What $ amount should a 1oz Krugerrand get-asking for a relative
Mr_Spud
Posts: 6,542 ✭✭✭✭✭
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
0
Comments
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.
If you understand what is coming, then you can duck. If not, then you get sucker-punched. - Martin Armstrong
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!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
You can sell to me for less. But you have to really like me.
``https://ebay.us/m/KxolR5
Less, this week.
To quantify the statement , here is the gold chart for the past month.
``https://ebay.us/m/KxolR5
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.
``https://ebay.us/m/KxolR5
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.