When you have gold bullion to sell, you want to get the best price for a premium product. Maybe you have been investing in gold or many years and now find yourself needing to liquidate some of that investment to meet a financial need in your life. You could have inherited precious gold or stumbled across your grandmother’s stash in the attic when she passed away. Whatever the case may be, you probably have questions and need a guide to help you through the process of selling the gold for good money.
People who are looking to sell bullion will wonder what the fair price of selling bullion would be. Here are some factors that will dictate the amount of money you can expect to get for your bullion.
What type of bullion are you selling?
Certain precious metal products are more valuable than others because they are in high demand. A buyer would be willing to pay more for such bullion products if there is a high demand for them on the market and of course you can expect more than a fair price for such products. These could be coins or bars, government mint-issued bullion or private mint products in good condition.
Selling Gold Coins
Gold coins hold their value well. You can expect high resale values from government minted coins. Another advantage with government-issued (sovereign) coins is that they recognized legal tender the world over. Because of this, they sell very quickly and worth less hassle. Between coins and round, coins will have a higher resale value. The retail market for gold bullion coins is more robust than that of old bars or jewellery.
Selling Gold Bars
Gold bullion bars that have been kept in a professional vault have a higher resale value. There are several reputable mints whose gold bars command a higher resale value. These would come with a seal and a serial number used in the process of certification. These security measures lessen the risk that comes with buying and selling gold bars.
There are a lot of resale options for Jewellery than there are for other bullion products. However, jewellery gets the lowest resale value of all. This is because Jewellery isn’t made of the purest gold but gold combined with other metal alloys and usually has some decorative element like a diamond or some other type of gemstone. Jewellery commands lower prices when being sold than bullion because its level of purity makes the value more subjective. To get pure gold from jewellery, it would have to be melted down and refined.
What is the value of your gold? The easiest way to calculate what you can expect when you sell bullion is to multiply the number of ounces by the spot price. This should give you an indication of what the upper limit and what you can expect to get when you resell. Bullion dealers typically offer 95% of spot but this might be affected by market conditions. If you have a large amount of gold and you happen to sell when demand is high, you could sell bullion for a high premium.