I recently spent a weekend with some clients who own a very reputable and ethical coin shop in Seattle. While I was there, many people were eager to sell what gold and silver coins, jewelry, and other items they had of value around the house.
It was sad to see that people were resorting to selling coins that had been in their family for generations. Some people even brought in teeth with gold fillings to sell! (Not still in their mouth, of course!). The combination of commercials on TV, the high price of gold, and our current rate of unemployment seems to have triggered a great sell off of grandma's gold!
I also read a story about the bigger name gold buying outifts- the one's that will remain nameless in this blog, but we have all seen the commercials! The report found that these big name companies, many of which have the seller mail gold to them in a "postage paid envelope", were paying about 1/3 of what a reputable coin dealer (such as the shop I visited) would pay!
After selling off the family gold and silver coin collection, what will these folks do next to pay the bills? In my unscietific study, I noticed that the average age of the seller was 60 years old.
It seems that the mail in your gold companies are getting richer, while the sellers are losing out. If you do need to sell your gold or silver, be sure to use a local, reputable dealer!
And of course, those of us incredibly successful real estate agents should be buying gold and silver from a reputable local dealer to diversify our portfolios! Wow did they have some beautiful coins......
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