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Percentage under spot question on gold coins.
Torey
Posts: 411 ✭✭✭✭✭
I have a dozen 1oz gold coins that I am trying to sell for a friend of my grandmother's. A local shop is offering 5% off the spot price, but she wants to be paid in cash (they will only do a check). How far below spot can one expect to go with an in-person cash sale if one can find a buyer for this quantity? Can I expect cash from any dealers at shows, or is that wishful thinking?
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Cash vs check shouldn't change the price in most cases. I've done cash deals for that amount.
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You should be able to get paid in cash at a show. Many have stacks of cash after a show that they like to spend and not have to fly home with.
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What you are offered also depends on what type of 1oz gold coins you are trying to sell. They are not all created equal in the world of demand and premiums. Shouldn't matter cash vs check as far as premiums or lack thereof, if it's small shop though you may have to break up the transaction if you are expecting cash only. PM me if you want, depending on what they are and your physical local I might be able to make you a better cash deal. RGDS!
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The last 2 shows I attended, FUN and ANA, there were cash buyers at 98%.
If you sell three or more for cash, there's IRS reporting rules for any cash payment exceeding $10,000.
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"Paper money eventually returns to its intrinsic value---zero."----Voltaire
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The wife of one of my relatives was given a KR by her father. She sent me a picture and it is genuine and undamaged. I called a dealer in her area who knows me well and asked what they were paying for walkins. They said 95%.
I also checked a coin dealer forum I belong to. There were a few dealers trying to unload KR’s that they had just bought in at 99.25 to 99.50% of spot. So, the 95% offer is quite reasonable. Cash is another question, and subject to various cash reporting regulations.
Plus anyone paying cash will no doubt take down your information with state issued ID and may need to report the transaction to the governing authority.
Be VERY careful. Some 1-ounce gold coins are maybe 3% back of spot, but some go for OVER spot (i.e. have a premium). 5% back of spot across the board sounds a little scammy to me without a very good reason why the offer would be so low.
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