Need advice on selling gold...
 

Hi,

I'm going to need some cash by the beginning of March and I need to sell some Krugerrands :(

Anybody have any idea how long it would take to get my money if I used Bullion Direct's Nucleo Exchange? Any other dealers online where I might get a decent price would be appreciated... and a guess at how long the transaction might take? I'd rather not risk eBay or go to a local dealer. I'm not much for bargaining... My state's in pretty bad financial shape and it seems like just about every business will try hard to take you for whatever they can.

Thanks for any guidance you guys might be able to offer!!!

Re: Need advice on selling gold...
 

I'd recommend BD's Nucleo Exchange. As for how long it will take will depend on how you go about the transaction.

When you sell on the exchange, you are immediately charged a 1% commission on all your sales due immediately. At this point, you can elect to have them send you insured shipping materials (recommended) for a fee ($20? I think it varies on the cost of the insurance) You may choose to use your own shipping materials upon which you could send the metal to them immediately at your risk. If you choose to use their shipping materials, they first require payment for them and the commissions before they release the materials. If you pay by check, factor the time to get the check to them and a clearing period. Upon clearance of the check, they will send the materials to you within a few days. You then receive the materials, sign for them, package your metals, and go to your nearest fedex to see them off on their journey. Make sure you get a receipt from dropping them off!!! It has your tracking number on it. It took like 3 days to get to Texas from where I live and I tracked it the whole way. The day they received them my account was credited with the cash for my metals pretty quickly (same day). You can then choose to do a cash draw via check or wire. Choose the wire!!! Taking a check takes forever as they have a long wait time for some reason. I had the funds in my account in like 2 days from that point.

Re: Need advice on selling gold...
 

Apmex and Bullion Direct are the best. No Worries. You run the risk of getting screwed on fleabay.

Re: Need advice on selling gold...
 

Call CNI and talk to Ken Slater.
They are fair and easy.
http://golddealer.com/bullionpage.html

Re: Need advice on selling gold...
 

Thank you all!

EXACTLY the kind of info I was looking for. I know how the wait times for metals have been from Bullion Direct... I didn't know if I had to rush into selling right now (which may be wise anyway) or if I could wait and see what happens awhile longer. Looks like I'd probably be more than safe allowing a month for the transaction...

Thanks much!!!

Man, I hate to sell now... I think we could really see gold go up in 2009... maybe later in the year. I wonder if I could get a low interest loan at a bank using gold as collateral?... Hmmm... Would that be nuts?

Re: Need advice on selling gold...
 

it usually takes me about 14 days total from the time I hit the sell button to recieve a check from bullion direct. CR

Re: Need advice on selling gold...
 

Call Tulving. Express Mail check sent day after receipt. Very good buy prices. www.tulving.com

Re: Need advice on selling gold...
 

I ditto Tulving recommendation. If you are in a hurry, and want the best offer, talk to Hannes.

Re: Need advice on selling gold...
 

Thanks for the additional info and suggestions!

Two recommendations for the same dealer helps. I thought the first guy's name was probably Tulving... lol.

This morning I was feeling stupid I decided to wait awhile longer... As of now I'm glad. This is making me a wreck!

Re: Need advice on selling gold...
 

I tried to get a VERY SMALL loan (and I have a high credit score) from the bank and they wanted 15% interest!! ha

Re: Need advice on selling gold...
 

What is your general location? Southeast? Price you seek for your Krugs if so? If not Southeast ... sell to APMEX or local dealer in amounts less than 10k or try to list them here and meet in person with a member in your area. Cash your check.

Waylon

Re: Need advice on selling gold...
 

Was that a secured or unsecured loan?

My credit is also very good (905 credit score). I thought I heard about some banks offering some cheap loans lately? I just don't know if a bank would be flexible enough to accept gold as collateral, even at half value or so, in this corporate age where the rules are the rules and nobody seems to have the power to think for themselves and make exceptions.

Maybe I could sell some gold, buy it back with my credit card on a dip and then transfer the balance to a new card where there's no interest on the balance transfer for a year? I really feel gold almost has to go up near the end of 2009. But, who knows? I might just screw myself bigtime...

Re: Need advice on selling gold...
 

If you can "hold the line" for another 90 days

Prices will be much more attractive IMO

Side note: How the hell do you get a 905 FICO I never knew it ran that high

Re: Need advice on selling gold...
 

LOL... I've financed several new cars, carried credit cards for many years, paid all my bills on time, etc... Never a late payment on anything. No big balances or debt, so I'm not at the limit of the credit extended to me like many people these days. They say my rating ranks higher than 90.17% of US consumers. I was surprised to find that out. I think there should be some kind of prize if you make the top 10%... lol.

I sure wish I could "hold the line", but I put most of my savings in gold and I need some by the beginning of March :( Can't do it. That's why I'm starting to think so... creatively... lol. I'm sick about having to sell some of my stash when I too feel the payoff I was hoping for might be within a year. I guess I should just be thankful we bounced back from $700.00 and maybe get this over with before another dip.

Re: Need advice on selling gold...
 

FICO stops at 850, period. The only way you could possibly be higher is if you are going by the vantagescore system, which goes from 501-990, and has only been around since 2005. I personally have never heard of a financial institution quoting it or using it.

Re: Need advice on selling gold...
 

Renegade is spot on. No higher than 850 FICO (the only one that counts). Anything over 800 should considered elite...usually you need some age (account age) to get into this crowd...it took me a while.

Vantage is crap.

Re: Need advice on selling gold...
 

I would hold off selling your gold until just before you need the cash...Jan, Feb, and March could be good months for the metal. If you sell to Tulving, you could cut it real close and get the most out of the seasonal move.

Re: Need advice on selling gold...
 

there a buy an sell here on the forum

Re: Need advice on selling gold...
 

You guys are correct... It's a VantageScore. Sorry, I wasn't aware of the difference. Although, an outstanding long-term record I do have going for me. Yeah... I'm gettin' old. The score is considered super-prime and it's better than 90.17% of other American's VantageScores, so how bad could that be? I don't care what scoring system you use to measure... A better score than 90.17% of Americans probably ain't so bad. I am curious about what my FICO score is now though...

Unfortunately, I have to be a little less optimistic about the short-term price of gold. The retail numbers are dreadful (70% of our economy). Any possible market stimulation caused by lower fuel prices is about to be taxed away. All over the front pages today. The Fed wants a 50% fuel tax increase and of course the bankrupt states will follow suit. Talk of taxes by the mile is starting... They're not even trying to save the economy. They're in complete "looting what's left" mode. Any crumb that might end up going to the middle class (which would help the economy) will be snatched away by those who have completely taken over and have been making up new rules to loot us with on almost a daily basis now. I believe we'll see another sell-off in the stock market, another temporary rise in the dollar due to that and another dip in gold before gold climbs again... maybe towards the middle or end of the year... or even later.

Re: Need advice on selling gold...
 

You better dump it quick then.

Re: Need advice on selling gold...
 

Sent you a PM.

CC

Re: Need advice on selling gold...
 

What are you looking to get? How many do you have for sale?

Re: Need advice on selling gold...
 

I'm thinking of selling 10 or so at this time. I could have gotten way over spot on the Nucleo Exchange for awhile, even after shipping and their cut. It looks like some people might be starting to feel like me that this run has run out of steam though and the buy offers aren't looking so good right now. So, basically... I'm not sure what I'd want. That's going to change by the day I guess. I probably waited too long because I really don't want to sell now, it's against my instincts.

I'm really giving serious thought to the loan idea... or selling and buying back with an interest-free balance transfer on a new credit card. I'll have to look into it.

Re: Need advice on selling gold...
 

Gold is up over $100 in the last 30 days, how can you say you probably waited too long? It looks like you are more focused on the premium over spot than the actual price.

There is no way that any dealer was going to pay you a premium over spot anywhere close to the $100 move in the last month.

Re: Need advice on selling gold...
 

There are bids to buy 2 Krugerrands at $900.00 on the Nucleo Exchange right now. http://www.bulliondirect.com/nucleo/...(1.00_oz).html Things were even better on certain days during the last couple weeks and there were far more buyers. Selling 10 at $920.00 would have been no problem and got me more than spot after shipping and paying BD their cut. Next week... I don't know...

You're probably right that I'm focusing more on the change in premiums right now. Gold is still in the same range, but what people are willing to pay seems to be falling off. Seems many are starting to feel this run up is about done.... which is why I said maybe I waited too long.

I'm sure you're 100% right that no dealer is going to pay more than spot, and one might have to wheel and deal (not my strong point) to get that... which is why I came here asking mainly about the Nucleo Exchange. ;)

Re: Need advice on selling gold...
 

The OP is behaving suspicious. I'm not saying he's a con man, but his behavior very typical behavior of a con man.

It's common for a con to come and ask for advice for a problem.

But.... Really.... Selling gold is not hard and does not take a genius to figure out. Yet this guy has post after post seeking "advice."

Often, the question posted simply bait. He has something people on this board would want. So a con man would just wait for "helpful" people to "offer" to take the gold off of his hands.

Of course, the con works so effectively because the people offering the OP "help" are really greedy people who are themselves looking to make a quick score off of someone who seems naive. So the people who get scammed deserve it. Hogs get slaughtered.

In any event, I would not do any dealings at all with the OP; and consider this thread to be highly suspicious.

Re: Need advice on selling gold...
 

I'm not following you...are you saying that buyers were willing to pay more before the spot price went up a $100 than they will now? You are going to have to provide the evidence to convince me of that. Premiums may have gone down slightly, but the spot price has more than made up for it.

Gold is not in the same range as before...it has increased nearly 15% in a month. Maybe the runup is done and you're fixing to lose big...you better sell.

Reputable dealers don't require you to wheel and deal...most of them prominently display their buy and sell prices...the only wheeling and dealing that might take place is if the price changed significantly since they posted their prices that morning or if you are buying and selling a large amount.

Re: Need advice on selling gold...
 

Wow Atahualpa...

All I was saying is that gold has been in the same range for a couple weeks and I could have gotten more for it earlier in this runup than I could right now due to higher premiums. That's a fact. The enthusiasm of buyers lured in by the price spike appears to be fading... Thinking maybe I missed the optimum time to sell in this runup by a couple bucks so far... That's all I said and nothing more. But, who knows? I can't seem to make myself "hit the sell button" yet, so I guess I'll see...lol. I have thought of a couple ways I may be able to borrow on the gold and avoid selling right now. I feel waiting 6-12 months might be a very good idea. But again, who knows?

I'm not sure why you're trying so hard to pick apart what I said piece by piece to the point where you're pulling stuff out of thin air, taking my quotes and saying they mean something that's just not there. Hope you enjoy yourself though... Whatever floats your boat.


"Reputable dealers don't require you to wheel and deal...most of them prominently display their buy and sell prices...the only wheeling and dealing that might take place is if the price changed significantly since they posted their prices that morning or if you are buying and selling a large amount."

LOL... Not around here...

Re: Need advice on selling gold...
 

LOL...

I came here because I really, really, really needed to know about how long it would take to get my money if I sold on the Nucleo Exchange. I need some money by March or my bills aren't going to get paid. The process looked like it could take a long time, particularly with their reputation of taking a long time to deliver bullion.

I asked about other dealers because I didn't know if you guys even considered Nucleo Exchange a good place to sell... and having options of a few more reliable dealers to go to for a faster transaction might come in handy should I decide to hold out a little longer. I threw out there that selling right now feels like pulling teeth to me because I really feel there may be significant gains late in 2009. I threw out a few ideas that might allow me to hold onto my gold a little longer. Thought maybe others have been in a similar position and might have some suggestions to make that happen...

What the heck is so suspicious about that? I didn't ask anyone to buy my gold, although there have been offers. I really would rather not even sell right now at all!!! As far as "greedy" dealers being lured in by my "naivety"... Nobody has made a lowball offer or suggested a transaction that would be risky in any way to either party. The people on this site GENERALLY seem very nice. You think everybody here's a slimeball but you? You're the one being rude and accusing everybody without any cause whatsoever.

What part of that even makes me look like I'm trying to appear naive? I want to sell some gold online. I looked into it and had a few very legitimate questions. I didn't ask any stupid questions. I really needed to know how long that transaction would take. How the heck would anybody know who hasn't used Nucleo Exchange before?... And like it ever hurts to ask what dealers are popular with people who hang out on a gold board. I'm sure you guys know who the most reputable and hassle-free dealers are and I'd be kind of stupid not to ask. I was actually afraid of appearing foolish if I didn't ask. Didn't know what you guys thought of the Nucleo Exchange.

The information I got was EXTREMELY, EXTREMELY helpful and EXACTLY what I needed to know. I again thank all those who helped me out! Awesome!

Now, I just seem to be getting attacked and my every post picked apart, so I have to keep stopping back to defend myself and respond to the ridiculous flames. Every post after my first couple posts was simply replying to people who asked me a question out of politeness (I had been helped here and didn't want to appear rude), explaining to people who were possibly interested in buying I really wasn't quite ready yet and was actually trying to come up with a plan to maybe put off selling, and defending myself as my posts were flamed. I'm not the one who kept this thread going.

I have nothing at all to hide. I post everywhere using the same username for many years (except eBay because they pissed me off and I closed my 1st account, royphil3456 now). It's not too hard to figure out my real name from that... or how to find me from that. I absolutely loathe people who hide on the internet to take advantage of others or use the internet as a tool to play "big man" and verbally abuse others while hiding. What courage!

What makes you think you're the most moral person on this board? What makes you think you're SO smart you're actually going to protect anyone who is in the business of buying gold from people they find on message boards from little, old me? These people would tend to know what they're doing... right? Do you really think ANYONE and I mean ANYONE would be stupid enough to pay me something without having some gold in their hands? I sure as heck wouldn't... and you know how "naive" I am... That's absolutely ridiculous! So, who are you protecting by slandering me? A person who goes around thinking they're more moral and smarter than everybody else for no reason besides pure fantasy and thinks it's OK to badmouth others due to their delusions...that's the person I would probably avoid any dealings with. Your behavior is both irrational and offensive.

Re: Need advice on selling gold...
 

That's a lengthy protest. We know what Shakespeare thought about that....

Re: Need advice on selling gold...
 

He does however, make a convincing case.