Selling Gold: How to do it right

The record hunt for the price of gold led to a veritable gold rush in 2024, and gold had already put in an astonishing performance in previous years. There is great interest in the yellow metal as protection against crises and inflation. However, the high price of gold is also prompting many German citizens to consider whether they want to take advantage of the historically unique prices to sell coins and bars. In fact, selling gold is an excellent way to make a lot of money from old jewellery, coins or bars right now. But if you want to maximise your profit, there are a few key aspects to bear in mind. In this article, you will learn how to sell your gold correctly and achieve the best price.

Selling gold: The right preparation

Careful preparation is essential before you sell your gold. This includes gaining an overview of the development of the gold price as well as the prices for the specific gold bar or gold coin to be sold. If you compare prices on the internet, you will quickly realise that purchasing conditions can vary greatly depending on the dealer. If you want to sell gold and don't compare prices, you can easily give away money or, in the worst case, even lose money. Therefore: If you want to sell gold, first find out about the current gold price, which fluctuates daily. This will enable you to make an informed decision as to when the right time to sell is.

Buying gold: How to find the right dealer

Choosing the right gold buyer is crucial to getting a fair price. In addition to many reputable dealers who have been successfully active on the market for years, there are also many small and dubious buying centres. If you want to sell gold, for example, you will find it in every shopping street and preferably near railway stations. But if you want to sell your gold to these dealers, you will be disappointed sooner or later. Therefore: Look out for reputable providers with transparent conditions. Check whether the dealer is already established on the market and whether they respond to enquiries. In plain language: Before you sell gold, put the potential buyer through their paces. Ask a detailed question and then listen carefully. Also pay attention to whether any pressure is exerted on you during the purchase. And last but not least: compare different offers and the business behaviour of several dealers to find the best partner before you sell your gold.

Where is the best place to sell gold?

If you want to sell gold these days, you will find a wide range of possible trading partners. Gold can be sold at various buying points, including jewellers, banks or specialised online dealers. Each of these options has advantages and disadvantages. While jewellers are often conveniently located nearby, specialised online dealers such as StoneX Bullion almost always offer better prices and more transparent conditions. What's more, buying from a reputable and established dealer such as StoneX Bullion can be done easily from home. On the other hand, think very carefully about whether you want to sell your gold from private to private, for example on classified ad portals. There are many scammers lurking here with ingenious scams to trick you out of your gold coin or gold bar.

Sell gold at the best price

To get the best price for your gold, you should pay attention to a few key factors. These include the purity of the gold, the current market price and choosing the right time to sell. You should also bear in mind that most precious metal dealers only buy globally recognised standard products. Exotic products are usually only purchased at their melt value. You can use a gold calculator to determine the possible proceeds in advance and compare different offers.

Selling gold coins: What you should bear in mind

Selling gold coins such as the Krugerrand is child's play. Standard products such as the Krugerrand are provided with a constantly updated purchase price in the StoneX Bullion online shop. This is primarily dependent on the world market price for gold, and in some cases also on the market value on the collectors' market. You should therefore inform yourself about the current market price and, if applicable, the collector's value. A reputable dealer such as StoneX Bullion will help you to determine the true value of your coins and offer you a fair price if you wish to sell your gold. Coins such as the Krugerrand, the Maple Leaf or the Vienna Philharmonic are among the most recognised gold coins in the world and are often bought for investment purposes. If you want to sell such an investment coin, you should make sure that you keep an eye on the current gold price and seek advice from a specialised buyer or online dealer.

Packing and sending gold safely

If you are selling your gold by post, secure packaging and correct dispatch are essential. Use sturdy packaging and send the parcel by insured post. Reputable buyers such as StoneX Bullion will help you with the smooth processing. Please follow our shipping instructions in the confirmation email and ensure that you enclose the sales document with the consignment.

Sell gold online: The advantages

Selling gold online is becoming increasingly popular. It offers the advantage that you can sell from the comfort of your own home and compare different offers quickly and easily. In addition, online dealers often offer better prices as they have lower operating costs. Most importantly, you get maximum planning security, as the price is fixed at the time of your sale. Once your goods have been received, they are carefully checked by our specialists. Finally, we will transfer the equivalent value of your goods to your account.

Buying gold made easy at StoneX Bullion

At StoneX Bullion, you can sell your gold securely and conveniently online. The buyback process is transparent and simple: You receive a fair price, based on the current market value, and can send in your gold quickly and securely. Thanks to its international network, StoneX Bullion is one of the largest precious metal dealers in Europe and is also one of the most popular partners for buying gold, silver, platinum and palladium in this country.

Choosing the best time to sell

The price of gold fluctuates daily, so it is important to choose the right time to sell. It is important to remember that there is no such thing as the ‘perfect’ time, as the market is subject to constant and unpredictable fluctuations. Therefore, take your time and observe the market over a longer period of time - try to avoid selling your gold under pressure. If possible, use a price alert to be notified when the price reaches a level that is attractive to you.

Selling gold and taxes: What you need to know

There are tax aspects to consider when selling gold. In Germany, the sale of physical gold is tax-free after a holding period of one year. However, make sure you adhere to this deadline to avoid unexpected tax charges. And be sure to keep the documents for every purchase and sale so that you do not have to make any additional payments in the event of a tax audit.

Gold as an investment: think long-term!

A word in conclusion: If you own gold as an investment, you should take a long-term approach wherever possible and only sell your gold when you have reached a long-term investment goal. Gold is a long-term store of value that increases in value in times of economic uncertainty. Therefore, only sell if you are sure that you will need the proceeds. And seek advice from an experienced expert such as StoneX Bullion. If you want to sell your gold, we will guide you through every step of this trustworthy transaction.