There’s something about precious metals that has always enchanted people. That’s why many different cultures have used gold or silver for currency for hundreds of years, and it’s no different today. Pure gold is incredibly valuable, so the choice to buy and sell it is an obvious one.
When you’re new to the industry, though, finding the right venue for buying gold or selling gold coins you already own might feel a bit daunting. Fortunately, there are some simple ways to see through the frenzy.
Before ever stepping out the door to buy or sell gold, check the current spot price. This will give you an idea of the present price of gold, which will equip you with at least a rough outline of the lowest price you can expect to pay, or the highest offer you can expect to receive for your gold bullion.
Additionally, do some research on where you plan to buy and sell your bullion coin. If you have the time, look into any reviews that might give you some insight into customer service, and check with the better business bureau to ensure that you’re not preparing to do business with a company that engages in poor practices.
If you’re planning on selling your gold, consider how quickly you need the money. Are you hoping to complete the deal by the end of the business day? Do you have some time before you need the fiat currency and would you be willing to accept a cheque? These questions could impact where you end up selling.
There are a few main options to buy and sell gold in person. These are: pawn shops, coin dealers, and gold dealers. If you’re hoping to buy gold coins (or silver coins for that matter), you will likely want to go with a coin dealer or gold dealer, as they are certain to have coins in the form of both of these precious metals.
If you’re also interested in looking at gold bars and silver bars, a gold dealer is the only surefire way to know you can make a deal. On the other hand, if you plan on selling gold, any of these three venues could be a good option.
Unfortunately, many spots will not offer cash immediately when you sell gold. Instead, it can take several days for a cheque they offer to clear, which might leave you sweating in the meantime. Likewise, pawn shops are notorious for offering prices far below market price, which is where prior research comes into play.
The best way to know that you’ll receive a fair price whether you’re buying or selling (and to know that you’ll get cash for your gold if you should choose to sell) is to work with a reputable gold dealer like Gold Buyers Melbourne. With industry experience and a reputation for fairness, we can offer some of the best prices in the industry with a hassle free experience.
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