If you do not have an idea how to sell your gold and silver, we’ve got you covered. We will share with you the most important information when selling your precious metals. That way, you can guarantee that you will get the maximum possible amount from your investment.
Let’s now go straight to our tips.
Know the Type of Precious Metals
As a seller, you must know what you are offering to the market. This will allow you to determine if the price offered is fair. Also, the buyer would want to know what type of metal they are going to purchase. Thus, it’s logical that you know every single detail about the metal.
Some of the most common gold and silver forms are Bullion, Sovereign, Bar or Coin, and Jewelry.
Look for the Right Buyer
It might be tempting to sell your precious metals to the first interested buyer. After all, it’s instant money. But you have to be careful. You need to check if your buyer is trustworthy enough. Just so you know, many people might take advantage of you.
Make sure that your buyer will offer a reasonable price for your precious metals. In addition, ask if they are willing to sell it back to you in the future, just in case you plan to repurchase it. Most of the time, pawnshops are the best options because you can get it back within a specified duration.
It would also be helpful to transact with a person with a business premise or a license to buy gold. Otherwise, they might lack knowledge on giving the right price.
How Are You Going To Get Paid?
Next, you need to agree on the mode of payment. Would you like to get the amount right away? Or are you willing to wait a bit longer to get a higher premium on your precious metals?
By answering these questions, you can also determine which type of buyer and selling options you will choose. These will be further explained in our last step.
Know the Best Selling Options
There are different selling options to choose from. And your choice should be anchored on your priorities. To date, there are five common ones. We have coin shops, coin shows, online dealers, auctions, and of course, pawnshops.
Let’s begin with pawnshops. We recommend this option if you need fast cash and you do not have the luxury of time to wait. If there are emergencies, this could be your best venue to sell your precious metals. By going to a credible pawnshop, you should be able to get a decent rate as well
Another option if you want to get instant payment are coin shops. They often give fair prices, but these are not as high when you transact with dealers and in auctions.
Next, we have coin shows if you have numismatic coins. What’s great about coin shows is that different dealers will evaluate your precious metal. With this, you can also get the best price. The downside, though, is that coin shows aren’t a regular thing.
And then we have the online dealers. They offer good rates, but they will also require a minimum dollar amount before buying. In addition, you need to send them the coins before you get paid. This can be scary for most as there are many scammers online. Thus, you have to be cautious.
Online auctions are also good. But it’s not without a challenge. Your buyers must be informed of the value of your metals. Otherwise, you won’t get a good deal. You also need to consider other fees, such as the shipping cost and platform fees.
It’s always good to do your research first so that you understand the real value of your precious metals. Otherwise, you are likely to get shortchanged. Be sure to check us out USA Jewelry and we will be happy to give you a quote and sell your gold or silver quickly!