I'm looking for advise about gold nuggets
biosolar
Posts: 164 ✭✭
A gentleman approached me about selling me a gold nugget. Sorry I did not get a picture of it, if needed should be able to get one. It is abut the size of an elonged cent and weights 44 grams. I know at 1 time nuggets were prized but am not sure if they still are in todays market.
In figuring the AGW I used 90% pure. But is there a market for it and where?
Any help would be appreciated.
Nick
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illini420
Posts: 11,544 ✭✭✭✭✭
I've always avoided buying nuggets... sellers always seem to be certain the purity is very high and without a way to test that, I'm just not willing to cut a check.
I do see folks trading them at shows though, so there is some market, but nothing like bullion coins and bars.
Michael Kittle Rare Coins --- 1908-S Indian Head Cent Grading Set --- No. 1 1909 Mint Set --- Kittlecoins on Facebook --- Long Beach Table 700
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ricko
Posts: 98,724 ✭✭✭✭✭
I have two nice nuggets... but got them the hard way.... I would not trust the casual sellers at all... Cheers, RickO
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tneig
Posts: 1,505 ✭✭✭
Maybe if you get it for half or less of the gold weight value so if you were to sell it later say to a gold buyer that would melt it. Neat value. But I wouldn't normally buy that from anyone, only a reputable business like apmex, etc... If not specifically looking for a nugget, buy a gold coin from a known source.
We'd be so interested in hearing more of his details and how much he wanted for it.COA1 -
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creekdalton
Posts: 49 ✭✭✭
At one time, over 10 years ago, I collected only nuggets, and it was fun. Aussie nuggets were my favorite. Sold all of them within a year or two later and did quite well. Nugget collectors paid extra, for things like desirable shapes, whether clean or quartz weight inclusions, size, etc.. As has been said, it's a much smaller market, and I wouldn't mess with it now, with gold prices where they are. Here's a couple pics of the largest nugget I had(from Australia), at just over 1/3 ounce. High purity and looked like a big, exploded piece of popcorn, lol!
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Optionsricko
Posts: 98,724 ✭✭✭✭✭
@creekdalton ...That is a very nice nugget.... back when they were a hot market, that would have commanded a very nice price....definitely over melt....Cheers, Ricko
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Posts: 164 ✭✭
Thanks Everyone on your thoughts around this. I will not pursue this but if he wants I may post it on the metal detecting board. Again Thanks this board has never let me down when I've need help.
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CaptHenway
Posts: 33,859 ✭✭✭✭✭
I have bought and sold a few gold nuggets over the years, but I am a professional. If you are not sure, just politely pass.
Numismatist. 54 year member ANA. Former ANA Senior Authenticator. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and ANA Lifetime Achievement Award 2020. Also won the PNG's Robert Friedberg Award for "The Enigmatic Lincoln Cents of 1922," Available now from Whitman or Amazon.5
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I hate crap like that . Resist whatever urge you have, leave it for the next guy . Not a two way market , future buyers will be skeptical with good reason.
Kick him in the shins , tell him to move along
Finally something Bronco and I agree on! You will be raked over the coals when trying to sell. Unless this is just a fun hobby for you, i'd stack bullion and leave the nuggets alone.