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Thursday, December 22, 2005

Sell Gold

This articles is about how and why one would sell gold. The need or desire to sell gold can be just as important to some people as it is to buy gold. Some daily investors buy and sell gold on a regular basis. They tend to be more professional rather than just the guy in the street who is not so familiar with the ins and outs of the gold market. So how does the ordinary person sell gold and why should they?

Why Sell Gold
Some times the need arises to sell gold. For example, if circumstances demand that we need funds for some emergency or we see some potential in the market that demands quick action which we cannot resist.

People keep gold for various reasons. Asset protection, catching a good opportunity when the value of gold increases. Preserving assets which others cannot access (ex spouses, creditors etc). Even just liking the idea of keeping ones assets in gold rather than in a bank.

So the reasons to sell gold may vary also. Cashing in some assets to recover funds for some purpose such as pay bills, buy that car you have always wanted, take advantage of a dramatic increase in gold value. Seeing an opportunity elsewhere and selling your gold to utilize those funds elsewhere.

How to Sell Gold
How you sell gold can depend on what types of gold you have.

You might not want to sell all of your gold so if you have bullion in the form of coins and bars, these are easy to sell. You can sell all or even just a portion of your total gold holding this way. Most dealers and even private individuals are willing to buy gold. Generally you will get, from a dealer, just below spot. The dealer also wants to make some money and he has to on sell the gold to do so. Selling privately you can get the spot price and sometimes a little more. Gold sold by online auctions, such as eBay generally sell for over spot. But if the price of gold moves up quickly the buyer can still get a good deal. Timing is everything here.

Here are a few points worth remembering also.

Coins are easier to sell than the larger bars. Basically people do not have to pay so much money for coins. A ten ounce bar is a lot of money for many people and comes under the category of big ticket items. Such bullion bars would really be sold to dealers who have a high cash flow. Individuals will buy coins however and generally pa over the then current value or price of gold..

Of course, the price you get for selling your gold is dependent on the prevailing price of gold at that time.

If you are going to select a dealer, ensure you select a reputable one for your gold coins or gold bullion. The larger dealers online have a reputation to consider and also have a standard process for buying gold. It is good advice, also, to check a number of established reputable dealers as the price offers may vary.

When it comes to selling by auction, such as eBay, it will be easier if you have an established eBay account with a track record as expressed in the feedback pages. However, if you are selling large quantities of gold coins you might want to consider one of the larger auction houses such as Sotheby’s for example.

But if you are simply selling one or two gold coins then a dealer would most likely be your best option. Some coins are easier to sell that others. Canadian Maple Leaf Gold Coins, American Eagle and Sovereigns are always popular with buyers and consequently very easy to sell.

Should you Sell Gold
For most of us, the entrance point into the fascinating world of gold is actually owning gold in the form of coins of various types and sizes or perhaps, if we are more fortunate, gold bullion bars,.

Most people like to save their gold coins and bullion not just for the looks or for the knowledge that they "own some gold", but also for investment purposes. One can quite easily accumulate a healthy investment in gold which, over time, does not diminish but in fact improves in value.

The best advice for selling gold is of course don’t sell gold but instead buy gold.

But if you absolutely must sell gold, rest assured that at least you will get top value for your gold coins or gold bullion!

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