How to Liquidate Gold and Silver
No matter whether you are selling old coins that no longer interest you or need to liquidate your precious metals reserves for cash, there are a few key considerations you should bear in mind when selling or liquidating precious metals reserves. Most importantly, select only reliable buyers.
Avoid selling to pawnshops as they will take advantage of your desperation to offer far less than what your metals are actually worth.
Pawnshops
Pawn shops are an attractive option for individuals looking to sell gold quickly; their quick cash payments may make them the first port of call for sellers of rare coins and valuable precious metal collections. But these shops may not always provide the optimal solution.
Most pawnshops abide by federal and local regulations to ensure they’re treating customers fairly, while also cooperating with police departments in preventing stolen item sales. Unfortunately, this protection may not always hold; scam artists can still take advantage of desperate sellers in search of cash.
To maximize the amount you earn when selling silver to a pawnshop, conduct research beforehand and clean your metals thoroughly. This makes them easier for authenticators and the pawnbroker will likely give a higher price for something ready to resell. Knowing its history as well as what price it was bought will also come in handy when selling.
Online Auctions
Online auction sites like eBay can be an effective way to sell gold and silver. Reputable dealers with fair prices are readily available; however, you should exercise caution when selecting an e-bay buyer to work with; some ‘experts’ may offer to quote an unrealistic price over the phone without first seeing your items; this should serve as a warning sign and you should seek another dealer instead.
Reputable buyers will provide a quote based on the weight and purity of your metal (in troy ounces). Since spot prices for gold and silver can fluctuate regularly, it’s essential that you understand their current worth before selling – you can do this online, by looking up coin values or by researching coins and bars or nuggets that you may own.
Local Dealers
No matter if you need to sell gold as part of a home closing or college tuition payment or simply feel you need some of your investments liquidated quickly and safely. Locating a trustworthy precious metal buyer is key. Take time to educate yourself on the market; understanding what type of assets you own; as well as finding one with knowledge in this sector so you can ensure you receive top value when selling them off.
Local pawnshops, jewelry stores and coin and antique shops will likely buy your bullion; however, we recommend considering only reputable buyers with positive customer reviews and testimonials from past customers. Furthermore, peer-to-peer sales or meeting strangers directly increases the likelihood of being scammed; instead opt for dealers offering free insured shipping so your coins arrive safely at their facility.
Reputable Buyers
Experienced dealers in the precious metals business are always the ideal partners. Such dealers have built up an excellent track record that they will not compromise by cutting corners just to turn a quick profit.
An established buyer will provide professional evaluators who can accurately appraise your coin and bullion collections, while keeping up with market prices to offer you an honest price for them.
When selling precious metal investments, it’s essential to remember the constantly shifting value of gold and silver investments. While some buyers may offer prices far below spot price, reputable dealers should never do this. To prevent being taken advantage of, it is advisable to compare local and online dealers before selling your coins and bars.
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