Are you looking to learn how to sell gold or silver?
If you’re looking to learn how to sell gold and silver, either coins or bars, then we’re as happy to buy as we are to sell. Infact, we are pleased to offer a Buyback Guarantee on all purchases. In addition, we can also offer to buy coins that you have purchased elsewhere, subject to prevailing stock levels. The process to sell your gold and silver is as straightforward as buying them.You can find an indicative price below for all the precious metals that we buy. Published on a regular basis, you can contact us to confirm the price when you are ready to sell. If you’re happy with the offer, the paperwork can be downloaded from our website.
Because we only sell the most liquid types of gold and silver coins and silver bars, we’re able to offer all our clients a Buyback Guarantee. We promise to repurchase any metals sold by us, regardless of how much time has elapsed since the purchase. This provides you with the knowledge and comfort that if you need to quickly sell any, or all, of your holdings, then we’ll facilitate that for you.
Infact, we go a step further, as we believe our role in buying back is as important as our guidance when selling. We give you a ‘sell it now’ market rate for all your gold or silver if you need to sell immediately. Alternatively, if you’re able to wait, we make a note of your intention to sell and try, as brokers, to match with buyers over the coming weeks. If there’s a solution that works, then you’ll obtain an enhanced price, as we’re essentially cutting out the wholesale element.
Quality guarantee and storage
When you call us regarding your investments, our customer service team would always be happy to answer any query that you may have. Our team can guide you on everything related to investment opportunities, including price and quality guarantee. So, not only do we offer a buyback guarantee, each and every one of our products comes with a genuineness certificate, that guarantees the quality of the precious metal you’re buying.We have briefly discussed the storage above. If you choose to store your gold with us, we would do so in an LBMA approved vault. You would receive documents that clearly demarcate the ownership of your purchases. Many dealers put your gold in a pooled storage. We believe that ring-fenced and segregated is the way to go. So, all the gold in our custody would be kept segregated as yours. Of course, availing of our storage services will incur a fee. You can refer to our website to find out more about this.
Identifying the right broker
One of the key steps in the selling process is the identification of a reputed and reliable broker. Usually, an online broker has a greater variety of products and inventory. Due to this, it’s worth identifying a good online broker who will buy your precious metals from you. An easy way to identify such a broker is to visit the BNTA website. As a leading industry regulator, the BNTA has a list of reliable brokers on their website. You can then contact the ones who are local to you.Another strategy is to check the online reputation of the broker. A reputed trader who has been in business for a number of years will have customer testimonials and ratings that you can find online. By going through these, you can ascertain the trust factor of the company for yourself
Watch our video, How to sell gold for the most cash, which is related to the topic of this page.If you’re looking to sell gold or silver jewellery, then different guidelines apply, so click here for our detailed guide.
Buy the right asset in the first place
Investing in physical assets, rather than paper shares, gives you the peace of mind that you own something real, with a tangible value. But often, selling that physical asset can be more challenging than offloading its paper or electronic counterpart. Fine wine, art and property are such examples. They may be appealing investments, but you only realise your profit if and when you’re able to sell that asset.
For this reason, it’s important to have an ‘exit strategy’ in place even before you buy the asset. How many times have you heard of someone holding out for a price on their property, only to be told: “it’s only worth what someone is prepared to pay.”
How liquid are your gold and silver assets?
The best starting point is to ensure the asset you buy is as liquid as possible. For example, if you buy an investment property, ensure you don’t narrow your possible future buyers, by purchasing an obscure property like a converted lighthouse. The reason 2-bed flats are such popular investments is that they’re easy to sell, thus achieving the best possible price.
Gold investment and property are comparable in this way. It’s crucial to buy gold or silver which is world-renowned and desirable. As a business, we only sell very liquid gold and silver. We don’t offer obscure collector’s pieces, as we believe liquidity plays a key role in maximising returns. In general, the larger the market for your piece the better it will sell, albeit unique one-off collector’s items can readily sell to. Always, remember selling is about supply and demand, where ideally for owners the demand will exceed the supply!
What selling options do I have?
If you purchased well-known, liquid coins, then you have various selling options. Certainly, if they’re pre-owned coins they’ll possess an additional value over and above their gold content – reflecting their additional history, relative rarity and desirability. If you’re able to sell these coins off piecemeal, to private individuals, you’ll obtain the best possible price, as you may be able to find investors and collectors willing to pay higher premiums for certain coins. eBay can be a good platform for finding private buyers, but don’t forget to factor in PayPal charges and to include a reserve price!
Also, don’t forget there is often a need to post the sale (presuming collection is not an option). This can often be quite expensive and also requires confirmation that the service you are using actually insures against the loss or damage of gold or silver in transit (not every service does!)
At the opposite end of the spectrum, there’s the convenience of a local jeweller. The compromise is that the jeweller is likely to melt the metal down for jewellery and pay you below market rate.
If you’re seeking a combination of convenience, instant liquidity and price, then a buyback from the original dealer is the best option.
Gold coins: Indicative Prices
|Name||Guide price each|
|½ oz Britannia||£692.90|
|Other 1oz coins||£1,371.21|
Gold bars: Indicative Prices
|Name||Guide price each|
Silver coins: Indicative Prices
|Name||Guide price each|
|1oz Maple Leaf||£17.77|
|Other 1oz coins||£17.59|
Silver bars: Indicative Prices
|Name||Guide price each|
What is the selling price based on?
The decision to sell your silver and gold may be influenced by current market fluctuations and the price we pay is also based on this important factor. However, we also take into consideration a number of other influencers, including:
- Spot price – the price paid will largely depend on the prevailing price. Brokers virtually never pay the full spot price, so expect to receive a price close to but lower than the spot price
- Types of gold or silver – bars, bullion coins, proof coins and sets, numismatic coins, collector’s coins, foreign coins, scrap metal, jewellery, etc.
- Variety of coins – a few examples of different coin varieties we see include:
- liquid coins (e.g. Sovereigns or Britannias) and similar coins, which have a known market price and are often bought for numismatic as well as investment purposes
- rare but collectable coins – these are typically saleable as the demand often exceeds the supply
- obscure coins – these are often tricky to sell and may have minimal demand
- The condition – we discuss this below, but the condition is a critical aspect in determining how much your gold and silver will sell for
- General market conditions – these can seem remote to your need to sell but are all important to dealers. Market sentiment has a distinct bearing on prices paid. If the futures market is suggesting gold bullion will rise, better prices may be paid, and conversely if the opposite applies! And finally,
- Liquidity – we have already discussed this, but the saleability of the asset is all-important. If it’s easy to sell it’s likely to command a better price
All of these conditions affect how liquid your assets are and, equally, how saleable they will be for us as a precious metals dealer. When we sell silver and gold, we provide our clients with premium quality products even if they have been pre-owned. To maintain this level of quality, we must ensure that the precious metals we buy back retain an investment value to allow our customers to realise a profit.
Types of gold or silver
Investors can learn “how to sell gold for cash” all they like, but one key aspect of gold investment is understanding the types of gold and silver and their quality. We only buy and sell gold and silver that is of superior quality. With gold, this is defined as ‘investment grade’ gold. We will NOT sell/buy gold dust or gold nuggets. Our aim is to help you to receive the best profits possible for your investment, which is why we only sell well-recognised, liquid coins and bars.
Similarly, we’re always happy to buy back the coins featured on our bullion coins page at the market rate. We will generally pay a premium for proof gold coins, but this is not going to be a 30% or premium, which many buyers pay for the proof set, which is often based on marketing reasons (e.g. a presentation box).
As a guarantee, we will always buy back items that you have purchased from us.
Variety of coins
If you are trying to sell gold and silver coins, then the price you receive for your precious metals will depend on the type of coin. Obscure coins may be difficult to sell on, which will affect the price offered. Seeking guidance from your dealer when buying your coins will prevent you from being stuck with difficult to sell gold and silver.
All coins purchased through Physical Gold can be sold back to us and we can make you an offer on coins purchased from other dealers (subject to our stock levels as well as the type, condition and variety of coins).
The condition of gold or silver
It goes without saying that if you keep your metals in good condition then they will fetch a better price. A general rule of thumb is to stick with 22-carat coins, as these are far more resilient to scratches and wear than their 24-carat cousins. A dealer’s price will always be influenced by the condition of the gold, as they’ll be looking to sell that coin or bar on.
With this in mind, you should always treat your metals with care and store them in chemically neutral capsules or cases. You can find a range of accessories that we can supply to help keep your gold and silver in good condition in our online shop.
You may see a slight variance in the offer prices you receive depending on the general gold and silver market conditions. If a dealer feels the prices are set to rise they’re likely to bid more aggressively, so choosing the right time to sell your gold and silver is key.
How to buy and sell gold – steps to take when selling your gold or silver
Precious metals are valuable assets that provide you with an opportunity to make profits when you sell them. Getting a better price for your gold or silver really depends on your astuteness, housekeeping abilities and planning. A good example can be drawn from the property markets. If you own valuable property in the heart of London, you would obviously take the necessary steps to ensure that it is maintained to a proper standard. If you let it fall to ruin, that property would depreciate in value, incurring losses for you.
In the same way, gold can get damaged easily. 24-carat gold is malleable and prone to scratches and abrasions. If your gold is not stored properly and gets damaged over the years, you would receive a substantially lower selling price. So, deciding on how to store your gold or silver can go a long way in ensuring good returns. Ideally, coins should never be removed from their packaging and stored as it is. If you decide to store your precious metals at home, it is prudent to invest in a purpose-built safe. Alternatively, you can speak to your dealer to explore safe and secure storage options. At Physical Gold, we always ensure that your valuables are stored in an LBMA approved vault. Moreover, opting to store your gold or silver in a segregated manner ensures the preservation of your ownership rights. Planning your storage and therefore, go a long way in ensuring that you receive the best selling price.
Planning your sale
Planning goes a long way in helping you extract better value from the market. An integral part of planning is developing a good relationship with a reputable precious metals broker. Identifying a reliable broker is easy. Reputed brokers are registered with a regulatory body like the BNTA. Once you have identified a good broker, it’s important to discuss your long-term objectives with them. You need to let them know all about your investment goals and the price points at which you’re willing to sell your gold and silver. This enables the broker to analyse the specific coins or bars you’re selling. They can then connect you with buyers who are likely to pay more.
It’s usually a bad idea to contact your broker on the very day you want to make a sale. You would receive a standard price for your items, and they would be sold into the wholesale market. Don’t forget to be tax-aware. The VAT can make a dent of 20% to your buying price, while CGT can extract as much as 28% on the profits you make above the £12,000 limit. If you’re buying gold coins, it’s good to know that they are both VAT and CGT free (up to a threshold of £12,000 in a single tax year). Tax awareness can go a long way in ensuring the long term sustainability of your profit margins and overall returns from the precious metals markets.
Verifying your metals
When you sell gold and silver, we undertake a full and comprehensive testing process to verify the quality of the metal. In most cases, the price we have agreed to buy your silver and gold at is the price we pay. However, you should be aware that any discrepancies in the condition, type of metals and grading quality can affect the valuation. If there are any issues, then we will contact you with a revised price which you are free to accept or reject. If you don’t wish to sell your silver and gold to us at the revised offer, then we will return your precious metals to you.
bviously, gold and silver that has been stored in our vaults are not subject to the same verification process and the price quoted for the release of your stored assets is the price that we will pay to you on completion of the relevant paperwork.
Selling overseas and Capital Gains Tax implications
When you sell your assets overseas always remember that the laws in this country are highly likely to be different from that of your own country. Always, do your research, check all laws and regulations PRIOR to exporting your gold overseas. Don’t forget to also calculate the costs of postage and insurance when exporting overseas as this can mount up!
Some gold and silver sales (in the UK) will incur Capital Gains Tax (CGT). This can be quite a technical topic. For more information on this subject, please read our guide – Capital Gains Tax – All you need to know.
Contact Physical Gold to sell gold and silver
Talk to Physical Gold Limited and we can explain how to buy and sell gold. Selling your precious metals to Physical Gold could not be easier. Simply call us on 020 7060 9992 or complete the contact form for a speedy consultation.