French kids find Grandma’s lost gold bars during lockdown

Discussion in 'General Precious Metals Discussion' started by Acorn, May 22, 2020 at 10:39 PM.

  1. Acorn

    Acorn Active Member

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  2. SliderC

    SliderC Active Member

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    I love how they are just like...oh we will wait and they will be worth 10k more in 6 months. Such confidence in ignorance.
     
    Davros10 likes this.
  3. hardyakkagold

    hardyakkagold Member

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    The children's father can't be the sharpest tool in the shed, if he is going to sell the bars through an auction house!
    That is worst possible way of selling gold bullion.
    Most auction houses charge a so called "buyers premium" of 20% or more for all items they sell.
    This is in reality a sellers fee, as the items sell for 20% less than what they would sell for without the buyers premium,
    as all buyers factor in this charge when casting their bids.
    And if that was not bad enough most auction houses charge the vendor another 15% or more in selling fees as well.
    So the poor old seller can be left with only about 60% of what the spot price of the bullion is.
    It never ceases to amaze me that so many people choose to sell gold and silver this way.
    If the children's father had any sense, then taking the bars to a reputable gold dealer and selling them for a few thousand
    euros under spot would have been a better option, or better still why not hold on to them if you dont need the cash.
    He obviously did not inherit any of his mothers intelligence.
     

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