Saturday, April 08, 2006

Sell Gold Bullion

Sometimes it can be necessary to sell some gold bullion.

This might be in a financial situation perhaps where funds are quickly needed, or to recoup an investment where the value of the gold bullion has increased sufficiently enough to warrant the sale.

Gold bullion can be in coins or bars. Coins would usually be gold coins such as South African Gold Krugerrands or Canadian Gold Maples or even US Gold Eagles, for example. Bars would be one ounce pure gold bars or perhaps smaller such as half ounce, or one tenth ounce. This sort of bullion is easy to buy, easy to store and transport and quite easy to sell.

How to sell Gold Bullion

All one needs to do is locate a gold or coin dealer in the country in which you are situated and sell the bullion.

You do need to ensure that you get a respectful price for the gold.

Firstly you need to find out the current price of gold (spot gold price) on the open market. You can see charts at the top of this web site that show the current value of gold in US dollars and Euros, the most common ways of displaying the value of gold. These are updated every few minutes so you can get the current price of gold bullion at any time.

You also need to find a reputable dealer who will give you close to the full value of gold. It is unlikely that any dealer will give you the full current market value of gold as they also wish to make something on the deal. They have their expenses and have to resell the gold bullion themselves.

Sometimes you can sell gold bullion online at auction such as eBay for example. This is fine provided you are prepared to take the risk of actually getting less than a satisfactory price for your gold if few people bid for it. It is likely, however, that many will bid as gold always seems to be much in demand. You can always place a reserve on the item to ensure that it does not sell for less than it should.

Selling your gold bullion is probably easier than buying it. If you do not need to sell it I would recommend you keep it. But if the situation warrants it then, yes, sell gold bullion and take your money!

1 comment:

Unknown said...

What is the typical percent that I can expect a dealer to charge me when I sell my gold?