I have a 1 troy ounce gold ingot and I want to sell it. I just checked the spot price and it is $1124. I want that much. Will most coin dealers pay spot price for the gold? Or can I only get that price if I am at a gold buying market?
Most coin dealers that I know of will charge spot price, but will pay a little less (that’s where their profit is). It’s like the foreign exchange rate - you always pay a higher rate for foreign currency than you get when changing it back to your country’s currency.
Even at a market, you’ll probably be paying a broker a commission. It’s not like there’s a literal market where people show up with ingots.
I drive past a pawn shop every day that posts their updated gold buying price on a reader board, which seems to be very close to the daily price on websites. It was 1114 today, I think.
I was under the impression that dealers would charge a premium (generally 10-15%) over spot price if you were purchasing gold. I was also under the impression that they’d pay spot price for incoming purchases.
If you were in the Northern Ohio area today, using gold at $1125/ounce US, we would buy a one ounce gold ingot from you at about $10 under “spot.” We’d pay $1115. Depending on where you live, you might find a coin dealer paying in the same range, but more likely you’ll find one paying $1075 or so. The small dealers have to pay less, so they can sell them to the next bigger fish.
We’d sell you a one ouncer today for about “spot + $50.” So, about $1175 US
Thanks! This helps.
I’m in Portland, Oregon, so I should be able to find a bigger dealer an not have to deal with the small fry.
Now, how much should I expect to get from my 40%-silver halves (1964-1970)?