Many people find it surprising that it can be just as difficult of a decision to sell bullion as it is to intelligently buy bullion. If you want to sell gold and silver at the best price, you will need to conduct plenty of research and pay close attention to every detail. Here are a few tips that should help you successfully sell your bullion at a profit.
Selling to an Online Dealer
Undoubtedly, one of the best ways that you can sell gold and silver is by working with an online dealer. You should look for dealers online who have great track records as well as business systems in place. The more prominent a bullion dealer is online, the more trustworthy they are.
One of the advantages of selling to an online dealer is the convenience. In many cases, you will be able to commit to selling a certain quantity and at a certain price via a phone call. In some cases, the process occurs entirely online without a single phone call. In most cases, online dealers will ask you for a debit / credit card deposit. The purpose of this deposit is to protect the dealer just in case you decide not to ship and deliver the bullion. Many online dealers will also charge a cancellation penalty and administrative fee from the deposit if you don’t fulfill your end of the bargain.
If you’re selling to an online bullion dealer, they will likely provide you with an order number. The purpose of the order number is to serve as identification for the transaction. You will also receive a packing slip and an address for shipment. You will be responsible for shipping the bullion safely within a business day and you will need to provide the online dealer with tracking information. Once the gold and silver have been delivered, the dealer will verify and inspect the metals and then issue you payment.
Selling to a Local Coin Shop
You should consider selling to a local coin shop if you want to sell the bullion faster. However, in exchange for speed, you will need to make a few sacrifices when it comes to price. In most cases, the line at a local coin chop won’t be long and you’ll be able to get the entire transaction done all at once in person. Before you go to the coin shop, you should know the average online bids for the bullion you’re selling. You should also come up with the lowest amount you will accept before walking into the local coin shop so you know when to bargain or leave.