Places You Should Never Sell Your Gold Bullion to

The price of gold is heading for $1,400 and if we are to believe the analysts it might even hit the $1,700 mark by the end of the year, and suddenly everyone is interested in buying your gold. You can find them everywhere, gold buyers that pop up from nowhere and bombard  you with flashing lights and endless pamphlets. You may have some gold to sell, but how do you know who to trust.

Selling gold is a good way to get extra money when you need it. In the current climate owning gold bullion can help get you through the bad times.

If you want to protect yourself, you need to do some research to know what your gold bullion coins are worth and the best places to sell your gold.

Cash-for-Gold-Shops

The market for gold is flooded with gold buyers. It makes it hard to know where you should sell your gold. You can find them on every corner and Brisbane is no exception. These shops seemingly take anything that is gold. They are not always fair in their pricing and their reputation is questionable. Most will give you 90 percent or less than what you would get from a bullion dealer who only buys and sells bullion coins and bars as they are more interested in scrap gold for gold recycling.

Pawn Shops

Pawnshops have been around for centuries. They have a good business model which works if you are not looking to part with your gold permanently by offering you a loan against your gold. Pawnshops do not typically deal in gold bullion coins. They may determine the value of gold bullion coins the same way they deal with gold jewellery. This is sure to be a lowball price. However, not all of them are like that. You may want to go to a couple of pawnshops in your area until you find one that offers something better.

Gold Parties

There is a new trend where people host Tupperware style parties in someone’s house. The host is usually working for a gold buying company and will get a cut of whatever is made in the sales at these parties. Like cash-gold-shops and pawnshops, most of the price given are low ball figures. People that run these are unregulated, so, you have no way of getting some recourse if you got a low price for your gold.

Gold bullion falls in a specific niche market. If you are thinking of selling your bullion make sure you research the company you are about to sell your bullion to. Check online for complaints and praise. Find out how much under the spot price of gold they are paying. If you find a suitable bullion dealer online do not mail your gold without getting a guarantee that the gold will be returned and has the appropriate insurance.