If you’re looking to diversify your investment portfolio, you might want to consider investing in gold or silver. While there will understandably be an expense when buying the physical products themselves, be they in bullion or coin format, you can expect a sizeable return when the value of the precious metal in question is rising. You also have a tangible assist, which is somewhat different to trading in cryptocurrencies, so you might feel more secure with your investment in this regard.
There are a number of websites online where gold and silver can be bought, although you do need to be careful. Not every dealer is reputable, so you do need to do your homework. But the big question of course is what do you do with your precious metals after buying them? The longer you own them, the greater the risk that they might get stolen, so you do need to sell them on when the market value is right.
Getting a fair price
Finding out how much your gold and silver assets are worth isn’t a problem. There are many independent valuers both online and off, and you can use websites such as the Metal Money Exchange to learn the value of particular bars and coins.
You need to check the value of what you own with their recommended prices, as you don’t want to lose money when selling what you own, and you don’t want to alienate knowledgeable buyers. You can tally your own figures after checking spot prices, as by multiplying the number of ounces you own with the current spot price, you can get an idea of how much you should be selling your investments for.
You are unlikely to get the exact asking price, especially if you go to a pawn shop, as they will give you the lowest return. Dealers will often offer you more for what you own, although you do need to watch out for those who are less than reputable. Having an idea of the resale value will alert you to the tactics of any dodgy dealers.
Needless to say, you do need to keep your investments in good condition. While dealers will still accept precious metals, even after they have been tarnished, you should still make every effort to care for them. Reading articles such as the best way to clean silver coins is a must, as you don’t want to be responsible for any damage when you’re maintaining them, and you don’t want to affect their resale value.
Places to sell your gold and silver
Our advice is to avoid pawn shops. While you can avoid shipping costs this way, you will, as we suggested, get the lowest return on your purchase. This is sometimes because store owners don’t recognize what particular bars or coins are worth, and sometimes because they can be a little bit crafty. Still, if you do go down this route, value your items first, and bring their authentification with you to ensure a better price.
Your other option is to sell your items online. Avoid eBay, as people are afraid of buying fraudulent products. Instead, sell to somebody with experience of investors. GoldSilver is a good bet in this regard, but compare their prices with other dealers. Specialist classified sites are also worth considering, as these are the places precious metal collectors will be scouring.
We have only discussed the selling process in brief here but continue your research online. We wish you every success, with whatever type of precious metal you are considering selling.
