Hi all. I have been reading a lot of the posts, but much of it is beyond where I'm at, which is basically i've made the decision to buy gold bullion after the Cyprus fiasco. From what I've read , I am better to hold bullion over" paper gold". Also bullion better value than coins. I'm still sussing out where to buy the gold but a mint sounds safe to buy from, or presumably silverstackers . A lot more homework to do. My question tonight though is how do you sell it?? The mint won't buy it back will it, so how do you trade (apart from ebay!) I dont own shares etc, nor do I have a financial broker or anything. So when the time is right, say in a year etc, how do I sell it, and how complicated is it? I presume this is all on this site somewhere- can someone direct me to it please. Thank you for your forebearance with the amateur!
The mint will buy it back but at a discounted price. Eg, if you bought a kilo bar from them today for $913 and sold it back 5mins later, you'd only get $817 for it. You can also sell to your local coin shop where they'll give you either spot or a few per cent under it. You can sell to GoldBuyers etc but at quite a loss relevant to spot. Selling here would probably get you the best price out of all the options you have. Make a few trades with other members, have a look through the sales threads and hold on tight to your metals!
If you post which city you are in somebody will be able to recommend a few physical places to buy from. Pretty much the same place you buy from is the place you can sell to (provided they pay reasonably close to spot). If you are ok buying online most of the site sponsors have websites.
+1 to the site sponsors, have purchased from a few of them and always a good experience. Plus some of them have this interesting ability to get their hands on some really interesting stuff.
Do the site sponsors only buy from mints or from people as well, how do they and we know where not buying fake silver or gold.
If your business is buying and selling precious metals it is in your best interest's to know what is real and fake and to test if you have suspicions. It could take only one fake to ruin a well deserved reputation or cost you a packet so I'm sure vigilance about such things is of utmost importance.
Welcome to the forum etty44. I'm a newbie here too and I've found the site sponsors and members to be terriffic. The sales forum is easy use to both buy and sell. As recommended by House, make a few trades with members and build your stack and establish your Buying & Selling reputation. Regards Acorn
Hi etty44 - welcome to the madhouse. There are several newbie startup threads, but you have apparently reached a few conclusions about here you want to go. Here's my five cents: Keep a close eye on the trading threads; you know you are looking for bullion gold, so keep an eye out for 1 ounce buttons and similar bits & pieces - be aware that you will pay more for fractional gold. Assume that with no trading record you will be paying up front. If purchases at that level make you gulp, I would strongly suggest a few trial passes in Silver - builds your reputation, less of a financial strain, and you can get a kilo for well under a grand with very little inherent premium. Work out where you are going to store it. Work out your budget and stick to it. Try to avoid the necessity for selling into a low market by overcommitting. DON'T splash all your cash in one transaction - timing the market can and will leave you with egg on your face. Having said that, prices *may* be at bottom (my tea leaves are obscured; might have to shift to Pollie entrails). If you have an SMSF with funds, consider unallocated bullion simply through convenience - research the topic and merchants thoroughly, but it's by no means the same level of risk as an ETF IMHO. You won't pay storage, many suppliers will enure that they have physical on hand to cover, and you can convert to physical at any time for the barring fee. Have fun!
Thank you all ! Tonight my research will be on how to do trades, and I will continue reading this forum to get up to speed. regards etty
If you are in a capital city I would advise that you initially go and visit the dealers in your local area. Do some research on who sells what and who has the best prices If you are regional or country then start with the major online dealers - gold stackers, bullion bourse etc
hi etty, these are all *very* good questions to ask before you get going and i'm sure you have come to the right place to ask. hopefully you get what you came for and more
Paper versus physical gold... here's a curent, and interesting read: http://www.zerohedge.com/news/2013-03-27/physical-gold-you-thought-you-owned-you-didnt I reckon if you can't hold it, you don't own it.
The best way to re-sell is to sell back to the shop you bought it from. There are many that buy it back. Otherwise in some countries, cities, like: Istanbul, Dubai - it's fairly easy to sell your gold.
Etty I had the same questions as you. Most places that you buy from will also buy it back. I came to the conclusion that if you want to liquidate easily some time down the track, it's probably best to have large stacks of one or two types of well known and recognised bullion, rather than small amounts of various different types and sizes. IMO the proof coins will be difficult to sell so best steer clear of them..
Good question mate and great thread! I myself am in the same boat but im startin with silver bullion. Checkout the tax thread, if you sell on here then its cash or a swap meaning that your bars did fall out of yer boat!
And that's at your own risk... don't forget to not take advise from a forum regarding taxation matters.
