Tips for selling gold as a beginner?

[ConnorG]

Hello everyone,

I'm looking to sell 4x 1/10z gold coins and 2oz of silver to put towards a house purchase (also realised that pm's just don't really suit my goals). Any tips or advice on how I should go about this?

For context, I have 2x Brits 1x maple and 1x perth mint tiger. I also have the invoices for each coin from various dealers.

[James32]

Hi as a new member you have two concrete options..

1) send items to @BackyardBullion and he will sell on your behalf for a small fee.

2) offer to post items first to established buyers, read their feedback carefully or ask for vouches if still unsure, it really does work and you will be paid as soon as items received/verified. 

Welcome by the way.

[Fenlander1]

Great advice from @James32 could agree more.

Whilst posting 1st does sound daunting it really does work as long as it is an established trusted member.

The items you mentioned should sell well on here as long as priced correctly.

Welcome aboard

Edited November 4, 2023 by Fenlander1

[ConnorG]

Thanks both for the quick replies.

Any recommendations for pricing on the items? I appreciate I wont make a profit, and also in regards to posting, is royal mail special delivery the best option? Or face to face if that's a thing?

[Bigmarc]

Out of interest, if someone sells through @BackyardBullion who gets the feedback?

[James32]

4 minutes ago, ConnorG said:

Thanks both for the quick replies.

Any recommendations for pricing on the items? I appreciate I wont make a profit, and also in regards to posting, is royal mail special delivery the best option? Or face to face if that's a thing?

You can offer face to face but probably won't have enough of an audience that lives nearby. 

Always use Royal mail special delivery for gold ( only service that insures metals)

2 x 1/10th brita £175 + post

1/10th maple £173 plus post

Perth tiger 1/10th £190 plus post

2oz silver £57 plus post

Just now, Bigmarc said:

Out of interest, if someone sells through @BackyardBullion who gets the feedback?

Byb and buyer I assume. 

[BackyardBullion]

1 minute ago, Bigmarc said:

Out of interest, if someone sells through @BackyardBullion who gets the feedback?

If the sale is already agreed and I'm just facilitating then the buyer and seller.

If I take it and sell it myself, then me and the buyer 

[ConnorG]

6 minutes ago, BackyardBullion said:

If the sale is already agreed and I'm just facilitating then the buyer and seller.

If I take it and sell it myself, then me and the buyer 

@BackyardBullion can i drop you an email to discuss if that's something you're interested in helping with?

[HonestMoneyGoldSilver]

@ConnorG

You won't get better advice than from @James32, @Fenlander1 and @BackyardBullion

I'm frugal so try to do it for free or as cheaply as possible. If those two guys (James and Fenlander) are in the buying market for those items, they are excellent reference points trusted by the forum. There are others who are equally capable/trusted but those two are amongst the most prominent regular members. BYB is a big dog and doing this professionally so his services are more valuable (hence the fees) and his buying pool is larger. If you give your stuff to BYB it will possibly be seen by 2000 interested buyers within a few hours and his sales listings generally sell extremely quickly, sometimes his stuff is sold before most of us even get to see it!

The most robust and fastest method is BYB

The cheapest method is put up your listings at the prices suggested by James and state clearly you wish to send to buyers before receiving payment. The forum will keep you right on who you should use for this purpose. You want high ranking members who are experienced dealing with gold and who have sigma machines (precious metal testers)

I know buying a house is extraordinarily expensive, you think you've paid for everything then it just keeps piling on. IMHO though you should hold onto your gold and silver if possible. Your future self will thank you if you continue to stack precious metals. 

[BackyardBullion]

3 hours ago, ConnorG said:

@BackyardBullion can i drop you an email to discuss if that's something you're interested in helping with?

Please feel free to message 

[KleinerVogel]

Although I understand the post first get paid later when selling to well known forum users, it still leaves bit of a bitter taste in my mouth because it feels like the community is being split into the privileged popular people who can have things sent to them with no risks and then the rest of us who just have to trust some guys on a forum who says don't worry that person is fine. I mean those trust worthy people had to start out like the rest of us didn't they.

 

But I get it, we live in a world where bad people exist who want to take things that don't belong to them from honest people. But it seems one of the unfortunate side effects of that reality and the counters you guys are making to it, is the haves and have nots on the forum, the privileged "trusted" and the rest being great unwashed untrusted who must take all the risks when selling. That's just my feelings on the matter, just my opinion. There is no right or wrong, or any kind of argument to be had.

When I joined the forums awhile ago, i was tinkering with the idea of perhaps selling on here one day, but after the recent scams from a "trusted" person, I decided to perhaps not bother, which is why I'm not too concerned about building my rep now and just speaking plainly.

I suppose I am more angry at the thieves and dishonest people who ruin good things, rather than being upset with the system here.

[AaaGee]

15 minutes ago, KleinerVogel said:

Although I understand the post first get paid later when selling to well known forum users, it still leaves bit of a bitter taste in my mouth because it feels like the community is being split into the privileged popular people who can have things sent to them with no risks and then the rest of us who just have to trust some guys on a forum who says don't worry that person is fine. I mean those trust worthy people had to start out like the rest of us didn't they.

 

But I get it, we live in a world where bad people exist who want to take things that don't belong to them from honest people. But it seems one of the unfortunate side effects of that reality and the counters you guys are making to it, is the haves and have nots on the forum, the privileged "trusted" and the rest being great unwashed untrusted who must take all the risks when selling. That's just my feelings on the matter, just my opinion. There is no right or wrong, or any kind of argument to be had.

When I joined the forums awhile ago, i was tinkering with the idea of perhaps selling on here one day, but after the recent scams from a "trusted" person, I decided to perhaps not bother, which is why I'm not too concerned about building my rep now and just speaking plainly.

I suppose I am more angry at the thieves and dishonest people who ruin good things, rather than being upset with the system here.

Maybe buy a few pieces off of here (for feedback) and get involved in some of the conversations that take your interest. Its not a bullet proof answer but other members new and old will get a feel for you. Ive been on here a couple of years now and probably still not in a buy now pay later position. Im cool with that. Sadly there's been a few bad sellers on here since ive been on here that have ripped people off. You can only hope you aren't one of the statistics. But to most on here the plan is to get old and sell up and make some money for later life (maybe leaving some to loved ones). If you get caught up to no good you get bounced. Feeling safe to send hundreds of pounds to someone on here who ive no idea who they are or where they live is everything. Respect and trust given and taken from your peers on here takes time. No way round it.

[BackyardBullion]

40 minutes ago, KleinerVogel said:

Although I understand the post first get paid later when selling to well known forum users, it still leaves bit of a bitter taste in my mouth because it feels like the community is being split into the privileged popular people who can have things sent to them with no risks and then the rest of us who just have to trust some guys on a forum who says don't worry that person is fine.

This is a little bit of a self defeating argument in my opinion. Why should those on the other side trust the random sellers on the forum who say don't worry it's fine?

We can't have a perfect system for all and as a seller by sending out your gold and silver to established members is a great way to start your selling career on this forum and will only stand you in good stead.

[Bigmarc]

Top sellers undercut the main dealers by about £5. If you were to undercut the main sellers by another £5 then surly it would eventually go.

[KleinerVogel]

7 minutes ago, AaaGee said:

Maybe buy a few pieces off of here (for feedback) and get involved in some of the conversations that take your interest. Its not a bullet proof answer but other members new and old will get a feel for you. Ive been on here a couple of years now and probably still not in a buy now pay later position. Im cool with that. Sadly there's been a few bad sellers on here since ive been on here that have ripped people off. You can only hope you aren't one of the statistics. But to most on here the plan is to get old and sell up and make some money for later life (maybe leaving some to loved ones). If you get caught up to no good you get bounced. Feeling safe to send hundreds of pounds to someone on here who ive no idea who they are or where they live is everything. Respect and trust given and taken from your peers on here takes time. No way round it.

Been here for awhile and already been involved in conversations. I mostly lurk here to read topics that interest me. But as I mentioned, I'm not that concerned about my rep because I probably won't be buying or selling on here. I like the people here, you all seem like nice people, but I think the trust system you have here is flawed for the reasons I already stated.

 

 

[BackyardBullion]

4 minutes ago, KleinerVogel said:

 but I think the trust system you have here is flawed for the reasons I already stated.

Trust is a two way street!

Perhaps you can elaborate why you feel trust is more directional towards sellers with little to no reputation compared to buyers with established and high end reputation!?

[KleinerVogel]

10 minutes ago, BackyardBullion said:

This is a little bit of a self defeating argument in my opinion. Why should those on the other side trust the random sellers on the forum who say don't worry it's fine?

We can't have a perfect system for all and as a seller by sending out your gold and silver to established members is a great way to start your selling career on this forum and will only stand you in good stead.

I wasn't actually really making an argument. I was just posting my feelings on the matter, my opinion. I think I mentioned that. I also stated I understand the reasons for the policy of trusted members receiving goods first then paying later.

 

[Petra]

There will be only one person who loses out here and that’s you. Yes no system is perfect, however, compared to places like eBay, selling on here is at a different level and I would say 99.999% fine. Nothing is perfect. All these people with loads of feedback had to start somewhere! One person on here who actually sent stuff to me before payment is now nearing 200 transactions, never a problem.🤔🫢

[KleinerVogel]

3 minutes ago, BackyardBullion said:

Trust is a two way street!

Perhaps you can elaborate why you feel trust is more directional towards sellers with little to no reputation compared to buyers with established and high end reputation!?

Hmm when did I say that? I literally didn't make that statement, so why should I try to defend it? I can think your system is flawed but not offer an alternative system to replace it. You can also ignore my feelings on the matter without becoming triggered.

 

Cheers.

[BackyardBullion]

1 hour ago, KleinerVogel said:

 it feels like the community is being split into the privileged popular people who can have things sent to them with no risks and then the rest of us who just have to trust some guys on a forum who says don't worry that person is fine. 

You heavily implied it here.

And I'm not triggered, I'm trying to understand why you feel this way when (as many others have said) this system works exceptionally well.

And Petra said, it would be your loss. I'm just trying to help people understand how the system works.

It's not going to be for everyone, that's clear and that's fine, you will be missing out both on good buying and selling opportunities.

 

[KleinerVogel]

1 minute ago, BackyardBullion said:

You heavily implied it here.

And I'm not triggered, I'm trying to understand why you feel this way when (as many others have said) this system works exceptionally well.

And Petra said, it would be your loss. I'm just trying to help people understand how the system works.

It's not going to be for everyone, that's clear and that's fine, you will be missing out both on good buying and selling opportunities.

 

I don't doubt it works exceptionally well, very well for the trusted. Not so well for the new people who still have to worry that they won't be ripped off on the word of other forum users saying "don't worry he is fine" Just look at the recent example, the guy who scammed, people vouched for him using the trust point system here, he used that trust to make his final transaction here an act of theft. But as I said, i get it, we live in a dangerous world with scammers everywhere, of course no system is perfect. I'm not saying the system here is bad, I just have my concerns about it.

 

It might be my loss, but I'm not too concerned about my reputation, no one here will be buying from me because I won't be selling. Not because I don't like the people here, i actually like a lot of you, you seem like really nice people.

[HerefordBullyun]

The best way have best reputation is own a woods wooden coaster....

Then you are trustatrader.com

Wood you like Wood?

[BackyardBullion]

Just now, HerefordBullyun said:

The best way have best reputation is own a woods wooden coaster....

Then you are trustatrader.com

Wood you like Wood?

[Fenlander1]

Morning all.

I can see both sides of the debate here and I don't think there is a right or wrong in this debate.

The community feedback system we employ does appear to work very well there will always be issues of trust and as trust is a personal thing it is earned it cant be bought or sold.

in the past I have left positive feedback for a transaction that I had with someone who turned out to be a scammer, was I wrong to leave positive I don't believe so as the transaction I had with the person went to plan.

There has been attempts at a 50/50 system but without the trust this still doesn't appear to be a good system either.

Do I feel privileged that I can ask a new member if they would consider posting 1st, privileged isn't the word I would use but I do feel a sense of pride that I have earned the trust of so many good people that they are willing to stake their personal reputation on it.

@KleinerVogelI am really sorry you feel you can't interact in the sales side of the forum as I am sure you have seen it is a great place to pick up items or sell items on that you no longer need.

Not trying to trigger anyone just trying to bring harmony to an interesting long running debate.

 

[Silverlocks]

50 minutes ago, KleinerVogel said:

I wasn't actually really making an argument. I was just posting my feelings on the matter, my opinion. I think I mentioned that. I also stated I understand the reasons for the policy of trusted members receiving goods first then paying later.

I think it's worth noting that one usually only has to do this once or twice before you can sell normally.  I only had to make one transaction on this basis before people were happy to accept my trading feedback.

In pretty much every other forum (ebay, facebook etc.) you're admonished to look out for new buyers, and I've seen more scam accounts on FB than you can poke a stick at.  Every two and a bit somebody comes on asking for pricing on some gold and advice on how to sell.  If you tell them about vouches, and shipping before payment - well, I've also seen the accounts go silent on more than one occasion.

Scams are less common here - to the extent of being a major drama when they do occur - but it's the wild west pretty much everywhere else.  I think a big part of the safety (relative if you wish) of TSF is the community and the practice of requiring folks to establish their bona fides.

Edited November 5, 2023 by Silverlocks