When selling your precious metals like gold and silver, there are various options to choose from. But picking the right places to sell your gold all depends on your overall objective.
Are you in quick need of cash that you must acquire immediately? Or can you hold out for a higher payment and wait a week or more?
For the most part, people tend to purchase gold and hold onto it for the long-term because it’s such a high-quality long-term investment. If this is the case, it’s best to understand all of your options regarding gold selling when it’s finally time to cash in your investment.
Gold Buyback Programs
More often than not, the best gold brokers have dedicated gold buyback programs specifically designed to help out their customers. These plans are in place to repurchase gold from previous customers, which means you will get paid very quickly as soon as the assets are in your broker’s hands once again.
As you can imagine, the top gold IRA companies have dedicated buyback programs in place for their valued customers. Some of the top companies that I’m speaking about include APMEX, American Hartford Gold Group, and Goldco to name a few of the most well-respected choices. But this service isn’t limited to these companies because many gold dealers also have buyback programs in place.
Reach out to a number of different companies to acquire quotes. You can do this by filling out their online form or calling them directly. Many of these dealers will tell you the precise amount that they’ll pay for silver and gold directly on their website. Prices will vary depending on whether it’s gold coins, gold bars, and the precise gold content in each precious metal.
For the most part, companies like this pay via direct deposit or wire transfer one or two weeks after the sale is made. This all depends on value verification and how long it takes to ship the item and get it into their possession.
- Gold brokers provide quick and easy quotes but insurance and shipping fees come out of your own pocket
- Accepting a quote from a broker creates a legally binding contractual agreement
Gold Auctions Online
It’s possible to purchase or sell gold using auction sites on the Internet. Barnaby’s and invaluable.com are two excellent examples. Using an auction site to sell precious metals gives you access to a wide array of possible buyers located in many different parts of the world. Websites dedicated to auctions provide a secure venue to properly manage your gold sale transactions.
Before selling your gold, make sure to get it appraised before making it available for online auction. Answer questions about the precious metals and also upload a photo. The virtual appraisal fee typically costs around $30. Appraisals are very accurate for the most part, but they do not offer a guarantee. Third-party appraisers provide the best results.
- You’ll receive your auction payout in roughly 2 weeks
- You’ll pay a higher commission on smaller precious metals sales
Using eBay to Sell Your Gold
The online auction site eBay provides an easy way to sell precious metals. In fact, you can sell using the Buy It Now feature or participate in the APMEX Gold Buyback Program through eBay.
For those looking to sell gold on eBay, take a picture of your precious metals and upload it through the form. Also, you can write a description of your product and then press the send button. The buyback partner at eBay will make you an offer.
Next, accept the offer to lock in the price and then ship them the gold.
- eBay pays you the same day they receive your gold shipment
- You are required to pay for shipping insurance
Gold Dealers in Your Local Area
Many of you reading this will live in a highly populated community. In this scenario, it’s highly likely that lots of local gold dealers are near the vicinity of your home. Try to steer clear of shops that give “cash for gold” because their prices are rarely fair or worthwhile.
For those selling gold coins, view the American Numismatic Association’s database to find a valid dealer. Or, ask a friend or family member for a recommendation. Or even better, use the BBB’s website to find a highly rated local gold dealer in your neighborhood or the surrounding community.
Before going to a local dealer, contact a few gold buyback programs to ask about shipping costs and get a quote. Online buyers typically tend to provide better quotes than local dealers. But, because you will not have to pay shipping fees, the local dealer or jewelry store owner may provide a better offer nonetheless.
- No shipping costs and immediate payment
- Dedicated local gold dealers offer better deals than jewelry stores
Pawn shop owners aren’t generally the best people to sell gold bars to because they do not offer top prices. But if you need faster money, selling to a pawn shop is certainly one way to go about getting it. Choose one from the National Pawnbrokers Association database.
The Wisest Way to Sell Your Gold
Remember to perform your research prior to selling your gold. Your main job is to find a reputable broker or local dealer that will give you a fair price for your investment.
Some tips to help you get started include:
- Get multiple quotes from numerous dealers by shopping around
- Keep a close eye on the gold price to determine the best time to sell
- Know your shipping fees, commission percentages, and more on auction websites
- The World Gold Council has created an online valuation tool. Use it to determine the value of your gold
- Keep capital gains tax in the back of your mind because it cuts into profits
Selling Gold Is Easy
Because gold historically has great liquidity, you should have no problem finding a buyer to purchase your precious metals. So, the selling part is simple enough, but you need to do your homework to get top quality quotes for your investment. Spend time researching your options prior to selling and perform your due diligence and everything will work out fine in the end.