silver from a silver recovery unit. In case they want to trade silver bars/rounds instead of cash.