When the economy is doing poorly, gold prices are usually high. At times like these, many people holding gold bullion are eager to "cash out" and take their profits. Gold bullion tends to be a long-term investment. People buy it without thinking about when they will sell. Others inherit gold bullion. It can be owned by a family for generations before being sold. As a result, many people don't know how to sell gold bullion. Follow these steps to learn.
Understand what gold bullion is. It is investment-grade gold. Gold bullion can be in the form of coins or bars. It varies in purity from 22 karats to 24 karats. The purity isn't terribly important because prices of gold bullion are based on the amount of gold in the coin or bar. Gold jewelry and other gold items are not considered gold bullion.
Examine the kind of gold bullion you have. The most popular form of gold bullion is 1 oz. gold coins. They are issued by government mints around the world. Most notable are the United States, South Africa, Austria, Australia, Canada, Mexico, the United Kingdom and China. These 1 oz. gold coins are the easiest to sell since every coin dealer accepts them. Gold bullion bars and coins that are a fraction of 1 oz. may be more difficult to sell.
Consider the quality of your gold bullion coins. With gold coins, the value is increased by the quality of the coin. The less the coin is worn or touched, the more it is worth. If your gold bullion is in a protective covering, do not remove it. Do not ever touch a gold bullion coin with your bare hands, and never clean a coin even if it is dirty. You will only reduce its value.
Search the Internet for the current price of gold. Gold prices change daily, and gold dealers base their prices on the daily rate. You need to know the current price of gold so you won't get cheated. Gold prices are stated as dollars per ounce.
Know what your gold bullion is worth. If your gold is scratched up with fingerprints all over it, you will be offered less than the current gold bullion price. If your gold coins are in "Gem Uncirculated" condition, you can expect a bit more than the current gold bullion price. Understand that a gold bullion dealer's buy and sell prices are different. Dealers will pay you less than they can sell your coin for.
Find a reputable gold dealer. The best place to sell your gold bullion is at a shop that specializes in precious metals. Look for someone with a long history in your community who lists the buy and sell prices for everyone to see. A reputable coin dealer will also buy your gold bullion but may not give you as good a price as a bullion specialist.
Turn to the Internet. You can also sell your gold bullion yourself over the Internet on auction sites like eBay. Understand the risks of selling on Internet auction sites. Buyers may not trust you, and you must be sure get paid before shipping the gold bullion. Be sure to insure any gold bullion you send in the mail.
There are many disreputable gold bullion dealers looking to take advantage of people who want to sell their gold. Only deal with reputable gold dealers. Research their experience, and ask others for references. If it sounds like someone is offering you less than your gold bullion is worth, then go somewhere else. It pays to shop around.