How to sell gold?

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Here you will find answers to the questions:

1. How to sell gold?
2. Where to sell gold?
3. How is the gold resale transaction done?
4. How is gold valued when sold?

At a glance

• The advantage of physical gold in the form of bars and coins is its high liquidity. Purchased bullion can easily be resold around the world.
• Resale is the same simple transaction as purchase. When choosing a company to which to sell gold, it is advisable to follow similar criteria as at the time of purchase. Reliable verification and valuation of the royal metal will be provided by a professional dealer – a store or salon that specializes in bullion trading.
• The buying price, like the selling price, is based on the current SPOT exchange price.
• Bars from manufacturers with LBMA accreditation, for example. C-Hafner or Rand Refinery will be verified at a professional gold dealer (like Goldenmark’s chain of showrooms) using a non-invasive method and bought outright.

Where can gold be sold?

The first choice is the gold dealer from whom we bought the bars or coins. It is standard in the precious metals market to offer customers both the sale and purchase of investment gold.

If your gold comes from another source or you don’t know the store where it was bought, it would still be a good idea to go to a distributor outlet that specializes in selling bullion bars and coins. In all likelihood, each of these stores, like the Goldenmark chain of showrooms, also conducts buying, meaning they will buy gold from you. A professional distributor will be able to reliably verify and value the product.

We can usually also sell gold at a pawn shop or some jewelers. However, not all such outlets train their employees to verify and value investment gold. Therefore, we may not get the right price. The right one, that is, adequate for an investment product like a bar or coin, not jewelry or other gold products.

For a retailer like Goldenmark, a bar in a certipack is a finished product that is likely to go back into circulation. And for a jeweler, pure gold is raw material, so he may price the bar differently or, for example, cut or drill it during verification. An expert in a store that sells bars or coins will verify their authenticity by non-invasive methods, meaning he will not destroy the product (which would reduce its value).

Learn how to verify the authenticity of gold

What kind of price to expect?

A major advantage of physical gold is price transparency. The prices of bars and coins are based on stock market valuations. To find out what the current gold price is based on, read what influences the price of gold. The price of gold at buyback is determined in the same way as the price at sale is determined. It is based on stock market gold quotations, for example, on the New York commodity exchange Comex. This is the so-called. SPOT price and is updated live, usually on a 15-minute cycle.

The SPOT price is widely available, for example, here.

When you check the purchase price of the bar you will notice that it is higher than the SPOT price. This is due to the cost of packaging, transportation, insurance, wholesaler and distributor costs. Usually the final price for an individual customer is several percent higher than the exchange price.

Find out what makes up the price of a gold bar.

The purchase price, on the other hand, will be minimally lower than the SPOT price. In this case, the cost of putting the product back on the market is less, so also the percentage difference will be noticeably less than with purchase.
If you sell a damaged product, for example, a bar with a damaged certipack or with a clear loss – simply one that is impossible to sell again, the product will be valued as a so-called. II state of preservation. What does this mean? The gold still has its value, but you will get approx. 2.5% lower amount, because it is not marketable, and this means the cost of melting the gold. Manufacturers’ bars without LBMA accreditation will receive a similar valuation.

Learn more about the LBMA.

What is the resale process like?

Buying physical gold in the form of bars and coins is simple and accessible to everyone. Buying as the inverse of this transaction proceeds in a similar manner.

When you go to a precious metals distributor’s store, your bars and coins will be verified by non-invasive methods – without damaging the product. If you want to sell an LBMA-accredited manufacturer’s bar or one of the top bullion coins, verification and valuation can be done on the spot and on the spot.

If you want to sell a rare, collector’s item or the so-called. old minting coins, with a gold content of not less than 90%, older than those from the 1960s-70s. you may need a laboratory verification. You will wait a few business days for the lab’s valuation. You decide whether it is attractive to you or whether you want to pick up the products after all.

Products that can be verified and valued on the spot are bars from accredited manufacturers, such as. C-Hafner, Rand Refinery, Valcambi, as well as bullion coins: the Krugerrand, Australian Kangaroo, Vienna Philharmonic, Britannia, Maple Leaf, American Eagle and other popular ones.

Settlement can be made on the spot by cash or, if you prefer, by wire transfer. When the one-time value of the transaction exceeds the amount of cash that may be available for security reasons at the stationary salon, payment will be made by wire transfer.

How to prepare for the transaction?

Buying gold is a transaction as simple as buying it. Preparation for it on the customer’s side is not complicated. If you have product certificates-for example, from the seller-you can prepare them.

You can also check the current SPOT price to get an idea of pricing. However, keep in mind that the price is updated in real time (every 15 minutes).

If you want to get an initial idea of what the buyback offer is for a particular product, you can check the prices at skupzlota24.pl. However, the final valuation and offer will be made only after the product has been verified. You will receive a specific offer. However, if after the verification and valuation process you decide not to go through with the transaction, you usually do not incur any additional costs. At Goldenmark network showrooms, the gold verification and valuation service is free of charge.