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05/23/2024 12:34:31 PM

Buying bullion is one thing. Selling it is something else entirely. It’s not common to use gold or silver directly in trade for goods, and it’s generally not advisable.

So, it’s important to understand what to do if you decide to offload all or a portion of your stack. The guide below details all the steps you’ll need to take.

 

        

Step 1: Timing the sale

The first step in this process is probably the most obvious one. You must decide the right time to move forward with selling your bullion. There are many different reasons, both internal and external, that it might be the time.

One primary reason is that you simply need the money right away. Life expenses appear in everyone’s life from time to time, and those can take precedence over savings and investments. In that case, you cannot be very picky about the sale price.

Still, even if you need dollars in your pocket as soon as possible, you can lessen any hit you’re going to take if you can wait for 24 to 48 hours. That timeframe will allow you to trade your bullion online – with BGASC or some other reputable dealer – and generally receive better prices than the ones you’ll receive in person.

Another situation where you might be feeling a time crunch to move some metal out of your account is if the price seems to be on a downward trajectory. It’s possible that you bought your metals near the top of the market, and th

ings are settling back to “normal” for now.

The time pressure you feel to make this kind of deal is probably not as dire as the life circumstances dictate above. If it is, then you’ll have to take what you can. But try to give yourself a few days to find the best deal that you can, online or in person.

The only situation where you have decided to sell but don’t feel any time pressure is if you are trying to capture some profits from the rising value of your precious metals. In that case, you should not be in a hurry. Take the time to educate yourself about the market and its trends and try to find a short-to-mid-term zenith in the ask price.

Step 2: Know your metal

We hope that you took the time to research your pieces before you bought them. If you took some care at that point, you may not have much work to do here on Step 2.

It is critical to know exactly what you are selling. You need to be completely confident about the purity, weight, and significance of your precious metals on sale.

So, if you’ve got coins, examine them for any defects or imperfections if you have not done so already. Find out the history and desirability of your coins and know something about their popularity.

If you’re selling rounds or bars, there’s less specificity about the products to investigate. Still, you should take the time to double-check the weight and purity of them, as these two factors are the only attributes that investors will use to value the pieces.

Regardless of the format of your precious metals, we strongly recommend that you don’t attempt to confirm the purity, weight, and provenance of them yourself. Find a reputable professional or professional to help certify exactly what you have on hand.

Step 3: Negotiate your buy-back price

Once you have an idea about the general value of your pieces for sale, you need to start getting more specific. The first thing to do is to find the ask spot price for your metals, which is the lowest amount that sellers are willing to accept on expiring futures contracts.

Now, this spot price is only the baseline for the value of your metal. Every dealer, online or retail, will attach a premium to the spot as its vehicle for turning a small profit. The dealer’s pricing is designed so that it buys metal at one price and sells it at a higher price.

So, both buying and selling prices are going to be above their spot prices. It is impossible to buy gold or silver at spot, and it is not a good idea to sell it at spot, either.

The price you’re willing to accept for your metals is negotiable, though. Look for the most generous offer above the asking price, of course, but also have an idea about the spread – the distance between the two premium prices. You might be able to work out a deal with the broker, but only to a certain point.

After all, dealers are not of the mind to lose money on any deal. But your job is to get as much as you can from us when you go to sell, so shop around, play hard, and try to find the best return you can. Then, agree to the sales price.

Step 4: Make the exchange

After you have an agreed price, the only thing left to do is to satisfy the physical elements of the deal. In other words, you need to part with your metals and get your money in return.

If you’re doing your deal with an honest online broker like BGASC, then the process is quite secure and safe. We (or whomever) will send you detailed private instructions about how to send your metals to a storage facility. Do not deviate from these instructions whatsoever. Even if there are steps that seem unnecessary, you must complete them to keep the transaction as safe as possible.

If you’ve decided to sell to an in-person shop, then the transport process will be more practical and low-key. It is quite likely that you’ll be able to move the metals to the shop yourself. However, consult with the retail dealer before you bring the metals to him. He may have his security procedures, recommendations, and precautions you need to take. Although you’re probably not at any enhanced risk for robbery or misfortune during your journey, you still want things to go smoothly.

Whatever path you decide to take, you’ll receive dollars back according to the deal you struck. Retail dealers are likely able to pay you immediately upon receiving the metal – depending on the size of the sale, he may even be able to pay in cash.

Online dealers, on the other hand, are probably going to need a few business days to remit payment to you. However, there will be less chance of an intercept, as we’ll usually send the funds electronically to you.

We hope that we can assist you in the sale of any bullion you have. If you’d like to know more about how we work, visit our sell-to-us page to get started.