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Buying And Selling Physical Gold And Silver In Public, Without An Exchange?

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I was wondering if there is a way to buy and sell gold and silver, or other precious metals, outside of exchanges such as CME? Even Bullionvault and other similar services claim to hold the gold in trust at their premises.

But what if you want to sell gold that you physically hold? Or, what if you want to buy gold, and bargain for it, from actual owners of the gold?

We all know how to order bullion from places such as Coininvestdirect and other websites or jewellers, but is there a way to buy it from the general public? Where an actual owner could sell you gold or silver?

Putting it another way, what's the best way for the average Joe to sell their gold or silver, to the best price possible? Is there a public place where you can go and sell it, close to the spot price?

Is there, or should there exist, an open market where you could just take your gold and silver and buy or sell?

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I was wondering if there is a way to buy and sell gold and silver, or other precious metals, outside of exchanges such as CME? Even Bullionvault and other similar services claim to hold the gold in trust at their premises.

But what if you want to sell gold that you physically hold? Or, what if you want to buy gold, and bargain for it, from actual owners of the gold?

We all know how to order bullion from places such as Coininvestdirect and other websites or jewellers, but is there a way to buy it from the general public? Where an actual owner could sell you gold or silver?

Putting it another way, what's the best way for the average Joe to sell their gold or silver, to the best price possible? Is there a public place where you can go and sell it, close to the spot price?

Is there, or should there exist, an open market where you could just take your gold and silver and buy or sell?

ebay is about the closest to what you are talking about.

Face to face would be local coin shops/pawn shops.

Most people that have gold/silver dont particularly advertise it for obvious reasons so you wouldnt know who had some to sell unless they put it on ebay or opened a business premises.

The only other option that comes close would be a coin fair although over here they are far more for numismatic collectors than straight bullion.

If you do find anything else though please feel free to share because we can all do with keeping an eye on our exit strategy.

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Would Bullionvault buy from you at spot price if you were to take your 24K or 22K gold coins to them?

It appears that CID and other gold sites buy below spot...

cash4gold are scams, no point mentioning those...

Ebay is perhaps the best you can get close to spot...

Any other alternatives?

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Would Bullionvault buy from you at spot price if you were to take your 24K or 22K gold coins to them?

It appears that CID and other gold sites buy below spot...

cash4gold are scams, no point mentioning those...

Ebay is perhaps the best you can get close to spot...

Any other alternatives?

eBay with a suitable mention in your listing that you are prepared to accept offers and prefer cash on collection.

There are plenty of buyers who will buy for cash around the spot price, including myself. Just use eBay to advertise but do not let the listing run to completion. For a 1oz Coin you'd be looking at £40 for eBay and £30 for PayPal in fees.

Hatten Garden Metals will buy Krugerrands and Maples at spot. They sell them back on at 3% above spot. Pretty tight spread.

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eBay with a suitable mention in your listing that you are prepared to accept offers and prefer cash on collection.

That is really useful if the market is crashing and you need to sell fast.

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That is really useful if the market is crashing and you need to sell fast.

As an amateur trader you cant rely on being able to sell off ahead of a general market dump. The reasons are two fold:

1) The high liquidity of the market. Gold trades by the tonne in millisecond transactions via various exchanges so good luck trying to rely on timing to out run market movements.

2) Inability to distinguish volatile price changes from trends.

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But surely, there must be some value in creating a platform where the common man can buy and sell their gold and silver by contacting other common people?

I mean why should millionaire traders, (who - correct me if i'm wrong - are actually the only ones even allowed into the commonly exchanges) be the only ones to benefit from organized platform based trading?

Shouldn't there be an equivalent organized market for physical metal, meant for you and me? even if it is much much smaller?

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
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