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Selling Precious Metals

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Selling Precious Metals

Those interested in selling their precious metals have a fairly short list of concerns that need to be considered, namely: “Where should I sell?” and “How can I get the most money for my precious metals?” Luckily, this guide is here to help you determine both of these.

Locating a Dealer

One of the easiest ways to ensure that you will receive an honest sum for your precious metals is to find an accredited and reputable dealer. Look for dealers with excellent grades from the Better Business Bureau (BBB); for reference, Gainesville Coins maintains an A+ rating from the BBB. Additionally, try to find a large dealer whose high volume of business helps to ensure that you can sell to them at a fair price.

Getting Paid

When selling your precious metals to a dealer, be sure to compare their prices with the current spot price and with the prices of other dealers to ensure you get the best price. Also worth paying attention to is the bid-ask spread, or the difference between what they offer to buy for, known as the bid price, and the price they sell for, called the ask price. When selling your precious metals to a dealer, be sure to compare their prices with the current spot price and with the prices of other dealers to ensure you get the best price. Also worth paying attention to is the bid-ask spread, or the difference between what they offer to buy for, known as the

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Key Terms

  • Premium: The markup above the spot price for a coin or bullion product that represents the costs of manufacture and distribution.
  • Spot Price: The current market price at a given time and place for a commodity.
  • Legal Tender: Currency; redeemable for commercial transactions and satisfying debts.
  • Bid Price: The maximum price which a precious metals dealer is willing to pay for a unit (typically 1 troy oz) of gold, silver, or platinum.
  • Ask Price: The minimum price for which a precious metals dealer is willing to sell a unit (typically 1 troy oz) of gold, silver, or platinum.
  • Capital Gain: An increase in the value of a capital asset (investment or real estate) that gives it a higher worth than the purchase price.
  • Liquidity: How easily an asset can be exchanged for equity.
  • View Other Terms

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