How to Sell Your Gold

As exciting as it is to invest in gold, at some point you might want to consider selling it. Selling your gold, whether it’s gold bars, coins, or jewelry, is no minor transaction. You’ll want to get the most out of your investment as possible, so it’s essential to follow some key best practices.

In this article, we’ll focus on how to sell gold bullion. This includes gold coins, bars, and jewelry made from 99.5% pure gold or higher. Most people buy bullion for investment purposes or as a store of value, so it makes sense that you’ll want to get the best price when it's time to sell.

Selling gold bullion might feel intimidating, but it doesn’t need to be. Many people sell gold when they need extra cash - that’s what investment gold is there for. That said, it takes careful consideration and a bit of know-how to ensure you get maximum returns on your sale. In this guide, we’ll outline the best ways to sell your gold bullion, including things to consider, how to sell your gold, where to sell your gold, and where not to sell your gold.

What kind of bullion are you selling?

First things first, what kind of gold are you planning to sell? Certain factors can affect demand and resale value, including whether you’re selling a gold coin or gold bar, or whether it’s manufactured by a sovereign or private mint.

Selling gold coins

Gold coins tend to hold their resale value, particularly those from sovereign mints, such as the Gold Britannia. This is because their purity is backed by a government. In most cases, you’ll get a higher resale value when you sell gold coins compared to rounds or bars. There’s also a wider retail market for gold bullion coins which can make them easier to sell.

Selling gold bars

Gold bars also tend to hold their resale value, especially if they’ve been properly stored. You’ll get the highest resale value when you sell gold bars produced by prestigious mints and refineries, such as PAMP Suisse and Argor Heraeus. These bars come with a seal, serial number, and assay certificate that makes them easy to authenticate and identify. When it comes time to sell, it’ll be easy as there’s lower risk involved for the buyer.

Selling gold jewelry

Because this guide is focused on gold bullion, we’ll be discussing bullion jewelry or wearable bullion. This is jewelry made from high-purity 24-karat gold. Some gold bullion jewelry is made from 22-karat with alloys for added strength, however they’re still high-purity. This type of gold jewelry can be relatively easy to sell as its resale value will be tied to the price of gold. That said, gold jewelry may not maintain its value as well as bars and coins.

See more: Giving Gold as a Gift

Things to consider when selling gold

Regardless of whether you’re selling gold bars, coins, or bullion jewelry, there are some key considerations you should make before beginning the process. Keeping these factors in mind will ensure a smooth process when selling your gold and help you get the best price.

What is gold’s current market price?

It’s essential to know how much gold is worth before you begin selling it. Gold’s market value is constantly fluctuating and the price you’ll get for your gold will depend on the precious metal’s current spot price. This means you’ll sell your gold for its market price at the time of sale.

You can find gold’s current spot price on this page, where it is updated in real-time. Be aware that gold prices refer to 99.99% pure, 24-karat gold. If you’re selling gold of a lower purity then you’ll likely get a lower price.

Continue reading: Gold Purity, Fineness, And Karat – What Is It And How To Check It

It’s also important to note that you’re unlikely to receive the exact spot price for your gold, especially if you’re selling small quantities. Gold merchants will often take a small commission when buying back gold, especially if you’re selling gold jewelry. However, in most cases, gold coins and bars will be bought back close to the spot price.

What is the value of your gold?

Now that you know gold’s spot price, you can calculate the rough value of the gold you want to sell.

If you’re selling gold bars, you can do this by multiplying the weight of your bar with the current spot price and factoring in its purity (again: bullion with lower purity may fetch less than the spot price). If you don’t know the weight of your bullion, the best thing to do is weigh your gold using digital scales that have an accuracy of at least 0.01g. If you don’t have access to a digital scale, you can use a kitchen scale to get a rough idea of its weight.

Officially minted gold coins have more transparent pricing. If you have a 1oz American Gold Eagle, Gold Krugerrand, or Canadian Gold Maple Leaf, for example, simply look up the same coin and size on a bullion dealer's website to find the current value. Again, take into account that there might be a small difference between how much a dealer is selling a coin and how much they’ll pay to buy them from you.

See more: What Drives the Price of Gold?

Consider tax implications

Factoring in tax implications can help you get a clearer idea of how much money you’ll get to take home after selling your gold bullion. In the UK, for example, Capital Gains Tax (CGT) applies to the sale of investments. Most people have a tax-free capital gains allowance, which means you can sell up to a certain amount of gold bullion before tax applies.

Look up the tax implications in your country of residence before selling your gold to better understand how much profit you’ll make on your sale. Tax laws can change quickly, so it’s a good idea to update your knowledge regularly.

As a side note, certain gold coins produced by sovereign mints are considered legal tender in their country of origin, such as the Gold Sovereigns and Gold Britannia in the UK. This usually makes them exempt from capital gains tax.

How to sell your gold

Now that you've factored in the above considerations, you should have a good idea of gold’s market value and how much you might be able to sell your gold for. The next step is to sell your gold.

Step 1: Choose a reputable buyer

You're most likely to get a better price for your gold by reaching out to online gold bullion dealers. These merchants have lower overheads than retail gold jewelers and dealers, and so can usually offer better prices.

But whether you’re selling gold online or through a local dealer, it’s essential that you choose a reputable buyer to protect yourself from potential scams. Verify the credentials of your gold buyer, read customer reviews, and ensure they’re easily contactable and have a physical address where they can be reached.

Similar reading: When is the Best Time to Buy and Sell Gold?

Step 2: Get an offer

The next step is to get an offer for your gold bullion. Most dealers won’t be able to give you a solid offer until they can accurately inspect and assess your gold themselves. This is why it’s essential to choose a reputable dealer. The last thing you want is for your gold to disappear without a trace - and without your payment.

That said, you should be able to contact the bullion dealer and get a rough idea of how much they’ll buy your gold for before you send it in. Remember, most dealers won’t buy gold back at the spot rate, so don’t be shocked if there’s some discrepancy. That said, different dealers will take different commissions, so it's worth contacting a few until you get an offer you’re happy with.

While we’re discussing offers, a word of warning: if an offer sounds too good to be true, it likely is. Be cautious of dealers offering a significantly higher price for your gold compared to others in the market.

Step 3: Sell your gold

Finally, it’s time to sell your gold. If you’re selling your gold online, be sure to send it through a secure courier service that offers tracking information. Keep careful track of all correspondence with your buyer and courier for added security. Taking these precautionary measures from the start will help ensure a smooth transaction process and minimize the risk of scams.

Most reputable gold dealers will release your payment immediately after you accept their offer. That concludes the sale - congratulations, you’ve just sold your gold!

See more: How Much Does it Cost to Grade a Coin?

Where to sell your gold

There are a few different places where you can sell your gold, but generally we only recommend selling gold bullion to bullion dealers. You have the option of selling to an online or local dealer.

Online bullion dealers

We’ve already mentioned that online bullion dealers will generally offer the best prices for your gold. This is because they have less overheads and can charge lower fees. When choosing an online dealer, look for plenty of customer reviews and signs of credibility, for example, if they’re an affiliate member of the LBMA or have a positive score on TrustPilot.

Local bullion dealers

Some people feel more comfortable selling their gold in-person. In that case, we recommend finding a trusted local bullion dealer with positive customer reviews. We hate to say it, but many dealers can apply pressure tactics to coerce you into selling your gold on the spot - usually for less than its value. Be sure to have a confident idea of what your gold is worth before you go in.

Where to not sell your gold

There are a few places where we don’t recommend selling your gold. This is because you’re unlikely to get a good price and you may fall victim to scams:

• Pawn shops: Only sell to pawn shops if you’re desperate and willing to sell for less than what your gold is worth. Many pawn shops won’t recognize the value of particular coins or bars in the market and offer far below what you’ll get from a reputable bullion dealer.
• Local jewelry store: Jewelers can offer quick cash for your gold, but like pawn shops, they’re unlikely to offer you a good price, especially when it comes to gold bullion.
• Online marketplaces: Places like eBay and Facebook Marketplace should be avoided at all costs. Not only are you unlikely to get a decent price for your gold, but online gold buyers on these websites could potentially try to scam you.

Ready to sell your gold?

StoneX Bullion is one of Europe's largest buyers and sellers of precious metals. With more than 1,000 bullion products listed for sale, we’re likely to buy any gold, silver, platinum, or palladium coin or bar you wish to sell. Our buyback process is simple and uncomplicated and our team is always available via phone or email to support you throughout the selling process.

Here’s how you can sell your gold with StoneX Bullion:

Step 1: Open an account or call us at any of the below numbers:

+49-69-348-77570

+44-20-369-50335

+39-02-9475-2410

+34-91-123-6087

+48 58 881 23 16

Step 2: Contact us via phone or email so we can provide you with the necessary information to securely ship your bullion to us. Be sure to include the products and quantities you wish to sell, as well as your personal information, including name, phone number, email address, and bank details for receiving payment.

Step 3: Once we receive your bullion in our warehouse, our experts will carefully inspect them to prove genuineness. You’ll be immediately contacted with a fixed final offer. We aim to authorize the payment within two working days after your bullion arrives at our warehouse.

Step 4: Your payment is immediately released once you’ve accepted the final offer.

Here’s why you can trust StoneX Bullion:

• We offer fair prices without hidden fees
• We're an affiliate member of the LBMA, which ensures good market trading practices
• We’re part of StoneX Group Inc, a publicly traded company that meets the highest standards of governance and disclosure
• We’ve been operating for more than 100 years with satisfied customers from all over the globe.