Investing in precious metals means more than buying them. If you ever want to get your money out of precious metals, you have to have a viable way of selling them off, as well. If you’ve already bought some silver bullion, gold bullion, platinum coins or whatever else, you may very well be wondering what you’re supposed to do with these items when you feel that the point in your investment has come when it’s time to sell those metals off. Investing in precious metals, in terms of selling them off, is quite a bit different than selling off stock or selling off bonds.
If you live in an urban area, you should have no difficulty finding precious metals dealers. These dealers work with people who are interested in investing in precious metals by both buying and selling metals, in most cases. In fact, you’ve probably seen businesses like this advertising on television and in other venues, asking people to come in and sell off their old gold jewelry are whatever other precious metals they may own.
Depending upon how you’ve invested, your selling strategy and the procedure for selling will be a little bit different. Here are some of the basics you’ll need to know.
Some people interested in investing in precious metals go the route of coinage. For investment purposes, what you’ll be looking for are bullion coins, not numismatic coins. Numismatic coins are valued because of their scarcity and their condition. Bullion coins are valued because of the metal that they’re made out of.
Some bullion coins, however, do accrue numismatic value over time. Before you sell off one of these coins for the value of the bullion itself, you’ll want to look into whether or not your bullion coin has gained any numismatic value. If it has, you’ll want to take a look at that and see how much you should add on to the asking price for your coin and make certain that you have all of the original receipts and documentation that came with your coin.
Investing in precious metals doesn’t really get easier than investing in bullion. Bullion is, quite simply, a given mass of a metal. The value of that bullion will be exactly the same as the value of the appropriate metal on the market at the time you sell that bullion, with one caveat being that the purity of the bullion will play into this.
There are bullion coins that are not actually coins. The thing to remember about coinage is that, if a treasury produced it, it is coinage. If it’s simply a round piece of bullion fashioned with some sort of commemorative design, then it is called a bullion round. Bullion rounds do not have numismatic value and they are not coinage.
You can generally sell off your metal at any metals dealer. Make sure you’re aware of the going price for the metal at the time, so that you’re paid appropriately for whatever you are selling.