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Author Topic: Gold/silver buying and selling?  (Read 402 times)

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NuttinItUp

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Gold/silver buying and selling?
« on: January 28, 2020, 09:55:27 am »

Anyone here buy gold/silver as an investment? Where do you buy it from? Any tips?

I noticed when looking online that there are some big "houses" that buy and sell gold/silver (and other precious metals), such as Apmex, JM Bullion, etc. but wasn't sure if it was best to go with them or someone locally.
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Dumb ole famrboy

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Re: Gold/silver buying and selling?
« Reply #1 on: January 30, 2020, 09:06:41 am »

If you are looking for physical gold and silver - try your local coin shop. They usually have a couple bags of junk silver coins in inventory which they'll sell at a reasonable premium over spot. They'll also have inventory of US Mint bullion products such as silver and gold eagles.

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hog of steele

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Re: Gold/silver buying and selling?
« Reply #2 on: January 30, 2020, 09:09:14 am »

Anyone here buy gold/silver as an investment? Where do you buy it from? Any tips?

I noticed when looking online that there are some big "houses" that buy and sell gold/silver (and other precious metals), such as Apmex, JM Bullion, etc. but wasn't sure if it was best to go with them or someone locally.

This is the thing. The shops that buy and sell gold don't do it for speculation. They don't try to keep it. They desire to sell it 10 minutes after they buy it. If you want it, talk to them and tell them you are a buyer. The guy I knew who ran one of those shops had a list of guys and he called them when he made purchases. If you are a reliable buyer they will let you know when they have inventory.

Lanny

Re: Gold/silver buying and selling?
« Reply #3 on: January 30, 2020, 10:03:19 am »

Anyone here buy gold/silver as an investment? Where do you buy it from? Any tips?

I noticed when looking online that there are some big "houses" that buy and sell gold/silver (and other precious metals), such as Apmex, JM Bullion, etc. but wasn't sure if it was best to go with them or someone locally.
I constantly buy gold and silver for resale and to keep.  Agree on the local coin stores, they usually have excellent inventory

NuttinItUp

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Re: Gold/silver buying and selling?
« Reply #4 on: January 30, 2020, 12:24:59 pm »

Great advice guys. Do you guys just sell at the same place you buy?

What does the spread usually look like? (% above spot to buy and % below spot to sell?)
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Old Tusk

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Re: Gold/silver buying and selling?
« Reply #5 on: January 31, 2020, 03:29:36 pm »

I don't consider gold as an investment.  To me, it is insurance. When I decide to speculate on gold, I prefer gold miner ETFs. They are a more leveraged play.

NuttinItUp

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Re: Gold/silver buying and selling?
« Reply #6 on: February 10, 2020, 08:48:22 am »

I am in the St. Louis area and I went to Scotsman Coin and Jewelry. They buy/sell bullion and coins and just about everything at really good prices. I think they will be my go-to for awhile.
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HawgWild

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Re: Gold/silver buying and selling?
« Reply #7 on: February 10, 2020, 09:11:03 am »

What's their spread on buy/sell?
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Lanny

Re: Gold/silver buying and selling?
« Reply #8 on: February 10, 2020, 01:17:37 pm »

Great advice guys. Do you guys just sell at the same place you buy?

What does the spread usually look like? (% above spot to buy and % below spot to sell?)
I try to buy 90% of spot and sell at 10% above spot
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NuttinItUp

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Re: Gold/silver buying and selling?
« Reply #9 on: February 10, 2020, 01:21:35 pm »

What's their spread on buy/sell?

They publish all of their prices on their website (Right side of page "Scotsman's Trading Sheet" for the main stuff, or "Gold Expanded" for other gold...updated continuously as the spot price moves.)

At the moment I am writing this (will change by the time you click on it), spot price for gold is $1575.60/oz. They are paying $1,537.74 (97.6%) for generic gold or $1,550.74 (98.4%) for gold bars from a mint (Perth, PAMP, etc.) and selling for $1,587.74 (100.8%) for generic gold or $1,601.24 (101.6%) for gold bars from a mint. The pricing for various types of gold coins and other stuff is also listed, but that gives a sample.

The spread seems tighter than most of the online places I tried. I couldn't find anyone online paying more than 95% of spot for any type of gold (I tried several), and some were as low as like 87%, so they definitely pay more. Also, the sell prices seem fairly reasonable as well. They actually do a bit better than what I quoted above on the sell prices if you buy a large quantity (more than 50 ounces) too, not necessarily all at the same time, but over time.

NuttinItUp

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Re: Gold/silver buying and selling?
« Reply #10 on: February 10, 2020, 01:24:07 pm »

I try to buy 90% of spot and sell at 10% above spot

Nice. Where do you find buyers at that much of a discount and sellers for that much of a markup? Online marketplaces like OfferUp, Craigslist and Facebook Marketplaces? Or do you like go to coin shows or something like that?
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Lanny

Re: Gold/silver buying and selling?
« Reply #11 on: February 11, 2020, 06:56:39 am »

Nice. Where do you find buyers at that much of a discount and sellers for that much of a markup? Online marketplaces like OfferUp, Craigslist and Facebook Marketplaces? Or do you like go to coin shows or something like that?
I sell gold and silver in my store
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NuttinItUp

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Re: Gold/silver buying and selling?
« Reply #12 on: February 11, 2020, 07:27:20 am »

I sell gold and silver in my store

Gotcha! That would make things easier if one had a store. Sorry, Lanny, I didn't realize that was what you did.
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Dumb ole famrboy

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Re: Gold/silver buying and selling?
« Reply #13 on: February 12, 2020, 10:24:16 am »

As the price of gold and silver goes up - the scope of what is considered junk coinage expands. Once the precious metal value of a coin exceeds its collectors value - it is considered junk.
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HawgWild

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Re: Gold/silver buying and selling?
« Reply #14 on: February 12, 2020, 03:07:07 pm »

So, are the Carson City Silver dollars considered "junk"?

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Re: Gold/silver buying and selling?
« Reply #15 on: February 12, 2020, 08:14:33 pm »

I buy and HOLD from Apmex.  I've been a customer for 15 yrs and they have recently created some nice options for member of the VIP level.

Would not be ideal for someone looking to buy and resale for profit like some have mentioned.
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Dumb ole famrboy

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Re: Gold/silver buying and selling?
« Reply #16 on: February 13, 2020, 08:49:30 am »

So, are the Carson City Silver dollars considered "junk"?
The price of silver would have to increase significantly before any "CC" dollars are considered junk.
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Vantage 8 dude

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Re: Gold/silver buying and selling?
« Reply #17 on: February 13, 2020, 06:22:42 pm »

So, are the Carson City Silver dollars considered "junk"?
Even with my (somewhat) limited knowledge of coin values I’ve learned that CC (Carson City) minted are typically more rare and therefore more valuable than other mints. New Orlean minted coins are also more rare than most of the other mints.

However, the ones that take the prize are the various denominated gold coins minted in Charlotte and Dahlonega (Ga.) pre-Civil War productions.

Many shipwreck coins, bullion and gold dust such as those from ships such as the S.S. Central America also fetch a pretty penny. And let’s not forget one of the “big daddies” is the horde from the pre-colonial Spanish ship The
Atocha. Mel Fisher spent a ton of money and a lot of sweat equity to find that mother lode.
« Last Edit: February 13, 2020, 06:42:47 pm by Vantage 8 dude »
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Dumb ole famrboy

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Re: Gold/silver buying and selling?
« Reply #18 on: February 14, 2020, 09:04:49 am »

Junk coins have 3 levels of downside protection. Their precious metal value, their collector value and their actual stated value. But I'll add that our Chinese friends are working diligently to destroy the collector coin market.
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