Selling gold and silver can be profitable, but you must take precautions and understand several crucial elements before getting started. At Gold IRA Guide, we’ve created a comprehensive walkthrough so you can feel comfortable selling your gold and silver.
Tips for Selling Gold and Silver
Prepare To Sell Your Gold or Silver
Whether you are a collector, someone who has received an inheritance, been gifted precious metals, or simply have a selection of old jewelry, you need to know the basics in order to sell your collection for its present value. Once you get the hang of it, the process is simple. It boils down to finding the right partner, selling at the right time, knowing the industry basics, and the current price of gold and current price of silver.
Finding Buyers When Selling Gold and Silver
Is the buyer trustworthy?
The trustworthiness of your potential buyer is vital. A buyer should offer reasonable rates given present market values. They should also be willing to sell your metals back to you later. To gain confidence, find a buyer of good repute who is trusted among sellers. You will want to discover three important aspects about your buyer:
- Experience and understanding in the industry. What are their credentials? You can research prospective buyers by checking for verifiable business premises, a current (positive) rating with the Better Business Bureau, or a license to sell and buy gold.
- Lack of complaints made by previous sellers. How long have they been in business? Look for companies that have been serving their community for 5 or more years.
- Presence of added fees, seller costs, and in the case of online gold dealers – any additional shipping costs.
Buyers who lack these credentials likely lack the experience you seek.
Where to Sell Your Gold Or Silver
There are two popular options for selling your gold or silver at Local Shops or Online Dealers.
Local Shops That Buy And Sell Gold
Your local jeweler or coin shop rates high on this list because they tend to give fair prices for coins and bullion while still paying you immediately upon the completion of the sale. Dealers and auctions may pay more, but local coin shops tend to be fair without waiting very long for recompense.
Coin shows are another excellent choice for numismatic coins. Many different dealers are available at these events to assess your coins all in one visit. This dealer variety means that you have a good chance to receive the highest price.
Online Dealers That Buy and Sell Gold
Online auctions and dealers are the third option. Several online coin buyers are reputable and willing to purchase bullion and numismatic coins worldwide. Their rates for silver and gold are arguably the best, but such dealers tend to set a minimum amount in dollars before considering the purchase of your coins.
You must also ship your coins, paying this cost, and then await the arrival of your payment. One advantage of online dealers is the relief of not engaging with the tactics of coin shops and pawn shops that are high in pressure, but sometimes there is no substitute for talking to a real person.
Know What You’re Selling: Gold and Silver Categories
Having found a buyer, you need to understand what you own so you can present your collection for sale. You must know what gold types are accepted by the buyer. Your buyer will typically need knowledge of what gold and silver you hold. You will usually have gold and silver in these categories; Jewelry, Coins, Bars and Bullion, Private Mint or Sovereign Currency.
Gold and Silver Jewelry:
Made from silver, sterling, or gold, jewelry is a very common item sold in the precious metals market. Tip: Review your jewelry with experts before selling just for the weight of the metal. Vintage brooches, rings, and necklaces – or those made by a famous designer – can be worth more than the small amount of metal they are made with.
Gold and Silver Coins:
Sometimes vintage and collectible, sometimes pure bullion. Tip: Make sure to assess their value independently of the precious metals at a coin show or with a reputable coin dealer before selling for their weight!
Gold and Silver Bullion in Bars, Coins or Ingots:
These items will often be the highest form of purity. This tends to make it the easiest to sell, especially if it has a well documented history or mark.
Private Mint or Sovereign Currency:
Sovereign currency is legal tender that has been minted by a country’s mint. For example, if you can invest in gold from the Royal Mint. In contrast, Private Bullion is minted by a private company.
Understanding what you have is paramount as you sell your silver and gold. You can use our Gold Calculator to get an idea of how much your pieces might be worth. As you increase your understanding you will increase your confidence. Those are all factors that will help to determine the price you will receive overall and the price according to the ounce.
Methods of Payment When Selling Gold Or Silver
One critical query you must consider when selling your gold or silver is the means of payment once your transaction is complete. Are you in a hurry to liquidate, and looking for payment at once? Are you willing to wait for more profitable circumstances that will permit you to realize a greater premium on your bars or coins?
Make sure you understand exactly how your payout will be calculated, including fees, and the timeline of when you will receive that payment.
Your urgency when selling gold and silver can also impact your choice of buyer. While a pawnshop may give you an immediate payment, you will receive a lesser price than utilizing an auction or more reputable shop. Auctions may take more time to deliver your money, but you usually end up with greater gains when selling your gold and silver this way.
Buy or Sell Gold and Silver The Right Way
The factors above are vital to your success. It is necessary to know who your buyer is, what your product is, how urgently you wish to sell your product, and where to sell it. Ultimately, the best place to sell your silver and gold is the one that matches your needs at the time you’re ready to sell your precious metals.
If you do decide to buy or sell precious metals, make sure you do it right. To lower your tax liability and maximize your earnings, make sure you buy and hold your precious metals in a tax-advantaged Gold IRA account.