Good morning, I have sold a couple of items on the site over the years but am struggling to understand why no one wants to pay spot plus anything even though, using sovereigns as an example, you would be lucky to buy any at spot +10% from a dealer. If the dealer buyback is close to spot why should I waste too much time? Not that fussed whether I sell or not, but don't want to die with most of my stash! Michael.
Price memory. I bought most of my silver between $14-$19 per ounce. Most of the gold I was buying was at $900 per ounce. It was a long time ago. So why would I want to buy gold or silver at a time when it is the most expensive it has ever been? If I wait long enough the prices will probably come down again anyway. Nothing is so rare that I will miss the chance of a life time, neither metals are scarce and a new coin will come along every month so there is no real excitement there. I could also sell my old silver for spot -10% and still make a profit so paying above spot seems to be paying too much, dealers have overheads they have to cover but for private sellers, every % above what they paid originally is profit. I don't mind people making money but it still feels like overpaying. High prices for silver does make it worthwhile for people to bring out their previously unprofitable silver items that haven't been worth the time to go through and post online. I have picked up some world junk silver at spot. The seller got relatively high prices for low demand items and I got to get some items that haven't been on the market for years. Good luck with your sales though, new people getting into the hobby without a lot of gold or silver will be the best people to sell to.
Speaking for myself only, I’ll pay spot for smaller gold and silver. Postage kills a lot of deals when you add in 10/15$. I used to pay higher prices but there is no need because there are always good/better deals appearing here and elsewhere. 1kg silver is always available at spot. 1oz gold is always available at spot. Sovereigns are often available at spot. But when I first got into the game I paid a lot more in auctions. We learn and become tighter as we learn. For higher premiums, find a new player. Happy to buy your stuff if the price is right
I understand. Timing the market is impossible. Not much point in wasting time for a small percentage. Even spot seems to vary depending on the site. Kitco bid AUD? https://www.kitco.com/
I dunno if you guys have looked at historical G&S charts but I doubt it's going to reverse it's upward march anytime ever...
I’ve dealt with a variety of dealers across the nation. Bullion Now is presently the pick of the bunch in my opinion.
In WA, we have 2 trustworthy local dealers. https://swanbullion.com/ https://www.perthbullion.com.au/
I’ll chime in. 2020 gold had run out from all dealers, I was selling 1oz with $100-$110 premium on here. Many on here called me all sought of names. But no one seems to mind the massive premiums on 1/20’s and 1/10’s Today, plenty of gold around at the moment so premiums are low. Some dealers are paying less than spot for buy backs so if you can get spot in here you’re doing ok, if someone is willing to pay 5% then great.
Yeah Silver Stackers right now isnt the place to sell bullion as you can get the similar or same (ie: spot) from your local bullion deal so there is no point wasting time at the post office and risking missing in post when you dont actually get any more money. Still rare items and nice jewelry etc worth selling here.. as always time fixes things.. i think premium items always attract premiums, its just that standard bullion for whatever reasons (like are stated above) are currently not being jumped on like they have in previous months and years. Good time to be a buyer of silver as premiums are low and the silver price is very low considering the gold silver ratio or how much inflation has blown out the price or everything else.. Aussies are way less off than they used to be so we have those that know and stack and those that dont and were ill prepared and are now focused on paying rent / mortgage.. Rich International buyers are the ones backing up purchasing all the gold and silver.. not the western countries / citizens so the bullion prices are up but the average joe bloggs has been priced out of the market so household wise the demand is down. Might as well sell bullion locally at spot for now.. things will certainly change bullion will likely get melted and shipped to china by Perth Mint etc.. then we will have another round of physical shortages but likely to be a year off once we get a true spike and another round of newb buyers.. currently those newbs are Crypto hodlers to the moon!
Sell in the middle of the year... a lot of stackers are cash poor just after Christmas. Spot with a good profit is nothing to be sneezed at either.... better to try on SS for a few % points before walking your stack through the city in the hope of spot.
I did sell some of my 5kg bars to abc bullion in Martin place Sydney BELOW SPOT couple of years ago as it was hard to sell here. What are you selling atm? I couldn't see it posted. Maybe it's just me. Glws
