Where is the best place to sell gold?

The year 2024 has led to a veritable gold rush in Germany - as gold has risen to a new record high. Many Germans are taking the opportunity to sell their coins and bars or turn old gold into cash. One thing is certain: gold has been a valuable commodity for centuries and is still a popular investment today - but situations can always arise in which the sale of gold is necessary or advisable. If you also want to sell your gold, you are faced with the question: Where is the best place to sell gold? This guide will tell you everything you need to know about buying gold to get the most out of your sale.

Why sell gold?

There are many reasons why people sell their gold. Perhaps you have heirlooms that you want to turn into cash, or you have gold jewelry that you no longer wear. The price of gold has risen sharply in recent years and many people want to benefit from this development. Perhaps there is just a short-term financial need - gold is also popular as an investment because it is "liquid". This means it can be turned back into money quickly and easily, at any time and almost anywhere in the world.

Understanding the price of gold

Before you sell your gold, you should know the current gold price. The price of gold is determined daily on the international markets and often fluctuates. Keep an eye on the price trend to find the best time to sell - and also take a look at the trend over the last few days, weeks and months. Although the development of the gold price can never be predicted with certainty, tendencies and trends can be identified. For example, one speaks of a "top formation" when the gold price fails to achieve further highs after a phase of value growth. If the gold price repeatedly bounces off a certain price region, investors should consider whether it is a good time to sell.

Have gold valued

The value of gold depends not only on the current gold price, but also on its purity and weight. Have your gold valued by a professional to ensure that you receive a fair price. Many gold buyers offer free valuations to give you an initial overview. The most common investment coins and gold bars are always provided with a current purchase price in the online stores of reputable gold dealers. The purity or weight is already taken into account and the gold investor does not have to do the math himself. This is probably necessary when old gold is offered for sale.

Where is the best place to sell gold?

There are various ways to sell gold. Local gold dealers, jewelers or pawn shops are common options - but they usually don't offer the best price. You can also sell gold online. But where is the best place to get the highest price? We take a closer look at the advantages and disadvantages of the various options.

The local gold dealer

One advantage of selling at a local gold dealer is the personal contact. You can negotiate directly with the dealer and receive your money immediately. You can also have the gold valued on the spot. However, the price offered can vary greatly depending on the dealer, so it is advisable to obtain various offers.

Sale at jewelers

Many jewelers also buy gold. Especially when it comes to jewelry, you may be able to get a better price from a jeweler. Please note, however, that jewelers often only pay higher prices for jewelry of high aesthetic or historical value and otherwise base their prices on the melt value. The same applies to the sale of recognized bullion coins or bars at jewellers - specialist precious metal dealers can usually offer a better price here.

Selling gold online

Buying gold online has become increasingly popular in recent years. Many online dealers offer free postage envelopes in which you can send in your gold. The advantage is convenience, but there are also risks. Make sure you choose a reputable provider to avoid fraud - only work with traders who have been active on the market for a long time and have an impeccable reputation. It is perfectly okay if individual online reviews are negative, but the general level should be good to very good.

Auctions as a sales option

Online auction houses are another option for selling gold. An auction can drive up the selling price, especially for rare or valuable pieces. However, private sellers have to take care of transportation and insurance themselves and the seller protection of established online platforms does not apply in many cases when it comes to precious metals or coins. Most shipping service providers also limit or completely exclude liability for these valuables.

Pay attention to taxes when selling gold

Anyone selling gold should also be aware of the possible tax consequences. In Germany, profits from the sale of physical gold are tax-free if there is more than one year between purchase and sale. However, short-term sales may be subject to tax. Therefore, if possible, keep the purchase receipts when you sell coins or bars. Then you won't have to worry in the event of a tax audit or inquiries from the tax office.

Gold jewelry or gold bars: Which is more valuable?

Gold bars or recognized gold coins are usually easier to value and sell as they have a clear purity and a fixed weight. Gold jewelry, on the other hand, often has additional value due to the design or brand, which can affect the price. Consult an expert to determine the true value of your jewelry. Damaged gold jewelry or scratched coins also have their value - however, you will usually not be paid more than the melt value.

Conclusion: How to sell gold successfully

Buying gold can be a profitable way to turn unused treasures into cash. Whether you decide to sell at a local dealer, a jeweler or online - always compare several offers to get the best price. And talk to the StoneX customer advisors - because selling gold is a matter of trust. Especially if you are unsure, ask our experts for advice to ensure that you sell your gold at the best price.