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Best Place To Sell Gold?

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wrkactjob
wrkactjob Posts: 248 Forumite
in Savings & investments
I have a 250g gold bar and wondered where the best place was to sell it?....have to say the difference between what its "worth" and the online buy it now prices is dreadful! am getting quotes of £500 less than the 'worth' value!....and of course to buy gold you have to pay more than its worth, some of these traders must be making a fortune!

Comments

  • jon3001
    jon3001 Posts: 890 Forumite
    edited 19 August 2011 at 1:05PM
    wrkactjob wrote: »
    I have a 250g gold bar and wondered where the best place was to sell it?
    Never used them (but others on here seem to recommend them):
    http://www.coininvestdirect.com/en/gold_bullion/

    They will buy your 250g bar for marginally under spot price.
    wrkactjob wrote: »
    ....have to say the difference between what its "worth" and the online buy it now prices is dreadful! am getting quotes of £500 less than the 'worth' value!....and of course to buy gold you have to pay more than its worth, some of these traders must be making a fortune!

    The spread between the buy and sell prices is where the traders make money, stay in business and provide liquidity for your investment. Naturally, you'll need to shop around and pay the least spread.
  • lvader
    lvader Posts: 2,579 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Is that £500 less than the buy price or £500 less than the spot price? £500 below the buy price looks about right to me and should equate to around 98% of spot.
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    wrkactjob wrote: »
    I have a 250g gold bar and wondered where the best place was to sell it?

    Sell gold? You don't sell gold, no, you BUY! BUY! BUY!

    You must be new here. :D
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • wrkactjob
    wrkactjob Posts: 248 Forumite
    OK thanks, another thing 250grms bar, how many ounces is that?....I thought 8.8 but with the cuurent 1oz price of £1,123 that would make it worth £9882.40 but thats not right is it as you can buy it for way less than that from bullion dealers, so what schoolboy error am I making?
  • gadgetmind
    gadgetmind Posts: 11,130 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    According to google -

    250 grams = 8.81849049 ounces

    250 grams = 8.03768664 troy ounces

    I suspect the gold price is quoted in troy ounces.
    I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.

    Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.
  • DiggerUK
    DiggerUK Posts: 4,992 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    wrkactjob wrote: »
    ..., another thing 250grms bar, how many ounces is that?.......?
    Precious metals are weighed in troy, not avoirdupois ounces.
    1 troy oz = 31.1034768 grammes.
    ..._
  • wrkactjob
    wrkactjob Posts: 248 Forumite
    Troy Avoidupois....sounds like a name...

    OK guys thanks I still have a bit to learn it seems don't call me Auric yet.
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