Financial crises make investors think about gold.If you can time the ups and downs of gold prices, there is money to be made.Many people are drawn to the security of having gold on-hand.Selling gold coins can be done by following a simple process.
Step 1: You can compare prices from different buyers.
It's important to get the best bang for your buck.Multiple businesses should be provided by doing a simple online search of gold buyers.If you want to find out what the buyers are currently offering, give them a call.The US Mint has a handy tool that can be used to find local buyers and sellers.There are other exchange sites that keep track of precious metal.There are gold, silver, and Platinum.There are a lot of resources if you just search online.The spot gold price may be the current price, but many dealers charge a premium to buy the gold.
Step 2: You have to lock in your selling price.
Once you find the right place to sell your gold, you'll need to move quickly to lock in the price.If you wait too long, your gold coins could lose value.A simple online form is required for some.
Step 3: You can sell gold coins in person.
Once you establish a plan to do business with a local dealer, they may require nothing more than a phone call to lock in a sell price.They will want to weigh your gold and verify the clarity of the coins.There are a few disadvantages to selling gold in person.There is no guarantee that your gold will not be replaced with something less valuable.A higher premium is likely to be incurred when selling gold by hand.Premiums are developed to overcome the gold insurance scam.
Step 4: You can sell your gold coins online.
Online dealers sell gold coins in a straight forward manner.Before shipping the gold, most have nothing more than a few steps to complete.Register for an account on the respective website if you check the following steps.For a current price, call their trading department.If there is a minimum amount to sell in order to do business with them, talk with their specialist.
Step 5: You can sell your gold coins.
If you want to see if someone is willing to pay more for your gold coins, you can put them on eBay.Depending on the auction site, there may be a registration process, but some simply require the completion of an online form and submission of a photo of your gold.
Step 6: Continue your sale.
It's time to get paid once you've figured out all the details on your coin, the method of selling, and negotiated the price.Some gold exchanges will allow you to fill out a form with your checking account number.You may be asked to provide a voided check.Cash is often used to buy and sell gold, so be prepared to work without credit.
Step 7: You should pay taxes on your sale.
Depending on the amount of gold coins you sell, there may be tax implications.When selling at least 25 of any of the following coins, the form needs to be used.
Step 8: You should package your shipment.
The box may have something related to gold coins inside it.A clear indicator of the contents is a business name that is related to bullion.Follow the steps below to make sure your package doesn't get damaged when you send gold coins.To cover the entire edge and corner, use heavy-duty tape and nylon.The package needs to be as secure as possible.Reinforce heavier packages with tape.If the business you are dealing with requires something extra, like a filled out form or a voided check, include it in the box.
Step 9: You can choose your method of shipment.
There are many ways to send your coins.The most secure method is preferred.You might be able to deliver it by hand.The price will not be cheaper because USPS doesn't have fuel or residential charges.Door-to-door services are offered by some sellers.The overnight shipping label will be sent to you, and the pickup will coincide with their schedule.
Step 10: Shipping extras should be included.
Because gold is more valuable than the average shipment, and likely more prone to theft, you'll probably want to take some extra precautions when shipping your coins.You need to get a confirmation number.Delivery confirmation is something you will want to track the package for.Get insurance.Loss or damage protection is offered by larger carriers.Up to $100USD coverage can be offered for free by some.You will have to pay more based on the declared value.
Step 11: Look at the spot gold price.
If you were to attempt to sell your gold coins over the counter to someone, the spot gold price would be the current price for gold.The gold is sold by ounce, gram, or kilogram.The price can be found on a larger finance website.The Simple Moving Average (SMA) is one of the financial indicators listed on most financial websites.Monex.com has been in business for more than 40 years.Kitco.com is a news site.There is a lot of recent news regarding the price of gold.
Step 12: The gold coin can be sold.
Depending on your location, some gold coins are easier to sell than others.Some can be added to retirement accounts with purity guarantees.The coins that are rarer are more difficult to sell.The Canadian Maple Leaf and American Eagle coins are the most frequently used in the U.S.The U.S. Mint guarantees the purity of the American Eagle coin.The Canadian Maple Leaf dominates outside the U.S.It is easier to sell the Austrian Vienna Philharmonic.The American Buffalo is a pure gold coin.It was supposed to compete with the Maple Leaf.
Step 13: The weight and value of your gold can be determined.
Troy ounces are the price per troy ounce for the actual gold weight of your coins.First weigh the coin if the ounces aren't displayed.You need to know the amount of non-gold metals inside the alloy after it's weighed.If you know the AGW, you can use the gold price per Troy ounce to calculate the value of your coin.You have to break down the fraction included in AGW for impure coins.If the coin was 50% pure, you would have 1 Troy ounce AGW.A Troy ounce is not the same as a normal ounce.You will need to confer with a professional to determine the non-gold metals in your coin.To convert grams to AGW, divide them by 31.1035.The weight in Troy ounces is displayed prominently on some coins.