Whether you're selling gold coins, jewelry, or bars, it's critical to find a good buyer. There are a ton of businesses that trade in gold, and they're definitely not all created equally.
Frequently the value of a gold item is at least partially subjective, with things like rarity, craftsmanship, and other factors heavily influencing the value. It's important to go into any potential selling situation well informed to help you get the best price!
Whether you decide to go with a national service where your items are mailed in and appraised, or a dealer local to Grosse Pointe, research is key. Know who you're dealing with by checking with organizaions like the BBB, and know the value of your items by checking spot prices and getting competing offers.
Selling gold can be intimidating at first for a new-comer, but it doesn't have to be! As with all things in life, preperation is the key to success.
Buying gold on credit or speculating on the future price can lead to getting yourself in a significant financial jam.
Instead, put some money to the side that you're sure you're not going to need in a short time horizon, and use that to invest.
Gold owned through a commodities exchange, or "on paper" is no substitute for physical bars, coins, or jewelry. Exchanges are heavily leveraged, which means if everyone tried to "cash out" at once, there isn't enough physical metal to go around.
Moreover, precious metals are typically meant as a hedge against the complete collapse of the traditional banking infrastructure. If you wind up needing it, you'll want to have it close at hand!
As a general rule, you should look at buying legal tender gold coins wherever possible. This will almost certainly include less overhead and premium than other formats, and be closer to the true spot price of gold.
Purchasing rare gold coins should be avoided unless you really know what you're doing. Some subjective measures of value are easy to misjudge, and may result in you getting taken advantage of.
When investing in any asset, including gold, it's important to keep the time horizon in mind. Prices fluctuate, and over a longer time horizon there's a better chance of your investment appreciating in value.
The last thing anyone would want is to invest money they'll need in the coming months, only to have the market move against them. Talk to your financial adviser, and carefully plan any future purchases.