What $ amount should a 1oz Krugerrand get-asking for a relative
Mr_Spud
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I have a relative that wants to sell off some 1oz Krugerrands 1 at a time when they need some extra spending money. What would they expect to get if they sell it at a local coin store? Also, is that the best place to sell them?
Mr_Spud
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I found that common bullion gold gets about 93-97% of melt. Krugs are already the lowest over spot resale bullion there is, most sell at less than 5% over.
my go-to online bullion dealer (bullionexchanges.com) is selling them for $60 over spot. You should easily sell them here on the BST for $25-$40 over spot.
When you sell to a local coin store you are going to get wholesale price. He has to have markup room for his profit.
Repetition of ignorance is ignorance raised to the power two.
Just a 'reference point/sanity check' ...
JM Bullion is buying at $20 over spot (ask).
Source: https://www.jmbullion.com/my-account/buyback-products/
Note - I have never personally sold to JM Bullion. So, I cannot provide any insight on their "cost-effective" and insured return label. Link
Spot to spot +$30 depending on where you sell. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
You can sell to me for less. But you have to really like me.
Less, this week.
To quantify the statement , here is the gold chart for the past month.
If they're outside of the 70's and early 80's, you'll get higher premium for lower mintage years
Successful BST transactions (as a buyer) with @ArchStanton, @JGnumismatics, @r00kies101, @derryb, @76collector, @Pachucko, @brendanlam, @Coll3ctor. I am looking for fractional gold Krugerrands, by year: 0.5oz: 2014, 2020, 2023 | 0.25oz: 1992, 1994, 2002, 2020, 2023 | 0.10oz: 1990, 1992, 1994, 2010, 2020-2021
How much did your relative sell for ? Or , hopefully you talked your kin into adding to his holdings instead of subtracting from.
They ended up selling just a couple of them to a local Jewelry shop for melt, but only after the Jewelry shop owner first tried to offer them $100 less than melt. So at least they knew enough to not sell them for the first offer
Mr_Spud
All in all, with not having to deal with posting them on a forum or website, not dealing with shipping, not dealing with rando customers, I think they did just fine getting spot for them with no hassle.
I’d always accept a slightly lesser price if it meant an easy no risk transaction that won’t come back to bite me in six months.