Need to earn some extra cash to make your budget work? Or are you interested in a new investment opportunity and need to make some changes to your portfolio?
Selling bullion is a great way to free up financial resources and put them toward another goal. People often invest in precious metals because they are great at maintaining their value over the long term.
The reason they want an asset that will maintain that value is so they can access it at a later date.
If that date has come, these tips will help you earn some extra money on your bullion.
#1 Start with Reliable Buyers
When you’re trying to find the best possible buyer, it helps if you can identify reliable, trustworthy partners. There are several types of buyers for bullion and other types of precious metals, including:
- Bullion dealers
- Jewellery stores
- Private individuals
- “Hotel buyers” (I.e., buyers who travel and set up in hotels)
- Gold parties
- Coin collectors
When it comes to bullion, bullion dealers are largely your best bet for the best prices. Jewellers and coin collectors may offer more if you have a unique piece that has collectible value.
#2 Identify Your Bullion
If you’ve inherited bullion from a loved one or it’s been some time since you made your initial investment, it can help to re-evaluate your bullion and figure out what exactly you have before you sell.
Bullion is always a high-purity precious metal. It usually comes in the form of a coin, bar, or round, and it should have the purity, weight, and maker stamped on at least one side. This should tell you all of the information you need to know about the bullion products you have.
#3 Separate Jewellery, Coin Collections, Silverware and Bullion
Precious metals come in all kinds of forms. Silver and gold can be found in jewellery, flatware, tea sets, coin collections, and investment-grade products like bullion coins and bars alike. However, they all likely have different purities and weights of precious metal contents.
Before you go to sell these precious metal products, separate them according to their purity.
#4 Look Up the Price of Gold and Silver
Before you start shopping around bullion and precious metals, make sure you know what present-day prices are like. It’s the best benchmark you can find independent of potential buyers.
That said, there are some things you should know first. The market price you can look up online is more of a theoretical price when it comes to selling bullion.
It’s what banks and institutional investors pay when they buy gold or silver by the ton, not what smaller consumers pay. You can expect to get less than that from most buyers, but it is still a good benchmark to know.
#5 Get Quotes
Shopping around is one of the best ways to make sure you get the best price. You can usually sell bullion, jewellery, and other precious metal products when you give yourself more time to get competitive bids from different buyers. When you find the best price, you know where to go.
Earn more money when you sell your bullion. Compare reputable buyers, evaluate what kind of precious metals products you have, get quotes, and make sure you know the price of bullion before you sell.