“Money is gold, and nothing else” -J.P. Morgan. This claim was made over 100 years ago by one of the most successful Americans to ever live. At the time, gold was used in nearly all forms of US currency, and was touted as the highest form of material wealth. While gold is no longer formally used as a form of currency, it’s still among the most valuable metals on the planet.
Gold is commonly traded today in one of three distinct forms: Rounds, Coins, or Bullion (i.e. gold bars). Gold bullion is gold at its simplest, and is the form most people are familiar with. However, for those unused to the gold market, figuring out how to sell gold bullion is no easy matter. Oftentimes, those who come into possession of gold bullion unexpectedly won’t even know how much their gold worth, let alone where to sell it. Thankfully, that’s exactly what we’re here today to discuss.
Among all forms of gold, gold bullion is the easiest to appraise. Bullion lacks the intricate designs found on rounds and coins, and is almost always made of 99.99% pure gold. This means that bullion’s price is determined solely by weight and the spot price. The spot price is essentially the current market value of one troy ounce of gold, and can easily be found online.A troy ounce is equivalent to 31.1 grams, while a normal ounce is 28.35 grams. Now that we know how to appraise gold bullion, our next concern is how to sell gold bullion. Typically, anyone wishing to sell gold bullion has a few different options. One idea is selling said gold to a major gold dealer. The main advantage of selling to a major gold dealer is safety. Since gold dealers rely heavily on their credibility, it’s guaranteed that they will give honest appraisals. The downside, however, is that gold dealers usually only purchase gold that they previously sold, and even then, they’ll only purchase it at 95-97% of its actual value.
Another option is to sell gold bullion locally. Most towns have at least one pawn shop or jewelry store that will purchase gold bars. Selling gold at such a location is a good way to avoid shipping costs, and such stores can usually afford to pay something closer to market price. However, these locations notorious for finding ways to scam innocent gold-sellers.
The final option we’ll discuss today is selling to reputable online gold buyers. Such buyers offer a balance of safety and value, making them the premium choice for most gold sellers. If you wish to sell gold bullion, contact us. We’d be happy to offer you a fair price.