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16 Posts |
 Posted - 01/14/2008 : 19:44:18
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I bought quite a bit of silver and gold a while back, and as of right now, it is doing quite well. I'm not ready to sell yet, but when I am, how do I do that? Yeah, I should have researched that when I bought it, but I felt it was urgent.
What are the reputable companies to which I can sell? I don't plan on just going to a dealer, as I don't think a dealer would take as much as I would want to sell.
Also, are there any online brokers that allow you to buy and sell gold regularly, naturally without taking and giving possession of it back and forth. I had an account with Scottrade, but I wasn't ready to use it at the time and I don't think it allowed one to buy gold or silver.
I do plan on holding some of the PM's for real, but I don't see any reason to have as much as I have right now. If gold doubles what I bought it for I think I would sell some of it.
Also, how do you authenticate your precious metals? Or is that even necessary? Basically, if you wanted to sell it, how do you assure someone that it is real. Or is the design of the coin enough verification?
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copperbullion
Penny Pincher Member
Australia
136 Posts |
Posted - 01/14/2008 : 20:06:35
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| ebay is a great way of selling. Dealers usually pay a bit under spot.. you usually get over spot on ebay.. sometimes quite a bit over spot too! |
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Ardent Listener
Administrator
USA
4841 Posts |
Posted - 01/14/2008 : 20:08:36
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quote:
Originally posted by Bradley
I bought quite a bit of silver and gold a while back, and as of right now, it is doing quite well. I'm not ready to sell yet, but when I am, how do I do that? Yeah, I should have researched that when I bought it, but I felt it was urgent.
What are the reputable companies to which I can sell? I don't plan on just going to a dealer, as I don't think a dealer would take as much as I would want to sell.
Also, are there any online brokers that allow you to buy and sell gold regularly, naturally without taking and giving possession of it back and forth. I had an account with Scottrade, but I wasn't ready to use it at the time and I don't think it allowed one to buy gold or silver.
I do plan on holding some of the PM's for real, but I don't see any reason to have as much as I have right now. If gold doubles what I bought it for I think I would sell some of it.
Also, how do you authenticate your precious metals? Or is that even necessary? Basically, if you wanted to sell it, how do you assure someone that it is real. Or is the design of the coin enough verification?
You really got that much that the local dealers in your area couldn't handle buying it If so, then sell off a little at a time. I wouldn't feel comfortable at all selling online if the prices of PMs were peaking. I know of at least one big online dealer (who I won't name)that is a real pain to get them to ship your prepaid order. I sure would not trust them to make payment for silver that I shipped to them or that they were holding in stock for me. You might as well then go with a silver ETF I would not worry about authentication when I sell, that's up for the buyer to decide. The time to worry about authentication is when you buy. |
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Think positive. |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 01/14/2008 : 20:10:46
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Number one, why would you want to sell? Try here, I don't sell there, but I know a lot of people that do. Why not use a coin dealer? You might be surprised how much some will take. Not sure about non-physical ownership. I don't do it. In my opinion, you can never have too much Au or Ag, simply not possible. You seem to be contradicting yourself a lot, which means to me you have not made up your mind to sell....so don't. Just some friendly advice. Now is not the time to sell.
Do you have a authenticity question about you Au? I recommend only buying bars or rounds that come from a reputable sources; GAE's, maples, Credit Suisse, Pamp Suisse, JM, Engelhard, etc. Ideally something that has amount of Au and fineness. Good luck in whatever you choose. Do research. Be careful.
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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NotABigDeal
1000+ Penny Miser Member
USA
3890 Posts |
Posted - 01/14/2008 : 20:12:06
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Forgot link. You must be logged in to see this link.
Deal |
Live free or die.
Plain and simple.
"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your council or your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you and may posterity forget that you were our countrymen."
- Samuel Adams |
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horgad
1000+ Penny Miser Member
USA
1641 Posts |
Posted - 01/14/2008 : 20:13:25
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The easiest way to buy/sell large amounts of gold silver is on the stock exchange. There are several tickers CEF, GLD, SLV, etc. These funds buy gold and/or silver equal to the amount of stock you purchase and place it in a vault for you. The funds track fairly closely to the metal prices (CEF is 50/50 gold and silver, GLD is 100% gold, and SLV is 100% silver). Of course with any "paper" there is some risk, but probably not any more risk than holding physical at home or in a safety deposit box.
As for buying/selling physical, you need a big, well established, trustworthy dealer. You might be surprised that larges amount of gold and silver are sent through the mail and that it is safe if properly insured and you have a reputable dealer on the other end. I've always been happy with You must be logged in to see this link. but of course there are many others. |
Edited by - horgad on 01/14/2008 20:16:16 |
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n/a
deleted
16 Posts |
Posted - 01/14/2008 : 20:29:22
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I bought all of what I have through apmex. It's gold eagles, silver eagles, and pre-65 quarters.
Basically, I don't want to be holding a lot of PM's when everyone is buying. I want to be out by that time. And I want to be ready to sell, not still needing to figure out how.
I just assumed that what I have is too much for any old dealer to pay for.
I am always going to have some PM's, but I don't want to go nuts over it. I'm not ready to bank on disaster. I think the economy will crash, but I'm not going to count on it happening within any specific time frame. |
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HoardCopperByTheTon
Administrator
USA
6807 Posts |
Posted - 01/14/2008 : 20:52:51
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| If they have major coin shows near you then you can always take some in and sell it there. It doesn't take long to find out who is paying the highest for bullion. Just see who all the other dealers are selling to. |
If your percentages are low.. just sort more. If your percentages are high.. just sort more.
Now selling Copper pennies. 1.6x plus shipping. Limited amounts available. |
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Selling back Gold and Silver
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