Advice on cashing in gold and silver bars

[Skidiamond41]

Has anyone cashed in gold and silver bars before? If so any advice on how to go about doing it? Is right now a good time to do it?

Thanks in advance for any advice!

Also if this isn’t ok to post let me know and I’ll have it removed.

 

[qubitasaurus]

Surely they're stored with a bank right? The bank will have a rate at which they buy back gold deposits. I don't have any advice on whether now is a good time to cash out, given the inflation my first inclination would have been to hold my position. But I actually don't have an informed opinion and would have spoken to a financial advisor about the matter.

 

[Skidiamond41]

Surely they're stored with a bank right? The bank will have a rate at which they buy back gold deposits. I don't have any advice on whether now is a good time to cash out, given the inflation my first inclination would have been to hold my position. But I actually don't have an informed opinion and would have spoken to a financial advisor about the matter.

Thanks. they are locked in a safe and very secure. This is something we inherited recently after the sudden death of my father in law and we just have no idea of where to even start. I didn’t think to even ask our financial guy.

I should also add that it is not very much so I don’t even know if there is a minimum someone would even consider.

 

[qubitasaurus]

To be honest I think you're going to need to consult someone who can advise on how much they're actually worth. If it's a lot then obviously you're going to need a different approach to dealing with it, compared to the scenario where they turn out to be valuable but not $$$$.

If its not $$$$, you could see if someone will make some jewelery with the bars as something sentimental for your husband or one of his family members.

If you already have a financial advisor I would probably have collected a bunch of questions I had about the estate and then called them. It could turn out to be a waste of time, but it might get you some information and a place to start.

 

[AllAboardTheBlingTrain]

To give you a possible different option, if you have a reputable Indian jewellery store near where you are, they will often buy gold/silver at spot price minus a tiny commission.

 

[LilAlex]

Actual bars? Not one-ounce gold coins? I do not know anyone who has owned or sold gold bars. (EDIT: not sure why that is relevant)

Assuming these are recognized and stamped (0.9999 fine or something) and you know the spot-price for gold, it's easy to call around. You can ask coin dealers. You can ask for advice on Bogleheads Forum where there are tons of threads on buying and selling gold (and mostly discouraging its ownership as it is not technically an investment).

Looks like it is a decent time to sell silver -- big bump with COVID. Silver is also very inconvenient -- takes a lot of pounds of silver to make a difference. I could stuff my entire safe deposit box with silver and it would not be a life-changing amount. More silver than I can carry is only $20,000 whereas for gold it'd be well over a $1 million.

This is not the worst time to own gold, with inflation temporarily quite high. That said, I do not personally know anyone who is buying it. It's not like oil; we will never run out. It has "intrinsic value" unlike a $100 bill -- but maybe not really, when you think hard about it. I am not a gold expert.

 

[Skidiamond41]

Thank you all! I will search around for coin dealers, hopefully they won’t be shady to work with. At first I thought I was going to need to deal with pawnshops! It is not very much but definitely worth cashing in as my husband and brother in law have no use for random 1 ounce bars of gold and silver.

 

[Karl_K]

Both of the brokers I was aware of went out of business during covid so I have no advise on anyone specifically.
Do not accept anything less than a few % under spot.

 

[Karl_K]

kitco will give you an idea on pricing:

Sell Gold, Silver, Scrap Coin, Bars & Bullion | Kitco Online

Sell gold, silver, platinum, palladium coins and bars as well as rhodium and precious metals pool. Take advantage of high gold & silver prices today!

online.kitco.com

I am not recommending them nor am I not recommending them.
Do your homework.

 

[Bron357]

Gold and silver prices go up and down - all the time.
Gold prices have risen from around $600 an ounce in 2000 to around $1800 an ounce currently.
Most recent high was around $2200 an ounce in 2012. In 2016 it dipped down to around $1300 an ounce. Between 2020 and now it has climbed up from $1750 to $2,100 an ounce by late 2020 and then falling again. More recently, past year, ranges around $1825 - $1890 an ounce.
No one can tell you the “best time” to buy or sell, just like the stockmarket many factors affect pricing.
If you have bullion, a bullion dealer is the place to sell. There will be a “commission” involved to sell (or buy), no one works for free.
Generally speaking, as a component of an investment portfolio, most people would keep physical gold to less than 10% of their portfolio. However some people love gold and that is their investment of choice.

 

[Skidiamond41]

Gold and silver prices go up and down - all the time.
Gold prices have risen from around $600 an ounce in 2000 to around $1800 an ounce currently.
Most recent high was around $2200 an ounce in 2012. In 2016 it dipped down to around $1300 an ounce. Between 2020 and now it has climbed up from $1750 to $2,100 an ounce by late 2020 and then falling again. More recently, past year, ranges around $1825 - $1890 an ounce.
No one can tell you the “best time” to buy or sell, just like the stockmarket many factors affect pricing.
If you have bullion, a bullion dealer is the place to sell. There will be a “commission” involved to sell (or buy), no one works for free.
Generally speaking, as a component of an investment portfolio, most people would keep physical gold to less than 10% of their portfolio. However some people love gold and that is their investment of choice.

Thank you!! This is all very helpful. I had to look up bullion. If I’m understanding correctly that is a100 ounces!! I am definitely not dealing with a bullion. It is a tiny itty bitty fraction of that for the gold. Thanks again!

 

[Skidiamond41]

kitco will give you an idea on pricing:

Sell Gold, Silver, Scrap Coin, Bars & Bullion | Kitco Online

Sell gold, silver, platinum, palladium coins and bars as well as rhodium and precious metals pool. Take advantage of high gold & silver prices today!

online.kitco.com

I am not recommending them nor am I not recommending them.
Do your homework.

Thank you!! I’m definitely trying to do as much research I can but I want to make sure I am looking at reputable sources. So this is helpful as well.

 

[Bron357]

Thank you!! This is all very helpful. I had to look up bullion. If I’m understanding correctly that is a100 ounces!! I am definitely not dealing with a bullion. It is a tiny itty bitty fraction of that for the gold. Thanks again!

By bullion I was referred to “assayed” bars of gold or silver. It’s a different market place / different pricing for those than the equivalent in jewellery or coins,

 

[Skidiamond41]

By bullion I was referred to “assayed” bars of gold or silver. It’s a different market place / different pricing for those than the equivalent in jewellery or coins,

Ok got it. Thanks.

 

[Bron357]

Ok got it. Thanks.

Check around. The commission you’ll pay to sell ie the deduction against current gold price could be between 2% and 5% depending on who you sell to and what weight you are offering.

 

[Skidiamond41]

Check around. The commission you’ll pay to sell ie the deduction against current gold price could be between 2% and 5% depending on who you sell to and what weight you are offering.

I’m really happy I posted here. I would have been happy with 80% of gold price. That is how ignorant I am. It looks like I have a TON more research to do.

 

[lala646]

I’m really happy I posted here. I would have been happy with 80% of gold price. That is how ignorant I am. It looks like I have a TON more research to do.

Please keep us posted on how this works out. DH and I have inherited some gold coins and a small 10g bar and will sell them at some point, but are in no hurry.

 

[bling_dream19]

I'm curious too! I have a lot of scrap gold and silver, broken jewelry etc, and I'm not sure where to take it and how to know a fair price. Thanks for starting this thread - gold bars are very cool!

 

[Daisys and Diamonds]

I'm curious too! I have a lot of scrap gold and silver, broken jewelry etc, and I'm not sure where to take it and how to know a fair price. Thanks for starting this thread - gold bars are very cool!

I sold my sharp gold/ ugly pieces last year (i mean Aug 2020) and paid the property tax with the proceeds
Its surprising how it adds up
I used some place off the internet - but i do live in NZ and they had had all good reviews and they paid all the courier costs
Included was a South AAfrican 1/4 Kruggur rand so i knew i would get descent money so it made sence to top it off with the scrap
i was very happy
They also returned to me the gemstones (tiny teeny diamonds) that were in one ring

the one thing that muffed me was my SIL had given me gold plated earings in a swap that she told me was gold

 

[adlgel]

Here in the US there are any number of places that give you cash for gold. Some (maybe many) jewelry stores will also do it. I brought a bunch of yellow gold jewelry I no longer wear to a jewelry store and they told me what they'd give me for it. They also said I could get a 10% bonus if I took the amount in store credit. That's what I ended up doing and I bought a pair of gold diamond huggies. I'm sure if I called around each place would have told me what they would pay per ounce.

 

[Gussie]

APMEX is a reputable online dealer. You can call them and explain what you have. They give a quote, you send it in, and issue a check or wire within 24 hours of receipt. I recently sold some silver (buillon and coins, not melt jewelry). They gave me very close to spot. 1 oz. American Eagle coins paid spot plus $2, regardless of condition. I was very pleased.

Note that any sale over $10K has to be reported to the IRS.

 

[Gussie]

Please keep us posted on how this works out. DH and I have inherited some gold coins and a small 10g bar and will sell them at some point, but are in no hurry.

Be sure you know if the coins have numismatic value. Some coins are worth well more than the melt value, especially those issued pre 1933. We inherited a 1 oz gold coin that is valued at double the melt. I was quite excited with the discovery. Talk about a rabbit hole! Coin collection is quite involved.

 

[Gussie]

Thank you!! This is all very helpful. I had to look up bullion. If I’m understanding correctly that is a100 ounces!! I am definitely not dealing with a bullion. It is a tiny itty bitty fraction of that for the gold. Thanks again!

Buillon is any relatively pure gold. It can be coins or bars. Coins that do not have numismatic value are called buillon as well as assayed bars. It doesn't have to be 100 oz. ( that's a crazy huge piece of gold!)

 

[Skidiamond41]

Buillon is any relatively pure gold. It can be coins or bars. Coins that do not have numismatic value are called buillon as well as assayed bars. It doesn't have to be 100 oz. ( that's a crazy huge piece of gold!)

Thank you for all your replies! This is very helpful!