How to Cash in Gold Bars

Buying gold bars is widely considered a profitable investment because of the minimal effect of market fluctuation on the price. Thus, there is a huge demand for those who possess gold bars and intend to sell them for cash. However, the decision to sell gold bars for cash should not be made impulsively. There are steps and guidelines to follow in ensuring a fair deal.

Step 1

Research the current price of gold in the market. This will help ensure you will not be deceived and will get a relatively fair deal. This can also serve as your basis in assessing or evaluating the deals or quotes of potential gold dealers. You can find this information from a stock market, bank, financial adviser or gold valuing website.

Step 2

Look for reputable gold dealers. You can start off with those within your vicinity for your convenience and accessibility. It is advisable to canvass numerous dealers so you will have more choices to consider. This will also provide you with a better comparison of their quotes or rates.

Step 3

Evaluate the quotes and offers of your local dealers. Aside from local dealers, you can also research for gold dealers in the Internet. Some web-based auction sites also offer cash for gold bars.

Step 4

Whether you are dealing with online dealers or online auction sites, always check and verify the background and credibility of the dealer or the site. Getting comments and feedback from previous clients of a particular dealer or auction site will help assure you that you are not dealing with a fraudulent entity.

Step 5

Once you have selected the dealer or online site with the best offer, start clarifying details such as payment mode and other essentials. Make sure everything is understood and fair to both parties.

Step 6

After both parties have reached a mutual agreement, you can start sending your gold to the dealer. Place your gold in gold kits or envelopes.

Tip

Check if your gold bar is stamped or not. Stamps and certificates for a gold bar often indicate its value. For gold bars without stamps or certificates, their values can be determined by a qualified professional. It is advisable to have your agreement with your dealer written and signed.

Warning

In dealing with online auction sites, be prepared for few bids and low prices. Double check your written agreement before signing.

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