If you bought your gold ten years ago, then you most certainly are taking pleasure today as gold prices are on the rise. From costing about $300 an ounce during the year 2000, gold now costs more than $1,500 an ounce. That's more or less a five-fold profit if you choose to sell your gold today.
In case you truly are considering selling your gold, here are a few tips to help you get the best price for your investment. Many times, inexperienced sellers feel that they have ended up with less than what they expected. This may be true as experienced and professional gold buyers and sellers often look for ways to obtain gold at a much lower cost. So, investors should learn a few tricks themselves, and here are a few reminders.
Buy Low, Sell High
Most investors live by this motto. By buying gold when it is cheap and selling when its price is high, you will be able to enjoy higher profits. But deciding to sell gold isn't that easy. It requires extensive research on how the price of gold is moving. Regular investors may not be aware of the signs that indicate when the price of gold will increase or decrease. An important mark that gold prices could go down is when there's a recurring price decline over a two-month period, with prices lower than 20% of gold's usual value. When the economy shows signs of improvement or revitalization, gold prices are expected to increase and these are the times when sellers could make huge profits, particularly if they bought gold when an ounce was very cheap.
Price and Value
It is important to be aware of how much your gold coin is really worth. This will depend on the type of coin that you have. If you collect numismatic coins, then what you have are coins that are not only valuable because of the amount of precious metal that they contain, but there are also other factors that are evaluated. Numismatic coins are also valued for their rarity, condition, and age. But if you have bullion coins, you'll find that the prices of such coins hugely depend on the spot price of gold. If the spot price or the current price of gold per ounce as it is traded in the world market is $1,500, then the price of your bullion coins will play around this value. There may be some differences on the cost of the premium, which depends on where you buy or sell your pieces. Some dealers will add $50, while others could add more than $100 to the current spot price.
Putting Together Collections
For numismatic pieces, it's always a good idea to sell coins per set. Most sets will fetch higher offers, granted that these sets are complete, meaning they should contain key pieces. Key pieces are often harder to find and most collections are incomplete without them. This is often the challenge for coin collectors. In case you're unable to complete a collection, you can still sell near-complete sets for a lower price. Also, refrain from putting unrelated coins together. Instead, why not allow a coin or two to get noticed on their own by placing them in 2x2 coin holders where they will stand out better?