Interesting poll on kitco forum

[elfixx]

I started a poll on the kitco gold forum that is direcly related to refining and selling gold that is issued from home refinery. If you are interested heres the link.

https://www.kitcomm.com/showthread.php?t=39683

 

[istari9]

Very interesting, varied responses as well, some have accepted the idea of buying or investing in homemade. I am thinking they would expect to buy at or below spot because of the source. Still it has put the idea before the buying public and gained a response. You do however need spell check; I know I do all the time. :wink:

Ray

 

[qst42know]

And there's the barrier for the hobby refiner the buying public. They would rather pay a premium over spot for a 1 ounce minted coin they know.

Perhaps that is the key. Sell your refined gold to a larger refiner for just under spot and that pays in minted bullion.

If you buy well you can make money but there is no getting around the fact that for you to make money someone else also has to make money as well. The only thing left is working out a reasonable split.

 

[Noxx]

I did a similar post a few months ago and the result answer was No...

 

[qst42know]

Only people who work in gold will recognize it in it's raw state. Jewelers, real jewelers not resellers know their gold. Harold can attest to that. If you can't find an old school jeweler who can use your product you will need to pay someone to convert it to coined bullion for you.

 

[semi-lucid]

How many company's produce minted coins?

I would expect that the quantity you were selling would make a huge difference in your bargaining position. The more gold you have, the closer you could get to spot. If you excepted payment in stamped bullion, you might also do a little better.

 

[qst42know]

Sorry I misspoke. Minted bullion coins come from the government Mints. These sell very well for more than spot.

Recognized, pressed or stamped bullion in a form that the general public can see has not been tampered with is much easier to sell than home cast ingots.

Someone had posted a link to Chinese fake factories turning out tons of phony coins and bullion from all nations. The public has much to be suspicious of.