Selling your Precious Metals

[pho]

17 hours ago, Martlet said:

Given their reputation for service, how well does that work?  Are they receptive to buying back, and i'd assume their pricing is quite tight?  

Generally, to the floor, how are dealers for buying silver and are they only going to be interested in moderate quantity?

I got a quote with their buy price very fast. Cannot say anything negative, really. Their price was reasonable (can't remember the details, but it was above spot for sure).
There was 1 sov in the package and I got the same price as I saw them being sold on FB groups at that time.
Eva even sent me a PDF with a return-shipping label I could use, which saved me some hassle (the shipping cost was deducted from the selling price of course)
Payment was also made the same day it arrived at their address.
All was very smooth, but I should note I'm in Belgium too, so deal in euros; not sure I'd recommend it to UK residents as there's always sour grapes when it comes to currency conversions.

[vand]

worth a read:

https://www.caracaschronicles.com/2018/05/16/we-buy-gold-and-silver/

[Coppertop]

Interesting, Thank you

 

[bluemoon]

It's easy to sell your silver to PM dealers but they really cut you a bad deal on the price they pay you.

For example, I see one dealer now selling silver Britannias for £14.08 + VAT, but will buy silver Britannias from you for only £10.99 and no VAT premium back. So you're looking at a nearly £6 loss per oz of silver just selling to these gold dealers, even if it is easy to sell to them.

I would use them only if you need to sell in a pinch.

Unlike the US where you can just walk into a local coin shop and liquidate for cash, we need to do some more legwork in the UK. Your goals in selling are, I assume, to sell at spot price at least. I'm also assuming for the sake of argument you trade for instrinsic PM value only without all the numismatic polava. Personal contacts is one way (hard to find), otherwise the only other way I know of is online.

The pros and cons are that PM dealers are reliable, and you won't be scammed, but they cut your balls off on price. Online trading gives you better deals but you need to work harder to make sure you won't get scammed. Even though I'm new to this forum too, I'm looking forward to networking on here and never walk into a coin dealership again.

[Coppertop]

1 hour ago, bluemoon said:

It's easy to sell your silver to PM dealers but they really cut you a bad deal on the price they pay you.

For example, I see one dealer now selling silver Britannias for £14.08 + VAT, but will buy silver Britannias from you for only £10.99 and no VAT premium back. So you're looking at a nearly £6 loss per oz of silver just selling to these gold dealers, even if it is easy to sell to them.

I would use them only if you need to sell in a pinch.

Unlike the US where you can just walk into a local coin shop and liquidate for cash, we need to do some more legwork in the UK. Your goals in selling are, I assume, to sell at spot price at least. I'm also assuming for the sake of argument you trade for instrinsic PM value only without all the numismatic polava. Personal contacts is one way (hard to find), otherwise the only other way I know of is online.

The pros and cons are that PM dealers are reliable, and you won't be scammed, but they cut your balls off on price. Online trading gives you better deals but you need to work harder to make sure you won't get scammed. Even though I'm new to this forum too, I'm looking forward to networking on here and never walk into a coin dealership again.

Hi bluemoon,

You're spot -on there (pardon the pun!) and yes if i could get spot price (or thereabouts as i value my time and won't spend ages hunting around for a few £)  id be happy and more confident about buying a lot more PM's. As it is i'm trying to gain contacts as i buy more. If i had the confidence that i could travel somewhere local and trade my PM's for a fair price - i would have traded-in most of my savings accounts by now.

Yesterday i visited a local gold buyer/pawnshop - and they only give fixed costs for the weight of silver/gold (25p/gram & £30/gram for 22ca gold) regardless of spot price.

Many Thanks for your advice and analysis

I'm travelling into London in a couple weeks - as the dealer i buy from (mostly) is there - so it would be good to actually meet them - and Hatton Gardens will be an experience for me ?

Thanks