Welcome to the third entry in our Sell Your Old Gold and Unwanted Gold Jewelry For Cash series.Buying, selling and the valuing of gold bullion and bars is not something many of us will have to, need to, or even be in a position to have the option to do.
But, its still gold and we figured it may be of interest to our readers.
What is Bullion?
A 'bullion' means any precious metal (gold included) that is in a form whose 'primary value' comes from the actual worth of the metal and not from an artificial currency value. The most familiar forms of bullion are coins such as gold bullion coins, or bars such as gold bullion bars.
Both bullion coins and bullion bars are minted and produced by national governments.
Determining the Value of Gold Bullion
The value of any bullion, gold or otherwise, is always determined by three factors:
- The Value of the Metal – Gold is worth more than silver while platinum is worth more than gold.
- The Actual Weight – Usually measured in troy ounces, where 1 troy ounce = 31g.
- The Purity – Bullion coins are usually made with 99.99% purity.
Examples of Bullion Coins
- U.S. Eagles are coins embossed with the image of a bald eagle. Gold Eagles are 91.67% pure.
- Canadian Maple Leafs are coins that come with the Canadian maple leaf embossed on the them. Gold Maple Leafs were the first 99.99% pure gold coins to be released.
- Chinese Pandas are coins that depict a panda bear, the image of which changes each year.
- South African Krugerrands are the first bullion coins ever released by a nation, and are made of gold.
Any time you are selling gold bullions or gold bars, you need to pay a visit to the nearest gold or coin dealer in your area and determine their actual worth. It is the only sure fire way of knowing you are getting paid a fair price for your gold.
You first need to be clear on what the current price of gold is in the open market. Once you have determined that, the second challenge is finding a reputable dealer who will pay you close to the full value of your gold.
If you are unhappy with what you have been offered by local dealers, you have other options. You could use the power of the Internet and sell your gold bullion and gold bars at auction sites such as eBay. But there are risks in that lesser bids and lower price value are always present.
There are also online gold dealers who will give you cash for your gold. Be sure to check the company’s background before sending your gold using gold kits or envelopes. In fact we don't generally recommend mail-in gold sales as the best option. There are too many variables and unknowns, and once you part with your gold it may be difficult to get it back if you don't like the offer you get.
A better way to sell gold bullion and bars may be to call a gold buyer such as Gold Party Canada and Fast Cash Gold Parties and ask for a private consultation in regards to selling your gold. If you actually have gold bullion or bars to sell, a buyer such as Gold Party Canada or Fast Cash Gold Parties may be able to offer you a fair price by dealing with you directory.
Gold bullion is not something you would generally want to sell at a gold party, but a private consultation to see what they will offer you is worth the effort. With a private gold buying consultation, host commissions and other gold party expenses are eliminated, enabling the buyer to offer you a higher price.
Return to the Selling Old Gold and Jewelry For Cash main page.
Read Selling Gold By The Carat (Karat) How to Sell Your Old Gold and Jewelry By The Karat (Carat) to learn more about selling gold by weight.
Go to Buying, Selling and Valuing Scrap Gold and Old Gold Jewelry to learn more about scrap gold.
Learn more about How to Sell Old Gold Jewelry.
What to do if you've Got Gold Coins to Sell.
