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Chance to Buy generic gold

YorkshiremanYorkshireman 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.

Comments

  • jmlanzafjmlanzaf Posts: 36,092 ✭✭✭✭✭
    edited September 17, 2019 5:19AM

    @Yorkshireman said:
    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?

    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?

  • jwittenjwitten Posts: 5,229 ✭✭✭✭✭

    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?

  • jmlanzafjmlanzaf Posts: 36,092 ✭✭✭✭✭
    edited September 17, 2019 5:36AM

    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.

  • topstuftopstuf Posts: 14,803 ✭✭✭✭✭

    @jmlanzaf said:
    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.

    YES
    Good grief, YES.

  • BoosibriBoosibri Posts: 12,387 ✭✭✭✭✭

    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%.

  • PedzolaPedzola Posts: 1,027 ✭✭✭✭✭

    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%.

  • YorkshiremanYorkshireman Posts: 4,583 ✭✭✭✭✭

    Thanks for the advice.
    I have decided to pass it.

    Yorkshireman,Obsessed collector of round, metallic pieces of history.Hunting for Latin American colonial portraits plus cool US & British coins.
  • Cougar1978Cougar1978 Posts: 8,751 ✭✭✭✭✭
    edited September 17, 2019 11:57AM

    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.

    Coins & Currency
  • jwittenjwitten Posts: 5,229 ✭✭✭✭✭

    @Yorkshireman said:
    Thanks for the advice.
    I have decided to pass it.

    What did they have for sale? $20 coins? Smaller? I may be interested in some for spot price, or near it.

  • YorkshiremanYorkshireman Posts: 4,583 ✭✭✭✭✭

    @jwitten said:

    @Yorkshireman said:
    Thanks for the advice.
    I have decided to pass it.

    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

    Yorkshireman,Obsessed collector of round, metallic pieces of history.Hunting for Latin American colonial portraits plus cool US & British coins.
  • jwittenjwitten Posts: 5,229 ✭✭✭✭✭

    @Yorkshireman said:

    @jwitten said:

    @Yorkshireman said:
    Thanks for the advice.
    I have decided to pass it.

    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.

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