Wondering how to sell silver or gold should you need to liquidate your reserves in the future?

Perhaps you’ve recently received some gold from an inheritance and don’t know what to do with it, or you’re a precious metals investor looking to offload some of your collection.

Whatever the reason, you’ll want to consider several important factors to ensure you get a sizable return on your investment. Undeniably, you’ll want to get the best price for your gold and ensure that you don’t sell off too much of your collection at once, leaving you at a price disadvantage.

Whatever the reason for selling your precious metals, this guide will help you make sure your transaction is worth it and goes as smoothly as possible. It explores the most important factors to consider before selling your gold or silver, including:

  • who to sell to
  • when to sell
  • how much to sell silver
  • the type of gold to sell

1. Find the Right Buyer

The first question you should ask yourself before you sell your gold and silver reserves is, “Who should I sell my gold to?”

Your buyer’s trustworthiness is vital, as the industry is full of unscrupulous dealers who will more than likely lowball you.

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Are you confident about the price offered by your potential buyer? What’s more, is your buyer willing to sell your gold to you at a later date, should you wish to repurchase it?

To be confident that you’ve got a good deal, you’ll want to find a reputable and trusted buyer offering reasonable market rates that agrees to both the above conditions.

Suppose a buyer does not have verifiable business premises, a license to buy and sell gold, or a current BBB rating. In that case, they probably don’t have the experience to evaluate your gold and offer you a fair price.

Find out if your buyer:

  • Has a good understanding and experience of buying and selling gold
  • Has added costs, seller fees, or shipping fees
  • Has had complaints from previous sellers

2. Know the Type of Gold or Silver to Sell

Once you’ve decided to sell some of your gold or silver collection, the next question to consider is which type of gold is accepted on the market.

Generally, the buyer will need to know the type of gold or silver you hold, and they’ll most likely ask whether your product is:

  • Bullion or collectible
  • Sovereign (government-backed currency) or private mint
  • Bar or coin
  • Jewelry

When thinking of how to sell gold and silver tax-free, these questions are paramount. The answers to these questions determine the overall price you’ll get, the price per ounce, and if you originally bought the gold or silver from a dealer, whether they can repurchase it from you.

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3. Consider the Payment Method

Perhaps the most critical question you should ask yourself when thinking of how to sell silver or gold is how you’ll receive your payment.

Are you looking to liquidate in a hurry and get an instant payment, or can you wait a little while longer to realize a higher premium on your coins or bars?

Your urgency to sell will eventually determine which type of buyer you’ll pick. For instance, pawnshops may pay you immediately, but you’ll get a worse price for your items than if you chose to use an auction, which could take time to give you your money.

4. Find a Suitable Selling Option

Another thing to consider is which selling option is most likely to get you the best price for your gold or silver. Below are five of the most popular selling options.

  • Coin Shops

  • Coin Shows

  • Online Dealers

  • Online Auctions

  • Pawnshops

Final Thoughts

When considering how to sell gold or silver, you want the process to be convenient, safe, and fair. After all, you invested in your items to realize a return, and it would be a shame if you made a loss.

The easiest way to ensure that you sell your gold or silver profitably is to choose a reputable buyer,  preferably one with whom you’ve done business before.  Also, be discreet in your sale to avoid theft and the possibility of assault, and do your research well to realize the best price for your items.

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Visit our section on Gold IRAs today to learn more about the facts, benefits, and advantages of investing in a Gold IRA. We give advice impartially to help you make the best decisions for your investment portfolio.

 

 

 

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