When selling gold bullion whether in person or online, there are some things that an investor needs to know. One thing you should know before you sell gold bullion is gold’s spot price. By knowing the spot price, you will know if you are getting a fair price for your gold bullion or not. Knowing the spot price can give you an idea on how much profit you can make before selling. Gold bullion differs from numismatic gold coins and tends to have more influence by gold’s spot price. Usually when it comes time to sell gold bullion or silver Bullion,you should be selling it for a little less than the spot price of gold based on the bar or coin.
Anybody with gold bullion faces the issue of where is the best place for you to sell them and how to get the closet price to the spot price. Make sure you look a dealer offering the closet price to spot and more importantly- make sure you get paid! So, let us arm you with certain information:
You have to know the weighs of gold bullion bar – this is shown on the surface. If you have small bars or coin, it will be in troy ounces, and larger ingots marked in kilos.
Next, go online or to your newspaper and check the price in the Spot market. So easy- you have a rough idea of what the coin or bar is worth..However, here ends the good news for you.
Who do you want to sell your gold or silver bullion to? Pawn broker? A jeweller? One of those “Money for gold” places? I suggest you do not do any of that thing.
It is recommended that you find yourself a local gold dealing shop or bullion dealer. Make sure they display pricing live with world market spot prices and show the spreads between buying and selling.
The difference between the price that a dealer will purchase for- and even what you the dealer sells for is what’s called the “spread.” This spread covers the dealersoperational overheads and profit. And how big is this? For bullion dealers, it’s about 5 – 7% depending on the size of the bar. And for those “money for gold ” firms can be nearly 20%.
Let me give you a suggestion: Rather than offering you gold bullion or silver bullion to a dealer you can maximize your return by finding another person to sell to. Somebody who is expecting to pay the full price. You can offer them a slight discount to what the bullion dealer is selling the gold for. Instead of that dealer who is searching for the wholesale price from you.
Unfortunately, platforms such as Ebay this method does not work due to excessive Ebay fee’s. While you might find someone willing to buy your gold bullion at the same price as the dealer, Ebay may charge up to 10% to complete the transaction.
So your best option would be to find someone word of mouth or sell straight to the dealer and get paid instantly.
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