Many people mention how easy it is to buy gold—whether from major retailers like Costco, online dealers, or local shops. But once you’ve collected gold bars or coins, the big question arises: how and where do you sell it?
For instance, who buys gold from individuals like us? Is there a marketplace or a network of dealers specifically interested in purchasing gold? How is the selling price determined? I know the spot price of gold fluctuates, but does that fully dictate what you’ll be paid? Are there fees or deductions from the buyer, and how do those typically work?
I am also curious about the selling process itself. Is it as simple as walking into a shop or dealer with your gold, or is there more to it? Do you need paperwork or certificates of authenticity to get the best value? For those who have sold gold, what was your experience like? Were there any surprises, such as inspection processes or additional costs like testing?
I am asking because opinions seem mixed. Some say the resale market can be tricky due to premiums, buyer fees, and market demand, while others claim it’s as easy as finding a trusted dealer or listing it online. I would love to hear real experiences from those who have sold their gold bars or coins. How did you find a buyer, and was the process smooth or complicated?
Coins are generally easier to sell than bars. There are many counterfeit bars out there, and some places won’t even buy them. With coins, you can more easily compare prices across various sellers like SDBullion, APMEX, JMBullion, and your local coin shop.
I was about to say the same thing. Gold coin collectors are generally easier to find than bullion buyers. The price of bullion can fluctuate significantly, while coin collectors are often searching for specific coins. Although it is still a niche market, collecting gold coins usually means you won’t lose much money aside from inflation. However, be careful not to go overboard with collecting just one type of item.
But, the price offered tends to veer closer to spot once you have enough coins to sell in bulk. Five pennies are easy to sell, but five thousand is not.
You trade it to a man passing by with an ox and a wagon with three wheels in exchange for a bag of dried beans, a block of hard cheese, a bag of nails, a bolt of heavy fabric, and a single shotgun shell.
You generally take a loss when selling to coin shops or pawn shops. However, every town across the country has a coin shop, pawn shop, or traveling coin show.
