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Logan Adams
Logan Adams

Buying And Selling Gold Bars

Safety and trust are absolutely critical qualities to find in whomever you're selling gold to. You can rest assured that a coin dealer will always buy back any product they sell themselves at a fair price. Ideally, they should also be a member of the Better Business Bureau (BBB). Sadly, the risk of theft or fraud are an ever-present concern with a high-value asset like gold.

buying and selling gold bars

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The next-worst option for selling gold is an online auction site. These services take a hefty "seller's fee" of more than 10% from your final sale price (while you assume the liability for shipping and insurance). More importantly, there are no protections against cancelled purchases in the "fine print." In these cases, you lose out on the fees and have to start the process over with less money.

If you've chosen to sell gold to a bullion dealer, the next step is to choose between selling in person or online. Thanks to the modern convenience of the internet, many dealers will allow you to sell gold online to them. You will probably need to photograph the items, fill out a sales form, and give the dealer adequate time to make an offer.

If your gold is in the form of rare or collectible coins, you'll likely want to stop by the dealer's physical location. That will give them the best chance to closely evaluate the condition and appearance of the coins. This is less of a concern with generic products like gold bars.

Bullion coins will be worth slightly more than generic gold bars. Both are highly pure gold and considered liquid assets, but there are slight liquidity differences between bars and coins. The latter are legal tender and typically a bit easier to sell, and thus command slightly higher prices. If you sell gold bars with a serial number from a name brand, they may be worth more.

Any potential buyer who advertises a way to avoid taxes when selling gold should be viewed with suspicion. This is a huge red flag that something unlawful is going on. As unpleasant as it is to fork over a tax payment, it's better than being in hot water with the IRS.

Selling gold online isn't much different than selling it i