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Chance to Buy generic gold
Yorkshireman
Posts: 4,583 ✭✭✭✭✭
I have been offered several pieces of 20th century NGC graded (MS61) but generic gold.
I don’t care about keeping it so want to sell at profit yet want to be fair.
What percentage off spot do you suggest I offer?
Yorkshireman,Obsessed collector of round, metallic pieces of history.Hunting for Latin American colonial portraits plus cool US & British coins.
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Less than 97% could be criminal. But it should be hard to get more than 99%.
The better question is: who are you selling it to and what are they paying?
Depends on the coin. $20 coins can sell for right around spot, but $1 and $2 1/2, etc, hardly ever do. What do they have?
Btw, if you don't have an outlet, stay away. If gold drops $25 per ounce while you are trying to find an outlet, you are stuck.
When I do anything with bullion...I always have a buyer lined up before I buy it.
YES
Good grief, YES.
In my limited experience, I can sell generic gold for 98% pretty easily. Assuming that you don't have a retail outlet, you max profit potential is 1 maybe 2%.
Latin American Collection
The amount of money you would make flipping a few pieces of gold is just not worth the risk IMHO. If gold drops before you sell you’re screwed.
I would like to know where you can sell for 98%. My dealer usually offers 95% of spot for any bullion or generic gold, but with recent price movement has reduced that to 93%.
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Thanks for the advice.
I have decided to pass it.
I would suggest you get with a major gold bullion dealer at a show who markets these / buy sight seen to gauge the real world situation on this. This market can be volatile / fluid.
I have been able buy slabbed USGTC around CDN bid or a couple dollars below / sell at bid plus 10-30 pct. An 1881 $5 MS62 sold from my online store couple months ago CDN bid plus 30 pct which was around CPG.
At a show a couple months back bought a really nice generic PCGS 65 $20 Lib (PQ w super cartwheel luster) from wholesaler nearby for $2380. Sold it for $2975 not long after. Currently a 1904 example is bid 2300 / CPG 2880.
Internally I classify my US classic coins PQ A, Solid Quality B and average quality C and price accordingly.
What did they have for sale? $20 coins? Smaller? I may be interested in some for spot price, or near it.
Common date 2.5,5,10,20 , all in NGC MS61
I would happily pay melt for any graded 2 1/2, or 5 or 10 graded indians.