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How to sell gold safely?

justtom

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#1
Good Evening - Long time lurker here. I want to sell some gold coins to a local gold buyer but, I am concerned about being ripped off. There is only one gold buyer in my area that pays reasonable prices, most pay about half the real value. How do you check out a gold buyer? Are there any typical " crooked gold buyer " tricks I should be aware of? Thanks in advance for any advice :-)
 

Treasure Searcher

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#2
Cash on the barrel. Postal money order, recognized bank certified check or cash (check for counterfeit bills).

No personal checks, IOU's or other "promises".
 

TAEZZAR

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#3
Go to a local coin dealer. Know the spot price, negotiate a price & if you like it, hand him yer gold & have him lay those worthless FRN's in the palm of yer hand. There is no safer way.
 

ttazzman

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#4
learn what spot price is ...how it applies to what your selling......most local dealers buy/sell at a ratio of spot price.....after that its just a matter of doing a safe swap of $ for gold...

obviously some types of gold go for more or less than spot price ....

this is a link to JMBULLIONs buy back price site that can give you some points of reference ..https://www.jmbullion.com/sell-to-us/
 

GOLDBRIX

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#5
Check out your local Gun Shows and Coin & Gem Shows usually some dealers set up in those. Know your prices as Taezzar sez and if you are not happy be prepared to walk.
There is always APMEX, JM Bullion, and Provident, and moneymetals.com guys may have dealt with here .
Sometimes to keep from being screwed you got to check with businesses outside of your area.

Definitely DYODD.
Best of Luck
 

Goldhedge

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#6
We have a buy/sell forum as well.

APMEX also buys.
 

smooth

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#7
If it's gold in actual "coin" form you should be able to sell for spot plus a little depending on the mint that produced the coin.
 

savvydon

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#8
If it's gold in actual "coin" form you should be able to sell for spot plus a little depending on the mint that produced the coin.
A friend of mine just needed to pay for a car and he took a few gold coins down to a local jeweler. He knew the spot price and was happy when he got 97% of spot. It was a local deal and the guy put cash in his hand. This is probably about the low end of what is fair. Smooth's estimate is probably the high end of what you can expect. Don't forget these guys usually have some overhead that they have to figure in.
 

CopperSilverGold

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#9
I sold a handful of silver in order to buy a car without financing. I took it to the local coin dealer, and due to the size of the deal was given a very fair offer. The only pain in the butt was cashing the check (had to be on their bank and because of the size of it they couldn't cash it fully AND tried to get me to open an account there). Worked out well and was safe.
 

glockngold

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#10
Don't forget these guys usually have some overhead that they have to figure in.
And they have to eat.
They didn't go to work & sit there all day to benefit someone else.
97% of spot seems fair to me selling to a shop.
 

Son of Gloin

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#11
97% seems very fair to me. I’ve sold some junk silver and several pieces of gold on eBay (this was awhile back) and you basically will get spot for it. Then, by the time eBay and PayPal get done with you, you’re out 10%!
 

GOLDBRIX

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#12
And they have to eat.
They didn't go to work & sit there all day to benefit someone else.
97% of spot seems fair to me selling to a shop.
I have made that kinda deal in my past. "WIN-WIN" in my book
 

justtom

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#13
Thank you to everyone who posted. I just sold my gold this morning to a local dealer. Your info helped me get a good ( to me ) price. Now, I have some news that is bad for me and possibly good for you. Now that I have sold my gold, the price is certain to hit 5 grand per ounce :-) Hyperinflationary great depression inbound!
 

ttazzman

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#14
Thank you to everyone who posted. I just sold my gold this morning to a local dealer. Your info helped me get a good ( to me ) price. Now, I have some news that is bad for me and possibly good for you. Now that I have sold my gold, the price is certain to hit 5 grand per ounce :-) Hyperinflationary great depression inbound!
You might post how your deal went to benefit others that might have questions in future