Precious Metal Newbie Question: Best place to sell physical?
Artist
Posts: 2,038 ✭✭✭
I am more of a coin guy than a precious metal guy, but my family has asked me to help move some physical they have had since the 1980s.
I have (2) Engelhard 100 ounce silver bars and (3) 1 ounce gold Krugerrands.
What would be the best to sell these?
For the silver, JM Bullion offers about 11% below spot, and then marks up the same bars +9% over spot on the buying side. The other big players are even worse. Not against anyone making a profit, but a 20% margin on a "liquid asset" just seems like a lot.
Is there a better way?
Thank you in advance -
1
Comments
We have a BST thread here in the BST Forum. You may try that.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
It depends on how much you value your time. With JM, Ampex or other online buyers it’s one and done. You can sell for more on EBay but you have to take pictures, post, sell, package, ship, get payments and pay eBay fees individually.
I was in the same exact position as you this past month. Items like you have described did best at coin show bullion dealers or local shops. Be prepared to shop around or time things right. Easily a 10% variation between shops. The shipping and legwork for the big players is risky and does not provide any additional value.
Days where the prices run up or down a lot, those buyers tighten up. Don't try to sell within 48 hours of those days, if possible. Example: When silver ran from $100 to $120 in a week. The buy prices did not move (sell did of course). The big crash will reenforce this going forward.
Note: 100oz bars are hard to move so expect a discount. Kruggerands will also be discounted over eagles or bars.
Hope this helps.
Where do you live ? We just had FUN 2026, I would try an LCS or a national or regional or big local coin show.
There is a tremendous amount of volatility in the price of silver at the moment and I think those kinds of spreads are what you're going to have to expect from the large dealers until the volatility tamps down, which could be at spot prices much lower than currently although they may also stabilize at higher prices. You'll have to wait for prices, higher or lower, to stabilize though.
If you are in something of a hurry to get close to spot price or maybe even above it, you're probably going to have to sell to a person who intends to hold the silver, not to a person or company who is a middle man who intends to sell it fairly quickly.
I live in Northern Michigan, but am often in Chicago and Baltimore.
>>>My Collection
Harlan J, Berk is one of the top dealers in Chicago.
https://www.hjbltd.com
I truly appreciate all these replies. Even if I end up going the JM Bullion route, at least I feel like I did my diligence.
>>>My Collection
Take into account shipping and insurance and time waiting for payment ...........as others have said.
boston
Successful transactions with : MICHAELDIXON, Manorcourtman, Bochiman, bolivarshagnasty, AUandAG, onlyroosies, chumley, Weiss, jdimmick, BAJJERFAN, gene1978, TJM965, Smittys, GRANDAM, JTHawaii, mainejoe, softparade, derryb, Ricko
Bad transactions with : nobody to date
and the risk of package loss
I've sold to both JM and Hero Bullion. The process was very smooth in both cases.
Good luck -
Dave
At current $87.75 spot I see one online dealer's live quotes at around $9250 sell and $8500 buy. That's less than 10% spread. You could also get very close to spot for the bars in a private transaction, but there are some considerations to do that safely and securely. If you need to ship to dealer or anyone for that matter, use fully insured Registered Mail for the actual dollar amount with contents declared even though it takes a long time to get there.
Kedzie Koins in Chicago. I have never been to their brick and mortar but they are always at our big PAN show 2x a year in Pittsbugh (Monroeville). I have dealt with them the past 4 shows and have transacted well over $100K with them. At least at PAN there is not another dealer that offers better prices when selling bullion. That is evident by the continuous lines at their tables. Can't speak for what they are paying currently (our last show was October 25) but you should check them out if in Chicago.
All that said, with what your family is trying to move I doubt you are going to find a significantly better deal from one place to the next. For reference Jack Hunt is currently paying dealers spot -$30 on 1ozt Krugs and spot -$3.50/ozt on the 100oz gutter Englehards. Currently $5,020 on the Krugs and $8,600 on the gutter bars. RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
Which dealer are you referring to? That is a tighter spread than I am finding elsewhere.
>>>My Collection
jack hunt won't buy retail
Golden Eagle Coins, Laurel, MD. About halfway between Baltimore and Washington. In the past it was pretty easy to walk into their shop and get immediate payment at the live buy price on their website for the most popular bullion items. Recently, however, they seem to have gone to a by appointment only model. I would recommend calling them to inquire about locking in a price and shipping, or setting an appointment to visit in person. In this current silver market I have no idea if they have any limits on selling or locking in prices. Unfortunately for this shop and any others in MD they are being negatively affected by recent law that requires sales tax on all bullion purchases. I think this may limit their storefront operations resulting in them focusing more on internet transactions. I hope they are able to keep doing biz in MD and that the new law is ultimately repealed.
Artist,
Do you know anyone who sets up at shows? If so, ask if they will let you sit with them during the show, or even sell it for you. I think selling at a show will net you the highest possible price.
Absent that, taking it to a MAJOR show will likely get you the next highest price.
After that, and I skip ebay on this for right now since people play "return games" and you have a lot of fees, and hassle if you aren't a regular seller there, I would think about JMBullion. yeah, the spread is wider than one would want, but the volatility makes it like that. As a seller, I had a good experience with JMBullion and they offered MORE than Apmex and a few others, when I was helping a family member sell a bit of gold (like ~$30k+ worth). Quick, easy, no fuss no muss, and payment was quick after items received.
Do what you feel comfortable with, but, personally, when I set up at a small, local, show with Lakesammman, I realized higher prices as a seller than offering to dealers...and I even sold to a dealer....
Had a local dealer, when i shopped a few around week before the show, come right out and tell me to set up there, or at least take it there, and I would likely get more than he could offer.
I've been told I tolerate fools poorly...that may explain things if I have a problem with you. Current ebay items - Nothing at the moment
I really appreciate this - thank you.
>>>My Collection
Correct, I was stating what he is currently paying dealer wholesale. THKS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?