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Sell gold

  1. #21

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    Quote Originally Posted by Hkemail888
    Does anyone else know any other dealer that buys back precious metals bought from elsewhere?
    Yes - the gold jewellery shops.

    There must be hundreds of them in HK - big chains like Chow Tai Fook, Lukfook and down to what looks like little mom & pop gold shops. They will have a monitor in the shop that shows the gold spread (quoted per tael, not ounces).

    I visited some of them recently with a 1oz gold coin in my pocket. All of them were interested in buying.

    Many of them are clearly not used to foreign coins - even fairly common ones from national mints - they just see a nugget of gold and then are not sure what the purity is.

    It got weighed, looked at under a loupe, passed to the old guy in the corner. The woman in KingFook spun it on the table and from the sound announced "this not 24K". She wanted to cut it and do a chemical test on it before giving me a price. I don't recommend KingFook - but attached photo is from there.



    Along King's Road, NP I was quoted $800 below spot. I eventually sold if for $200 below spot at LC.That is my favourite gold shop - but my worry is they will be gone one day.

    I'm curious if anyone else has tried selling to the jewellery shops - which one is your favourite?

  2. #22

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    " 1oz gold coin in my pocket."
    She might have been correct that it's not 24k - American Gold Eagles, Krugerrands, old Britannia coins are not 24k (but still contain 1oz of gold of course)

    "
    Many of them are clearly not used to foreign coins -"
    BEcause they are in the business of selling overpriced gold jwellery bracelet necklace etc

    Sell your coin to people like Lee Cheong, LPM or Swiss-investors instead.


  3. #23

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    i think if you find a forum or somewhere you likely can get it off at spot.. obviously not as convenient as going to a gold shop..
    200 from spot might be decent, but considering that you likely bought it at 4~5% above spot for being a 1oz coin, hmmm.. that would come up to around 6% bid offer..


  4. #24

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    That's true - but now you are getting picky.
    200 HKD for one ounce - or a buy/sell spread of 400 HKD for one ounce over the counter is good I think.

    If you want to trade in and out quickly at low cost, then paper gold or a gold ETF may be a better option.


  5. #25

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    Quote Originally Posted by Elefant&Castle
    That's true - but now you are getting picky.
    200 HKD for one ounce - or a buy/sell spread of 400 HKD for one ounce over the counter is good I think.

    If you want to trade in and out quickly at low cost, then paper gold or a gold ETF may be a better option.
    if the intention is to buy-sell, then paper gold. if the person really really want to hold on to physical, then go to hsb/boc and they offer buy-sell spread on gold onz at less than 100HKD.

    Nugget (1 Ounce Troy) 10,375.00 10,425.00 (HSB)
    Gold Panda(Current Year) 30 g 10,021.00 10,081.00 (BOC)

    Spot now is 1282 = 10007.

  6. #26

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    Does HSB not offer Kangaroos any more?

    I agree those spreads are super sharp - but these deals are not for the long term. And it is not an open market - you have sell back to HSB/BOC.


  7. #27

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    nuggets are kangaroos i think. not alot of difference between them. both from perth.

    its not open, but you are buying something that you can still sell to market at 9807 (based on earlier post), and now you have an option to sell at 10375.. why not stick to this mean with your pretty much free option. Cheapest gold coin i see in the market is around 10500.. so you are not losing anything and you are getting a free option..

    obviously there are inconvenience of needing to go hsb/boc... well, can't win all

    traineeinvestor likes this.

  8. #28

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    Quote Originally Posted by freeier
    nuggets are kangaroos i think.
    No they are different products. Nuggets are not coin shaped, and are not legal tender. A 1 Oz kangaroo has a face value of 100 AUD. You can spend it - should you want to.

    I think you are still thinking about buying your 1st gold coin?

    Hang Seng and BoC are not big coin dealers. I used to visit Hang Seng every time I was in HK and try to buy a few coins from them. More often than not they didn't have any. I would ask them when they would have coins again and they would say they didn't know - it depended on when a customer would walk through the door and sell them one.

    Quote Originally Posted by freeier
    you are getting a free option..
    That option is worth less than you think - because they set the price every day, and there is no future obligation to buy back at a certain price - or even buy back at all. The products they deal in have varied over the years.They used to have krugerrands - this was maybe 5 years ago - and then it was kangaroos, and now it seems it is neither.

    If you brought them a krugerrand now along with a purchase receipt, what would they give your for it? I don't think they would even buy it from you. So think about that - if you have a two year old panda, what price will BoC give you? And after 10 years - very likely you will sell that coin somewhere else. You need to be prepared for that.
    shri and TheBrit like this.

  9. #29

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    Hang Seng should always have coins at the Central branch

  10. #30

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    Quote Originally Posted by Elefant&Castle
    No they are different products. Nuggets are not coin shaped, and are not legal tender. A 1 Oz kangaroo has a face value of 100 AUD. You can spend it - should you want to.
    don't think you are that familiar with the gold coin scene..
    https://www.royalmint.com/invest/bul...ralian-nugget/
    nugget is the inherited name for gold coins minted by perth mint..


    Quote Originally Posted by Elefant&Castle
    Hang Seng and BoC are not big coin dealers. I used to visit Hang Seng every time I was in HK and try to buy a few coins from them. More often than not they didn't have any. I would ask them when they would have coins again and they would say they didn't know - it depended on when a customer would walk through the door and sell them one.

    That option is worth less than you think - because they set the price every day, and there is no future obligation to buy back at a certain price - or even buy back at all. The products they deal in have varied over the years.They used to have krugerrands - this was maybe 5 years ago - and then it was kangaroos, and now it seems it is neither.
    Not sure which HSB you visited. Most people goes to the one in Sheung Wan. Personally i don't go there because i don't like perth mint gold coins..
    Pick a day when gold drop like 30-50USD, and you will see queues in front of BOC/HSB in Sheung wan. So for those days, you go in the afternoon they are going to run out of stock obviously.

    Agree with you they don't stock much, but its expected. Banks don't make much money dealing with gold, see their bid-offer and you can tell. They kept that business because of chinese tradition of buying gold ... But unless we are big bullion trader, i don't see how that impacts us if we are just going to buy 1 or 2 each visit. For bigger size buys i always have choices like SK bullion (singapore) which is run by a few good friends of mine (and they sell cheaper than HSB).

    The option is worth what it is, a super tight spread of maybe 100hkd versus what you will get in the market of 500~700hkd. That is already worth 300-400hkd when you are not giving up anything.

    Your comments is not very logical. I suspect you don't understand the mechanics of trading that well ? Why should one give you an option with a fixed price. The option is on the spread, which is fair.


    Quote Originally Posted by Elefant&Castle

    If you brought them a krugerrand now along with a purchase receipt, what would they give your for it? I don't think they would even buy it from you. So think about that - if you have a two year old panda, what price will BoC give you? And after 10 years - very likely you will sell that coin somewhere else. You need to be prepared for that.
    For HSB I believe they will quote you the current bid for their 1 ounce generic coin.
    I can't remember what BOC will do, now that you mention they might have a rule that only buys back current year panda at the quoted bid if you have a receipt. But for that matter, if you have a 10yo gold panda you can likely get a 10% premium if you sell the coin properly, in some places where aged coins with a locked mintage is priced at premium. If you don't understand that mechanic you can check around.. Or go to this website and read what are posted there.. goldclubasia.com... there is also a market place for gold coins and i think you can easily get spot flat for these old coins. just unfortunately those guys are mostly in singapore.

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