What is a gold sovereign worth?

Discussion in 'Gold Coins' started by stackmans, Aug 30, 2018.

  1. hardyakkagold

    hardyakkagold Well-Known Member

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    Now, now, jealousy and envy wont get you anywhere @Mill3d, I am sure you will find a bargain yourself one day:D

    And get you facts right before you go blubbering out nonstop nonsense on the forum, firstly I am not a dealer and secondly
    the dealer buying prices in Melbourne for sovereigns is at the present time about $550 on account of the GST.

    I dont know why I even bother wasting my time replying to keyboard warriors :rolleyes:
     
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  2. Mill3d

    Mill3d Member

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    Total rubbish unless you can substantiate it

    The spot price is now around 2475

    On Friday, the time of your post it was a lot higher 2566.70

    .2354 of 2566.7 = 604.2

    How many dealers on Friday in Melbourne were willing to sell a sov not only under spot, being 604.2, but also cognisant of their GST obligations of 10% on top?
     
  3. Mill3d

    Mill3d Member

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    Name one
     
  4. nicotineandcaffeine

    nicotineandcaffeine New Member

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    He didn't say dealer.

    Most of my sovereigns were under spot. Usually -5% and up to -10%. Private sales.

    2020 was unusual as it pushed the price of sovereigns over spot.

    As for dealers Wynyard Coins was selling about 5% over earlier this year. Less GST and shipping and they were selling -5% or -6%. From memory Jubilee/Veilded Head EF and Edward/George UNC. I picked up a few Shield backs just beffore COVID, UNC but common dates, for $500 and $550.
     
  5. hardyakkagold

    hardyakkagold Well-Known Member

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    Quite a mental giant isn't you, took you how many days to come up with that reply?

    I dont need to name one, go online and check the buying prices of the precious metal dealers for sovereigns,
    currently about $530 and falling.

    If I were you I would quit before making an even bigger fool of yourself (if that is possible).
     
  6. nicotineandcaffeine

    nicotineandcaffeine New Member

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    My current buy back is $555.

    Not sure if Mill3d is new. Generally if you offer buy back plus a few bucks you'll get offered the sovereign.
     
  7. hardyakkagold

    hardyakkagold Well-Known Member

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    So I gather you are a dealer then @nicotineandcaffeine ?

    If that is so, then I would advise you not to advertise your buying price to broadly.

    Not only because you will get more sellers than you can handle, but also because you will have the ATO breathing down your neck.

    I used to know a dealer who would offer that sort of buying percentage to a select clientele some years ago,
    he did not last long with that sort of buying price and the ATO used to audit him all the time and give him grief.

    I only just recently found out that he is back in business in a new location, but when I phoned him up to enquire how
    much he is buying sovereigns for now, the answer was the same as all the others (about 10% under spot).

    I guess he learned his lesson the hard way.
     
  8. nicotineandcaffeine

    nicotineandcaffeine New Member

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    No.

    "My current buy back" meant price offered to me and the general public. Currently $553

    BTW, reading this thread- careful XRF doesn't dismiss genuine sovererigns. Sydney Mints can read greater than 22 carat on both Au/Ag alloy and Au/Cu gilded coins.
     
  9. nicotineandcaffeine

    nicotineandcaffeine New Member

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    I'm told Bullion Now buys at spot. Good luck to them.
     
  10. hardyakkagold

    hardyakkagold Well-Known Member

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    They only buy pure bullion which is except from GST for spot or at least they used to ( I have not checked lately )

    I doubt any dealer in Australia would be silly enough to offer spot buy back prices for bullion grade sovereigns.
     
  11. sammysilver

    sammysilver Well-Known Member Silver Stacker

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    A lot of talk. Money on the table would indicate between $675 and $725 street price on the secondary market.
     
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  12. hardyakkagold

    hardyakkagold Well-Known Member

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    If you hadn't noticed we were discussing the dealer buying prices for sovereigns, of course the price is higher for private sales.

    Even so with the spot price being about $575 at the present time, I certainly would not be buying bullion sovereigns for between $675 - $725
    at the present time.

    Is that the prices you pay when advertising 'wanted to buy sovereigns' on this forum ?
     
  13. nicotineandcaffeine

    nicotineandcaffeine New Member

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    Of course??? Not in my experience.

    Private secondary market sales on or about dealer buyback price. Experienced collectors know where to check prices and adjust for their own costs.

    Public secondary market sales are higher but can't really take these prices at face value. https://www.ebay.com.au/itm/233781842083
     

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