Where to buy/sell physical gold?

I sold my 20 coins to JMBullion (thanks a lot, X3ndul!). I had eight Eagles, nine Leafs, and three Krugerrands. Their offer was about $600 higher in total compared to Apmex, or about $30 more per coin. This was with the spot price around $2,310. The package is on its way, and I’ll try to update once the payment shows up in my account.

I have to say, I preferred Apmex’s customer service, but that extra $600 really made a difference for me. I’m really grateful for all the help in this thread.
 
A few years back, I decided to sell some gold coins I had stored in a safe deposit box. I live in the northwest suburbs of Chicago, so I checked out a few local coin shops. The best deal I got was from the shop in Morton Grove on Waukegan Rd. The owner was really friendly and seemed trustworthy. On the other hand, the worst offer came from a shop in Glenview on Glenview Road, where the owner gave off a vibe that made me feel like he wasn’t someone I’d want to do business with.
 
Crindle4 said:
I sold my 20 coins to JMBullion (thanks a lot, X3ndul!). I had eight Eagles, nine Leafs, and three Krugerrands. Their offer was about $600 higher in total compared to Apmex, or about $30 more per coin. This was with the spot price around $2,310. The package is on its way, and I’ll try to update once the payment shows up in my account.

I have to say, I preferred Apmex’s customer service, but that extra $600 really made a difference for me. I’m really grateful for all the help in this thread.
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The money from my sale on Tuesday through JMBullion arrived in my Chase account overnight, so it took about 3 and a half days from when I dropped off the package at FedEx. I'm really impressed. I’m already moving the funds to Fidelity to reinvest on Monday. Big thanks to X3ndul and everyone else who helped in this thread.
 
When selling gold, how do different gold buyers handle reporting capital gains? Or do they just keep a record of the sale and the seller’s details, leaving the responsibility of reporting the capital gains to the seller?
 
Crizzle7X said:
Last year, I sold some silver and gold bars and coins for my cousin. The local shop offered about 60% of spot price, so I decided to go with JM Bullion online, and it went smoothly. They paid a bit over spot for almost everything, and returned a few silver coins they tested as "not authentic." I was really hesitant to do this online, so I broke it up into several smaller transactions. Everything was well communicated, transparent, and fair. I’d definitely use them again if I wanted to buy or sell precious metals.

I really wanted to do this locally but just couldn’t find any place near me that was even close to offering a fair price.
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I’ve been working with JM Bullion for almost ten years, and it’s always been a positive experience. One time, I made a huge mistake with an online order, and they straightened everything out with just one phone call in about ten minutes. If you decide to sell, be careful—right now, with precious metals priced as they are, I wouldn’t recommend selling gold or silver for less than the current spot price. Physical metals are currently fetching high premiums.
 
Gold and silver bullion sales are usually reported on a 1099-B form for individuals. However, sales of less than 1 kilo of gold (about 32 troy ounces) or less than 1,000 troy ounces of silver don’t need to be reported. When I’ve sold small amounts of gold or silver at a local shop I frequent, they’ve never even asked for my ID, and they always pay in cash.
 
Try asking around at local jewelry shops. I sold three 1oz gold coins this year, and the good news is, I didn't receive a 1099 form.
 
Weltor! said:
When selling gold, how do different gold buyers handle reporting capital gains? Or do they just keep a record of the sale and the seller’s details, leaving the responsibility of reporting the capital gains to the seller?
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Yeah, it’s even more complicated than non-covered shares at a brokerage. With a brokerage, they report the sale, and it’s your responsibility to figure out the cost basis and capital gains when filing taxes. But with gold, they usually don’t provide any forms or report the sale, so you’re essentially on your own when it comes to taxes. For larger transactions, you might get a 1099-B, but there are some exceptions, and you can keep your sale under the reporting threshold if you don’t want that form.

When I’ve sold online, they don’t ask for a driver’s license. They just need your name, address, and maybe bank details, but they’ll confirm the coins’ authenticity before sending payment. Local coin shops, however, typically copy your driver’s license. I’m not sure if it’s a state requirement, but it’s happened in several states. I think it’s to protect them in case the coins are counterfeit or stolen, so they can trace the sale back to you. They’ve never asked for a Social Security number, though.
 
If you have historical coins, it’s important to market them as such rather than just gold, as you’ll likely get a much better price. The amount you’ll get for your gold really depends on whether you can prove its content. For example, gold jewelry tends to sell for much lower prices because there’s no way to verify its purity. Gold coins in a sealed pack might fetch a slightly better price since they offer some proof, but that’s still not a guarantee.

To get close to spot price, you’d need to have the gold tested while selling it. However, for small amounts, the cost of testing can eat into your profits.

Most of my experience with gold comes from institutional settings, so I might not be aware of all the options available for individuals.
 
Crulb0r said:
If you have historical coins, it’s important to market them as such rather than just gold, as you’ll likely get a much better price. The amount you’ll get for your gold really depends on whether you can prove its content. For example, gold jewelry tends to sell for much lower prices because there’s no way to verify its purity. Gold coins in a sealed pack might fetch a slightly better price since they offer some proof, but that’s still not a guarantee.

To get close to spot price, you’d need to have the gold tested while selling it. However, for small amounts, the cost of testing can eat into your profits.

Most of my experience with gold comes from institutional settings, so I might not be aware of all the options available for individuals.
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Does this apply to coins like the American Gold Eagle?
 
Himtor_13 said:
Does this apply to coins like the American Gold Eagle?
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You bring up a great point that I completely overlooked. American Gold Eagle coins would likely sell for a great price, probably close to spot, because they already prove their content. They're standardized, easy to trade, and have high-quality designs that are hard to copy. Plus, buyers can easily verify their authenticity with standard tests. This makes them one of the few cases where individual investors can own physical gold without too much trouble. Thanks for bringing that up!
 
It's not just Gold Eagles—coins from reputable mints all have known weights, purity, and sizes. Many even have a distinct "ping" sound that a phone app can analyze to check if the coin is genuine. Buyers typically feel more confident buying coins than bars. However, fakes exist for everything—raw coins, slabbed coins, bars, and even bars in assay plastic. That's why buyers often check the packaging and use XRF machines to confirm the gold content and purity.

I personally avoid US commemorative coins because many buyers don't understand them. They’re similar to older US gold and silver coins from the 1930s and earlier. These coins have unusual weights and a purity of 90%. For example, a $10 commemorative gold coin weighs just under half an ounce of gold, while a $10 Gold Eagle contains a quarter ounce of gold. If someone offers you the price for a $10 Eagle for a commemorative coin, you’re getting ripped off.
 
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