With gold prices so low, this is not a good time to be selling your gold. Indeed, you should be buying. But here at coininvest.com we appreciate some investors new to the precious metals market may have some reservation about how you will be able to sell your gold once the time comes to cash in.
Selling gold personally
The most profitable way to sell gold is to find a buyer you know, a friend, neighbor or relative for example. Although using this method will get you your best interest in return, there is an element of danger telling people in your neighbourhood that you have a precious commodity for sale as it could invite the wrong type of people to go snooping around your home uninvited. If you do sell gold privately, be careful who you speak with. Alternatively you can sell your gold on eBay and let the bidding wars begin.
High-street gold vendors
In contrast, selling your gold to high-street retailers that accept all types of gold is the least profitable, but is the easiest. Pawn shops have overheads like any other business and want to make as much profit on an item as possible. It may be that the owner of the shop is not even an expert in precious metals and does not even know how to calculate the correct price. High-street “we buy gold” shops will not usually pay more than 60 per cent of the true value.
Selling gold online
A quick search on Google will pull up dozens of gold retailers that are willing to buy your gold, sometimes even if it is damaged although this will reduce the price. Online retailers that purchase gold have a calculator you can use to determine how much the buyer is willing to pay. It doesn´t necessarily mean that is how much your gold is worth so before selling your gold it is a good idea to know how much you should be able to expect for it.
When you are selling gold online or through ecommerce platforms such as eBay, don´t forget to factor the cost of postage in to your overall costs otherwise you could lose out depending on the amount of gold you are shipping. To receive payment you will also need to register your contact details and bank account number.
If you do have gold to sell, educate yourself first before selling. Essentially you need to have a ballpark figure for how much you should be able to expect to receive for your gold. Take a look at our article “How to Calculate Scrap Metal Prices” for advice. You can also visit coininvest.com to find out how much they value your gold.