Generic US Gold, Sell on BST or just put them on eBay?

MMR

Guys I am hoping you can please give me some advice. I am trying to sell some generic US gold pieces on the BST forum, and I don't seem to be getting any interest. Would I be better off just listing them on eBay? If I am out of line asking this here please let me know and I will remove this post, but I really need some advice. Thanks!
-MMR

Amigo

Sounds like you've had the same experience as me on the BST with Generics. Trying Craigslist locally was a bust as well. I find it's easier usually to just sell them to APMEX and forgo the ebay / paypal fees. However, their pricing does evovle around their supply and sometimes it's better to blow them out on Ebay.

indiananationals

my honest opinion look at prices i bought my last $10 indian ms62 and paid $865 for it im not saying u wont get ur price just my thought on maybe why u are not getting the interest u would like on them ...please dont takoffense to this im just trying to answer ur ? with my thought ...but hey i could be wrong

roadrunner

The only problem I see is that you have the coins priced at higher than what I or anyone could buy them for from Heritage or any other major gold dealer. Even if that MS65 ogh saint were CAC'd you probably couldn't get your ask price for it. The coins appear nice enough but are 5-8% above retail as I see it. If I were selling generic gold on the BST it would be priced at around wholesaler buy price + (2-3%). Even the wholesalers typically only markup their stuff 4-6%. The above percentages were after you've lowered prices. So not surprising you had no interest.

A major gold dealer would pay around $950 or so for a MS62 $10 Indian and sell it for $1000. You want $1050 for yours. So unless you have something really special the going rate is $950-$1000. If someone wants to pay $1000 they might as well go to a major wholesaler rather than a private party where the risks are usually greater.

roadrunner

MMR

<< <i>The only problem I see is that you have the coins priced at higher than what I or anyone could buy them for from Heritage or any other major gold dealer. Even if that MS65 ogh saint were CAC'd you probably couldn't get your ask price for it. The coins appear nice enough but are 5-8% above retail as I see it. If I were selling generic gold on the BST it would be priced at around wholesaler buy price + (1-2%). Even the wholesalers typically only markup their stuff 4-6%.

A major gold dealer would pay around $950 or so for a MS62 $10 Indian and sell it for $1000. You want $1050 for yours. So unless you have something really special the going rate is $950-$1000. If someone wants to pay $1000 they might as well go to a major wholesaler rather than a private party where the risks are usually greater.

roadrunner >>



No offense taken at all guys, and thank you Roadrunner. That's the kind of feedback I'm looking for. So I should trim my prices by around 10% more? If I do that in your experience would I still come out about the same as I would on eBay after all the fees?

Ahrensdad

I don't do a lot of Ebay selling but between the ebay and paypal fees you're looking at 12-15%. I think BST with lower prices is a better route. Fewer nut jobs too. Also, I looked at the post (I think this weekend) and would echo what you've heard from other posters.

Best wishes,
Andrew

roadrunner

You never know with ebay. If a pair of people get locked in a coin it it could do very well. That AU58 $5 Indian looks really nice, so does the Saint. But without a CAC sticker or + on that saint I don't see buyers stepping up to pay a PQ premium. For that saint as is I'd probably be a buyer at around $2200-$2250. With a CAC sticker it would be around 4-5% higher. With gold possibly correcting for a while, you might find generic prices (esp on Saints) pulling back 2-5%.

It's hard to just apply a 10% across the board. If your eye was good in assembling these then it should help a little in selling them sight seen. Haven't watched ebay gold in over a year so I have no idea how strong prices have been there. Shouldn't be too hard to see what comparable quality MS65 saints are bringing there. Fwiw very few ebay or large wholesaler 65 saints are going to be as nice as the coin you have. Dropping its price from $2495 to $2250 would possibly sell it. If it were me, I'd be tempted to go for a $25 regrade to get the plus...then to to CAC. It's got a shot at 66 imo. And in the end, even w/o the ogh, it would be worth the same money as a currently holdered 65 CAC. You have almost no downside on the coin so why not try a regrade? Your upside could be as high as MS66 CAC ($3400+).

I also think most BST buyers of generic gold right now are probably running scared figuring bullion prices will only fall from here. They're probably going to wait until something is very attractively priced (ie essentially at wholesale) or for the correction to end.

roadrunner

sumrtym

I personally think gold will fall in the coming year.

That being said, our metal detecting club is always looking each year for a $10 generic gold coin to use as a prize for a gold coin raffle, and looking to pay spot (so cleaned / problem coins are not a problem.

roadrunner

I personally think gold will fall in the coming year.

How have your predictions been each year since 2003 when gold first hit $370? It's a long line for people predicting gold will drop at some point. I also think gold will drop sometime next year. But during the year it will set a new all time high somewhere above $1500.

roadrunner

MMR

Thanks for the honest replies guys.

mrearlygold

FWIW, I sold over 100K worth of generic US gold in the last couple of weeks and worked on just under 5%.

You have to adjust your prices to reflect the market or they won't sell.

MMR

<< <i>FWIW, I sold over 100K worth of generic US gold in the last couple of weeks and worked on just under 5%.

You have to adjust your prices to reflect the market or they won't sell. >>



Done! And many thanks to Roadrunner for his sage advice.

timcoin

The premiums on US gold are very weak, imo, and unless you need the money for something, I wouldn't be in any big hurry to sell at these prices.

MMR

<< <i>The premiums on US gold are very weak, imo, and unless you need the money for something, I wouldn't be in any big hurry to sell at these prices. >>



After taking some good advice from you guys, I sold the 2 cheaper ones and pulled the other 2. Maybe I'll put them back up for sale in January.

RedHerring

How much were you asking for the 65 Saint?

MMR

<< <i>How much were you asking for the 65 Saint? >>



I was looking for $2495 shipped.