Hobbies And Interests
Potential
If you have high-quality gold coins or gold bullion to sell, the greatest potential for profit comes from individual gold buyers. Selling gold coins directly to collectors on the Internet will make you the most money. Auction websites like eBay cut out the middleman and connect gold sellers directly to gold buyers paying top dollar. It is important to know what the gold you are selling is worth. Gold coins and bullion must be either scarce or in Brilliant Uncirculated condition to interest Internet gold buyers. Be sure to be paid in full before sending any gold through the mail and insure all packages.
Function
Gold bullion dealers are the biggest buyers of gold bullion. They deal in gold rounds, bars and nuggets. Many investors buy gold during difficult economic times since gold tends to hold its value as markets fall. It is fairly straightforward to buy gold from a bullion dealer or have them buy bullion from you. Reputable gold bullion dealers post their buy and sell prices. These will fluctuate with the spot price of gold. Expect to get about 5 percent more than the spot price of gold when they buy from you. Expect to pay about 10 percent more than the spot price when you buy from them.
Features
Gold coin dealers are the primary buyers of high quality gold coins from the public. Their goal is to buy gold low and sell it high. That means they will offer you as little as possible when they buy gold from you. However if your options to sell gold coins are limited and you are not comfortable selling on the Internet, gold coin dealers are a reasonable option. It is essential that you know what your gold coins are worth before selling. Check current coin price lists so you don't get ripped off.
Considerations
There are gold buyers for all kinds of gold. There is gold in everything from computer mother boards to old cell phones to gold plated connectors. Items like these, as well as gold jewelry and gold flatware, are considered gold scrap. This is not high-quality gold, but it melts down just fine. There is a booming business in scrap gold. Many gold scrappers advertise on the Internet. They will send you a mailing envelope for your scrap gold and give you a quote after they examine it. Most offer the current spot price of gold and take a small handling fee. If you don't like the price they will send it back. Keep in mind that you are only being paid for the gold content of your scrap. If your jewelry is 14K it is only about half gold.
Types
All types of ordinary everyday people are gold buyers. Some just own a gold coin or two. Others collect gold coins for their numismatic value. Still others gather bullion as an investment. When buying gold as an individual, it is important to only deal with people you can trust. If buying over the Internet or from a dealer, confirm that they have a solid reputation. Document and insure all transactions. Know the spot price of gold for that day and only pay a small percentage over the spot price for bullion. If there is numismatic value to a gold coin, get a second opinion before paying a high premium.