Tips For Selling Your Gold

People collect gold for a variety of reasons

People collect gold for a variety of reasons. Gold is a good investment, especially since the value continues to increase, and it's form of asset protection. For many people, it's also satisfying from a collector's standpoint (acquiring gold coins from each year, etc.). But people also sell gold: to take advantage of a dramatic rise in its value, to cash in on their savings, or, more commonly, to procure some needed funds. If you are going to sell your gold--be it bullion or scrap--here's what you need to know.

How and where you sell is determined by the type of gold you have. It's easiest to sell bullion--coins are generally better than large bars, because they are more affordable. For these, you can go to a dealer or a collector. A dealer is a good choice if you're only selling a few coins, particularly if they are popular with buyers. The dealer will pay below the spot price, since he or she will in turn sell the gold to make money, but it's basically a guaranteed sale. If you do go to a dealer--either in person or online--make sure it's a reputable establishment.

Another option is to find a private collector. Individuals will likely pay the spot price or even more, because they are interested in keeping the gold. If aren't having any luck finding a collector, try listing your gold on a web site like eBay (especially if you have an established account). Typically, you can get more than the current value when you go through online auctions. If you have a lot of gold, though, it's best to go through a big auction house like Sotheby's. Keep in mind that the value of gold is always changing. If the value moves up right after you sell, then it's the buyer who's getting the good deal. You might want to watch the market for a little while to try to choose the best time to sell.

If you have scrap gold, your best bet is to go to a scrap gold buyer (for broken or mismatched pieces) or a jeweler or pawn shop (for complete items). You won't get the gold value, but depending on the worth of the piece itself, you could make some decent money. Of course, you can always try eBay or online buyers.

It's best not to sell your gold at all, but if you must, go where you'll get the highest price.

by: Art Gib

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