Most gold collectors think of their gold as a long-term investment. Others buy gold coins with the intention of spending them only in the event of an economic catastrophe. Regardless of your reason for investing in gold coins, in some cases it becomes necessary to sell your gold. One of the benefits of investing in physical gold is its liquidity; it is easy to convert gold coins into cash.
Finding a Buyer
If you are ready to liquidate your gold bullion, the first step is locating a buyer. Most dealers who sell gold coins and bullion will also be willing to purchase such items from individual collectors or investors. This gives them the opportunity to offer more coin types and dates than are currently available from the mint, expanding the selection available for purchase.
Selling Locally
Gold bullion can be sold either locally or online. There are advantages and drawbacks to each method. If you are looking to sell as quickly as possible, visiting a local dealer may be the best option.
Local coin shops are often able to purchase immediately, enabling you to walk in with coins and walk out with cash. However, they may not have the funds on hand to purchase a large collection. If you have more than a few coins or bullion bars, you may need to visit several shops before you’re able to sell it all.
Selling to an Online Dealer
Online gold retailers are some of the biggest buyers of precious metal coins and bars. Because of the shipping aspect, selling gold bullion to an online dealer is a little different than selling in-person. After receiving a price quote, you will have a limited period of time to send your gold coins to the dealer.
Once they receive them, you will receive a bank wire or paper check for payment. Although slower, the benefit of this method is that it is more confidential. There’s no need to carry your gold collection from store to store in your hometown. Instead, the deal can be handled discreetly.
Selling Larger Collections
Online gold dealers are frequently able to purchase larger collections, as they have both the financial backing and the staffing needed to process such purchases. If you plan to liquidate your entire collection at one time, dealing with an online retailer is frequently the only way to do so quickly.
Determining the Value of Gold
When selling gold bullion, first check the current spot price of gold and determine how much your precious metal holdings are worth. All precious metal dealers are working with the same information, the current price of the precious metal involved. Understand that dealers will pay slightly under the market value of the gold, in order to build in a profit for themselves.
Different sellers will offer a different “spread” (the difference between their buy and sell prices for a given coin). By checking with several dealers, you will be able to achieve the maximum price for your gold. Online gold dealers frequently offer the best prices because their overhead is lower than the costs associated with running a retail storefront.