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Author Topic: How would you recommend exchanging gold for BTC?  (Read 1031 times)
tyler72 (OP)
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June 14, 2012, 03:41:37 PM
 #1

I've got a 5g Credit Suisse gold bullion bar that I'd like to exchange for BTC.  They retail for about ~$350-400.  Problem is I've got no rep on this board or any other place and also I've never handled a transaction this big.  I'm wondering how you'd all recommend I go about trying to do the exchange.

Here are the options I've thought about so far:

  • Selling for cash at pawn shop, then purchasing BTC through MtGox.  I'm willing to pay the fees (relieves me of having to worry about escrow etc.), but I'm wary of lowball offers by the pawn shop.  Anyone had experience selling gold before at a pawnbroker?  If they are expecting 40%-60% of market value then I'd pass.
  • Selling it on btc-otc.  Problem is that I have no rep + I'm worried about getting stolen coins (maybe doesn't really matter since its irreversible?) + I'm not sure how much precaution I'd need to take w/regards to escrow etc.
  • In person.  Problem is I'm not in a major city.
  • Posting on "Goods".  Problem is I have no rep

Anyone have any ideas?  How would you go about doing this?
SaintFlow
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June 14, 2012, 04:48:56 PM
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Welcome.

Small time gold investor wanting to "cash out"?

Ask the people of http://coinabul.com/ if they also buy gold. It is there buisness to sell it for bitcoin. Perhaps they can held.
I guess there you send your gold first because they have the reputation to pay you. Otherwise document your sending here.

Alternatively you can wait for someone here to offer you a "deal". However then you should also place an offer in the marketplace section
of this forum.

Otherwise you have to find the places in the internet where you can trade for your currency and then buy coins.


don't let me make you question your assumptions
EnergyVampire
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June 14, 2012, 06:31:24 PM
 #3

http://coinabul.com/index.php/coinabul-buys-your-gold-silver-and-platinum-for-bitcoin-sell-your-precious-metal-back-to-coinabul-for-bitcoin.html

tyler72 (OP)
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June 15, 2012, 01:09:58 AM
 #4

Just spoke with the staff at coinabul.  Thanks for your recommendation
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