Kruger rand

[rekall]

Hi guys

I have a 1oz Krugerrand that I'm possibly looking to shift.

Any suggestions on the best place for me to sell it to get the best price? Obviously outlets like Scoin don't make very compelling offers.

Thanks

 

[Muttley]

To be honest- I shopped around for best prices and Scion shop were the only ones who were willing to give me the spot rate.
R/oz of gold was R19000 (or there abouts) and that's what they paid me for my 1 oz coin.

It also depends if it's a proof coin cos then they'll give you a few hundred bucks extra.

Gold is generally considered to be a long term investment.... EG: buy it for R10 000/oz a few years back and sell it now for the daily rate (currently R16052/oz). You're not going to make any additional profit over and above the daily rate- unless you sell it to someone who is uninformed.

 

[skeptic_SA]

Hi guys

I have a 1oz Krugerrand that I'm possibly looking to shift.

Any suggestions on the best place for me to sell it to get the best price? Obviously outlets like Scoin don't make very compelling offers.

Thanks

Bid or Buy

 

[Alacrity]

The price is almost 20% down from a while ago so to sell it now would be to sell at a low. The first rule: buy low sell high

 

[rekall]

Cool thanks for the feedback!

 

[Sensorei]

Scoin is paying R16,300 right now.

 

[skeptic_SA]

Scoin is paying R16,300 right now.

BoB they going for between R17K and R25K

 

[LCBXX]

Hi guys

I have a 1oz Krugerrand that I'm possibly looking to shift.

Any suggestions on the best place for me to sell it to get the best price? Obviously outlets like Scoin don't make very compelling offers.

Thanks

How much do you want for it, provided you include a validation certificate?

 

[Pitbull]

Hi guys

I have a 1oz Krugerrand that I'm possibly looking to shift.

Any suggestions on the best place for me to sell it to get the best price? Obviously outlets like Scoin don't make very compelling offers.

Thanks

Keep it...

Will be double it's value in 5 years.
That beats inflation by a mile.

 

[RandomGeek]

BoB they going for between R17K and R25K

I can still understand the R17k - anything more people are taking chances/have proof coins/box sets etc.
Standard, run off the mill 1 ounce coins you are looking at the spot rate

 

[Thor]

Personally I use Scoin

FNB also buys kruger rands if I am not mistaken so might be worth asking them assuming you bank with them, I am with Capitec so no clue on price they offer.

 

[rekall]

Thanks for all the advice guys

 

[NullHypothesis]

Scoin is paying R16,300 right now.

BoB they going for between R17K and R25K

SA Krugerrand Traders also buys at R16300 (and sells at R17400). If you need quick money, that is basically what you going to get when you walk into a place like that. You could of course hold out for a few hundred rand extra on bidorbuy if you not desperate for the cash.

 

[HavocXphere]

To be honest- I shopped around for best prices and Scion shop were the only ones who were willing to give me the spot rate.

Someone offered you spot rate??? Jesus. Take it and run like you stole something.

 

[Sensorei]

You could of course hold out for a few hundred rand extra on bidorbuy if you not desperate for the cash.

Bidorbuy takes about 4.5% commission on your Kruger Rand, so it's impossible to make much over what Scoin will pay.

 

[NullHypothesis]

Someone offered you spot rate??? Jesus. Take it and run like you stole something.

I think even circulated Krugerrands trade at a premium to the spot price of gold. No?

 

[NullHypothesis]

Bidorbuy takes about 4.5% commission on your Kruger Rand, so it's impossible to make much over what Scoin will pay.

Good point. You are going to have to sell at what traders sell for (R17 400) to make an extra R300 or so (then there is still the effort of preparing it for courier). That being said there are people that may prefer to do things this way (selling online than going into a shop), and buyer should pay for insured courier to come to your door. I personally would just sell to a reputable buyer at a smidgen over spot which is what the buyers seem to be paying.

 

[NullHypothesis]

This thread reminds me of a seminar I was invited to many years ago. It was for a multi-level marketing company called Altermore. Now if you know multi-level marketing it has to have a "product" - otherwise its a pyramid scheme. Now Altermore's product is Krugerrands. So basically you buy a Krugerrand but you paid around R2000 more for the Krugerrand than what you would from a dealer. From that R2000 your "upline" gets a cut, Altermore gets a cut and I don't know who else still. Now that you are in the program you can start recruiting people and get a commission from the Krugerrands they buy (and I think from the people they sign up). I may have a brochure somewhere. But this is one of the few MLM programs that looking back would have had great returns because from then and now the Krugerrand is worth double (with the MLM joining premium tacked on). That is of course you had kept your Krugerrand all those years. Because some people were buying in. When they get the Krugerrand they sell it and absorb the R2k loss just to be in the program to sign others up.

 

[swazi85]

Still looking to sell your Kruger Rand? Old thread I know

 

[MJS-]

Check out KZN Bullion, they've bought from me before. Pretty competitive pricing