You want to get the best deal possible if you’re selling gold or silver bullion. You may have spent several years investing in precious metals, and now you think it’s time to unload some of your collections. or you may have inherited any precious metals from a family member or your jewelry drawer is being cleaned out. We have put together this guide, whatever your case may be, to help ensure that your transaction is as smooth as possible. Before you sell your precious metals such as selling gold bars in UK, we look at all the most significant things you should remember, including:
- Having a price that is fair
- Selling various bullion types (coins, bars, jewelry, scrap metal)
- Where to sell your valuable metals
- Gold bullion sales to or from a pawn shop
- Sales and storage online
Whenever you decide that the time is right to sell gold and silver, price, convenience and safety are the three primary factors to consider. Let’s look at the above topics as we consider how these variables come into play, starting with the biggest question of all:
When selling precious metals, the question everybody asks is what price they’ll get. So, how do you know how valuable your bullion is? Here are some of the variables that decide how much you will probably get when your gold or silver is sold.
Kind of Bullion – At a given time in the market, certain precious metal goods are more expensive or in greater demand. In its resale value, considerations such as whether it’s gold or silver, a coin or bar, a government or private mint commodity and the state of the bullion itself will all play a part. Generally speaking, bullion requiring a higher premium upfront would attract higher resale rates, but at the time it depends on demand. Buying the most common product where demand will always be highest is one way to ensure that you have a good resale ability.
Selling Gold or Silver Coins – Generally, gold and silver coins keep their worth well by resale. Due to the internationally accepted legal tender of sovereign (government) coins, they can typically be resold without delay. Because of this high liquidity, coins will typically give you a higher resale value than rounds will give you. In addition, the coin retail market is usually more active than bars or jewelry, meaning a buyer is almost always present.
Selling Gold and Silver Bars – Gold and silver bullion bars, especially those bars that have been stored in professional vault storage, generally have high resale value. The strongest resale value is created by bullion bars developed by the most reputable mints and refineries. Usually, these bars are branded with a mint seal of origin and also have a serial number for quick identification and certification. There is no risk involved in purchasing or selling bullion bars because of this.
Selling Gold and Silver Jewelry – When selling the gold and silver jewelry, it’s difficult to achieve the same resale value as other bullion items. This is because, along with other decorative parts, most jewelry today contains an alloy. As it is not pure gold or silver, it is more subjective in its worth. Prior to making a bar, coin, round or even more jewelry, a refiner must melt it down and refine it. This extra labor ensures that much of today’s jewelry would get a lower resale price than what was charged upfront.
Selling Scrap Metal – For scrap metal, you would usually earn a lower resale price than you will for bullion bars, coins or rounds. This is because scrap metal needs to be melted down and then processed into a shape desired by investors or industrial producers. Scrap metal is not approved by most bullion dealers as a sell-back, choosing only fabricated goods instead. Try a local pawn shop or a refinery if you’re trying to sell scrap metal.
Platforms to Sell your Gold and Silver
You need to decide where to put it until you have some gold and silver to sell. Most individuals go to a pawn shop or bullion dealer, generally speaking. There are often few and far between reputable precious metals dealers in person, but many shift their company online, opening up fresh possibilities (and risks). To help you understand what you’re getting into, we’ve looked at these two common sales locations.
Local Pawn Shop – While selling to a pawn shop implies that you don’t have to ship your gold and silver, keep in mind that, pawn shops will give the lowest return on your investment. They do not even realize what a specific coin or bar is actually worth on the market. Usually, there’s room for negotiation, but you’ll almost certainly get much less than what a legitimate bullion dealer is going to offer.
Selling Online – It could be a more effective way to unload some of your bullion by selling precious metals to an online dealer. Usually, online bullion dealers offer better prices than local pawn stores or coin stores because their running costs are normally less relevant than a traditional storefront. Usually, sellers on eBay would not deliver the same prices that you would expect from an approved dealer. This is because in a market like eBay, where there’s some chance of counterfeit goods, there’s more doubt. Buying fake or damaged gold and silver on eBay, sadly, is a common story.
You want to ensure that your transaction is safe, convenient and fair. The best way to ensure that is to purchase your precious metals from the comfort of your home online and send them to a trustworthy storage facility. You never expose yourself to the risk of attack in this way, and you reduce the possibility of robbery or theft significantly. You never even have to disclose that you’ve spent to anyone-totally it’s anonymous. And then you can simply inform your storage company to sell your metals at an agreed price when you’re ready to sell your gold bars for cash.