Stay in Touch With Us

[vc_empty_space height=”9px”]

Odio dignissim qui blandit praesent luptatum zzril delenit augue duis dolore.

Email
[email protected]

[vc_empty_space height=”1px”]

Phone
+32 458 623 874

[vc_empty_space height=”1px”]

Addresse
302 2nd St
Brooklyn, NY 11215, USA
40.674386 – 73.984783

PropaNews

  /  Finance   /  How to Sell Your Gold Bars?
Gold Bars

How to Sell Your Gold Bars?

Gold has the most trusted store value among all investment classes and is universally held by banks and individuals as a hedge against currency fluctuations and market uncertainty. Gold bullion with 99.5% or higher purity are generally held in the form of gold coins or gold bars. In smaller sizes, these are generally easy to sell and maintain. However, in larger sizes gold bars are little tougher to sell. In 2020 when the gold prices reached record highs, it was a great time to sell some of the holdings. The spot prices in November 2020 were $60.09 per gram, $60,089 per kilo, or $1,868.98 per ounce. It is important to follow best practices to ensure one gets best value and hence, it is important to sell one’s holdings to a reliable buyer.

Know your gold value

Gold bullion sales are on current spot prices, and these are updated every day as per the global commodity market rates. The spot price of the gold applies to 99.99% pure gold and if the caratage of the gold is less then it will sell at a lower rate. Furthermore, for low quantities, you may get lesser rates. When you purchase gold bullion, the merchant charges a commission that includes the transaction costs, manufacturing costs and other charges. With gold bullion that come in assay package or come from reputed mints, the price offered will be closer to the spot price.

For officially minted gold coins, the current price can be checked on popular sites such as JM Bullion, Money Metals Exchange or Monex. Some popular coins are Canadian Maple Leaf, American Buffalo and South African Krugerrand among others.

Finding a trusted gold merchant

Many reputed jewellery stores and precious metal dealers buy and resell gold at a markup. Gold bullion held as an investment raises in value over a longer period of time. So, when you sell gold close to the market price, the buyer can expect profit just by holding on to the gold for a length of time. it is feasible to sell one’s gold bullion to a buyer specializing in gold bars and coins and not a retail store.

The best prices for selling gold bars and coins can be got online as the merchants have lower overhead costs and can thus offer better prices. There will be many local bullion dealers in the area whom one can deal with physically. The important thing is to thoroughly research the market, consult with a few dealers, get quotations or approximations of the gold bullion value, and then go in. it is better to avoid jewellery stores and pawn shops as they will not offer investment gold prices that are close to the market value, but lower prices.

Selling gold bars and coins online

Online bullion traders offer a level of transparency in transactions as all the exchanges are recorded. However, one must be wary of fraudulent sites and make sure they sell only to recognized dealers and well-known dealerships. It is economical for merchants to purchase gold online as the overhead costs are lower and they can charge lesser processing fees. there are many reputed online gold buyers that you can find by inserting search phrases such as “sell gold bullion”, “sell gold bars” or “sell gold coins”. You can also sell gold bullion to some banks or reputed commodity traders. Many jewellery stores will exchange gold bullion such as gold bars or gold coins for equivalent value of gold jewellery.

If you have been holding onto the gold bullion for the long term, awaiting the right price, this is a good time as the market is favoring precious metals. Fuelled by the pandemic fear and wide fluctuations in the stock market, the demand for precious metals is increasing. Find a reputable gold dealer who will get you the best market value for your precious metal. Prudent decision-making is important to ensure that you get the best returns on your investment in any market condition.

Gold has endured recessions, stock market crashes, war and much more and continues to hold its position as the favored investment vehicle among many investors. Take advantage of its versatility to grow your wealth.

Post a Comment