According to some research, 10.8 percent of the population in America owns gold. If you’re part of that population but want to sell gold, there are a few different ways you can do it.
Thankfully, we came up with the perfect guide to make sure you get the most money from selling your gold.
Keep reading to learn all you need to know to sell gold bullion.
Know The Value Of Gold
Before you sell your gold, you should know what gold bars value. Gold is a commodity, which means that its price fluctuates along with the market.
Any gold bullion that you sell will be based on the price of gold at the moment.
So before you sell your gold, you should know what your gold is worth. If you have outdated prices, it could affect your sale price. When you look at the market price, you should know two different things.
The spot price means that gold is 99.99% pure, which is 24K gold correctly. If you have gold bullion, it’ll most likely be pure gold.
If your gold does happen to have a lower karat, then the price for the gold will be lower as well.
Secondly, you’ll want to know if the seller tacks on a commission from the spot price. This makes it economical for the merchant. This fee might be bigger if you’re selling scrap metal or gold.
However, gold bullion is normally pretty close to the spot price. To know more about the spot price, you can find more information here.
Figure Out How Much Gold You Have
Next, you’ll have to figure out how much gold you have. Then you can take that and apply it to the spot price of gold.
The value of the gold bullion should be very transparent, and you can just weigh it yourself. You can weigh it on a regular kitchen scale. Once you know the weight, you can use the gold price calculator to figure out what your gold might be worth.
The weight times the value of the equation is the best way to figure out how much you’ll get for gold bars. If you’re selling minted gold coins, you should check the price of gold coins.
Then, you can take the value of the coins and multiply it by how many you have.
Keep in mind that the buying price might not be close to the selling price for coins. People who buy coins won’t pay a price that is close to what they actually are.
Know The Selling Process
It also helps if you know the selling process so that you don’t get ripped off. If you are selling a lot of bullion, you might want to find good online dealers. These dealers will like to give you the highest price possible and also have the lowest risk associated with it.
If you’re selling a small portion of bullion, you might want to find a local dealer in a city center. This can give you the speed of payment and also enjoy the lack of shipping fees.
If you’re going to sell online, then you’ll normally have a phone consultation and give explicit descriptions of what products you’re going to sell. Most of them will be able to give you an immediate price just on the phone.
If you’re going to sell to a local dealer, then you’ll take your gold in and they will evaluate it. They will give you their bid, and you’ll decide if you want to sell it or not.
Find The Right Time To Sell
Since the price of gold will fluctuate, you’ll need to find the right time to sell your gold. However, sometimes this can be a more personal decision rather than a financial one.
If you’re going to be investing in these metals, you’ll want to make sure that you sell them at the right time. You should save the website of the gold prices to keep up with the daily movements and see when the best time to sell is.
If you’ve inherited the gold or come across it, you may not be as worried about getting the most money out of it. However, you should ask yourself if you’re ready to let go of something sentimental.
Most people sell their gold because they want to liquidate their investment. They might need it to pay for college tuition, buy a home, or even just splurge on a vacation.
Find A Gold Dealer
Now that you’ve found a time to sell your gold, you should start looking for a good gold dealer as well.
You’ll want to find a shop that will specialize in dealing with precious metals. Try to find someone who has a long history in the community who lists the sell and buy prices.
If they don’t, they may be trying to scam you or take advantage of you.
For example, you could take your bullion to a coin dealer, but they may not give you as good of a deal as a bullion specialist, so that’s another thing to keep in mind.
Learn More About How To Sell Gold Bullion Bars
These are only a few things to know about how to sell gold bullion bars, but there are many more factors to consider.
We know that making financial investments can be stressful and overwhelming at times, but we’re here to help walk you through it. When in doubt, make sure that you contact a financial advisor.
If you’re interested in this article, explore our website to find even more great financial-related topics.
