How to Liquidate Gold
Have you invested in gold coins, bars or jewelry and are now ready to sell them? With so many options out there it can be confusing knowing where you should turn; here is our guide on where you should turn for help in selling your investments.
Selling gold pieces is an effective way to generate extra income; however, it may be challenging to achieve market value in an ever-evolving market.
1. Sell to a Coin Dealer
When selling Gold, finding a trustworthy buyer can be challenging in an unstable market; however, there are ways you can protect yourself and ensure the highest price for your Gold.
When selling coins to dealers, do your research through personal recommendations and online reviews. Reputable gold dealers should offer quality services at fair prices.
Bear in mind that many local coin dealers have set business hours, so be ready to sell during these times. For an easier and more flexible option, online buyers are an alternative that may provide better prices due to not incurring overhead costs associated with running a storefront.
2. Sell to a Pawn Shop
Visiting a pawn shop might be your only means of instant cash, but this usually isn’t the optimal option when selling precious metal investments like gold bullion. Pawn shops usually pay less because pawnbrokers use your precious metals as collateral against consumer loans they provide.
If you choose to sell your gold at a pawn shop, ensure it abides by federal and state regulations for pawnbrokers and that all of your items are clean before placing them up for sale. Furthermore, research the current market price of gold to make sure you’re receiving an equitable deal; otherwise you could end up being taken advantage of!
3. Sell to an Online Auction Site
Gold prices have seen historic highs recently, making many people eager to sell off unwanted jewelry or bullion for cash. When selling items such as this it is important to remember that how much money you receive depends heavily upon what kind of item is being sold and which buyer or buyers you decide on selling to as they all offer their own set of advantages and disadvantages.
Pawn shops or local gold dealers tend to offer less than the current market value for your items. Buyers who claim they can purchase them without being present should also be avoided, as this could indicate they’re concealing payouts from them. Finally, remember that taxes on sales must always be included in calculations.
4. Sell to a Peer-to-Peer Seller
Finding a buyer to sell your gold to can be challenging with so many local pawn shops and coin dealers offering cash for gold deals. Avoid being lured in by promises of fast money making opportunities; opt instead for an established online bullion dealer with an efficient business system and proven track record.
By selling to an online gold buyer, you can quickly compare prices and services offered by various companies without needing to leave your home. Furthermore, this method is far safer than meeting with someone for a sale in public.
An established online gold buyer will take great care to carefully appraise your items and offer you an equitable price, giving you the option of accepting it or asking them to return them.
5. Sell to a Bank
If you own precious metal investments such as gold coins, bars or other precious pieces and wish to liquidate them for cash, it is vital that you conduct adequate research to find a buyer with whom you will benefit rather than risk losing money in exchange for no tangible returns on your investments. Otherwise, the wrong buyer could lead to losses instead of yielding positive returns.
Gold buyers online tend to offer higher prices than brick-and-mortar buyers and make comparisons of offers easier allowing you to make an informed decision.
One important point to keep in mind, however, is that you will still owe taxes on any money received for selling gold. Any claims of offering an alternate means are highly suspect.