How to Sell Gold Bullions

By Larry Parr

  • Overview

    Coin shops, jewelry stores and gold dealers will all buy your gold bullion locally. It is also possible to sell your gold bullion online and even at auction sites such as eBay. Gold bullion can come in two forms: coins or bars. Gold coins such as South African Krugerrands, Canadian Maple Leafs and U.S. Gold Eagles are, technically, considered gold bullion and are all readily sold. Gold bars, which generally range in weight from 1/10 of an ounce all the way up to 16 ounces sell quickly, since each bar contains a "mint mark" guaranteeing its purity.

    • Step 1

      Look up the current price of gold, the spot price, online or in the newspaper. Keep in mind that the price of gold can fluctuate on a minute-by-minute basis when the gold markets are open. Assuming your gold bullion is 24 karat pure gold then the spot price you see online or in print is the price currently being paid for 1 ounce of gold.

    • Step 2

      Contact local coin shops, jewelry dealers and gold dealers and ask how much they pay for gold bullion. Keep track of the places that pay the closest to the current spot price. Do not expect to get full spot-price for your gold as the dealer buying your gold must leave room for his or her own profit.

    • Step 3

      Check several online gold bullion buyers and see how much they are paying for gold bullion. What you are looking for is the dealer who will pay the closest to the spot price.

    • Step 4

      Check out prices currently being paid for you particular form of bullion on eBay. Occasionally one form or another of gold bullion will suddenly become "hot" and could, potentially, even demand a premium over the current spot price, although such conditions happen very rarely.

    • Step 5

      Compare prices and choose the dealer that will give you the closest to the current spot price for your gold.
    • Skill: Easy
    • Tip: Asking dealers what percentage of the spot price they pay for gold bullion can make the comparison process easier.
    • Warning:
    • Use caution when selling gold bullion to individuals. Meet in a public place, such as at a coin dealer or the lobby of your bank to conduct your transaction.
    • Do not accept checks when dealing with individuals. Cashier's checks and certified checks are frequently forged and used to buy gold from unsuspecting individuals. Demand cash.

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    © Demand Media 2011