3 Simple But Important Questions You Should Ask Before You Sell Your Gold Bullion

Who buys gold bullion near you? This is a question you might have asked and even Googled but there are other important questions you should be asking. The fact that you are searching means you are ready to part with your precious investment and before you part with your gold you should make sure you have all the facts you need. Asking the right question will increase your ability to get more money from selling your gold. 

Do you know what you are selling?

If you don’t know what you are selling how can you know if you are getting a good price for it? 

Gold bullion is different from just any gold. It refers to gold with a purity of 99.5% -99.9% which has been transformed into bars or minted into coins for investment purposes. In the past gold bullion coins were the preferred way to own gold. Gold bullion is also available in the form of gold bars available in 1 to 100 troy oz. or 1 gram to 1kg (the kilobars are the largest available in the retail gold investment market).

Knowing what you are selling is especially important if you are selling gold coins. There are two markets for gold coins. Gold bullion coins are those coins struck by government mints like Perth Mints, The Royal Canadian Mint, or the U.S Mint. These are the coins that most investors stick to because they reflect the spot gold price. It’s easier to sell bullion that was created at a government mint. 

Why sell your gold bullion?

This might not sound like an important question and it is one that no one else can help you answer. Are you selling because you need cash now? Are you selling because you believe the price has gone up high enough for you to cash in? If you are selling because you need quick cash, you might be at a disadvantage when negotiating a price with the buyer. Gold is good as a long-term investment, you don’t have to sell bullion unless you are ready to do so. And what might seem high now might not be the highest that the price of gold will ever be.

Know what the current price of gold is. Since gold bullion is the purest gold then you should be able to sell at a price that is closer to the current spot price of gold. Being able to tell a bullion dealer that you are not in a hurry places you in a powerful position to get a better price for your gold because the dealer would rather acquire your gold than have you walk away.

Where Are You Selling To?

In your search for dealers who buy gold bullion near you, you will have noticed that there are lots of bullion dealers, coin shops and even pawn shops that buy gold. The question you should ask is, can you trust who you are selling to? Have they been in business for long? What is their reputation? Selling to a company with the right credentials will obviously increase your chances of getting an honest valuation of your gold and a fair price for it.  When you sell gold bullion, you should follow best practices to ensure you get the best price. By knowing what you have, what it is worth, and finding a reliable buyer, you’ll go a long way in getting a good price for your gold bullion.