Selling sovereigns

[Goldbrittanialover]

Foe, where would you sell your sovereigns? Silver/gold? (If you didn't sell it on here)

[Cornishfarmer]

I’m lost, you want to sell above spot, but to a dealer?     Can’t see that happening if they are bullion coins.     The advice already listed is correct, make of it what you will be if you are looking to sell then re invest back into gold best to do at weekends because you get from 10 on Friday till 10 on Sunday where the market is flat

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I’m lost, you want to sell above spot, but to a dealer?     Can’t see that happening if they are bullion coins.     The advice already listed is correct, make of it what you will be if you are looking to sell then re invest back into gold best to do at weekends because you get from 10 on Friday till 10 on Sunday where the market is flat

[sovereignsteve]

1 hour ago, Goldbrittanialover said:

I'm not sure, but I swear that the buy/sell spread decreases on the site when the market opens. I stand ready to be corrected on this haha.

there's no such thing as a buy/sell spread at weekends. some sites will sell at weekends on their website but you cannot sell to them. it doesn't matter what it says on the website, the price will be fixed as and when they receive the coins from you. they probably increase the prices at weekends to cover themselves from a large spot increase while the are closed, the "quoted" premium for buying will stay the same.

there are no dealers as far as I know that will give you spot or even a few points off spot for sovereigns. someone told you previously in this thread what you can expect.

[Foe]

1 hour ago, Goldbrittanialover said:

Foe, where would you sell your sovereigns? Silver/gold? (If you didn't sell it on here)

 

I don't sell my gold. But had some suprising luck selling unwanted silver bullion on Gumtree well above spot. BUT you will have to deal with alot of hagglers, chancers and scam artists.

[Goldbrittanialover]

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[Goldbrittanialover]

This is what I was talking about, I'm glad I waited. Buy/sell spread is £20 quid different on the weekend when the market isn't live, buy sell spread at 10 when market starts is £4 different. 

[Goldbrittanialover]

Just checked on royal mint, they will now buy my gold for £10 more, just 2 minutes change in time.

[sovereignsteve]

Just now, Goldbrittanialover said:

This is what I was talking about, I'm glad I waited. Buy/sell spread is £20 quid different on the weekend when the market isn't live, buy sell spread at 10 when market starts is £4 different. 

so are you saying you can fix a price to sell gold bullion to the mint at weekends? how does that work then.

I've never dealt with them so didn't know you could do this.

[Goldbrittanialover]

Does this happen on the Atkinson's website is what I'm worried about.

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?

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I don't know, just trying to learn as much as I can before liquidating the coin.

[Goldbrittanialover]

I got burnt on this before when buying a coin, that's why I knew.

[Goldbrittanialover]

Where do you buy coins sovereigns Steve?

[sovereignsteve]

4 minutes ago, Goldbrittanialover said:

Does this happen on the Atkinson's website is what I'm worried about.

as i said it doesn't matter what the website says, you will get what they offer when they receive the coin, which won't be at the weekend.

[Goldbrittanialover]

Ahh right I see! That's very different. Is Hatton garden metals the same? 

[sovereignsteve]

2 minutes ago, Goldbrittanialover said:

Ahh right I see! That's very different. Is Hatton garden metals the same? 

yes

 

[sovereignsteve]

a quick look at the royalmintbullion T@C indicates:

Once the items have been received by The Royal Mint they will be assayed for purity and authenticity by trained precious metal experts to determine their value. The Royal Mint will endeavour to perform this assay process within three (3) working days of receiving the items and although this is usually sooner, in the event of circumstances beyond the control of The Royal Mint, this may on occasion take longer.

Once the item(s) have been assayed and valued, they will be sold at the precious metal price provided by the London Bullion Market Association (LBMA) which is detailed on the LBMA website. For gold and platinum, the price is set twice a day and both gold and platinum will be sold on the ‘AM’ price on the next working day following the assay process.

and

For gold items, 96% of the valuation of the gold content of the item will be paid to the customer (based on the valuation method detailed above)

 

so there you go, it doesn't matter a damn what they say they will pay you at the weekend or any other day, the above terms state exactly what you will get.

[Goldbrittanialover]

How annoying, thank you so much for the input guys.

28 minutes ago, Foe said:

But had some suprising luck selling unwanted silver bullion on Gumtree well above spot. BUT you will have to deal with alot of hagglers, chancers and scam artists

Thanks for the info on gumtree aswell Foe. I'm worried will be found/recognised also if I sell on there.

[Goldbrittanialover]

 

1 minute ago, sovereignsteve said:

so there you go, it doesn't matter a damn what they say they will pay you at the weekend or any other day, the above terms state exactly what you will get

Ohh bugger really? That's really annoying, they have my records that I bought the coin from them!!! Very disappointing. 

 

Looks like they will only pay 96% of the valuation of the gold aswell!!! 😕

[AuricGoldfinger]

@Goldbrittanialover welcome to the forum.

You have had some good advice so far, my advice is utilise the resources and free advice on the forum before you buy or sell anymore gold/silver.

It will save you time and money, and also add to your enjoyment of stacking/collecting.

[Goldbrittanialover]

Thanks Auric.

There seems to be a lot of good advice on here. I have followed backyard bullion, numistacker and maneco64 on youtube for a while, though I'm not sure the latter is on this forum. If two of the members think it's worth joining then should probably listen to them!! 

Hopefully with time, will learn how to sell to dealers. When it comes to the time that gold silver ratio decreases... I want to be ready! Haha 

[Derv]

As has been stated a few times , if you want the max you can get for the coin it will be a private sale or listing on here. Dealers usually, but not exclusively, give you the very least you can hope to realise. A bit like going to the scrappies, it's the very least you'll get, unless you're silly enough to sell for less, or are hard up and need a quick exit. 

[Goldbrittanialover]

Thanks again Derv. Will look into selling on here when the option becomes available. I'm in no rush.