Selling Gold

[Thailandnotes]

I would like to sell 2 or 3 ounces of gold to one of the major online dealers. This would be gold I did not buy from these dealers, common 1-ounce coins in mint condition. Anyone done this in the last few years and been happy with the logistics?

[shiny!]

Re: Selling Gold

Are you planning an overseas transaction?

[Thailandnotes]

Re: Selling Gold

Are you planning an overseas transaction?

No, within the U.S.

[thriftyandboringinohio]

Re: Selling Gold

Back in about 2005, after I'd accumulated a nice pile of 1 ounce gold coins, Mrs Thrifty insisted on a test to sell a couple coins.
She and I went down to a local coin shop and were paid spot-minus 5% by check.
Took maybe 4 minutes. She was satisfied that the investment was in fact liquid and could be sold.

I've never tried it through Kitco or APMEX. Since that test I've not sold any more physical gold. To trade the gold price I use GLD.

[shiny!]

Re: Selling Gold

I've never sold thru an online dealer, either. I've bought (coloradogold.com) but not sold.

If you have a good coin shop nearby- not a pawn shop but a legitimate coin shop- cultivate a relationship with the owner. It's been my experience that owners of coin shops are pretty suspicious of all their customers except the ones they know well. Go in frequently to buy an ounce or two of silver, or a bit of gold. Get to know the people there by name.

Back in 2008 during the PM buying frenzy, I cultivated a good relationship with the owner of a coin shop near my home. I could call him up and he'd set stuff aside for me until I could go over there. When silver peaked in 2011, he let me swap it for gold at no charge. When it comes time to sell I plan on going back there.

[jk]

Re: Selling Gold

. To trade the gold price I use GLD.

i avoid GLD. if things hit the fan, gld will not protect you. gld, for example, has a significant short position. that means there are more people who think they own a piece of gld than there is gld to own. ultimately, in a crisis, it will be settled somewhat arbitrarily in cash. i know you specified that you use it to trade the price, so i suppose the liquidity may be of more importance to you than its lack of substance. depends on your holding periods.

[touchring]

Re: Selling Gold

i avoid GLD. if things hit the fan, gld will not protect you. gld, for example, has a significant short position. that means there are more people who think they own a piece of gld than there is gld to own. ultimately, in a crisis, it will be settled somewhat arbitrarily in cash. i know you specified that you use it to trade the price, so i suppose the liquidity may be of more importance to you than its lack of substance. depends on your holding periods.

The custodian of GLD is HkShanghaiBC for those who don't know.

[thriftyandboringinohio]

Re: Selling Gold

i avoid GLD. if things hit the fan, gld will not protect you. gld, for example, has a significant short position. that means there are more people who think they own a piece of gld than there is gld to own. ultimately, in a crisis, it will be settled somewhat arbitrarily in cash. i know you specified that you use it to trade the price, so i suppose the liquidity may be of more importance to you than its lack of substance. depends on your holding periods.

I see it the same way.
But sometimes I want make short term trades on the price of gold, and GLD is easy and cheap. For long term investment I have physical gold in my possession.

[jpatter666]

Re: Selling Gold

I see it the same way.
But sometimes I want make short term trades on the price of gold, and GLD is easy and cheap. For long term investment I have physical gold in my possession.

GLD is good for trades. I own physical and some in BullionVault as well.

Gold miners for a long-term call (be careful your choices -- most are bad investments)

For buying physical, APMEX is good and for the personal touch, Bill Fleckenstein recommends Kathy Derbes - https://www.financialsense.com/blogs...n-derbess-blog -- note looks like the website has issues. I flagged this.