Best way to sell gold coins?

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By some stroke of luck, I managed to buy a few gold coins (American Eagles) about 10 years pretty close to the bottom... $350/ounce or so. Now I'm looking to sell, not for any particular reason, but because I'm content with the current profit and my gut tells me it's a good time. My question is, how do I sell them to get the best rate? I shopped around at a few cash-for-gold stores, and the best offer I found was spot gold minus 10%. Any feedback on using eBay or Craigslist to get a better rate? Any other options I should consider? Thanks in advance for your help!

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if you sell on eBay.. registered mail,registered mail, registered mail... but i wouldnt sell on eBay anymore. APMEX is p... (more)

FKAKS (Jan. 23, 2012 @ 12:45p) |

Would you guys recommend APMEX for gold bars as well? The gold bars are well gold melted into bars (no certification, no... (more)

gruntwork (Jan. 23, 2012 @ 12:53p) |

Such gold bars are harder to sell later. I would stick with gold American Eagles (top choice) or the gold Canadian Maple... (more)

mikeg1 (Jan. 23, 2012 @ 5:35p) |

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How much do you have? I know a guy around here who is willing to pay at least $1750 per ounce. I only ask for the standard referral fee.

If you sell under spot you're getting ripped off. APMEX buys random year eagles for $40 over spot. If you sell on eBay you should also end up getting a fair price, just mind the seller protection requirements so you can't get scammed. Before you sell you might also want to consider taxes. Technically you owe federal tax equal to 28% of your gain, regardless of your tax bracket. It might make you less inclined to sell.

www.kitco.com. I also sold a lot at www.onlygold.com

I'd second the recommendation of APMEX. You are accountable for paying the capital gains tax, but the dealer does not issue a 1099 to the IRS.

I can vouch for APMEX as well; I've sold a large quantity to them at various points over the past year or so. At $40 over spot, they pay better than either kitco (spot), onlygold ($14 over spot) or any other dealer I've tried. There is a $10K minimum per transaction to receive their best price, though. I've also used BullionDirect's Nucleo Exchange on numerous occasions. Sometimes you can beat the APMEX quote by $10-20 per oz, even after the !% commission.

If you use Craigslist don't give out your home address, communicate by an unlisted phone if necessary and be sure to make arrangements to meet at a bank to complete the sale, one homicide clean up thread is enough.

qcumber98 said:   I know a guy around here who is willing to pay at least $1750 per ounce. I only ask for the standard referral fee.

Are you kidding me?

Craigslist works - for such a high cahs transaction a bank lobby should work fine.

If you're willing to take a bit less Im sure the local coin shop would be happy to accomodate.

DigiornosHunter said:   qcumber98 said:   I know a guy around here who is willing to pay at least $1750 per ounce. I only ask for the standard referral fee.Are you kidding me?Nope. He's referring to this guy.

+1 for http://www.bulliondirect.com/nucleo.do

Depending on the spike I've sold GAEs for $100 over spot. Never sell common bullion for less than spot, especially in a soft down market (like now).

Wow, thanks for pointing out these resources! That nucleo trading system seems like a great way to go... I only wish I'd come up with that idea first!

You will get the very best price selling on eBay. It is a very liquid market for US gold coins. That is where coin shops get their merchandise. The trick is to take good closeup photos. Don't try to rate the coins yourself; let the buyers do that.

revheck said:   You will get the very best price selling on eBay. It is a very liquid market for US gold coins. That is where coin shops get their merchandise. The trick is to take good closeup photos. Don't try to rate the coins yourself; let the buyers do that.I've sold a fair quantity of 1 oz AGEs over the past year, but never was able to make eBay work for me because of the high fees. For example, the last few bullion coins sold today changed hands either side of $1740, or approx. $125 over spot. However, eBay/PayPal fees are at least $150 for "regular" sellers, and over $100 for power sellers, bringing the net down to well below the APMEX bid. There's also the increased risk of dealing with unscrupulous buyers.
Perhaps the pricing situation is different when dealing with coins possessing numismatic value; these I know nothing about.

Do you take credit card? I'll buy them

revheck said:   You will get the very best price selling on eBay.
Not anymore. It was over for eBay when they ended affiliate CB.

There are all kinds of guys desperately begging for gold on all the roads any more... may want to check them out.

awstick said:   If you sell under spot you're getting ripped off. APMEX buys random year eagles for $40 over spot. If you sell on eBay you should also end up getting a fair price, just mind the seller protection requirements so you can't get scammed. Before you sell you might also want to consider taxes. Technically you owe federal tax equal to 28% of your gain, regardless of your tax bracket. It might make you less inclined to sell.

To clarify gold sales are taxed at one's ordinary rate, with long term gains capped at 28% instead of 15% for stocks. So if you were in the 15% bracket you would still pay 15% on your gains.

Find a local shop... My local pays +$30 for eagles/buffs. He'll even pay cash if I want it.

eBay is the WORST way for a small timer to sell his coins... To get spot you have to sell it for %10 over spot. And then you'll have to ship it and take more risk of loss, buyer fraud, so on.

Seriously, F eBay.

I just got done selling a bunch of 5 oz silver coins I had. I started out on eBay and did pretty well on the first 5 or so, but after that, I was losing money versus what I could get at my local coin store. I took the remainder there and got spot plus a little and walked out with a check. Much easier than all the time and hassle of eBay, and you don't have to give eBay/PayPal 10% of your selling price.

Someone needs to come up with a better site than eBay. Their fees are way too high these days.

if you sell on eBay.. registered mail,registered mail, registered mail... but i wouldnt sell on eBay anymore. APMEX is pretty straightforward, but if you keep haggling with coin shops, you probably can get a comparable price.

Would you guys recommend APMEX for gold bars as well? The gold bars are well gold melted into bars (no certification, no stamping).

sabhinav said:   Would you guys recommend APMEX for gold bars as well? The gold bars are well gold melted into bars (no certification, no stamping).

Such gold bars are harder to sell later. I would stick with gold American Eagles (top choice) or the gold Canadian Maples.

-mike



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