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Thread: Selling Gold.

  1. #1
    Go The Warriors "This Year!"
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    Default Selling Gold.

    Would appreciate any suggestions on where the best place is to sell a few pieces of gold that we have acquired over the years.
    We are in Auckland, wouldn't have a clue as to who are good to deal with and offer good prices?

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    FEAR n GREED JBmurc's Avatar
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    Personal Trademe is you best bet for free market price .. your'll be charged no more than $249 (If your selling a good amount many $,$$$ etc) In talking with a local Bullion dealer today he was offering just under spot for GOLD ... which is BS as they ask 10%+ over spot for Bullion ..

    Is many Gold Buyers around all looking to make a sweet profit of your Gold ... Go get a few prices see want they will offer ... then compare to TM selling prices
    don't rush is ...like my mate did overnight and sell to a dealer a Monster box of Silver Bullion for $6k NZD under the retail prices the dealer will be asking for..
    People don't have ideas, ideas have people

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    Quote Originally Posted by Benny1 View Post
    Would appreciate any suggestions on where the best place is to sell a few pieces of gold that we have acquired over the years.
    We are in Auckland, wouldn't have a clue as to who are good to deal with and offer good prices?
    Liquidate at,
    Scrap metal dealers....
    Pawn shops...
    2nd hand dealers....
    Liquidators...
    Fire sale lots...
    Garage sales...

    If its not returning fast then it's got to go !!
    Sell sell sell

  4. #4
    Legend peat's Avatar
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    surely googling 'gold dealers Auckland' would be the first place to start.
    there seems to be plenty
    For clarity, nothing I say is advice....

  5. #5
    FEAR n GREED JBmurc's Avatar
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    Quote Originally Posted by Crypto Crude View Post
    Liquidate at,
    Scrap metal dealers....
    Pawn shops...
    2nd hand dealers....
    Liquidators...
    Fire sale lots...
    Garage sales...

    If its not returning fast then it's got to go !!
    Sell sell sell
    Gold is not about fast ...quick bucks thats for you crypto nerds LOL.. Gold Silver only still in first stage of this BULL market ... the third will be more upwards blow off ...like BTC seen as the nerds went cray cray...
    People don't have ideas, ideas have people

  6. #6
    Hunting for more dog food Beagle's Avatar
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    Quote Originally Posted by JBmurc View Post
    Personal Trademe is you best bet for free market price .. your'll be charged no more than $249 (If your selling a good amount many $,$$$ etc) In talking with a local Bullion dealer today he was offering just under spot for GOLD ... which is BS as they ask 10%+ over spot for Bullion ..

    Is many Gold Buyers around all looking to make a sweet profit of your Gold ... Go get a few prices see want they will offer ... then compare to TM selling prices
    don't rush is ...like my mate did overnight and sell to a dealer a Monster box of Silver Bullion for $6k NZD under the retail prices the dealer will be asking for..
    What you've highlighted seems to be a real issue with physical bullion. Dealers seem to want a sizeable premium when they're selling you bullion, usually from what I have observed about 6% and will give you about 6% less than the wholesale bullion rate if they're buying off you. A round trip of 12% is unfortunately not uncommon with bullion dealers.

    Do you really think its a good time to sell Benny1 ? I am sitting very happily on my silver bullion with no intention to sell. The way Reserve banks around the world are printing money Bullion looks like a VERY good hold to me.
    No butts, hold no mutts, (unless they're the furry variety).

  7. #7
    FEAR n GREED JBmurc's Avatar
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    Quote Originally Posted by Beagle View Post
    What you've highlighted seems to be a real issue with physical bullion. Dealers seem to want a sizeable premium when they're selling you bullion, usually from what I have observed about 6% and will give you about 6% less than the wholesale bullion rate if they're buying off you. A round trip of 12% is unfortunately not uncommon with bullion dealers.

    Do you really think its a good time to sell Benny1 ? I am sitting very happily on my silver bullion with no intention to sell. The way Reserve banks around the world are printing money Bullion looks like a VERY good hold to me.
    well all depends on the dealer ..the one I was talking with yesterday was happy to pay NZD Spot metal price ... but would sell it for 20%+ ..well thats what he said for Silver bullion ..Gold I think was 5% discount on spot to BUY ....

    But you list on trademe and you should get much better price even after paying commissions..

    I agree not the easiest to shift and get a great price .. I use to hold a much bigger holding but sold most of it over the years now only holding a small 345oz of Silver ...I would like to increase that back to 500koz before the years out.. but for me I hold most of my Gold interests in PM shares on the ASX
    People don't have ideas, ideas have people

  8. #8
    Go The Warriors "This Year!"
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    Thanks for your thought's on this and welcome anymore..physical gold or silver isn't really our thing..would probably prefer some sort if gold e.t.f though haven't researched any yet.

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    Guru Crypto Crude's Avatar
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    Quote Originally Posted by Benny1 View Post
    Thanks for your thought's on this and welcome anymore..physical gold or silver isn't really our thing..would probably prefer some sort if gold e.t.f though haven't researched any yet.
    A 6% cost to buy and 6% to sell is a lot of money down the drain...

    Benny,
    My only advice is don't invest on margin unless you really know what you are doing..

  10. #10
    Ignorant. Just ignorant.
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    Try the ZKB ETFs in Switzerland. Bars of gold, silver, platinum, or palladium in a vault in a Swiss bank in Switzerland.

    ZKB, ZSIL, ZPLA ZPAL

    https://finance.yahoo.com/quote/ZPLA....tsrc=fin-srch

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    I'm curious if selling large amount of gold bullion would trigger AML? I mean if you brought in 4 oz of gold and the buyer had to put out cash $10K, how would this be reported? Or am I to assume all large transactions are done from bank account direct credit / debit?

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    Quote Originally Posted by SBQ View Post
    I'm curious if selling large amount of gold bullion would trigger AML? I mean if you brought in 4 oz of gold and the buyer had to put out cash $10K, how would this be reported? Or am I to assume all large transactions are done from bank account direct credit / debit?
    Good question and I don't know the answer. There has been a quite a bit of talk on various Ausi forums regards Australia govt wanting to eliminate cash transactions.

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    Quote Originally Posted by ynot View Post
    Good question and I don't know the answer. There has been a quite a bit of talk on various Ausi forums regards Australia govt wanting to eliminate cash transactions.
    AML has cause a lot of hassles for me (especially when sending funds overseas). The experience of buying a house in NZ has too been uneasy ; the feeling that "the onus" has been shifted to the home buyer to 'prove' the funds they use to make the purchase is 'legit'. So much paperwork in conveyance for what should be a straight forward transaction.

    Anyways back to gold. I will give my experience in Canada recently. The purchase of gold and silver bullion is easily done at all the chartered banks in Canada. The sale and purchase is done AT MARKET prices and based on USD. They use the bank's exchange rate (which they make a spread) when doing buying / selling. It's rather unusual for banks to conduct such sales or purchases. You book an appointment, go into their office room. They verify the gold or silver. I've booked orders and the 'Royal Cdn Mint' sends it to the bank for me to pickup. Since we're dealing in a bank situation, the issue of AML does not apply as the funds would come out of your bank account (or deposited from a sale). However, there is paperwork in terms of selling back to the bank for tax purposes as Canada has CGT. However, i'm 100% certain in practice no one ever pays a dime because the precious metal bullions can not be verified by ownership (ie gifted, inheritance, etc.) for CGT to apply. Canada does have private gold buyers and i'm quite certain, they operate on the grey market area and would have no issues buying or selling in large cash amounts (ie. 6 figures).

    Seriously, if any person is betting on making precious metals as an investment - it's most likely not going to serve much in terms of a retirement portfolio. In 20 years time, $100,000 in value is not a lot of money.

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