Selling Liquidating Coins/Bars in UK Query

[very452001]

Hello,

Apologies in advance if this is in the wrong sub.

From West Midlands, England, UK. I like to know where a seller can take his/her physical precious metals to sell liquidate closest to the market prices as possible (lowest bid-ask spreads) at the cheapest/expense fees? Do I have to pay for fees such as testing to check if its fake fees or admin fees and such when it comes to selling?

Lets say for example seller has 100 or even 1000 silver coins, and silver reached an all time high price of $50 an ounce like it did in the past. I don't care about the $ to £ rate, all I like to know is who are the best well known regulated buyers that pay the highest prices (lowest bid-ask spreads) in Birmingham that have the liquidity cash available to buy coins at a time where market prices are at an all time highs? 

I understand with silver you lose 20% straight away when you buy it because of VAT but lets say for example silver reaches $100 an ounce then all that matters is where is the liquidity to sell into at all time high prices? How do Regulated Bullion dealers behave in times like these, do they purposely stop buying coming up with excuses like sorry we have no cash available to buy and concentrate more on their selling side? If they sell more and they buy less then they should have more liquid cash available right or by law bullion dealers have the legal right to buy/sell from anyone they choose and the seller cant force them to buy?

Yeah just looking for the best precious metals buyers in Birmingham who have the lowest bid-ask spreads who also have the liquidity cash available to buy at market all-time-high prices? Who is well known for this?

Or can the precious metals owner take out a 100% LTV loan against the current market value coins/bars using the coins/bars as collateral and if the loan is failed to be paid back the coins/bars is lost however will the precious metals owner get blacklisted on his/her credit rating as well? Do lenders nowadays lend out 100% LTV against precious coins/bars and I was told this method of liquidating your precious metals taking a debt against it is tax free correct? Which lenders offer such services if exists?

Thanks,

 

 

 

[James32]

Purchase a membership and buy/sell on here. Your first few trades will likely require you to post first to established members ( just like you would a dealer)

Speaking of dealers, you will only ever get close to spot price if selling to them. Only really viable if spot jumped dramatically and you were happy with the gains.

[ArgentSmith]

You have a few dealers in the Jewelry quarter, just phone around on the day. You dont have to pay for testing that's up to the buyer and will be accounted for in the price offered.

Or like James says sell on here for better prices especially silver.

[NGMD]

7 minutes ago, James32 said:

Purchase a membership and buy/sell on here. Your first few trades will likely require you to post first to established members ( just like you would a dealer)

Speaking of dealers, you will only ever get close to spot price if selling to them. Only really viable if spot jumped dramatically and you were happy with the gains.

What the Scouser says.

You will get more here than any dealer. Period.

 

[ArgentSmith]

Not common for anyone to offer 100% LTV loan on anything let alone PMs. If they did they would likely want custody of said PMs and charge a juicy % rate.

[MBTPSilver]

If you're talking large volumes that would be tough to sell on here if silver shot up, then there are a few dealers in the West Midlands. I'd go Atkinsons or BBP depending on which is easier for you to reach and are offering the best on that day.

Selling privately will net you more, but at $50 ounce silver in large volumes I imagine you'd be selling lots of little amounts to many individuals.

[very452001]

On 25/03/2024 at 17:03, James32 said:

Purchase a membership and buy/sell on here. Your first few trades will likely require you to post first to established members ( just like you would a dealer)

Speaking of dealers, you will only ever get close to spot price if selling to them. Only really viable if spot jumped dramatically and you were happy with the gains.

Hi yes who are the participants on here that buy & sell physical metals? Is it retail members of the public or businesses high street bullion dealers? How liquid is the marketplace on here, that is with the example I mentioned above which is lets say I have 1000 ounce silver coins I want to sell at the market price with the lowest spreads, how long do I have to wait for my sell order on this marketplace to be filled and how does the transactions work on this site? Do I have to meet the buyer in person or is there a middleman market maker service that handles the transaction for both the buyer & seller which is buyer gives up custody of his/her cash and I give up custody of my silver coins to this service at what fee were paying to this service? Is it like a escrow service or something and how does this service prevents chargebacks to the seller?

[very452001]

On 25/03/2024 at 17:12, ArgentSmith said:

You have a few dealers in the Jewelry quarter, just phone around on the day. You dont have to pay for testing that's up to the buyer and will be accounted for in the price offered.

Or like James says sell on here for better prices especially silver.

Hi yes which dealers in the Jewellery Quarter you recommend to phone please?

When you say selling silver on this site for better prices, what do you mean? You mean any precious metals that is subject to VAT and I can get like 20% more if I sell on here?

[ArgentSmith]

1 minute ago, very452001 said:

Hi yes which dealers in the Jewellery Quarter you recommend to phone please?

When you say selling silver on this site for better prices, what do you mean? You mean any precious metals that is subject to VAT and I can get like 20% more if I sell on here?

I would phone around all of them, haven't dealt there in years so cant recommend anyone. Silver would likely be below spot if cashing out with a dealer unlikely to get any premium. With Gold maybe 98% spot hopefully you bought at a few % over?.

Not sure if he's running his buyers club soon but might be worth tapping up backyard bullion for your silver sales, think his rate is £1 per ounce which is a great deal, even better if you dont have feedback here.

Just my opinion.

[very452001]

On 25/03/2024 at 17:13, NGMD said:

What the Scouser says.

You will get more here than any dealer. Period.

 

Hi yes I may get more but I am more interested in the liquidity of filling large sell orders quickly. For example Joe living in the suburbs of Birmingham may offer a higher than spot market price for my silver coin but can he lets say buy a 1000 ounces silver coins or even lets say he buys 100 silver coins from my 1000 coins sell order, that's only 10% of my sell order being filled and I still have 90% remaining to sell and if I wait to sell the remaining, the market spot price of silver might go against me and lets say it drops from $50 an ounce to $30 an ounce because market prices change all the time because I wait for my sell order to be fully filled, that means I missed out the opportunity to sell liquidate the full 1000 coins at $50 a ounce so yeah I am just interested in liquidity filling huge sell orders quickly for physical metals.

 

Edited March 28 by very452001

[very452001]

On 27/03/2024 at 09:07, MBTPSilver said:

If you're talking large volumes that would be tough to sell on here if silver shot up, then there are a few dealers in the West Midlands. I'd go Atkinsons or BBP depending on which is easier for you to reach and are offering the best on that day.

Selling privately will net you more, but at $50 ounce silver in large volumes I imagine you'd be selling lots of little amounts to many individuals.

Okay Bullion By Post and where is Atkinsons located in Birmingham please? So its just simply of just turning up to their doors anytime with lets say 1000 silver coins and I will walk out their doors with cash? Is an appointment or booking required at these dealers to sell? Do I need ID or Proof of Address documents to sell to these dealers? Or do I have to pay their membership fees to join these dealers to sell? 

Lets reverse the roles and for example I am a buyer who wants to buy from a private seller such as myself on this site marketplace, as a buyer how would I know the precious metals I'm buying are genuine or fake?

[MBTPSilver]

44 minutes ago, very452001 said:

Okay Bullion By Post and where is Atkinsons located in Birmingham please? So its just simply of just turning up to their doors anytime with lets say 1000 silver coins and I will walk out their doors with cash? Is an appointment or booking required at these dealers to sell? Do I need ID or Proof of Address documents to sell to these dealers? Or do I have to pay their membership fees to join these dealers to sell? 

Lets reverse the roles and for example I am a buyer who wants to buy from a private seller such as myself on this site marketplace, as a buyer how would I know the precious metals I'm buying are genuine or fake?

Atkinsons are in Sutton Coldfield, BBP right in Birmingham City Centre by the station. You'll need an appointment most likely, and ID. They won't pay you cash, it'll be a bank transfer. No membership fees needed.

I've not bought off here, but most people would say stick to the sellers with a high reputation. You could also go for modern coins like the silver Britannia which has anti-forgery measures in the design itself, it makes it much easier to visually verify the coins quickly.

[very452001]

Okay how do I check for reviews and feedbacks on here to find bullion companies or large private buyers?

[James32]

Just now, very452001 said:

Okay how do I check for reviews and feedbacks on here to find bullion companies or large private buyers?

Just click on any members avatar then read their profile/feedback. 

[very452001]

5 hours ago, James32 said:

Just click on any members avatar then read their profile/feedback. 

There's 1000s of members lol.

Is there like a ranking or catalogue or something?

[James32]

Just now, very452001 said:

There's 1000s of members lol.

Is there like a ranking or catalogue or something?

Honestly this is the best course of action. 

1: get a membership, allows access to all areas of forum and shows a committed attitude on your part.

2: list items for sale at realistic prices ( check recent sales for a price average and try to be competitive 

3: say you're prepared to post to established members first ( payment on receipt) it works well and your reputation will build fast.

4: sit back and watch the money pile in 😆 

[Spyder]

If you have 1000oz to sell, then talk @arphethean and @theman73, they are probably the ones who deal with the most silver. 

[Petra]

Bottom line is …. sell quickly to a company or sell on here. One you get a good deal, one you’re looking at spot. Get a paid membership on here and get an advert up asap🤔😮

[very452001]

17 hours ago, James32 said:

Honestly this is the best course of action. 

1: get a membership, allows access to all areas of forum and shows a committed attitude on your part.

2: list items for sale at realistic prices ( check recent sales for a price average and try to be competitive 

3: say you're prepared to post to established members first ( payment on receipt) it works well and your reputation will build fast.

4: sit back and watch the money pile in 😆 

Okay how do I search for buyers, search results filtered by the total number of reviews each buyer has on this site please or you confirming I can only search for this after getting a paid membership? 

[very452001]

16 hours ago, Spyder said:

If you have 1000oz to sell, then talk @arphethean and @theman73, they are probably the ones who deal with the most silver. 

Those guys will negotiate a much lower than spot agreed price or use the live market price as guidelines?

[James32]

1 minute ago, very452001 said:

Okay how do I search for buyers, search results filtered by the total number of reviews each buyer has on this site please or you confirming I can only search for this after getting a paid membership? 

You can't search for buyers. You list your items competitively and buyers appear. 

 

[very452001]

1 minute ago, James32 said:

You can't search for buyers. You list your items competitively and buyers appear. 

 

Do buyers receive feedback reviews or just sellers on this site?

[James32]

Your a member over 5 years, grab a membership and get active. Best course of action.

Just now, very452001 said:

Do buyers receive feedback reviews or just sellers on this site?

Feedback is left for buyers as well as sellers.

[very452001]

8 hours ago, Petra said:

Bottom line is …. sell quickly to a company or sell on here. One you get a good deal, one you’re looking at spot. Get a paid membership on here and get an advert up asap🤔😮

Those are the keyword 'sell quickly' The thing is I want to sell straight away instead of waiting for buyers to contact me after looking at my ad that could take days/weeks and by that time silver/gold prices could be volatile and price might go against me you know what I mean.

[very452001]

2 minutes ago, James32 said:

Your a member over 5 years, grab a membership and get active. Best course of action.

Feedback is left for buyers as well as sellers.

Okay so if I buy a membership for this site I can search for buyers with good feedback reviews & contact them directly to see if they want to buy?