As I type this, it seems that people are selling gold bullion by the carload. The reason is simple enough: gold prices are at all-time highs, bouncing around the $1800/ounce mark and peaking as high as $1820.
There’s no telling where it’ll go from here, but I can say one thing: despite all the naysayers, everyone’s favorite yellow metal has continued its decade-long bullish rise with a vengeance this year, and shows no evidence of backing off. But a lot of folks can’t believe it’ll continue, so they’re taking profits while they can.
Take It Easy
I don’t blame anyone for selling their gold bullion; I’ve been looking at some of my coin bullion myself, wondering if it’s about time to liquidate. But if I ever do decide to sell, I guarantee I’ll be very cautious about it.
You should, too. Never, ever sell in hurry, or in desperation. You should take it easy with any liquidation, carefully sizing up the opportunities before gracing a buyer with your presence. Because make no mistake: at the moment, it’s very much a seller’s market, and you do have a lot of choice in who you sell to.
One Little Thing…
First, a common-sense warning — and I’m sorry if this is so obvious it seems offensive, but as they say, common sense ain’t always so common:
Avoid “cash for gold” hustlers and pawnbrokers like the plague.
While I hate to cast aspersions on the ancient and honored pawn profession, the truth is, both types of buyers will try to get the very best deal they can at your expense, and they’ll pay pennies on the dollar. The worst thing is, it’s legal, and they’ll really tighten the screws if they sense you’re desperate.
Pawnbrokers tend to pay better than the “cash for gold” scammers, but neither will pay you as much as a legitimate gold dealer.
Do Your Research!
There are many things you should know before you approach a potential buyer, not least the approximate spot price of gold. Admittedly, that can change abruptly, but you should have a good understanding of where gold is on any particular day. There’s no excuse not to, given the Internet and smartphones.
Even before that, though, you need to comparison shop to find which dealers are offering the best possible deals. Go to the websites of the dealers you’re considering and read them through, so you can get their phone numbers and buying policies; then obtain a series of quotes. Then do your due diligence.
Here’s what I mean: check into their backgrounds as much as you can, and definitely investigate whether they have any problems with customer service. At the very least, call the Better Business Bureau and see if they have any complaints against them, and ask about their accreditation.
You shouldn’t do business with a dealer having less than a B- accreditation from the BBB.
I also recommend that you check online to see if they have any bad reviews or complaints. Just type the name of the buyer into a search engine in quotes, along with the word “reviews” (like this: “Bubba’s Gold Buying Service” +reviews), and see what, if anything, pops up.
You may not turn up anything — but then again, you might find that others have had plenty to say, whether good or bad.
Doing this kind of research can be a pain, sure, but it can also be profitable — and you can never be too careful when selling gold bullion.