Buying or Selling Gold?

R

Restless

New Member
We bought some gold several years ago through Goldline. We need to sell it now to pay off some debts. Apparently we didn't understand when we bought the gold about something called the spread and the time involved to make a profit.

We called today and received instructions on how to sell it back. Apparently we have lost money on the deal because we didn't own it for enough time. Are there other places we could sell it to? We feel really stupid for even buying the stuff now. Lesson learned.

Thanks in advance for any suggestions!
 
PJay

PJay

Well-Known Member
Restless said:
We bought some gold several years ago through Goldline. We need to sell it now to pay off some debts. Apparently we didn't understand when we bought the gold about something called the spread and the time involved to make a profit.

We called today and received instructions on how to sell it back. Apparently we have lost money on the deal because we didn't own it for enough time. Are there other places we could sell it to? We feel really stupid for even buying the stuff now. Lesson learned.

Thanks in advance for any suggestions!
Click to expand...

Sorry that happened to you. Discussing buying gold ourselves but have no idea who to trust to give us the correct information.

Thank you for this thread!
 
CrashTest

CrashTest

Well-Known Member
Another alternative is to buy an electronically traded fund (ETF) that follows the value of gold but is just like buying and selling stock in terms of convinence. Once such gold ETF is iShares Gold Trust and it's stock symbol is IAU.
 
R

Restless

New Member
Thanks, everyone. We are by no means rich but thought investing a little money couldn't hurt. We will look into some of your recommendations.
 
blazinlow89

blazinlow89

Big Poppa
How long ago did you buy it? Gold has skyrocketed in the last 10 years and it would be almost impossible to lose value. Sounds like they are trying to screw you on the value. Have it weighed and get a value based on the weight and purity. Most jewelry stores and Pawn shops will give you an approximate value (what its worth to them). I would at least look at reviews and other people's experiences with some of the local places to see what they have to say. Remember the price is also negotiable. They may come at you low, but have a value set in mind once you find out how much you have.

London Fix Historical gold - result
 
migtig

migtig

aka Mrs. Giant
I don't understand that. As someone else mentioned, gold, silver, heck even copper prices have skyrocketed. So if you have gold, you should be able to sell with no problems.

Is this gold not something you actually have in hand? :confused:

I have seen some "gold sellers" commercials who never actually give you the gold, they supposedly store it for you. That seems like a scam to me. If you don't put that gold in my hand, than I'm not buying it.
 
desertrat

desertrat

0_0
migtig said:
I don't understand that. As someone else mentioned, gold, silver, heck even copper prices have skyrocketed. So if you have gold, you should be able to sell with no problems.

Is this gold not something you actually have in hand? :confused:

I have seen some "gold sellers" commercials who never actually give you the gold, they supposedly store it for you. That seems like a scam to me. If you don't put that gold in my hand, than I'm not buying it.
Click to expand...

I'm think they didn't actually buy anything, but a piece of paper. I have real metal stashed, not gold though dang it. :lol:
 
kwillia

kwillia

n/a
I believe this explains how they lost money on the deal...

The criminal complaint lays out a series of allegations that it contends add up to a conspiracy to trick customers into overpaying for an investment in gold.

For instance, the complaint alleges that the company trains salespeople to "get the money in" from customers on the promise of delivering gold bullion, with the intent to later switch the sale to far more overpriced collectable gold coins. It alleges that the company trains its employees "to disguise the more than 50 percent markup on the overpriced coins," and alleges that Goldline reprimands its salespeople if they fail to convince the customer to buy the overpriced coins.


Goldline Execs Charged With Fraud - ABC News

And another article...

According to ABC News “In filing the complaint, officials have opened a new front in a long-running and very public dispute over the way Goldline has turned the sale of gold into a massive retail operation…..At the heart of the complaint is the suggestion that Goldline profits not so much by selling pure gold bullion, but by persuading customers who want to capitalize on the rising value of gold to purchase collectable coins. The coins are subject to a significant mark-up in price, and several Goldline customers told ABC News that they found it difficult or impossible to resell those coins without taking a loss.”

Goldline Executives Accused of Theft and Fraud in a 19-Count Criminal Complaint | CoinWeek
 
aps45819

aps45819

24/7 Single Dad
I've bought some silver through Goldline in the past (they send you the coins) and their premium over the melt price makes it a bad deal.
They sell Franklin half dollars for about $18 and the current melt value is $11
You can purchase it for close to $1 per gram on Ebay if you look.
 
aps45819

aps45819

24/7 Single Dad
aps45819 said:
They sell Franklin half dollars for about $18 and the current melt value is $11
You can purchase it for close to $1 per gram on Ebay if you look.
Click to expand...

That's $1.63 a gram.
I picked up 2 ounces this morning on Ebay for $1.17 a gram. One ounce was a 2010 Silver Eagle which also has potential collector/numismatic value
 
You must log in or register to reply here.
Top