If you are ready to cash in on your gold bullion then, firstly, check if the timing is good. You don’t want to find out a day after the sale that the rates have spiked! Check the market trends and read some forecasts before stepping out to make the sale. When you are selling gold, you must be sure to recover the amount you paid plus the profit percentage you had in mind to benefit from your investment. here are 5 Points for when you are ready to offer your gold bars for sale.
1. The Gold rate component
At the time of purchasing the gold bar, the break of the amount you paid will include the spot price of gold on that day plus a premium that would include the making charges, packaging charges, manufacturers’ premium, and seller’s premium. This applies to all the gold stores globally, including “gold stores near me”.
When you sell the gold, you will only get the spot price of that day. Hence, the spot price of gold must cover the premium charges plus an overhear amount for you to make a profit out of the sale. Generally, the premium rates are not very high, so waiting and selling at the best rates is only to get maximum profits. If you have made up your mind about how much percentage profit you are willing to sell for, after calculating the period of investment, then you can sell the gold bars once the market hits the rate. However, if there are clear indications that the market rate for gold will go up shortly unless you are in a hurry you can wait until then and sell it.
2. Current value of gold
Gold is traded as a precious metal commodity and its market rate fluctuates as per the global demand and supply variations. Bullion gold such as gold bar and gold coin rates are set based on the current gold spot price in the market, at the time of sale. Hence, it is important to know the spot price to get a general idea of how much you may earn from the gold sale.
The spot price of gold in the commodity market is 24 karats or .999% pure gold. Since gold bars are minted at this purity and these values are etched on the bar, they will be sold at this value.
3. “Find gold stores near me” that deal in gold bullion
Many shops buy gold bullion such as pawn shops, but these stores will offer you cash for gold so that they can resell it at a markup. Thus, they will offer less amount than what your gold is worth to make a profit. If you are holding gold bars and coins as an investment, then you must expect prices close to the market price. Hence, whenever you want to sell gold bullion, sell it to a buyer who specializes in gold bars and coins.
4. Gold bullion valuation
Normally, if you are selling physical gold, it will be melted to remove traces of other material which they are smelted with to make a strong alloy, to remove any impurities, and only pure gold that is left is cooled and then weighed. You are paid for the value of the pure gold that is left after the entire process. In the case of gold bars for sale, if they are from a reputed refinery, then they will have engravings of the name and logo of the refinery, weight, purity, and a unique ID on the obverse and reverse sides of the bar. In small sizes, these bars will come in an assay pack that will protect their integrity over the years. Thus, the bar will not be tampered with by the buyer.
5. Should you sell to “gold stores near me” or online?
It does not matter either way as long as you are selling to a recognized gold dealer who trades exclusively in gold bullion. This is because they will value the gold aptly and pay you the best price for your gold bar.
Although physical gold is a good rainy-day investment, it would be smart to have a strategy and stick to your target price to get the best value for your investment.