How do I sell gold and silver bullion? That is a question we’ve been receiving a bit lately. Here is a summary of one question from this week:
Q1: What are the best ways to know when to sell? i.e what’s the best exit stragey for a “mum and dad” novice invester, if precious metals do start to masively increase?
Q2: What are the best ways to sell silver/gold if they do rise a lot from here, especially in/from nz with us being so far away…is the answer eBay? Back to a supplier?
We’ve actually covered the first question previously in a couple of articles.
The below article looks at ways to measure when gold and silver might have reached full valuation by measuring them against other assets.
We’ll keep publishing these in the years ahead too. So when buying from us we’ll keep you informed as to how gold is tracking against these other measures anyway. This will help you know when a good time to sell may be. Or rather we should say “spend” your gold on something else.
Trying to pick a dollar price to sell would be tough, as this will depend on how much fiat currency is created in the coming years. (It seems to us like there may be a whole lot more of it created yet if the central planners carry on as they have done). So a dollar price target today based upon say inflation adjusted past prices and the like could be quite different in a few years time.
We discuss 3 possible exit strategies in this article:
You can sell your gold/silver back via us to a refiner. See this page for more information:
We’ve recently started publishing a “buy back” price in our daily price alert emails too. So you can track just what you’d get for your gold and silver if you sold on a given day. See below for more details on our Daily Price Alert service:
You could also try selling on Trademe where you would possibly get a higher price closer to spot or just above. But this also comes with the risk of dealing directly with another party. You also may not be able to sell on on a particular day at a particular price either.
Whereas selling back via us you can track the spot price and sell on any given day.
Avoid any of the gold kiosks and pawn shops as these usually give a very low buy back price.
Why? Because they then sell it back to the refiners themselves. So they need to make a margin above the price they quote you to cover the cost of their hefty mall rents and still make a profit too.
Whereas we’ll connect you directly with a refiner instead. So you’ll get the best price possible.
Got any more questions on selling gold and silver? Leave a comment below and we’ll do our best to answer them.