How to Sell Gold Bullion in Illinois

Gold, that perennial currency, has what many fiat currencies lack, intrinsic value. While the price of gold may rise or fall in a given fiat currency, many experts have shown that gold has a set value, whereas fiat currencies like the dollar are prone to inflation. This means that in the long run, the gold price denominated in dollars, yen or pesos will go up, making an investment in gold a great hedge against inflation. After investing in gold by buying gold bullion, the next step is to know how to make a profit by selling it at a local dealer. Here's how to sell gold bullion in Illinois.

Instructions

Difficulty: Moderately Easy

1. Find a gold dealer in your part of the Land of Lincoln with the local Yellow Pages or online. You can also try the links listed under Resources.
2. Check the spot price of gold with any trusted financial resource. The spot price is usually quoted per ounce or per 100 grams.
3. Multiply the spot price by the weight of your coins to find their value, if you are trying to sell bullion coins or bars (almost 100% gold). Other gold coins may have varying value based on their gold content and collector interest. If you're unsure of your coin's gold content or value, research online or in a coin catalog like "The Standard Catalog of World Coins."
4. Sell your gold coins at the local Illinois dealer of your choice or online on eBay or a reputable gold-dealer site. Make sure you have the cash in your hand or your bank account before shipping your gold.

Tips & Warnings

• Most gold investors only part with their physical gold out of necessity. If you are trying to simply win profits from short-term gold investment plays, an easier way to do it would be to invest in gold-mining stocks or a gold ETF (Exchange Traded Fund) like GLD.