Dec 28, 2022
If you have gold or silver you want to sell, trade, or even buy, having a solid understanding of the bullion market will help you navigate your trading and investment options so you can get the most from your silver and gold. The bullion market is one of the fastest ways you cash in and reap the rewards from your investment. This easy guide will help you learn how to sell bullion and navigate gold and silver bullion buyers.
Bullion is the stamped weight of precious metals sold for the "spot price". Bullion is physical gold and silver typically kept as coins, bars, or ingots that are typically 99.5%-99.9% pure. These items are typically bought for their weight, not just collectability. If you are selling coins, for example, the history or condition may be worth more than its meltdown weight, so understanding these differences is essential.
The bullion market is the market for gold and silver trading. In addition, there are multiple bullion markets worldwide, known as over-the-counter markets. Industrial needs and uses typically drive the spot prices of precious metals, with open access 24 hours a day. While the market can be hard to navigate, finding local buyers can help make the process easier.
The bullion market has many options but is administered by the London Bullion Market Association, whose sole purpose is to govern and regulate precious metal trade, trade practices, and the price of gold. So essentially, the bullion market dictates what your silver bullion and gold bullion are worth.
Not ready to navigate the market alone? If you're selling gold or silver bullion, you want the best price from a company you can trust, especially if you don't want to navigate the bullion market alone. For example, you might want extra cash for inherited coins or other items and finding the right buyer who can give you a fair price in the market is essential.
When selling coins, you want to make sure you go to a knowledgeable and reliable buyer who can help you with your coins and bullion and answer your questions. Make sure to do your research on the precious metals industry, call around, and go to someone you feel comfortable with. While there's always room for negotiation, finding a bullion dealer who is reputable and well-versed in the current market is best.
Some local Arizona gold and silver buyers like Precious Elements offer no obligation and risk-free valuation, so you know what your bullion are worth in the market. In addition, we offer same-day payments and top dollar so that you can feel good about your sale.
When choosing to sell your bullion, look for a company with a solid reputation and highly trained staff, and one that can account for special circumstances that others might not be able to. If you want to learn more about the market or need to sell old gold and silver jewelry for cash, you can call, chat, or stop by one of our two valley locations in Chandler, AZ, and Murphy, TX to get expert guidance on the value of your silver and gold items.
