Buy and selling gold bullion is an exciting way to make money and a good investment as long as you know what you’re doing. The best time to sell gold bullions or coins is when the value of your currency slides down. You are more likely to make a profit during this period than any other time. It also pay to do some research before converting some or all your gold bullion to cash. Here are the steps you need to maximize your profit from the gold sale.
- Know the Value of Gold
Before you even attempt to sell the gold, know the spot price first. The newspapers and the Internet can help you get a price update. If you want to make a profit, don’t sell the bullion if its value is not going up. Keep your
expectations real. Unless it’s an extreme global event, it’s very rare for gold bullion to appreciate so quickly in a very short time. Selling at a modest profit is the best way to make money from selling gold bullion.
- Check the Value of your Country’s Currency
Historically, the value of gold bullion in your country is low when the local currency is at its highest value. It’s better to wait for the dollar to decline before even thinking of selling your gold.
- Do Your Best to Sell the Gold When Demand is High
This advice may sound easy but it’s not. You will need research and instinct to make this work. The trick is to sell your gold before the value starts to go down. Selling your gold at the right time is mostly guesswork and usually not accurate. To maximize your chances of getting a good price, sell only when both the gold price and demand is at its record highest. More importantly, sell only if you stand to make a profit and market sentiment is bullish.
- Sell your Gold
You have several options to where you can sell your gold.
1: Pawns Shops / Jewellery Store:
These two are a good place to start. You just need to present your bullion or coin for assessment. If there are several of them near you, go to all them to see who can offer the best price.
2 : Local Gold Dealer
Most major town and cities in Australia have one or two them. For example, you can sell gold bullion Brisbane residents just by checking your local phone directory or the Internet.
3: Online Gold Dealer
If there are no local gold dealers nearby, you can sell the bullion online. Just make sure that you are dealing with a legitimate business. Check insurance cost’s and terms and conditions to get your items back if you do not proceed with the transaction.
4: An Individual
Transacting with an individual is not the safest way to sell your gold bullion. Beware of people who will set up shop in a hotel room promising high prices for your gold bullion. They actually pay you less or worse, disappear without paying after taking your gold. If you are dealing with family or close friends and they pay in cash, then it’s all right to deal with them.
Before selling your gold bullion, make sure you know the spot value of gold. The best way to sell your is through a local or online dealer. You should also avoid dealing with an individual or stranger to avoid getting swindled. If
you are selling to relatives or close friends then it’s okay.