After you buy gold and silver and safely store your bullion, you might be wondering what’s next? Whether you’re seasoned or a beginner, you should have a good idea of how to sell gold and silver. Currently, it could be a good idea to hold onto the bullion you have during the coronavirus and economic crises. But, it is always practical to look ahead. If you invest in bullion, it is crucial to understand how to sell gold and silver in the safest, most lucrative way possible. As with any investment, be strategic when buying and selling gold and silver.
Step One: What Do You Want to Sell?
The first thing you should know is what you plan to sell. If you have jewelry, scrap metal, coins, bars, and/or rounds, determine what you want to sell first in case you need to liquidate. There could be many reasons for selling gold and silver. These reasons might be that it's simply time to downsize your collection, clean out your jewelry, or if you exhausted all other options and you need cash for an emergency. It is highly recommended that you don’t sell precious metals during any emergency. This is because you don’t want to ruin your collection or settle for a bad resell price. You should always plan to get the best deal possible in case you decide to liquidate. Part of that plan is understanding how much your item goes for, and where to go for the best price.
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Step Two: How to Sell Gold and Silver
Now that you know what you’d like to sell, you should understand how to price your bullion. There are multiple factors that play into the value of any precious metal bullion. Once you know the purity and weight of your product, you can determine its base price. Find this by multiplying the weight of what you want to sell in troy ounces by the current spot price. However, keep in mind that this does not account for other valuable factors. These factors can include the mint or refinery, mintage, condition/grade, and premium. These extra factors may improve or detract from the resell value and how quickly you can liquidate. Furthermore, the type of product plays a huge factor in its resell value.
Of the three main forms of bullion (coins, bars, and rounds), coins tend to be the easiest to sell. This is because sovereign coins are recognizable and are legal tender. On top of that, the coin market is extremely active, so finding a buyer is not very difficult at all.
However, this does not mean that bars and rounds are not worthy investments too. Any bullion can be easily sold, particularly when it's in great condition and is from a recognizable name. Brand name, mintage, and condition all play huge factors in the price of your bullion. Bars can have particularly high resale value when stored properly and kept in good condition.
Jewelry and scrap metal, on the other hand, can be very difficult to get a good resell deal. This is because the metal is often worn and not as high a purity as numismatic coins and bullion bars. Pawnshops might be a better bet to go with jewelry. This is because bullion retailers could subtract the cost of refining the product when you're selling to them. But, don’t be afraid to ask for quotes! You might be pleasantly surprised.
Lastly, keep in mind that if you are selling a lot at once and a retailer or dealer is in short supply of something you have, you might be able to fetch a higher premium price upfront. Also, providing any and all documentation of your purchased items will help you quickly sell gold and silver because your bullion can be easily authenticated.
Step Three: Where to Sell Gold and Silver
Once you consider all these factors and you decide to sell your gold and silver, remember that location is key. If you have a large haul to sell, it is strongly recommended that you do not go to a pawnshop. This is because security is often minimal, and pawnshops do not always have all the information on the value of numismatic and bullion items. You are better off going to an accredited gold retailer, reseller, and/or recycler in person. Although, if you prefer pawnshops, don’t be afraid to inquire in a few stores for quotes.
Some stores you should seriously consider stopping by are local coin dealers or any reputable company with a brick-and-mortar location near you. More often than not, you will get a better price dealing with companies such as these than a pawnshop. This is because these companies are specialized in the bullion and numismatic business.
You might find that the best way to sell could be to go to a trusted brick-and-mortar store. This may include local coin shops if you have one in your area, and you can search for a local dealer right here. Keep in mind that if you go to a physical location, you can receive an offer on the same day for the gold and silver you are selling. If you are in, near, or around NYC, Bullion Exchanges has a store you can visit to sell your merchandise.
How to Sell Gold and Silver Online
Alternatively, if you want to deal with a coin and precious metal retailer directly, there might not be a local shop in your area that you can visit. However, many reputable retailers offer you the opportunity to sell your gold and silver online. This requires shipping your items to the company and discussing your bullion over the phone. You will most likely have to pay for shipping, so factor this into your investment by subtracting the shipping cost from the money you expect to get in return. Bullion Exchanges also offers you the opportunity to sell your gold and silver online at competitive prices by shipping it to us with a very simple step-by-step process.
Next, some people prefer to sell online on eBay. If you go this route, keep in mind that it can be extremely difficult to sell your gold and silver alone online. Many seasoned collectors and investors are wary of counterfeits, and it is very easy to purchase a false item on the open marketplace. It’s not impossible, but you might not be able to quickly resell your product for a good price this way. Many will take advantage of a novice coin and bullion collector trying to sell online. So again, understand the value of your bullion and don’t settle for anything less than what you calculated is the lowest possible price.
Selling Bullion From Vault Storage
If you store bullion in a vault, it could be simpler for you to sell through the vault in the US. This requires no shipping charges if the dealer you are selling to also has storage with the same company. Most often, the manager of the vault will simply have to transfer the title. This is a quick and easy way to sell gold and silver, but always be sure to understand how your company stores and helps you transfer titles.
To sum up…
All in all, every way you sell gold and silver has advantages and drawbacks.
Local coin shops and pawnshops might haggle and try to give you lower than your lowest buyback price. While it is quick to sell at a local shop, often with same-day deals, local shops might not always offer you the best deal.
Selling online might grant you more access to dealers, but it may come with service charges. This is particularly the case if you back out of the deal and decide that you want your items back. Additionally, you also have to wait for the products to be delivered and go through negotiations over the phone.
Finally, reputable dealers might not have physical stores you can easily visit. Keep in mind though that they tend to offer you the best deals when selling your bullion.
Whatever way you choose to sell your gold and silver, be sure that you are working with a reputable dealer, have an idea of the resell value, and if it is worth your time and money to sell online or travel to a store. Do not make the decision to sell your bullion lightly. Always have a plan with any investment, including physical bullion.