If you are ready to liquidate your physical gold investment, the next step is finding a buyer. Selling to an online coin dealer is one of the best ways to turn your investment into cash. Many of the nation’s largest online precious metal dealers are also some of the largest buyers of precious metal coins and bars.
The Process of Selling Gold Online
How can you sell your gold online? In most cases, the process begins when you contact the precious metal dealer for a price quote. Be aware that this quote can change if you do not send in the coins right away; it is based on the current spot price of gold. Once the price is locked in, you then package and mail the coins to the retailer.
You will likely be given only a few days to complete this process, before the price quote expires. Once the package is received by the dealer, you will receive a check or bank wire for the agreed-upon price. This process is often much more efficient than the prospect of taking your coins to a local dealer.
Benefits of Selling Online
One of the benefits of selling to an online dealer is that you’ll often receive a higher price quote than when selling locally. In addition, it is easier to compare prices by asking several online retailers, rather than taking your coins to a number of coin shops or gold buyers in your region.
Because they have lower overhead, online buyers usually offer closer to the market value of the coin than you’ll be offered by other buyers. Gold dealers also benefit from buying your gold coins, rather than purchasing new ones from the mint. By buying from collectors, online precious metal retailers are able to increase their inventory of gold coins carrying previous years’ dates and designs.
If you plan to liquidate your entire investment of gold at once, dealing with an online retailer is often the only way to do so quickly. Online retailers typically have the capacity to purchase much more gold than a coin shop would be able to buy at a given time.
They have more funding available, and additional capacity to process large transactions. With advance notice, they will likely be able to purchase any quantity of gold you have for sale. Meanwhile, most local coin shops will be unable to purchase more than a few coins at a time because they simply do not have the resources to do so.
Finding a Reputable Buyer
Some investors feel wary about sending their precious metals in the mail to a dealer they haven’t met face-to-face. However, as long as the package is insured and you deal only with a reputable precious metal retailer, the process is relatively safe.
Do your research to find a gold dealer with a good track record of buying other collectors’ coins. Such companies place great value on their reputation, giving them great incentive to ensure the transaction goes smoothly. If you originally purchased the coins from an online dealer, the same dealer may be willing to buy them back from you.