When the economy is doing poorly, gold prices are usually high. At times like these, many people holding gold bullion are eager to "cash out" and take their profits. Gold bullion tends to be a long-term investment. People buy it without thinking about when they will sell. Others inherit gold bullion. It can be owned by a family for generations before being sold. As a result, many people don't know how to sell gold bullion.
Examine the kind of gold bullion you have. The most popular form of gold bullion is 1 oz. rounds. These resemble gold coins but are not monetized. They are issued by government mints around the world. Most notable are the United States, South Africa, Austria, Australia, Canada, Mexico, the United Kingdom, and China. These 1 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.
Consider the quality of your gold bullion rounds. With gold bullion rounds, the value is decreased if the quality is less than perfect. The more a gold bullion round is worn or touched, the less it is worth. If your gold bullion is in a protective covering, do not remove it. Do not ever touch a gold bullion round with your bare hands, and never clean it even if it is dirty. You will only reduce its value.
Search the Internet for the current price of gold. 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 won't be cheated. Gold prices are stated as dollars per ounce.
Know what your gold bullion is worth. If your gold is scratched up with fingerprints all over it, you will be offered less than the current gold bullion price. If your gold bullion rounds are in "Gem Uncirculated" condition, you can expect a bit more than the spot price of gold. Understand that a gold bullion dealer's buy and sell prices are different. Dealers will pay you less than they can sell your gold bullion for.
Find a reputable gold dealer. The best place to sell your gold bullion is at a shop that specializes in precious metals. Look for someone with a long history in your community who lists the buy and sell prices for everyone to see. A reputable coin dealer will also buy your gold bullion but may not give you as good a price as a bullion specialist.
Turn to the Internet. You can also sell your gold bullion yourself over the Internet on auction sites like eBay. Understand the risks of selling on Internet auction sites. Buyers may not trust you, and you must be sure get paid before shipping the gold bullion. Be sure to insure any gold bullion you send in the mail.
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