Will dealer buyback gold when the gold price is all time high?

Discussion in 'Gold' started by gandhi28152, Aug 7, 2019.

  1. gandhi28152

    gandhi28152 New Member

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    Hi everyone, newbie here...

    intending to sell my PAMP bars right now, since the price is good. But, not sure if the dealer will buy back or not.

    have a few questions, much appreciated if someone can kindly share some knowledge...

    and Thank you for sharing :)

    1) Will dealer buyback gold when the gold price is all time high? If they do, how are they going to resell it again if the price is bearish soon... dont they make a loss in this.

    2) if selling it via silverstacker, i assume no one will buy it when the price is all time high unless it shows a confidence that the price will be going up and up?

    3) where would be a good place to sell it? any recommendations on the dealers in Melbourne?

    4) if selling it via silverstacker, i assume the safest way is to sell it face to face, cash payment, in a crowded area? even next to the bank to deposit the cash as soon as the process of transaction finish ?
     
  2. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

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    The current best Melbourne dealers are probably "Bullion Now" and "Gold Stackers", and they're both in the same building.

    There will always be buyers and sellers as nobody knows when we're at the top or bottom of a market.
     
  3. 66rounds

    66rounds Well-Known Member Silver Stacker

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    Always worth a shot listing on here too especially if you're just chasing spot price.
     
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  4. bron.suchecki

    bron.suchecki Well-Known Member

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    Any responsible dealer who wants to stay in business will protect themselves against price moves so will buy and sell at any price.
     
  5. SilverDJ

    SilverDJ Well-Known Member

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    Dealers make money on the act of trading (and the margins in that), not gambling on the price of the metal.
    If a dealer sells metal, then they instantly buy an equal amount, market price does not matter.
    If you are a dealer and worry about the price of metal then you are doing it wrong.
     
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  6. Nino

    Nino New Member

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    Can vouch for BullionNow. One of the few, if any remaining dealers in Melb that offer 100% spot buyback rate. Plus Michael and the team are top blokes.
     
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  7. JS1880

    JS1880 Member

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    Bullion Now for sure.
     
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  8. Vw1972

    Vw1972 New Member

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    If you look at tke history of production/sales og silver eagles, you can see the production/sakes exploded after the 2007 crisis startet. So the higher the price, the more hype/publicity precious metals get, and the more people buy even if the price is high. So dont worry, the higher the price, the more buyers.

    Just like the bitcoin hype. The higer the price, the more it got peoples attention and the more people started buying. And alot of people lost alot of money, but thats how a hype workes, when people just follow the crowd.
     
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  9. gandhi28152

    gandhi28152 New Member

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    Thank you everyone for sharing, will do a trip sometimes this week to the dealer recommended above. :)
     
  10. JohnnyBravo300

    JohnnyBravo300 Well-Known Member

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    In 2011 my lcs had a line out the door and down the street, people buying and selling as fast as he could get them back out the door. He barely ever had any inventory and that was his biggest problem with the spike. He had people with cash and no bullion and he couldn't buy it fast enough. Other than that he was doing well on the turnovers and that's always his goal anyway, fast turnaround and a fast sale.

    Having the cash to spend at the time of a devaluation might not be an issue, but if supply is drying up it's already going to be too late.
     
  11. 2nd_Hand_Gold_Man

    2nd_Hand_Gold_Man Member

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    how do bullion now pay?? (cash) i have 350 g of 9ct, 26g of 18ct, 37g of 22ct 25g of 14ct.............with the price going the way it is ill prob trow in another 100 grams of 9ct,...AND NOT BEING A SMART ASS HERE ? do they realy pay spot ??? if so the amounts i sell make it worth flying down to melb to sell my gold......................ty for your input.....................kind regards
     
  12. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    They only pay spot for bullion
    About 90% for scrap gold
    And yes in cash
     
  13. raven

    raven Well-Known Member Silver Stacker

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    and the kitco.com spot price !
    Unless you're a forum member.
     
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  14. mongrelmaple

    mongrelmaple Well-Known Member Silver Stacker

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    I’m pretty sure Bullion Now don’t buy gold jewellery under 24k, however they have a partnership with a company in the same building that handle the jewellery side. Just give Bullion Now a call and they can confirm or correct this statement, and can walk you through the process of you selling your belongings without you having to fly down if it’s not worthwhile economically.
     
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  15. 66rounds

    66rounds Well-Known Member Silver Stacker

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    You can post your stuff in to them and they'll pay you via eft. Goldmongers buys scrap gold less than 24k and are in the same building. Give them a call too.
     
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  16. zedstrange

    zedstrange Member

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    can you let me know when the price is at an all time high and will be bearish soon please?
     
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  17. GoldenEye

    GoldenEye Well-Known Member Silver Stacker

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    It's at an all time high now, so you should sell immediately!! :) :)
     
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  18. Aurora et luna

    Aurora et luna Well-Known Member Silver Stacker

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  19. 66rounds

    66rounds Well-Known Member Silver Stacker

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    I rang Goldmongers today and they're offering 60 a gram on 22 and 57 a gram on 21. Cashconverters and those we buy gold places are thieves that prey on the ignorant.
     
  20. 66rounds

    66rounds Well-Known Member Silver Stacker

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    I rang goldmongers today asking for prices and it seems like they offer $5 below spot (so 24ct spot of 70 they offer 65). Give them a call im sure theyd let you post stuff in rather than fly down.
     
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