Selling precious metal bullion requires careful planning, whether it is in the form of coins or bars. Here are some guidelines to keep in mind.
- Step 1: Send or take the bullion to the dealer. If you send it, use registered mail. Then wait for the payment. With luck, you can turn even a single coin into a pay day!
- FACT: Besides gold, silver, and platinum, the precious metals group includes ruthenium, rhodium, palladium, osmium, and iridium.
- Step 2: Request a lock price from the dealer, and then confirm the price, product, and quantity to be sold.
- Step 3: Insist on clear answers from the dealer you choose to work with about how you will get the bullion to the dealer and how and when you will be paid.
- Step 4: Obtain an exact quote from one or more reputable dealers. Compare the quotes with the spot price.
- TIP: To reduce the possibility of fraud, work with dealers who are registered with the local government or police agency in the locale where they do business.
- Step 5: Check the spot price for any precious metal bullion you plan to sell.