After you have built a collection, it might be time to learn how to sell gold. You probably have multiple questions on the best way to get started. How do you get the best price? What are the dangers to avoid? How can you make it a hassle-free process? When you start learning how to sell gold, we have resources to make the process a little easier.
We can help you identify some key points about how and when to sell your gold, as well as what to look for in a trusted buyer. You’ll also learn about some of the most common gold products and how to calculate the price you can reasonably expect to get.
The Right Time to Sell
Deciding on the right time to sell your gold can be as much a personal decision as it is a financial one.
When looking for the right time to sell in order to get the best return on your investment, it is important to keep up with the spot price of gold and its daily movements.
One reason to sell gold is to liquidate your investment. It could be to close on a house, pay for your kid’s college tuition, or you might just want to splurge on yourself or your family.
Common Reasons People Sell Gold:
- Redistribute investments
- College tuition
- Big purchase, such as a car or a house
- Need cash for an immediate need, such as bills
- Trade into other metals, whether it is bullion or numismatic/semi-numismatic items
Know Your Gold
The first step in learning how to sell gold is to know what type of gold you own. An ounce of .999 fine gold in a numismatic coin such as a Gold Philharmonic could be worth more than the same weight in a standard gold bar. Additionally, vintage coins such as pre-1933 gold can be worth more than gold bullion due to its rarity and historical value. Learn about your gold to get the best prices when you decide to sell. You can also research similar items and how much they have recently sold for on online marketplaces such as eBay.
Bullion Vs Collectible
The first thing to find out is whether you are holding bullion or a collectible product. Gold bullion can be bars produced by private mints or coins produced by a sovereign government, such as the American Eagle series. Collectibles include items such as pre-1933 gold coins, ancient gold, commemorative or special edition bullion coins, and more. Learning which one you are holding is important to get accurate prices when you list your gold for sale.
Sovereign Vs Private Mint
Another thing to look for is whether you have government-backed (sovereign) gold or private mint bullion. Value and buyback prices could be different depending on what you are holding.
Sovereign mints are sometimes referred to as government mints or national mints. Products produced by sovereign mints are made for legal tender in that country. They are backed for purity and weight by the issuing country. Oftentimes, there is face value associated with the product and an official legal tender status.
Private mints that produce gold products do not produce bullion for legal tender. Private mints make products with their own branding or designs, purity and metal content.
Bars Vs Coins
Another characteristic to identify is whether you have bars or coins. Normally the retail purchase price point for coins is higher than bars.
Since the value of gold is measured by weight (troy ounces in the U.S.), the price per ounce might be higher for a gold coin, but the total value held in a bar may be much higher since bars tend to be purchased in larger weights.
Bid Price Vs Ask Price
When you first begin learning how to sell gold, you will hear about the bid price and the ask price. Know the difference between the bid price and the ask price of gold before you sell gold.
Bid Price: The price at which a dealer is willing to buy your product.
Ask Price: The price at which a dealer offers to sell the same product.
Popular Types of Gold to Sell
There are many gold bullion products that can be sold for cash. We have compiled a list that describes some of the most popular gold bullion items. These are just a few examples of types of gold to sell, as there are too many different gold products to list them all here.
Gold American Eagles
The American Eagle coin comes in a variety of denominations, designs and metals. American Eagles coins are produced by the U.S. Mint. Two American icons, the eagle, an unwavering representation of the United States, and Lady Liberty, have appeared on American Eagles since their first minting in 1986. The Gold Eagle takes its design from the 1907 Saint-Gaudens Gold Double Eagle.
Gold Buffalo Coins
The Gold Buffalo coin is based on the 1913 Buffalo Nickel designed by famed sculptor James Earle Fraser. This classic design celebrates Native American tribes and the majestic buffalo. The Gold Buffalo coin was the U.S. Mint’s first 1 oz Gold coin to contain .9999 fine gold and has been popular since its introduction in 2006.
Gold Bars
Gold bars generally match sovereign coins in content and purity but often cost less over gold spot price than gold coins. Legitimate gold bars are stamped with their exact gold weight, fineness, and sometimes a serial number for added security.
Gram Gold Pieces
Grams of gold can be easier to trade and barter with than full troy ounce sizes. Their affordability makes them easier to obtain for a large number of investors. Mints create gold gram pieces as an easy way for both investors to begin or add to a gold collection.
European Gold Coins
European gold coins can be purchased stateside, but collectors may have obtained them while overseas. These are common to soldiers or contractors who were stationed overseas and bought or obtained as a memento. They were used as currency from the 1800s through the 1930s, so many types of European gold have made it into family histories, passed down from generation to generation.
Gold Jewelry
Gold jewelry is often inherited or purchased for its beauty as opposed to buying jewelry as an investment. However, selling gold jewelry is similar to selling other gold products since it will be valued based on its weight and purity. Gold jewelry may also fetch a premium over the item’s melt value.
Choosing Where to Sell Gold
Deciding the best place and method to sell your gold is crucial for a satisfactory transaction. Each selling avenue offers unique benefits and considerations.
Local Outlets
Engaging with local stores and coin shops provides a fast and uncomplicated selling experience, perfect for those seeking an immediate transaction. However, these local outlets may not always offer the most competitive prices, as they aim to profit from the resale. It’s advisable to solicit offers from multiple establishments to ensure you receive a fair deal.
Online Marketplaces
Platforms like eBay connect you with a vast audience, possibly fetching better prices. The drawbacks include platform fees and the heightened risk of fraud. Providing detailed descriptions and high-quality photos can help attract genuine buyers.
Private Buyers
Direct sales to collectors or investors might yield the highest returns by eliminating intermediaries. You might also find someone willing to pay higher prices in order to complete their personal collection. To sell to a private buyer you must establish connections within the gold trading community. Exhibitions, coin shows, and online forums dedicated to gold enthusiasts are ideal venues for networking and initiating these valuable contacts.
Reputable Dealers
Selling gold to a well-established dealer such as APMEX offers convenience and security. Reputable dealers simplify the process by providing online quotes and efficient shipping solutions. This method alleviates the need for direct negotiations, handling buyer queries, and the concern over scams.
Steps to Sell Gold
How to Sell Gold to a Local Outlet
- Locate a Reputable Store: Find stores with a good reputation and positive reviews that have a history of purchasing gold.
- Arrange a Time to Present Your Gold: Schedule a meeting and have your gold and any relevant documentation, such as certifications, ready for evaluation.
- Negotiate Prices: Be ready to discuss the value of your gold, focusing on weight, purity, and market trends.
- Complete the Transaction: After reaching a fair price, finalize the sale with all necessary paperwork and keep records for tax purposes.
How to Sell Gold Online
- Select the Right Platform: Choose a platform known among gold buyers and investors. eBay is ideal for auctioning or direct sales of gold items.
- Create a Detailed Listing: Produce a listing with high-resolution photos and detailed descriptions highlighting your gold’s unique qualities and condition.
- Manage Inquiries and Offers: Engage with potential buyers promptly and professionally, ensuring clear communication.
- Complete the Sale: After finalizing the offer or auction, proceed with a secure, insured shipment and maintain accurate transaction records.
How to Sell Gold to Private Buyers
- Network and Connect: Participate in the gold trading community through exhibitions, forums, and groups, which are especially effective for selling high-quality or unique gold items.
- Showcase Your Gold: Emphasize unique features and the condition of your gold when presenting to potential buyers.
- Finalize the Sale: Negotiate while highlighting your gold’s unique value, completing the sale with all necessary documentation for a transparent transaction.
How to Sell Gold to APMEX
- Contact us: Submit detailed information about your gold, including weight, purity, certifications, and quantity.
- Obtain a Price Quote: Receive a quote based on your gold’s market value and specifics.
- Prepare for Shipping: Securely pack your gold for shipment, ensuring it’s well-protected.
- Expert Verification Process: The dealer’s experts will verify the authenticity and condition of your gold upon receipt.
- Finalize the Transaction: After verification, complete the sale and receive payment, along with documentation detailing the sale.
