There might come a time when instead of collecting gold or silver bullion, you might want to sell it. A mortgage, college fund, new car, or literally any other expense – bullion is a great way to make sure money will always be there whenever you need it. However, between possessing bullion and money, there is the selling part.
How and where to sell your gold or silver bullion? How to choose the best place to do it? What to pay attention to? In this article, we will give you an answer to these questions!
Stay on top of the news
The world of gold and silver bullion is a quite dynamic one. In order to get the best price for your coins or bars when selling, you need to stay on top of the most recent developments in the field. We recommend you to regularly visit Numismatic News – it’s a reliable weekly magazine on everything bullion-oriented with a specific focus on the US. They’ve been in the game since 1952 – it’s hard to find a more trusted source of information in this field!
Ebay is a very popular online marketplace where you can buy and sell almost anything. That, of course, includes gold and silver bullion!
When it comes to Ebay, it’s much less regulated in terms of prices per coin/bar/piece of precious metal, which can both act to your advantage and disadvantage. You may be able to sell coins at prices higher than the average at a given moment, which is amazing news. However, lack of strict regulations allows for fraudsters to flourish. There has been numerous instances of people paying with invalid checks and then disappearing with someone else’s gold or silver bullion.
What is more, getting someone to buy your bullion off Ebay can be a lengthy and not always a certain process. To sum up, selling bullion on Ebay can either be a very rewarding or nerve-inducing experience. While we recommend it, we also strongly advise to double, or even triple check everything!
Compared to Ebay, an online dealer is an extremely reliable way to sell your gold or silver. It’s usually a specialized service dedicated to providing a safe place to turn your bullion into cash. While you shouldn’t expect the prices to fluctuate as much as on Ebay, you can be sure that you will receive fair money for your coins or bars.
When choosing online dealerships to sell your gold or silver bullion at, make sure you do your research first. Don’t just go for the first one that pops up in your Google results. Take some effort and time to read through their Terms and Conditions and return policies. Have a look at their prices and any operational costs. Most importantly, go through their reviews, credentials and certificates – that’s truly how you can separate a good dealership from the bad ones. It might take a while for you to go through several different dealers and their offers, however, it will allow to to pick the best one and make the most out of your bullion.
When it comes to online dealers, you will have to send them your bullion by mail. We understand that this can be nerve-racking – you can check out our article on preparing your gold or silver for postage here [hyperlink to the article: How to sell gold online? Is it safe?].
Selling your bullion at your local coin shop is the quickest method from all three we presented in this article – it can be finalized in a couple of hours! While the speed of transaction is surely an advantage, coin shops have got their disadvantages. As they operate in the ‘real world’ as opposed to online, the sellers can leverage such factors as the density of coin shops in the area or your lack of knowledge of bullion against you to offer you a lower bid. That’s why you always need to go in prepared, knowing at least the average price per piece and the gold or silver content of your bullion. A good practice is to visit as many coin shops as possible. That way you can leverage coin shops against each other and decide on the one that offers the best price.