About a month ago I got a phone call from my sister.
Long wind short, she had to raise some quick fiat currency ( U.S. dollars in this case ) to pay for an unforeseen real estate expense she had accrued.
Well I being the one who turned her onto stacking silver and gold bullion, my first mental reaction was, “Uh no! You don’t sell your bedrock safe haven money for unforeseen expenses on overpriced real estate.”
Then my kinder mental half retorted, “You know what? She is in a pinch and needs currency. She trusted you and bought bullion on the cheap in late 2008, and now she’s only selling a little bit, so help your sister and do it with gratitude.”
So my better angel beat the devil, and I decided to kindly help my sister sell her 10 gold eagle coins at a Local Coin Shop (often written in abbreviation as LCS for short by bullion stackers).
First question I had to ask her was, “How quickly do you need the capital?”
She replied that she required the funds fast. She needed the currency to be deposited into her L.A. bank account so she could then draw a check upon it and pay said expense in New York City.
OK so getting a quick check payment for her gold eagle coins was the most appropriate choice.
Instead of possibly getting a lower cash bid on such volume, she’d likely garner a higher bid price by check AND she would also keep the capital within the financial system (as opposed to perhaps demanding over $10,000 USD in cash payment for her bullion).
Luckily I know JMBullion.com has a handy LOCAL COIN DEALER DIRECTORY which I use to look up established brick and mortar coin shops in virtually every major city within the USA. You can too! Click right here.
One of these mom and pop LCS (again short for Local Coin Shops) so happens to be located close by me here in overcrowded So Cal. So I took a few minutes walk with a pocket full of my sister’s tiny gold eagle coins and promptly returned with her check for $11,890.00 USD.
On that specific day, before I even dared enter that coin shop with those 10 gold eagle coins to sell, I checked and knew with my smart phone (A) what the current gold spot bid price was and (B) what other high volume online retailers were bidding at that moment on gold eagle coins.
Going in I already mentally predetermined that I wasn’t going to accept a bid price below gold spot.
There are many an LCS within driving distance here in Los Angeles and luck would have it, I like many million too own an automobile.
At the moment of this particular sale the gold spot bid price was approximately $1174 USD oz and this particular LCS proceeded to bid me $15 over spot per coin. A fair price given the speed of payment and their reputation.
Sure I could have shopped around locally or even online a bit for perhaps a better bid price but then I would’ve had to:
#1 Spend my time internet surfing, calling, and possibly driving around town.
#2 Possibly having to spend some of her currency and our time shipping the gold bullion coins cost effectively + safely + fully insured via USPS Registered Mail.
#3 Spend our time waiting for her gold coins to safely get delivered to their destination.
#4 Wait for a one of the many 100s of high volume online bullion retailers we could have sold to, to then hopefully promptly pay us by either bank wire transfer and or a check in the mail. That (by my roughly 10+ year bullion industry experience) would have taken about 10 business days in total. On this occasion, no thanks!
Again, my sister needed the fiat currency in her bank account ASAP.
Hence this LCS’s +$15 over gold spot price bid for the coins coupled with an immediate check payment were the right call for that specific situation and day.
I even made a little 4 minute video on this experience so that you might glean some additional helpful information from it:
Hopefully all these free tools JMBullion provides can help you make informed decisions and choices when it comes time to buy and eventually sell some of your Silver & Gold bullion or even scrap jewelry, etc.
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For now, happy stacking!
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