When the time comes to sell some of your gold coins, it is important not to act emotionally and hastily.
We don’t much like to sell our gold. When we do, it is either a rational decision to place the investment elsewhere or to spend the money on something else, or it’s because we urgently need the cash.
It is when our need is urgent that we are the most vulnerable to falling prey to one of the latest scams.
Scammers know that people often sell their gold because they are feeling desperate. And when you feel desperate, you are more likely to accept the first offer, even if it means getting less than you should.
Sell your gold through an authorized bullion dealer.
Do NOT respond to telemarketers offering to buy your gold.
Do NOT sell your gold to jewelers or temporary stall holders in your local mall.
There are a huge number of people out there who are anxious to rip you off. They won’t give you anything near the value of your gold or your gold coins.
If you own gold in the form of collectible coins, take them to two or three respectable coin dealers and ask for a price from each.
If you own gold bullion coins, like the American Eagle, the Canadian Gold Maple Leaf, the Krugerrand or any other internationally recognized bullion coin, sell them to a dealer.
If you live in the United States you can find a list of dealers who are recognised by the US Mint here.
Elsewhere, do a search online for some bullion dealers in your area you can drive to. Go inside and make sure you feel confident they are a business you can trust.
If you find a good dealer, you should be able to exchange your coins or bullion for cash on the spot.
If you live far away from any dealers, you can sell to bullion dealers online, although the process will take a little time.
Finally, check the price of gold on the day you decide to sell. This will give you a benchmark to refer to when dealers make you an offer on your coins.