Things You'll Need:
- Gold bullion
-
Step 1
Separate your gold bullion from gold scrap. Gold bullion is investment grade gold. It is usually in the form of coins or bars and is anywhere from 22 karats to 24 karats. The purity isn't very important since prices of gold bullion are based on the amount of gold in the coin or bar. Gold coins are often sold as gold bullion but technically they are not. Gold coins are legal tender while gold bullion is just gold. Gold jewelry and other gold items are considered gold scrap and not gold bullion.
-
Step 2
Sort your gold bullion. Gold coins and bars are made by government mints all over the world. Most notable are the United States, South Africa, Austria, Australia, Canada, Mexico, the United Kingdom and China. One-oz. gold coins are the easiest to sell since every coin dealer accepts them. Gold bullion bars and coins that are a fraction of 1 oz. may be more difficult to sell. Sorting is important since some gold dealers will only accept certain types of gold bullion. You may get a lower price for the rest or have to sell the small stuff as a "lot." It is important to know the breakdown of what you have before you contact dealers.
-
Step 3
Examine the quality of your gold bullion coins. The higher the quality of the gold bullion coin the more it is worth. You should never clean a gold bullion coin. You should never even touch it with your bare hands. You will only reduce its value. Separate your gold bullion coins into two piles. One with brilliant uncirculated coins that are perfect. The other with circulated coins that are less than perfect.
-
Step 4
Find the current spot price for gold. You can get this with a simple search on the Internet. Gold prices change daily and gold dealers base their prices on the daily rate. You need to know the current price of gold so you wont get cheated. Gold prices are stated in dollars per ounce.
-
Step 5
Do background checks on gold bullion dealers. Compile a list of all the gold bullion dealers you have access to and ask around. If you can't find anything said about them then they probably haven't been around long. If they are crooks you will find a lot of negative things said about them. Look for someone who specializes in precious metals with a long history in the business. Be sure they list their gold bullion buy and sell prices. A reputable coin dealer will also buy your gold bullion but may not give you as good a price as a bullion specialist.
-
Step 6
Take your gold bullion to your chosen dealer and ask for an offer. They will look at your gold bullion in order. First will be the brilliant uncirculated gold bullion 1-oz. coins. Next will be the circulated 1-oz. gold bullion coins, then the gold bars, then the smaller denomination gold bullion. You can expect a higher price for the brilliant uncirculated 1-oz. gold bullion coins. This should be a small percentage over the spot price of gold. The circulated 1-oz. gold bullion coins and gold bars may fetch you the spot price of gold. The rest of the gold bullion might produce an offer slightly lower than the spot price of gold. Have the gold dealer explain the different prices before you accept any offer.
-
Step 7
You can also sell your gold bullion yourself over the Internet on auction sites like eBay. You may get a better price this way, but it is more work and there are risks. On the Internet, buyers may not be honest. Be sure to get paid before sending the gold bullion and always insure all shipments.
