What is the best way to sell a Krugerrand?

Trickyann

Hi,

Was given a 1oz krugerrand many years ago (18th or 21st I think) and have thought about selling it as the price of gold seems to be high. Is this the right time (as it just sits in the safe at the bank) and I can't say I need the cash, but it also seems silly for it to just sit there

If a good time to sell how would you go about it to ensure I got a fair price knowing absolutely nothing about it?

Advice gratefully received

Russe11

again!

spam it must be

Trickyann

Hi Russe11

Don't know what you mean by "again", unless I am going senile or somehow posted this twice this is not spam. I am real and asking a genuine Q. Is this not the correct forum for this Q (savings and investments) if not what would be the correct place to ask this question?

DiggerUK

Trickyann, if you don't need the money, hang on to it till you do.
With the speed at which they are printing money, I think there is little, or no chance, of the price trending down.

This is one outfit I have used. They are amongst the better payers, but not the only one out there, use them as a guide for what you can expect.
..._

Nine_Lives

I'm curious about these things for the following reason:

When my great gran died some years ago, she wasn't a believer of the bank system - as a result she was one of those old people you hear about who have a stack of money under the mattress (quite literally), yet hers was under her sofa.

But also, there was a shoe box that i was told was "full of" these Krugerrand's.
I was only young at the time & thought it was "Kruger-hand" as in Freddy Kurger & always wondered why family members would say that they'd be "worth a bob or two".

How much cash would be in a shoe box full of these? I know that you can ask how big were the shoes, so let's go small - size 3/4/5.

sabretoothtigger

A full shoe box of coins would have maybe a a few dozen in there at most as gold is heavy, you couldnt move it anyway without shredding the box.

36 or 36k £


There is no special reason to sell gold or to buy sterling currency.
You could try and be a clever clogs and sell the physical gold and buy stock of mining companies, they are increasingly paying out dividends as the price is so high a few are very profitable and will be for years I think.
A unit trust of gold miners would be best, you can buy it in an ISA and it'd be tax free where as Krugerrands are not.

Im sure your Granny would approve of a canny sidestep of the tax man. Other investments I think would honour the spirit of the gift, maybe to help a house deposit. Just dont keep it as cash too long

but it also seems silly for it to just sit there

Warren Buffet argues the same thing. Holding the mining company means they sell the gold everyday, its put to use somewhere so makes more sense to me.

Holding gold is speculation on the unreliability of paper promissory money like the Euro on the news. Its inverse, not an actual investment