Guide to Selling Gold Coins

Buying and selling gold coins is an effective investment strategy if you know the rules. Even if you plan to hold onto your gold for the long term, there will come a time when you need to sell at least some of the coins that you own. You may want to sell your gold coins in the immediate future to overcome some of the financial challenges brought on by the recession and inflation. Here’s a guide to help you find buyers and sell your coins for a profit:

Prospective Buyers

If you listen to the radio often, you’ve probably heard the “we buy gold” ads from time to time. There are potential individuals and business buyers in your city or town that would be happy to buy your gold, because gold retains its values even when stocks and other investments do not. Here are some prospective buyers to consider when selling gold coins:

  • Coin dealers
  • Pawn shop owners
  • Private individuals who already own gold
  • Coin collectors
  • Auctioneers

There are websites that buy gold, but it’s not a wise idea to ship your gold off to a company. That should be your very last resort—only if you’re unable to find local buyers. Those companies do state that they will send back the gold if you don’t agree to the price that they’re willing to buy the gold for.

Company Research

When selling gold coins to a business, you should research its record and reputation. You want to avoid companies that are notorious for scamming customers. Find out whether others have filed complaints about them or if there’s a large amount of online negative reviews. Begin with the Better Business Bureau website to see what, if any, complaints have been filed and whether they were resolved. You can also enter the name of the company in a search engine to see what others are saying. The best companies to consider are those that have been in business for at least five years, have a low number of complaints against them, and demonstrate a willingness to resolve customer disputes. You should also call them and ask questions about the process of selling gold to them. You can tell a lot about their customer relations based on how they respond to you.

Know the Spot Price

The spot price of gold is its current market value. The prices can fluctuate daily, so it’s important to have up-to-date information when selling gold coins. Some radio and television news programs announce the spot price of gold for the day, but you can also check it yourself on websites that offer the service for free. You don’t want to sell your gold below the spot price, and you might sell during a time of high demand when you can achieve a higher price.

Selling your gold coins has a lot to do with timing. If you can hold onto your gold until you can make a significant profit above what you originally paid for it, you’ll be in a great position.

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