How to Sell Gold High
Gold is oldest and most enduring form of universally accepted currency. As such, it tends to rise in price during tough economic times. Many investors hold on to gold for long periods of time to ensure financial viability if the economy collapses around them. However, during gold price peaks, it is tempting to cash in some of this gold and enjoy the profits. Follow these steps to learn how to sell gold high.
- Difficulty:
- Moderate
Instructions
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1
Examine the gold that you want to sell. The easiest gold to sell is gold coins and gold bullion rounds; next is gold bars and gold nuggets; finally there is gold scrap, which is found in jewelry, computer mother boards, old cell phones, gold plated connectors and gold flatware. You will get the lowest price for gold scrap.
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2
Search the Internet for the current price of gold. This is called the "spot" price and is stated in dollars per ounce. The price you will get for your gold will vary day to day depending on the current price of gold. You need to know what it is so you wont be cheated (see Resources below).
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3
Decide the right time to sell. It is impossible to know how high the price of gold will go. You could sell only to watch the price rise higher. Instead of focusing on that, consider what you paid to obtain your gold. Is your gold worth twice what you paid for it, or even more? Make the decision to sell your gold when the profit is too great to pass up.
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4
Sell your high quality gold coins and bullion directly to collectors on the Internet. Auctions sites like eBay are a great way to reach buyers who will pay top dollar (see Resources below). These gold coins and bullion must be either scarce or in Brilliant Uncirculated condition to interest Internet buyers. Expect to get a decent percentage over the spot price of gold. Understand the risks of selling on the Internet. Be sure you get paid in full before sending any gold through the mail. Insure all shipments.
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5
Sell large quantities of gold coins, bullion, bars and nuggets to gold dealers or coin dealers. The best place is at a shop that specializes in precious metals. Look for someone with a long history in your community who lists their buy and sell prices for everyone to see. A reputable coin dealer will also buy gold coins and gold bullion but may not give you as good a price as a bullion specialist. Expect to get a small percentage over the spot price of gold.
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6
Sell your gold scrap to a scrap gold buyer. There are many advertising on the Internet who will offer you cash for your gold. Just contact them and they will send you a mailing envelope. Put your gold inside and send it insured to the company. Most offer you the current spot price of gold less a handling fee. If you don't like the price they will send it back. Keep in mind that you are only being paid for the gold content of your scrap. If your jewelry is 14K, it is only about half gold.
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