Gold bullion is one of the oldest forms of currencies known to man. It has always been a great way to maintain one’s wealth and power. But there comes a time when you may have to sell that investment either to make a profit or out of necessity. So how do you go about doing just that? Well there are several ways that you can sell gold bullion safely and easily – it just depends on how much you have and what type you own. Gold bars for example can be sold to a different dealer than say a collection of gold coins.
What type of gold do you own?
The first thing that you have to do is figure out what kind of gold you own. There are many different ways that you can invest in gold but the most common are gold bars, gold coins, certificates of ownership, and ETF’s. You need to know which type because different kinds of gold are sold to different kinds of dealers.
Selling Gold Bars
Physical gold bullion, like gold bars, is probably the simplest to sell. This kind of gold can either be held directly by you (in a safe for example) or indirectly (i.e.in a bank vault or safety deposit box) via a certificate of ownership.
Selling gold bars that you own directly will be easiest if you use a local dealer. This is because of their weight and the cost associated with shipping them. Even a single bar can cost you quite a bit to ship when you consider insurance. Just make sure that you find a reputable dealer that will pay you close to the full current spot price of gold. Gold bullion is always stamped with its purity (usually .995 or .999) so it is easy to figure out how much it is worth on your own.
Indirectly owned gold, on the other hand, can be sold much easier because you don’t have to move the gold anywhere. Usually you just have to transfer ownership to the buyer through the holder. Call up your holder and ask them what their selling policies are and what if any fees there are before you find a buyer though.
Selling Gold Coins
Gold coins are a particularly nice way to invest in a small amount of gold. They carry all the benefits of owning physical gold bullion but without the large investment of gold bars. Most gold coins are fairly easy to sell if they have no other value than their gold content. You simply need to find a gold bullion dealer locally or online. You can even find some dealers that only buy coins. If you’re thinking of selling to a gold coin dealer check and make sure that they are a member of the American Numismatic Association. They are a reputable organization that you can almost always trust.
Rare coins can be a bit trickier to sell but they can have some huge payouts. You can usually sell these rare coins to private collectors and even some gold coin dealers. Online auctions can also be particularly effective when you have a rare coin that people desire. I would stay away from eBay though unless you know what you’re doing and can find a legitimate buyer.
Selling gold ETFs
ETFs are a great way to invest in the value of gold without having to deal with any of the problems associated with physical ownership of gold. In that way they are like gold certificates but they differ because they are tradable like stocks and have many of their benefits. They are low cost and tax efficient and are almost like having a mini portfolio all in itself. They are a fairly low risk investment with a solid ROI. And the great thing about ETFs is that you can trade them just like any other stocks whenever you decide to sell.
As you can see there are many different places to sell your gold bullion. You just have to be careful about who you deal with and do your due diligence. Always make sure to know the true value of your gold before you try to sell to anyone. Follow these few simple tips and you won’t have to worry about getting ripped off by the many unscrupulous types out there.
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The easiest way to sell it is at your local jewellery shop. They will melt the coin to inspect it for purity.