There are several different ways for you to sell precious metals in large and small quantities, but as is often the case – not every way is a good way. Actually, in this case, not every way is equally good, as we can hardly say that any of them are bad.
But you’re not here to discuss whether something is good or bad. You’re here to learn how to sell your gold or silver, and we’re going to teach you exactly that. But first, let’s start with some basics.
What Is The Current Value Of Precious Metals?
As is the case with anything valuable and precious – we trade with it. There are worldwide markets devoted solely to precious metals and other commodities, and from there, we can learn the current trends and changes in the price of gold.
As of today, pure 24K gold is just shy of $1900 per ounce (troy), and three nines fine silver is trading at around $24 per ounce. What you’ll be able to see if you take a look at a price chart for both of these is that the price fluctuates quite a lot actually. Just a month ago, the price of gold was well under $1800 per ounce. But, what does this mean for you?
When To Sell Your Gold?
Well, apart from knowing where to sell and who to sell to, you also have to take into account when you’re selling. If you’re not really strapped for cash, it might be worth looking into the current market trends and waiting a few days or weeks until the price feels right.
However, predicting the market moves is not easy. If it were, we’d all be millionaires. Essentially, waiting also carries the risk of the price going down and you losing out on potentially thousands of dollars, depending on how much gold or silver you have. So, be as wise as you can be when looking to sell. Read more about it a little bit, do your research, and figure out whether you should wait or sell immediately.
As for right now, the price feels good. It’s not at an all-time high, but it’s not too far away from it, so if you’re looking to sell – now would be a good time.
How To Figure Out The Exact Price You’d Be Selling For?
Another thing to keep in mind is that not every place will give you the same rates. If you’re selling 24K gold bullions, then you’re pretty good on the price wherever you go, but if you’re selling large quantities of, let’s say, 18K gold – you’ll have to do a little bit of math.
There are several price calculators available online, but you could also calculate the price all by yourself by doing the basic math. Namely, 18K gold has 75% gold content. Does that mean it holds a 75% value of 24K gold? Well, it’s close, but not quite. You have to factor in the fact that someone would have to melt down this 18K gold, whether it’s in coins or jewellery, just to extract the pure gold from it and also make some profit later on.
Now, if you go on a gold-buying website, you’ll often see something called a “spot price”. A spot price is a good indicator of how much you’ll get for your gold if you sell right now.
Where And How You Can Sell Your Precious Metals?
Now that we’ve gotten all those essentials out of the way, let’s delve a little deeper into how and where you can sell your precious metals. To avoid confusion, we’re going to focus on selling gold – as that is a commodity traded most often.
Generally speaking, there are three places you can visit to sell your gold – online gold buyers, bullion pawnshops, and your local jeweller.
Now, the jeweller is out of the question in this case. If you’re looking to sell large quantities of gold, a local jeweller is probably not the best option.
However, if you’re selling a bucket full of gold earrings and other jewellery, you might want to pay them a visit. Sometimes there’s a price associated with a particular piece of jewellery or a jeweller that made it that has nothing to do with actual gold, but that’s not what we’re discussing here.
Bullion Pawn Shop
Most of the time, people selling large quantities of gold will have gold bullions, and you can’t just take those to a local jeweller. A standard gold bar is 1 kg or 32.15 ounces, and when you do the math, that comes out to more than $60,000, and that’s probably not something a local jeweller will keep in store. However, a local bullion pawnshop might.
Now, the thing is, bullion pawn shops are willing to do business with you then and there, but they’re not willing to offer you the best price. You will get paid immediately, but you will get paid less. Also, maybe there will even be some negotiating. After all, pawn shops make their profit by buying low and selling high, so that’s something to keep in mind.
Online Gold Buyers
Selling your gold to a reputable online gold buyer is the best way to sell your gold (or other precious metals) in large quantities.
The process is quite straightforward. Once you settle on a buyer, you contact them through a website, you get in touch, and you enter into a deal by sending them the gold for appraisal. Once the gold is appraised, you will get an offer that you can now accept or decline.
If you do decline, you get your gold back. However, you might be charged a small fee for handling, appraisal and return shipping.
If you accept, the buyer keeps the gold, and you get your money within 24 to 48 hours.
The thing is, you will wait a bit to get the money, and it can be nerve-wracking sending large quantities of gold to a virtual stranger, but you will get the best offer you possibly can. And, at the end of the day, you’re selling your gold to make a profit, so selling it to an online gold buyer is the best way to do so.
Seeing how gold prices are almost as high as they’ve ever been, we can see why you’d want to learn how to sell some of it. Hopefully, we’ve taught you a thing or two today.