Selling gold jewelry or coins can be a quick way to make cash in a pinch, but you'll rarely be able to maximize your gains if you need to offload your items right away. In most cases, you can make the most money by taking the time to plan for your sale. The more time you have to prepare, the higher your likelihood of selling your items for a high percentage of your gold's spot or melt price.
If you know you'll need to sell your gold in the future, this guide will help you prepare a long-term strategy to get the most value from your gold items.
Getting Started
Were you planning on bringing a bag full of coins or jewelry to your local buyer? While this strategy might be the most expedient way to sell your gold, it's not necessarily the best. Before selling, it's a good idea to inventory your items and do a little bit of research beforehand. Taking this extra step is especially critical if you're selling items from an estate that you didn't personally purchase.
You don't need to fully inventory and research every item, but you should divide the gold you have into a few basic categories. For example, if you're selling coins, do you know the difference between numismatic and bullion coins? You may also want to separate jewelry by its purity (karats) and keep any antique or unique items aside.
Shopping Around
Once you've taken stock of what you have, it's time to start shopping around. If time is on your side, you can use multiple gold buyers to get the best possible price. This approach isn't necessary if you're turning all your gold over for its melt value, but it can be worthwhile if you have many collectible coins or jewelry that's valuable beyond its melt value.
In either of these cases, you should work with buyers who specialize in those particular item types. You may even want to consider private sales for items with exceptionally high collectible value. On the other hand, large goal dealers are often the best way to get a fair price for non-collectible items such as bullion coins or most jewelry.
Take Your Time
There's another reason to take it slow when it comes to selling your gold: playing the market. Gold prices can fluctuate from month to month and even day to day. If you aren't in a rush to sell your gold, you can wait for spot prices to increase and attempt to sell when prices are high. You can even sell your gold in smaller lots over time to increase your odds of catching a peak in prices.
Ultimately, gold is an excellent store of value, and there's no wrong way to go about selling it. A quick sale has value if you need cash fast, but taking a longer-term approach is an excellent way to turn a healthy profit on your gold items.
For more information, contact a company such as Beaverton Coin & Currency.
