Baltimore Show - Best dealer(s) for selling generic foreign gold coins to?

SellStock

Headed to Baltimore this week to sell some generic foreign gold coins. I know that all of the coins will likely go for slightly under bid to spot gold, but which dealers offer the closest to spot? The coins are mostly AU and a few uncertified BU. After trying several dealers in March who were offering to purchase them at 10% BELOW spot, I decided to hang on to them and I'm glad I did. However, I would like to sell them without taking that large a cut. Is 3-5% a reasonable discount to spot for selling these coins to dealers? Thanks in advance.

MsMorrisine

there is a buy, sell, trade thread monthly on the precious metals forum. there is also the buy, sell, trade forums

try asking your question in a new thread on the precious metals forum. give some examples of what you've got, and the total gold weight of the lot

logger7

I'd call around, Apmex, Provident, and JM Bullion. When I was buying them I got them from National gold exchange and Jefferson and Co. or Blanchard.

WQuarterFreddie

@SellStock said:
Headed to Baltimore this week to sell some generic foreign gold coins. I know that all of the coins will likely go for slightly under bid to spot gold, but which dealers offer the closest to spot? The coins are mostly AU and a few uncertified BU. After trying several dealers in March who were offering to purchase them at 10% BELOW spot, I decided to hang on to them and I'm glad I did. However, I would like to sell them without taking that large a cut. Is 3-5% a reasonable discount to spot for selling these coins to dealers? Thanks in advance.

My friend usually has a table at this show. I texted him with your post. Will PM you if he has any interest or knows a dealer who will take your offer.🤞

pcgsregistrycollector

@SellStock said:
Headed to Baltimore this week to sell some generic foreign gold coins. I know that all of the coins will likely go for slightly under bid to spot gold, but which dealers offer the closest to spot? The coins are mostly AU and a few uncertified BU. After trying several dealers in March who were offering to purchase them at 10% BELOW spot, I decided to hang on to them and I'm glad I did. However, I would like to sell them without taking that large a cut. Is 3-5% a reasonable discount to spot for selling these coins to dealers? Thanks in advance.

Apmex pays good prices.

jdimmick

That first table across as you enter the main door has always been fair IMO, I think maryland gold exchange?

Apmex is fair too, but there always gone before I can get to the show

WQuarterFreddie

@SellStock said:
Headed to Baltimore this week to sell some generic foreign gold coins. I know that all of the coins will likely go for slightly under bid to spot gold, but which dealers offer the closest to spot? The coins are mostly AU and a few uncertified BU. After trying several dealers in March who were offering to purchase them at 10% BELOW spot, I decided to hang on to them and I'm glad I did. However, I would like to sell them without taking that large a cut. Is 3-5% a reasonable discount to spot for selling these coins to dealers? Thanks in advance.

My friend has a table there and just reported this back to me:

The big buyers are buying about 98% of the American bullion. My dealer just bought gold coins 10% back. He may want to wait. People think it's very risky with gold now, especially foreign. If gold went up 10% or more since March, he should get the price he wanted. Unless numismatic and certified, might be a little tough down here.

MsMorrisine

at any price selling is all about the spread

WQuarterFreddie

@MsMorrisine said:
at any price selling is all about the spread

Of course, but this seller was ready to sell back in March when spot price was around $3,000. Today price is over $3,300 which is a 10% increase so if they sell today to a dealer paying 10% under spot they are still ahead then if they had sold in March.

Bottom line, do they NEED to sell to pay bills or are they trying to time the market? Either way, sell and be done with it or risk gold price dropping in the future. 😎

More importantly, sounds like they may not find a buyer at this show for their foreign gold at this price point anyway.

jmlanzaf

@WQuarterFreddie said:

@MsMorrisine said:
at any price selling is all about the spread

Of course, but this seller was ready to sell back in March when spot price was around $3,000. Today price is over $3,300 which is a 10% increase so if they sell today to a dealer paying 10% under spot they are still ahead then if they had sold in March.

Bottom line, do they NEED to sell to pay bills or are they trying to time the market? Either way, sell and be done with it or risk gold price dropping in the future. 😎

More importantly, sounds like they may not find a buyer at this show for their foreign gold at this price point anyway.

10% under 3300 spot is 2970 which is less than $3000 spot.

MFeld

@jmlanzaf said:

@WQuarterFreddie said:

@MsMorrisine said:
at any price selling is all about the spread

Of course, but this seller was ready to sell back in March when spot price was around $3,000. Today price is over $3,300 which is a 10% increase so if they sell today to a dealer paying 10% under spot they are still ahead then if they had sold in March.

Bottom line, do they NEED to sell to pay bills or are they trying to time the market? Either way, sell and be done with it or risk gold price dropping in the future. 😎

More importantly, sounds like they may not find a buyer at this show for their foreign gold at this price point anyway.

10% under 3300 spot is 2970 which is less than $3000 spot.

But was he going to get 100% of spot when gold was at $3000?

pcgsregistrycollector

@MFeld said:

@jmlanzaf said:

@WQuarterFreddie said:

@MsMorrisine said:
at any price selling is all about the spread

Of course, but this seller was ready to sell back in March when spot price was around $3,000. Today price is over $3,300 which is a 10% increase so if they sell today to a dealer paying 10% under spot they are still ahead then if they had sold in March.

Bottom line, do they NEED to sell to pay bills or are they trying to time the market? Either way, sell and be done with it or risk gold price dropping in the future. 😎

More importantly, sounds like they may not find a buyer at this show for their foreign gold at this price point anyway.

10% under 3300 spot is 2970 which is less than $3000 spot.

But was he going to get 100% of spot when gold was at $3000?

More like 2750 probs.

WQuarterFreddie

@jmlanzaf said:

@WQuarterFreddie said:

@MsMorrisine said:
at any price selling is all about the spread

Of course, but this seller was ready to sell back in March when spot price was around $3,000. Today price is over $3,300 which is a 10% increase so if they sell today to a dealer paying 10% under spot they are still ahead then if they had sold in March.

Bottom line, do they NEED to sell to pay bills or are they trying to time the market? Either way, sell and be done with it or risk gold price dropping in the future. 😎

More importantly, sounds like they may not find a buyer at this show for their foreign gold at this price point anyway.

10% under 3300 spot is 2970 which is less than $3000 spot.

And 3% under $3000 spot is $2910. If they would even find a buyer at that low margin.😉

Thank you for proving my point!😎

jmlanzaf

@MFeld said:

@jmlanzaf said:

@WQuarterFreddie said:

@MsMorrisine said:
at any price selling is all about the spread

Of course, but this seller was ready to sell back in March when spot price was around $3,000. Today price is over $3,300 which is a 10% increase so if they sell today to a dealer paying 10% under spot they are still ahead then if they had sold in March.

Bottom line, do they NEED to sell to pay bills or are they trying to time the market? Either way, sell and be done with it or risk gold price dropping in the future. 😎

More importantly, sounds like they may not find a buyer at this show for their foreign gold at this price point anyway.

10% under 3300 spot is 2970 which is less than $3000 spot.

But was he going to get 100% of spot when gold was at $3000?

Don't know. But the issue isn't really what he would have gotten but what he wanted in March. He didn't want to sell for 10% back then. Did he want 100% or 98%?

If anyone has gold they didn't want to sell in 2015, I'll make sure you get 10% more than you would have gotten then...

WQuarterFreddie

.> @jmlanzaf said:

@MFeld said:

@jmlanzaf said:

@WQuarterFreddie said:

@MsMorrisine said:
at any price selling is all about the spread

Of course, but this seller was ready to sell back in March when spot price was around $3,000. Today price is over $3,300 which is a 10% increase so if they sell today to a dealer paying 10% under spot they are still ahead then if they had sold in March.

Bottom line, do they NEED to sell to pay bills or are they trying to time the market? Either way, sell and be done with it or risk gold price dropping in the future. 😎

More importantly, sounds like they may not find a buyer at this show for their foreign gold at this price point anyway.

10% under 3300 spot is 2970 which is less than $3000 spot.

But was he going to get 100% of spot when gold was at $3000?

Don't know. But the issue isn't really what he would have gotten but what he wanted in March. He didn't want to sell for 10% back then. Did he want 100% or 98%?

If anyone has gold they didn't want to sell in 2015, I'll make sure you get 10% more than you would have gotten then...

The issue is you are a teacher and you were wrong. Hope you aren't a Math teacher.🤣😂

jmlanzaf

@WQuarterFreddie said:

@jmlanzaf said:

@WQuarterFreddie said:

@MsMorrisine said:
at any price selling is all about the spread

Of course, but this seller was ready to sell back in March when spot price was around $3,000. Today price is over $3,300 which is a 10% increase so if they sell today to a dealer paying 10% under spot they are still ahead then if they had sold in March.

Bottom line, do they NEED to sell to pay bills or are they trying to time the market? Either way, sell and be done with it or risk gold price dropping in the future. 😎

More importantly, sounds like they may not find a buyer at this show for their foreign gold at this price point anyway.

10% under 3300 spot is 2970 which is less than $3000 spot.

And 3% under $3000 spot is $2910. If they would even find a buyer at that low margin.😉

Thank you for proving my point!😎

I have a wholesale buyer at 98% now. He was at 99% earlier in the year.

I'm not sure how any of that proves your point. If he didn't want 90% in March, I don't know that he wants 90% now, no matter what the nominal price is. It irks some people to sell sovereign gold for 10% less than the gold.

If anything, your point simply proves how big a haircut 10% is. His asset went up 10% and he's still getting less than the value was in March.

WQuarterFreddie

@jmlanzaf....

So is your buyer attending the show? If they are then please refer OP to that buyer. If not, then YOUR point is moot.

I already stated my point earlier.

More importantly, the OP hasn't responded to a single member who has taken their time to try and help answer the question.

It's obvious they don't care enough so at this point neither do I.🙄

MsMorrisine

i'm not going to pile on since you were helping asking your friend. perhaps a big house or someone in the world section could buy

MsMorrisine

@WQuarterFreddie said:

It's obvious they don't care enough so at this point neither do I.🙄

may be already inside

WQuarterFreddie

@MsMorrisine said:

@WQuarterFreddie said:

It's obvious they don't care enough so at this point neither do I.🙄

may be already inside

Maybe but we don't know because the OP hasn't posted anything. Time will tell.

PeakRarities

I'm fairly certain that one would be able to solicit an offer better than 90% of melt for world gold at a national coin show...gold has been at these levels for a couple months now, so its not the same as the first week after gold hits a new milestone.

80% of dealers would probably buy any gold coins for 95% of melt, sight unseen, if its at least 90% of gold and no doubts with authenticity/purity. Knock off a few points to 92%, and now it's 95% of dealers buying. Hell, even scrap jewelry you could probably get 92% fairly easily, the thought of being able to buy gold coins at 90% would make me suspicious that I was being scammed by the seller.

jmlanzaf

@WQuarterFreddie said:

@jmlanzaf....

So is your buyer attending the show? If they are then please refer OP to that buyer. If not, then YOUR point is moot.

I already stated my point earlier.

More importantly, the OP hasn't responded to a single member who has taken their time to try and help answer the question.

It's obvious they don't care enough so at this point neither do I.🙄

Upstate dealer price is 99%. Any large dealer should be close to that because they can flip it to Upstate. "My guy" is local and he pays me 98% negate he can flip to Upstate at 99% or retail at 102 ir 103%.

jmlanzaf

@PeakRarities said:
I'm fairly certain that one would be able to solicit an offer better than 90% of melt for world gold at a national coin show...gold has been at these levels for a couple months now, so its not the same as the first week after gold hits a new milestone.

80% of dealers would probably buy any gold coins for 95% of melt, sight unseen, if its at least 90% of gold and no doubts with authenticity/purity. Knock off a few points to 92%, and now it's 95% of dealers buying. Hell, even scrap jewelry you could probably get 92% fairly easily, the thought of being able to buy gold coins at 90% would make me suspicious that I was being scammed by the seller.

I agree with this. Upstate dealer price is 99% on sovereign gold in its most common forms. Even a sub-wholesaler is going to be at 95%. The only exceptions might be debased coins from off beat countries.

PeakRarities

@jmlanzaf said:

@PeakRarities said:
I'm fairly certain that one would be able to solicit an offer better than 90% of melt for world gold at a national coin show...gold has been at these levels for a couple months now, so its not the same as the first week after gold hits a new milestone.

80% of dealers would probably buy any gold coins for 95% of melt, sight unseen, if its at least 90% of gold and no doubts with authenticity/purity. Knock off a few points to 92%, and now it's 95% of dealers buying. Hell, even scrap jewelry you could probably get 92% fairly easily, the thought of being able to buy gold coins at 90% would make me suspicious that I was being scammed by the seller.

I agree with this. Upstate dealer price is 99% on sovereign gold in its most common forms. Even a sub-wholesaler is going to be at 95%. The only exceptions might be debased coins from off beat countries.

Yea, thats the only variable is if it's some weird country with a debased alloy and no established accuracy of purity, but OP said "generic" so I would think we ruled that out. Of course, the quantity would have to justify shipping unless the dealers going to sit on them because I wouldn't put out $2000 to make $30 after shipping, so id say 95% is about the floor for what I'd offer on anything. Now if someone came in with one 1/4oz coin then I could see a 90% offer being fair, but in any real quantity it would be foolish not to pay 95%.

SellStock

@WQuarterFreddie said:

@jmlanzaf....

More importantly, the OP hasn't responded to a single member who has taken their time to try and help answer the question.

It's obvious they don't care enough so at this point neither do I.🙄

First of all, thank you to everyone who replied - I appreciate all of your suggestions! APMEX wasn't there and Legend said their buyer wasn't attending the show. JM Bullion wasn't there nor was Provident Metals. After asking several dealers, I enventually found Golden Eagle Coins who bought my foreign gold coins at 97% of spot. Much better than the 10% discount I was being offered back in March from a couple other dealers! So, many thanks again for the suggestions.

Second, as to the poster who said I had "not responded and it's obvious they don't care enough", perhaps it would be wise for you not to make such snappy judgments without knowing one's circumstances. As I was checking this board yesterday afternoon, my home lost power due to the storms and my phone was essentially dead. My home was still without power when I left for the show this morning but I was finally was able to charge it en route.

In any event, while I don't post often on this board, I have ALWAYS been grateful for the helpful advice provided over the years. Now it's time to empty the frig and freezer since I finally got power back in my home 1/2 hour ago. Cheeers!

WQuarterFreddie

@SellStock said:

@WQuarterFreddie said:

@jmlanzaf....

More importantly, the OP hasn't responded to a single member who has taken their time to try and help answer the question.

It's obvious they don't care enough so at this point neither do I.🙄

First of all, thank you to everyone who replied - I appreciate all of your suggestions! APMEX wasn't there and Legend said their buyer wasn't attending the show. JM Bullion wasn't there nor was Provident Metals. After asking several dealers, I enventually found Golden Eagle Coins who bought my foreign gold coins at 97% of spot. Much better than the 10% discount I was being offered back in March from a couple other dealers! So, many thanks again for the suggestions.

Second, as to the poster who said I had "not responded and it's obvious they don't care enough", perhaps it would be wise for you not to make such snappy judgments without knowing one's circumstances. As I was checking this board yesterday afternoon, my home lost power due to the storms and my phone was essentially dead. My home was still without power when I left for the show this morning but I was finally was able to charge it en route.

In any event, while I don't post often on this board, I have ALWAYS been grateful for the helpful advice provided over the years. Now it's time to empty the frig and freezer since I finally got power back in my home 1/2 hour ago. Cheeers!

Happy it worked out for you. Next time I will just move along and not try to help you.

SellStock

I really did appreciate your suggestions but until I saw all of the replies to my original post early this afternoon, I was really taken aback about your saying I didn't care -- I simply had ZERO way of responding.

Good luck to you and thanks for trying to help me. No worries if you don't want to help me in the future.

PeakRarities

@SellStock said:
I really did appreciate your suggestions but until I saw all of the replies to my original post early this afternoon, I was really taken aback about your saying I didn't care -- I simply had ZERO way of responding.

Good luck to you and thanks for trying to help me. No worries if you don't want to help me in the future.

I'd say that you'd benefit more without receiving advice to sell gold at 90% of melt, especially when said advisor claims that you "obviously don't care" because you weren't able to respond within the first 24 hours. The rest of us will still be happy to provide useful opinions, without the judgments directed at you, with an air of unwarranted arrogance. Glad it worked out for you .

tommy44

I can usually get 98% of spot at my monthly local show from multiple dealers.

OAKSTAR

Not a bad show.