How to Sell Gold in Washington State
Gold either in the form of gold bullion or collectible gold coins is a popular way to invest. Of course, the time comes when you want to cash in and take your profits. If you want to sell gold in Washington State you can do so in several ways. Auctioning gold on sites like eBay or selling directly to online dealers are two popular methods of selling gold. However, many people would rather deal face-to-face with a buyer or simply find it more convenient to do so. If this is true for you, here’s how to sell gold in Washington State and get a fair price both gold bullion or collectible coins.
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Things You'll Need
- Up-to-date price information on gold bullion
- Reliable price listings for collectible coins
Instructions
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Know the market for your gold. If you have investment bullion or coins like American Eagles or Krugerrands to sell you need to know the current price for gold on commodities markets because this is the base figure a buyer will use. For collectibles like gold Liberty coins you should check price listings for the individual coins. Links to daily market quotes and coin price listings are provided at the end of this article.
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Find buyers for your gold. If you know a reliable jeweler or coin dealer they can either buy the gold or recommend someone. However, the easiest way to find reputable buyers is to use the United States Mint’s Dealer Locator by clicking the link below. On their webpage choose Washington from the menu. The locator will bring up a list of bullion and coin dealers in your state along with contact information.
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Have collectible coins appraised if necessary. The best way to avoid inconvenience is to call ahead and find out a buyer’s policies for buying coins or bullion. It’s also a good idea to get quotes from more than one dealer, since what a particular buyer offers can vary and you want to get the best price for your gold.
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Sell your gold. Buyers will not offer you the full price you see in the daily spot quotes for bullion or in collectible coin listings since they need a margin to cover their costs. For bullion expect this to be about 1-2% of the spot market price. Margins for collectible coins are larger but you should be able to get fairly close to the list value for your coins.
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Keep your receipts from all your gold transactions. Profits you make have to be reported on your tax return and having good records can save you some major headaches.
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