Selling gold Bullion for a good price requires as much diligence as buying bullion from a dealer. You need to know what to expect. There are hundreds, if not thousands of gold buyers that you can sell your physical gold to. They might be brick-and-mortar businesses or online business. These are available to anyone, regardless of whether they live in a small town or a large city like Melbourne. Whether you are selling to a physical buyer or an online one, it is important to do proper due diligence and find out what the reputation of that buyer is.
When it comes to selling your bullion, especially to a stranger, you need to be able to trust that they will not take advantage of you and rob you of your precious gold. You wouldn’t meet any old stranger to sell your stash of gold bullion but if you are doing it for the first time, all buyers will be strangers to you so how can you protect yourself from swindlers?
You’ve seen adverts from companies offering cash-for-gold. They are everywhere. Most of them are legit, but a great percentage are run by con artists who want to get their hands on your bullion. They may promise quick and easy money, but they often prey on those who do not have the information about selling gold, people who are naive and too trusting and those who are desperate for cash. When the time comes for you to sell your gold bullion, it pays to find out as much as you can about selling bullion. Do your research on how gold is appraised or valued so that you can build realistic expectations and do not be in a rush. If you are desperate for cash, you might want to hide the desperation as unscrupulous tend to smell it a mile away and will play on it to force you to make hasty, uninformed decisions about selling.
#1. Get an estimate
Gold bullion in the form of coins or bars is different from gold jewellery. Bullion is pure gold when it is in bar or coin form unlike jewellery, gold which normally contains other metals to make it less malleable and more durable. Gold bars and coins are of a higher value. You may be able to sell these at a shop that buys old, broken, scrap gold, but they are of the higher quality investment grade gold and should not be lumped with all the other ‘recyclable’ scrap gold. Some gold coins may have value beyond the melt worth. For instance, coins can have some historic or numismatic value beyond the value of just the gold itself. It is important to know what the spot price of gold is when you decide to sell. Gold spot prices are measured in troy ounces equal to 31.10 grams. Gold dealers may add other variables to the cost of buying and selling gold bullion and work their profit into the price, so do take note that the spot price is the basis but not the only thing that price is based on.
#2. Compare precious metal dealers and gold buyers
You can sell your gold bullion to a precious metal dealer, or online. These may offer different rates. For instance, online dealers do not have to deal with overhead costs like brick and mortar businesses do and can therefore afford to buy gold bullion at more than premium price. In addition to that online dealers are convenient in that they enable you to transact from the comfort of your own home. However, when you are dealing with online buyers, you are essentially dealing with faceless strangers who may not be who they say they are. If you do decide to go online take extra special precautions. Go for online buyers with a solid reputation, research customer reviews, and consult consumer watchdog bodies. If you have misgivings about the gold buyer then walk away.
#3. Be wary of cash-for-gold dealers
Cash-for-gold buyers promise quick cash with no hassles. They are everywhere and will mostly buy all kinds of gold. When selling bullion it is best to deal with a buyer who specialises in bullion and does not lump your fine gold bars and gold bullion coins with all the scrap. They get a better deal when they do sell gold bullion Melbourne refineries or coin collectors. Some are fair and will give you a great rate, others prey on vulnerable, ill-informed sellers who just need cash as soon as possible.
#4. Check Credentials.
When you sell gold bullion Melbourne it is prudent to ask any potential buyer for credentials. A reputable buyer should also follow the law and insist on some formal ID when you sell bullion. This is a practice that was instituted to prevent people selling stolen goods or laundering money through cash-for- gold businesses. If your buyer cannot produce credentials or demand identification or proof of information from you then keep shopping for a buyer that does. It’s always better to be on the right side of the law.
#5. Read the Fine Print.
When you do decide on a buyer to sell gold bullion Melbourne to make sure to review the terms and conditions. A lot of crucial details are hidden in the terms and conditions. Details like the policy on shipping, returns or insurance and reimbursements can be hidden in the fine print. Take some time to go through it before you sign the purchase agreement