Never Pay For Shipping
If you choose to sell your gold coins to an online gold buyer, youll need to send your coins to them for evaluation and final sale. Some buyers will require you to pay for shipping out of your own pocket. This will of course eat into whatever profit you make from selling your coins. Whenever possible, you should sell to a gold buyer who pays for shipping out of their pocket instead of yours.
CashforGoldUSA, for example, will pay for shipping, meaning that when you sell your gold you keep 100% of the profit.
How To Sell Gold Coins Gold Bullion And Gold Bars
You might be wondering if theres any difference between selling scrap gold, gold plated jewelry, or other forms of gold, as opposed to selling gold coins, bullion, or bars.
The short answer is no.
Buyers are more concerned with the qualities of the gold youre selling than what form youre selling. To them, it all comes down to melt weight and purity.
Of course, the exception here is if youre selling forms of gold that have numismatic value, such as rare coins, antique gold jewelry, and so forth.
But for the vast majority of gold, your best bet is to start with Cash for Gold USA.
Alternatives To Selling Gold
There are a lot of reasons that you might wish to sell your gold. Maybe you realize that you own gold you dont need and want to cash it in for a large purchase or other investments.
Or you might have inherited the gold and dont want to deal with storing it.
If youre selling gold because youre in financial trouble and need help making ends meet, there might be alternatives.
Many gold buyers wont give you the actual value of your gold if youre desperate to sell it. And knowing the other options can provide you with time to get the full amount for your precious metals.
It can also help you avoid selling jewelry or other gold with sentimental value.
If youre experiencing a financial emergency or are facing an unexpected bill, a personal loan may be a good way to get the money that you need. Check out thislist of the top personal loan companies.
You will have to pay the loan back, and youll pay interest on the money that you borrow, but it can save you from selling gold that you dont really want to sell. It can also buy you time to make sure you can get the full value of your gold.
While borrowing money shouldnt be your first resort, there are some situations where it makes the most sense, especially when the alternative is selling something for far less than its worth.
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Is Selling Your Gold A Good Idea
Is now the right time to sell? Should you wait for the price to go up, or will waiting risk losing money if the price goes down?
Selling gold now is a good idea for those who need cash or want to use the gold to reinvest in a newer piece of jewelry, Gizzi said. Outdated jewelry that is broken or single earrings also make great items to sell.
That being said, its possible to have regrets. Always remember that once the piece is gone, you can rarely get it back, Gizzi explained. Just because a piece of jewelry is outdated, doesnt mean that it wont come back.”
Local Precious Metals Dealers
If you live near a precious metals dealer, you can probably sell your gold to them. These companies have experience determining the authenticity of precious metals and assessing their true worth.
With a reputable dealer, you have a good chance of getting a good deal and the convenience of making a sale in-person.
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Check Businesses Before Selling Your Gold
And as long as were discussing precautions, with potentially significant amounts of money changing hands, you want to do at least as much due diligence as if you were, say, trading in a car. In addition to professional associations and recommendations, you can check with the Better Business Bureau to find out if there are complaints against a business you’re considering, and if so, how they were resolved.
Its smart to weigh your gold before taking it to a buyer — a kitchen or postal scale should give you a reasonable idea of the weight of your items. And make sure that when the buyer is weighing the gold, you pay attention to the procedure.
Know What Your Gold Coins Are Worth Before You Sell
When it comes to selling gold, silver, diamonds, or anything precious, knowledge is power. If you dont know what youre selling, itll be very easy to be ripped off by the buyer. The best way to avoid being ripped off is to simply know what youre selling.
At a minimum, your gold coins will always be worth at least the value of the gold that they contain. This will depend on the purity of the metal and the weight of the coin. Once you know this information, which you can find with a quick Google search about the coin, you should be able to quickly figure out the rough value of the coin. An appraisal from a local jeweler or coin dealer will help further.
Gold prices this year exceeded $2,000 for only the second time in 50 years. As of , the gold resale value in the United States was at a near-record price of $ per ounce, or $ per gram.
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Selling Gold Coins For Cash: Online Places Vs Near Me
In some cases when you have an exceedingly rare or otherwise precious coin, it makes sense to sell a coin collection or rare coin to a dealer, at auction or to an individual collector.
However, a reputable online gold, silver or coin buyer is often the best choice. Not only are these businesses easy to work with , they are in a position to offer you a higher rate for your coins since they do not have the overhead of a traditional brick-and-mortar retailer. Also, online competition is fierce, so an online buyer is motivated to make a competitive offer for your coins.
Why Should I Keep Track Of The Daily Gold Price
The price at which gold coins sell in New York changes on a daily basis, and is dependent on the global markets. Whether you are interested in selling Austrian Philharmonic Gold Coins or buying Gold Buffalo Coins, its in your best interest to keep monitoring the days trading rate for gold to avoid being paid less than your coins are truly worth.
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What If The Precious Metal I Wish To Sell Isnt Listed
Although we have a list of items that we are actively buying, we are happy to consider all precious metals. Give us a call at 800-775-3504 if you would like to discuss a particular unlisted item. Please note that the United States Gold Bureau does not buy scrap metal, jewelry, or other items such as dental implants.
Shop Around For The Best Deal
Once you have a rough idea of what your gold is worth, you shouldnt accept the first offer you get thats close to the right number. Take the time to look up multiple gold buyers and shop around.
Dont be afraid to take your collection to several buyers and have them give you an offer. Making buyers compete usually means youll get a better deal.
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How Much Is Gold Worth Per Ounce
This sounds like a simple question, but it does not come with a simple answer.
Three factors primarily drive the answer. They are:
1. When do you want to cash in your gold?
The price of gold is constantly changing. Market forces, supply and demand, and global economic conditions all influence the price of gold. That creates short and long-term trends in the price of gold. In times of turmoil, gold can bounce up and down quite a bit.
You can get a sense of how gold moves from several places. One of the best is the AMPEX website. For example, you can see that gold cratered on March 19, 2020, at $1,481.90 per ounce. But as of July 23, 2020, gold had trended upward to $1,877.60 per ounce.
If youve got 500 ounces of gold to sell, thats a $20,000 swing in your favor if you sell at the right time.
2. What form of gold do you have to sell?
If youve got scrap gold, thats one thing, but if you have gold coins that will bring a premium, or have numismatic value, thats quite another. You may also have an antique that could also fetch a big dollar amount and you may not even know it.
3. Where do you want to sell your gold?
The smart answer is where you can get the best price. However, youve got to know where that is so you can make the most of your selling opportunity.
Pick The Right Time For Selling Your Coins
Although the internet is blurring the traditional coin seasons, the two best times of the year for selling your coins are still around the FUN show in January and at the summer ANA in July or August.
This holds true for selling a coin yourself, on consignment, or through an auction. You are likely to do better when people are in the mood to buy coins not when they are preoccupied with summer vacation or preparing for the Winter holidays.
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Best Online Gold Coin Buyer: Cashforgoldusa
When it comes to selling gold coins I recommend selling to CashforGoldUSA, for a few reasons:
- They pay top dollar for gold coins: CashforGoldUSA pays up to 95% of the melt value of the metal.
- They pay fast: within 24 hours of an accepted offer.
- 100% free shipping and insurance: Door-to-door free, trackable FedEx or USPS shipping, plus free Jeweler’s Mutual insurance up to $100,000. Lloyds of London insures the CashforGoldUSA facility.
- Better Business Bureau review of A+
If you have gold bullion coins, or commonly held gold coins like the American Eagle, a site like CashforGoldUSA, a local jeweler or gold buyer is a fine choice. However, rare coins of any precious metal including silver are best sold through a rare coin buyer or rare coin dealer.
What Is The Difference Between Gold And Paper Gold
Gold prices are set by buying contracts for gold, and most of the time, these contracts are not backed by the physical metal. This paper gold is a promise to deliver gold or the equivalent in cash. For example, when you buy a gold Exchange Traded Fund, youre not actually buying gold, youre buying a proxy vehicle for gold.
At times, due to market conditions, real gold and paper gold can differ in their prices. Paper gold can influence the value of real gold quite a bit at times. When markets are out of whack, the values of the gold proxies they trade can shift dramatically with no justifiable or real linkage to gold demand or production.
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Commandment : Thou Shalt Think Long Term
Many investors think that timing and luck play a huge role in investing. This is driven by laziness, greed and impatience. The appeal of buying gold coins at the very bottom of the market and selling them a week later at a huge profit is sometimes what drives many to bad decision making.
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The fact is that the price of gold and the subsequent value of gold coins fluctuates. Over the short term, theres a fair chance that the market will be lower than when you bought. Thats because theres a vast array of elements that can impact the gold price on the macro-economic level. In other words, over the short term, the performance is unpredictable. Not only that but theres a difference in price between where you can buy a gold coin and sell it. This is known as the bid-offer spread. In practice, trying to buy gold coins and sell for a profit in a very short time period, wont give the market long enough to overcome the buy/sell margin.
Whats The Best Way To Sell My Gold
You certainly are lacking for options when it comes to selling your gold. Pawnshops, local gold dealers and exchanges, jewelers, and a multitude of online gold and jewelry buying sites offer you a dizzying array of choices.
Taking all things into account, the best way to sell your gold is through a reputable and established online gold buyer that provides many advantages.
- The turnaround time has been flattened to just a few days instead of a week or longer which was the case not so long ago.
- Because online businesses are national or international, they have dealt with a lot more customers and in the age of the Internet, that means you can probably access more reviews and customer comments than ever before.
- Dont underestimate the convenience factor either. You can sell your gold from your home, instead of running around to local brokers who may or may not pan out for you.
- An online business will also have clear instructions and procedures, and automate much of the selling process, saving you even more time, and giving you the flexibility of selling 24/7.
- If youre worried about price fluctuations, know that many online brokers will lock in a price ahead of time for you. The mystery of how much youll receive will be removed.
With all of these advantages in mind, there is one online buyer weve found that stands above all the others.
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Strike While The Iron Is Hot
Lets say you read about an auction that contains some great Liberty Head eagles that bring very strong prices. You own similar coins. Should you turn around and sell as soon as possible?
Yes and no. Sometimes you get lucky and can find the underbidder who just missed out on a record-setting coin. But more often than not he was an underbidder who might not feel so good about the level he was at a second time. As a seller, replicating an all-time record price can prove difficult. But it might be worth an effort to at least experiment, no?
Finding A Coin Dealer
What qualities should you seek in local or online coin dealers, apart from basic honesty? Here are some things to check:
- Reputation- Ask for testimonials from satisfied sellers. If youre eyeing an online seller, do some Internet research on coin forums.
- Knowledge- Do the dealers make a clear effort to educate their clientele? Do they offer guides and other helpful, authoritative documentation?
- Selling guarantees What kind of selling guarantee, if any, can you obtain from a dealer?
- Type of value offered Choose a dealer who considers the fair value of your coins instead of one who will only give you the melt value .
- Ability to value rare gold coins Not all dealers possess the necessary equipment and expertise for evaluating the value of rare gold coins. Choose a company that specializes in buying gold and silver coins like Scottsdale Bullion and Coin.
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How Do I Sell My Old Gold Coins Online
If your gold coins have value as collectibles, then youll need to decide how you want to sell your coins to get as much money for them as possible.
If your gold coins do not have value as collectibles, though, selling them becomes much easier. Gold buyers use two factors to determine the price of items they buy: The purity of the metal, and the weight of the object. The closer you get to 24 karats, and the heavier your coin, the more it will be worth. Learn more about the current price for gold and selling gold items for cash in this post.
If you arent sure about the purity of the coin you want to sell, you can likely determine this with a quick Google search about the coin. Determining the weight will simply require an accurate scale. Armed with this information, you determine the value of the metal content of your coins.
Once you know the purity and weight of your gold coins, selling them online is pretty easy, especially if you go through a buyer like CashforGoldUSA. To sell your gold coins using CashforGoldUSA, all you need to do is:
Liberty Gold And Silver
Liberty Gold and Silver is a Portland, Oregon-based precious metals buyer. You can sell gold, silver, platinum, palladium and more all at the same time.
You can request a free quote and shipping label. Liberty Gold and Silver offers shipping insurance up to $1,000.
If youre selling more than $1,000 in metal, youll need to ship and insure the gold yourself, though the company will reimburse you for the cost once it receives your shipment.
You can obtain payment by check in the mail or a wire transfer to your bank account. There is a small fee for wire transfers.
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