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Selling a gold bar

  • 08-03-2020 5:36am
    #1
    Registered Users Posts: 1,917 ✭✭✭ bilbot79


    I bought a gold bar from Goldcore for 1085e a while back and now I want to sell. I contact merrion who quoted a buy offer price of 1420 when spot was 1490.

    Is that normal? Are they getting too much spread?


Comments

  • Closed Accounts Posts: 35 ✭✭✭ edit_me


    Its normal. You never going to get spot price selling back small quantities to specialists. Some places can have up to 25% spread. So you are in good position.


  • Registered Users Posts: 1,917 ✭✭✭ bilbot79


    edit_me wrote: »
    Its normal. You never going to get spot price selling back small quantities to specialists. Some places can have up to 25% spread. So you are in good position.

    Thanks for that. Do you think this is the best option then?

    You'd expect them to take less spread on bigger quantities?


  • Registered Users Posts: 2,217 ✭✭✭ robman60


    bilbot79 wrote: »
    Thanks for that. Do you think this is the best option then?

    You'd expect them to take less spread on bigger quantities?

    You'd probably do better selling on adverts. Or thesilverforum.com


  • Registered Users Posts: 497 ✭✭ chipfox


    Did you end up selling it?


  • Registered Users Posts: 109 ✭✭ Thelonious


    That price is ok. Not the best I've seen but not a rip off by any means.



    At least you can get away with not paying capital gains tax LOL


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  • Registered Users Posts: 1,033 ✭✭✭ pearcider


    I can’t believe someone would sell their gold just as it lines up it’s all time highs and the Fed is printing one million dollars per second. Crazy.


  • Moderators, Business & Finance Moderators Posts: 7,818 Mod ✭✭✭✭ Jim2007


    pearcider wrote: »
    I can’t believe someone would sell their gold just as it lines up it’s all time highs and the Fed is printing one million dollars per second. Crazy.

    You are betting on something who's value is based on fear and greed... and we are about to find out if the fear part was justified... right now it does not look anything like the gold buys expected.... in hindsight selling off now might be seen as the wise move, then again perhaps not... it is just pure speculation where one maybe just as crazy as the other.


  • Registered Users Posts: 1,033 ✭✭✭ pearcider


    Jim2007 wrote: »
    You are betting on something who's value is based on fear and greed... and we are about to find out if the fear part was justified... right now it does not look anything like the gold buys expected.... in hindsight selling off now might be seen as the wise move, then again perhaps not... it is just pure speculation where one maybe just as crazy as the other.

    Yeah sure it’s just “speculation” that’s why the IMF holds 3000 tonnes of it, the ECB has 12,000 tonnes and the US treasury has 8000 tonnes. They’re in the business of speculation and greed alright.


  • Registered Users Posts: 1,917 ✭✭✭ bilbot79


    I didn't sell in the end as when the crisis hit the price came down a bit. It's gone back up now but the irony is I can't go and sell it due to lockdown.

    In other news I took 3k, bought a few stocks and sold out for 4700 the other day :)

    Plan is to await the inevitable crash, sell the gold high and then buy stocks low


  • Moderators, Business & Finance Moderators Posts: 7,818 Mod ✭✭✭✭ Jim2007


    pearcider wrote: »
    Yeah sure it’s just “speculation” that’s why the IMF holds 3000 tonnes of it, the ECB has 12,000 tonnes and the US treasury has 8000 tonnes. They’re in the business of speculation and greed alright.

    No they are not, but then they are not investors either....


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  • Registered Users Posts: 1,033 ✭✭✭ pearcider


    Jim2007 wrote: »
    No they are not, but then they are not investors either....

    I prefer to watch what they do rather than what they say and the major central banks haven’t sold gold in many decades. The one exception being Gordon Brown who managed to sell half of the gold in London for the lowest price in history costing UK taxpayers hundreds of billions of pounds.

    So I’ll keep a portion of my investments in gold thanks and I hope all sensible investors do the same.


  • Registered Users Posts: 109 ✭✭ Thelonious


    Hey ,


    My dealer actually offers spot price for gold. www.celticgold.eu
    He also offers 4% over spot for silver coins. Might well be even higher given the currrent shortage of bullion.


    Stefan is a very straight man, I will deal with him again in the future.


  • Registered Users Posts: 1,401 ✭✭✭ all about the mane


    Thelonious wrote: »
    Hey ,


    My dealer actually offers spot price for gold. www.celticgold.com
    He also offers 4% over spot for silver coins. Might well be even higher given the currrent shortage of bullion.


    Stefan is a very straight man, I will deal with him again in the future.

    Something fishy there


  • Registered Users Posts: 109 ✭✭ Thelonious


    Something fishy there




    The link I posted was wrong, I've corrected it.



    The buyback prices are here for various products.

    https://www.celticgold.eu/en/product-listing-gold.html

    I've never sold to them but they are a reputable seller, I am certain of this.


  • Moderators, Business & Finance Moderators Posts: 7,818 Mod ✭✭✭✭ Jim2007


    Thelonious wrote: »
    The link I posted was wrong, I've corrected it.



    The buyback prices are here for various products.

    https://www.celticgold.eu/en/product-listing-gold.html

    I've never sold to them but they are a reputable seller, I am certain of this.

    Buying gold is easy, but having it verified and being able to sell it back is the test.

    Being certain would mean that you have bought, taken possession and had the gold verified for it's purity... have yo done this?


  • Registered Users Posts: 109 ✭✭ Thelonious


    Mate people have paid 20 grand for a bitcoin. There is a risk and prospect of win/lose on any asset.
    I expect to get back more than i paid otherwise I would not have bothered


  • Registered Users Posts: 373 ✭✭ JMMCapital


    Jim2007 wrote: »
    Buying gold is easy, but having it verified and being able to sell it back is the test.

    Being certain would mean that you have bought, taken possession and had the gold verified for it's purity... have yo done this?

    It’s very easy to test precious metals Jim.


  • Moderators, Business & Finance Moderators Posts: 7,818 Mod ✭✭✭✭ Jim2007


    JMMCapital wrote: »
    It’s very easy to test precious metals Jim.

    Only when you have not tried to do it... you can pop into any of the banks on the Bahnhofstrasse in Zurich and they’ll happily sell you all the gold you want there and then with immediate delivery, no questions asked. But pop back the following morning and try to sell it back to them and it is a very different story.... it can take weeks, depending on the amount.


  • Registered Users Posts: 373 ✭✭ JMMCapital


    Jim2007 wrote: »
    Only when you have not tried to do it... you can pop into any of the banks on the Bahnhofstrasse in Zurich and they’ll happily sell you all the gold you want there and then with immediate delivery, no questions asked. But pop back the following morning and try to sell it back to them and it is a very different story.... it can take weeks, depending on the amount.

    There is a reason why we have receipts..

    https://goldsilver.com/blog/how-and-where-to-sell-your-gold-silver/


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