Cashing gold bars

[shack]

I have a couple of 1 ounce Johnson Mathe gold bars and wouldn't mind cashing them in. Does anybody know where would be the best place in Toronto to do this in terms of minimal red tape and getting a good price.

I think gold closed today a few dollars over $1,300 U.S. (approx. $1,725 Cdn.) What could I reasonably expect to get once they take their cut?

 

[Eagleeyes]

Don't go to cash for gold places in malls.Check out Express Gold Refinery. In the Yonge Dundas area. Or any other gold refinery.

 

[bordeaux]

Try the Bank of Nova Scotia. I'm not up to date, but they used to do a lot of gold trading. I expect you will have to go to the main branch on King St.

 

[anon1]

Any Chinese or Indian jewelry store.

 

[Big Sleazy]

Kitco or a reputable dealer. Scotia just sold off the Mocatta division after over 200 years. And why would you sell now when Gold is starting to move higher ?

 

[bluecolt]

I had a heavy gold bar that weighed down my safety deposit box for years until I decided to sell it. It was an Englehard bar that was quite old, since it was a .997 instead of the present day customary .999 purity. As a gold bar, it was yellow, not gold and had a rough texture, since it was not polished. I took it over to the Bank of Nova Scotia, who wanted to charge me $40 for the Brinks, $75 for the assay and a commission. Ripoff. I then ran it over to the CIBC where they wanted to charge me $50 for both transportation (Brinks) and the assay. They sold it for me. This was over thirty years ago when gold was about $400. I still made a net profit. It took only a few days to sell the bar.To me, the CIBC provided me with considerate and prompt service. The clown at Scotiabank was a snide sarcastic son of a bitch that wanted to scalp me for fees.

 

[shack]

Kitco or a reputable dealer. Scotia just sold off the Mocatta division after over 200 years. And why would you sell now when Gold is starting to move higher ?

Thanks for the feedback. This is not urgent. Just doing some research.

Predictions on a peak price?

 

[K Douglas]

Harold the Jewelry Buyer or Russell Oliver

 

[legmann]

I have a couple of 1 ounce Johnson Mathe gold bars and wouldn't mind cashing them in.

I had a heavy gold bar that weighed down my safety deposit box for years until I decided to sell it. It was an Englehard bar that was quite old, since it was a .997 instead of the present day customary .999 purity.

Unless you are dealing in volume (either as a buyer or seller), you are always going to face a premium on any exchange. (Recall that the spot price is just that; the retail buyer always pays a steep premium above spot when buying, and receives well below when selling.)

Bullion by recognized refiners/assayers (Johnson Matthey, Valcambi, Engelhard, RCM) will always command a greater price than non-recognized. (Standard has long been .9999, not .999).


Bring to a refinery or reputable bullion dealer only (Kitco, CNC Gold Refinery). In the past, I have used Cache Metals (215 Davenport).

 

[shack]

Harold the Jewelry Buyer or Russell Oliver

Thanks, but I wouldn't trust those guys to give me anything close to fair.

Would you trust those guys?

 

[Big Sleazy]

Thanks for the feedback. This is not urgent. Just doing some research.

Predictions on a peak price?

Nobody can predict this price. When the system crashes like it did during the Lehman crisis in 2008/2009. The solution by TPTB was to print Trillions of dollars to hide the crimes committed by the big Investment Banks in collusion with Western Governments. When it crashes the uber wealthy will have already moved their assets to Switzerland or offshore tax havens. The taxpayer and the rest of us pleb's will be left holding the bag. Hold onto your Gold. Get rid of your debt. When TSHTF, liquidity will dry up and Banks will close. This is written into Law by all Governments that have a Central Bank. They state that in the wake of the next Financial crisis, all SIFI ( significantly important financial institutions ) will be " Bailed IN " with your money from a savings or chequing account. You will become an un-secured creditor of the Bank. When a liquidation occurs, the Banks " derivatives " will be bailed out before the Banks creditors.

Good luck.

 

[legmann]

And why would you sell now when Gold is starting to move higher?

Metals (as a safe haven) peaked over the course of the recession, with bond yields at historic lows. Rates have been rising steadily since (as have major stock indices); nothing suggests that metals are primed to rally - none of the same structural factors that led metals to rise then are present now.

 

[Frankfooter]

Sell your gold and buy lego.
Apparently its a better investment.
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3291456

 

[malata]

And why would you sell now when Gold is starting to move higher ?

yepper, indeed it is. Several conditions in the works that may make me buy a gold filling

 

[Zaibetter]

Thanks, but I wouldn't trust those guys to give me anything close to fair.

Would you trust those guys?

Actually my buddy went to several of these guys and Russell Oliver gave him the best price....

 

[boy1]

Actually my buddy went to several of these guys and Russell Oliver gave him the best price....

I’m sorry but that is the funniest thing I have heard in a long time . I went to Oliver once and he was the rudest person ever. And his son is even worse. They don’t know how to treat people with respect. But if you don’t believe me , then please go to Oliver and you will see that what I’m saying is true. There are so many better places

 

[bluecolt]

Unless you are dealing in volume (either as a buyer or seller), you are always going to face a premium on any exchange. (Recall that the spot price is just that; the retail buyer always pays a steep premium above spot when buying, and receives well below when selling.)

Bullion by recognized refiners/assayers (Johnson Matthey, Valcambi, Engelhard, RCM) will always command a greater price than non-recognized. (Standard has long been .9999, not .999).


Bring to a refinery or reputable bullion dealer only (Kitco, CNC Gold Refinery). In the past, I have used Cache Metals (215 Davenport).

There are only a few refiners that can produce gold as fine as .9999, which has very few impurities. Canada has refiners that can do so. Some countries, including Switzerland and some other Euro entities, have refiners that can achieve only .999, or in some other places .9995. My old Englehard bar was .997 which the banker termed a "very old bar." Also the difference in price was considerable. At the spot price of roughly $400 per Troy ounce (heavier than a regular ounce), it was worth only $398.80. This was considerable over twenty ounces of gold which was $7976, a discount of $24. Add to that an assay cost of $50-$100 and a Brinks charge of $75 and possibly a commission and that really discounts the sale of the bar. The banker recommended gold coins instead.

 

[Rob]

Try Cash Company in Brampton.

I used them a few times as pawn shop but they buy gold as well. Very nice and professional people.

 

[The "Bone" Ranger]

India town on Gerrard Street - there are a few jewellers, shop around as they are all sleazeballs.

 

[trucker269]

canadianpmx.com.....Canadas precious metals exchange....they will pay 65 cents under spot price to buy