- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Coaching Changes
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
I have questions about selling gold
Posted on 12/27/24 at 9:48 am
Posted on 12/27/24 at 9:48 am
Forgive the ignorance but here we go. I have some 2009 1oz American Eagles, as well as some Canadian Elizabeth II's. I'd like to sell a few of them, but what I know about appraising or selling valuable coins couldn't fill a thimble.
1.Because they're coins and not ingots, do they have a little more value than spot/melt value alone? At a glance, there's nothing seemingly special about them. Of course they're in perfect condition but that's about it.
2. Does anyone know of a reputable dealer/buyer in the greater New Orleans area?
3. Is their a fee associated with selling gold, if so what is a typical fee?
I'll ask more questions as they come to me. Any other thoughts/advice is appreciated.
1.Because they're coins and not ingots, do they have a little more value than spot/melt value alone? At a glance, there's nothing seemingly special about them. Of course they're in perfect condition but that's about it.
2. Does anyone know of a reputable dealer/buyer in the greater New Orleans area?
3. Is their a fee associated with selling gold, if so what is a typical fee?
I'll ask more questions as they come to me. Any other thoughts/advice is appreciated.
This post was edited on 12/27/24 at 4:02 pm
7
Posted on 12/27/24 at 10:25 am to Pandy Fackler
Blanchard and Company in New Orleans.
You will get around spot for eagles. A few dollars less for maple leafs.
You will get below spot for ingots or bars.
No fee, but capital gains tax does apply.
I think anything over $10,000 is reported.
You will get around spot for eagles. A few dollars less for maple leafs.
You will get below spot for ingots or bars.
No fee, but capital gains tax does apply.
I think anything over $10,000 is reported.
Posted on 12/27/24 at 10:35 am to cusoonkpd
quote:
Blanchard and Company in New Orleans.
Do they also accept old gold jewelry? Been looking to move a few pounds of old chains, charms, pins... that have no sentimental value but have found their way to me through various inheritances. Have been considering Causeway Coin based on preliminary reviews, just have not gotten around to putting it all together and making the drive.
Posted on 12/27/24 at 10:35 am to Pandy Fackler
You have bullion gold coins. Which is great; but, it doesn’t really carry a premium. Numismatic graded coins can sell for a premium. In your case; being a bullion coin just makes them easier to sell than ingots or other formats.
Look at sites like APMEX. It will give you an idea of what a major vendor will pay you. It’s probably among the lowest offers you’ll get but they will pay you.
Metals are generally bought and sold using a spread. Buying for less than spot and then selling for spot or usually more. Industry norms are 10-15% margin.
There are forums on FB and Reddit like “pmsforsale” where you can probably do better than selling to a major dealer; but, with the small but ever present risk of being scammed. Generally you can sell at spot there and sometimes even a few bucks above.
Jewelry stores often buy gold. Usually at a similar price to the dealer. Avoid coin shops; they generally offer the lowest price. Pawn Shops are often bad too. If you choose either be sure that the coins never leave your sight. All testing can be done in front of you. There have been stories of shops switching out coins and returning a fake to the customer.
Hope this helps…
Look at sites like APMEX. It will give you an idea of what a major vendor will pay you. It’s probably among the lowest offers you’ll get but they will pay you.
Metals are generally bought and sold using a spread. Buying for less than spot and then selling for spot or usually more. Industry norms are 10-15% margin.
There are forums on FB and Reddit like “pmsforsale” where you can probably do better than selling to a major dealer; but, with the small but ever present risk of being scammed. Generally you can sell at spot there and sometimes even a few bucks above.
Jewelry stores often buy gold. Usually at a similar price to the dealer. Avoid coin shops; they generally offer the lowest price. Pawn Shops are often bad too. If you choose either be sure that the coins never leave your sight. All testing can be done in front of you. There have been stories of shops switching out coins and returning a fake to the customer.
Hope this helps…
Posted on 12/27/24 at 11:28 am to Pandy Fackler
The IRS considers gold/silver a 'collectible.' You will pay capital gains according to how long you hold it. The taxable rate is up to 28%.
Over 10K and you have to file a special form.
LINK
Over 10K and you have to file a special form.
LINK
Posted on 12/27/24 at 11:46 am to Pandy Fackler
quote:
1. Because they're coins and not ingots, do they have a little more value that spot/melt value alone? At a glance, there's nothing seemingly special about them. Of course they're in perfect condition but that's about it.
3. Is their a fee associated with selling gold, if so what is a typical fee?
Just know that no dealer will ever pay spot for gold. That is just a starting point. Its called the bid-ask spread.
Basically you will always buy from a dealer over spot and you will always sell to a dealer under spot. You can save yourself some time and call dealers and ask what they are buying gold at today, and that is what you should get.
Another thing that may affect your price is if its a 22K gold piece vs a 24K gold piece.
Posted on 12/27/24 at 2:21 pm to Weekend Warrior79
Bullion will sell for a few points lower than spot 95-97%.
Scrap gold like you mentioned is sold by the weight based on whether it is 10K, 14K, 18K, 24K etc. Typically, a pawn shop or "cash for gold" type places will pay you 45-55% of spot value for that. Some jewelry stores will pay 50-65%. Every now and then, you may get an offer up to 70%.
(My wife works for a jeweler part time...so I happen to know about the business. She buys a ton of scrap gold.)
Scrap gold like you mentioned is sold by the weight based on whether it is 10K, 14K, 18K, 24K etc. Typically, a pawn shop or "cash for gold" type places will pay you 45-55% of spot value for that. Some jewelry stores will pay 50-65%. Every now and then, you may get an offer up to 70%.
(My wife works for a jeweler part time...so I happen to know about the business. She buys a ton of scrap gold.)
Posted on 12/27/24 at 3:01 pm to Pandy Fackler
I would urge you to hold on to them till at least next summer. I could write a dissertation on why I feel this way but for this thread I'll try to condense it as much as possible.
Given G7 govt and central bank balance sheets, I think they are on the cusp of being forced to recapitalize themselves against hard assets and the only hard asset they hold is gold.
Incoming Treasury Sec Bessent gave a speech in June where he said point blank "I think a new Bretton Woods is right around the corner and I would like to participate".
LINK
Gold is probably higher in 6 months no matter what. If that^ happens gold is much, much higher.
Given G7 govt and central bank balance sheets, I think they are on the cusp of being forced to recapitalize themselves against hard assets and the only hard asset they hold is gold.
Incoming Treasury Sec Bessent gave a speech in June where he said point blank "I think a new Bretton Woods is right around the corner and I would like to participate".
LINK
Gold is probably higher in 6 months no matter what. If that^ happens gold is much, much higher.
Posted on 12/27/24 at 3:55 pm to cusoonkpd
quote:
Blanchard and Company in New Orleans.
You will get around spot for eagles. A few dollars less for maple leafs.
You will get below spot for ingots or bars.
No fee, but capital gains tax does apply.
I think anything over $10,000 is reported.
Ok all that's helpful but allow me to reveal more ignorance here. What if I were to sell for instance maybe one coin per month, would that have to be reported to the IRS?
Posted on 12/27/24 at 3:57 pm to BigBinBR
quote:
Just know that no dealer will ever pay spot for gold. That is just a starting point. Its called the bid-ask spread.
Basically you will always buy from a dealer over spot and you will always sell to a dealer under spot. You can save yourself some time and call dealers and ask what they are buying gold at today, and that is what you should get.
Another thing that may affect your price is if its a 22K gold piece vs a 24K gold piece.
Thanks for that. Generally speaking, how much under?
Posted on 12/27/24 at 3:59 pm to goat365
quote:
Bullion will sell for a few points lower than spot 95-97%.
Scrap gold like you mentioned is sold by the weight based on whether it is 10K, 14K, 18K, 24K etc. Typically, a pawn shop or "cash for gold" type places will pay you 45-55% of spot value for that. Some jewelry stores will pay 50-65%. Every now and then, you may get an offer up to 70%.
(My wife works for a jeweler part time...so I happen to know about the business. She buys a ton of scrap gold.)
Ok. So for instance, I can expect to get between 95% and 97% of today's trading value?
Posted on 12/27/24 at 6:29 pm to Pandy Fackler
Sounds like you need to find a private cash buyer.
Posted on 12/27/24 at 7:56 pm to Art Blakey
quote:
I would urge you to hold on to them till at least next summer.
^^^ this is good advice, IMO ^^^
Posted on 12/27/24 at 9:06 pm to wiltznucs
quote:
You have bullion gold coins. Which is great; but, it doesn’t really carry a premium. Numismatic graded coins can sell for a premium. In your case; being a bullion coin just makes them easier to sell than ingots or other formats.
Look at sites like APMEX. It will give you an idea of what a major vendor will pay you. It’s probably among the lowest offers you’ll get but they will pay you.
Metals are generally bought and sold using a spread. Buying for less than spot and then selling for spot or usually more. Industry norms are 10-15% margin.
There are forums on FB and Reddit like “pmsforsale” where you can probably do better than selling to a major dealer; but, with the small but ever present risk of being scammed. Generally you can sell at spot there and sometimes even a few bucks above.
Jewelry stores often buy gold. Usually at a similar price to the dealer. Avoid coin shops; they generally offer the lowest price. Pawn Shops are often bad too. If you choose either be sure that the coins never leave your sight. All testing can be done in front of you. There have been stories of shops switching out coins and returning a fake to the customer.
Hope this helps
Yeah it helps for sure.
So are you saying I could lose 10% to 15% of the spot value selling to a dealer?
Posted on 12/27/24 at 9:15 pm to Pandy Fackler
Basically.
In an ideal world; from a dealers perspective they want to buy at 15% below spot and then quickly resell at 15% above spot to make a net 30% margin.
Realistically; it likely won’t resell immediately and there’s some price volatility in metals that they want to insulate themselves from. Hence the spread.
That’s why a private buyer/transaction is so much more desirable in your situation. You’ll likely get an extra $200 or more per coin.
In an ideal world; from a dealers perspective they want to buy at 15% below spot and then quickly resell at 15% above spot to make a net 30% margin.
Realistically; it likely won’t resell immediately and there’s some price volatility in metals that they want to insulate themselves from. Hence the spread.
That’s why a private buyer/transaction is so much more desirable in your situation. You’ll likely get an extra $200 or more per coin.
This post was edited on 12/27/24 at 9:21 pm
Posted on 12/27/24 at 9:27 pm to Pandy Fackler
I could be interested in a couple of EGles at spot. Maybe up to four
Posted on 12/27/24 at 9:34 pm to cusoonkpd
You should get spot for all gold and silver. If not, find another buyer.
This post was edited on 12/27/24 at 9:35 pm
Posted on 12/27/24 at 9:39 pm to BigBinBR
quote:
Just know that no dealer will ever pay spot for gold. That is just a starting point. Its called the bid-ask spread.
I disagree. Good coins are definitely spot minimum. Rounds may get below spot but I would haggle hard for spot.
Contact jewelers, coin shops and pawn shops to find the best deal. Can do private sales but certain risks are higher there if you don’t know the buyers.
Edit note: Govt coins not good coin. Govt coins meaning coins issued by a government mint or a government sponsored mint. They are legal tender in the country who issued/sponsored the coin.
Rounds are coins manufactured by a private, non-government mint.
This post was edited on 12/31/24 at 9:31 pm
Posted on 12/27/24 at 10:06 pm to Alltheway Tigers!
quote:
I disagree. Good coins are definitely spot minimum. Rounds may get below spot but I would haggle hard for spot.
Contact jewelers, coin shops and pawn shops to find the best deal. Can do private sales but certain risks are higher there if you don’t know the buyers.
Even the sort of coins that I have should sell for spot? And what do you mean by "rounds"?
This thread is educational by the way.
Posted on 12/27/24 at 10:25 pm to Alltheway Tigers!
quote:Collector coins will sell above spot, and coins will sell for more than rounds. And you can get near spot for coins. But any place buying regular old Brittanias for spot won’t be open long. That’s a sure fire way to lose their arse.
Good coins are definitely spot minimum.
This post was edited on 12/27/24 at 10:27 pm
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News