How To Sell Gold For The Most Cash Video
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In this video, we look at the best ways to sell gold at the highest possible price. Specifically, I’ll focus on selling your gold coins or bars at the best profit, but many of the principles can also be applied to selling gold jewellery. I’ll reveal step-by-step, the five best techniques to sell gold for the most cash.
This is a simple one. Just like maintaining your property, gold is a physical asset, so the price you achieve will be affected by its condition. 24 carat gold is especially soft and liable to scratching so handle and store with care and you’ll be able to achieve a higher price than selling scratched, chipped and dirty items.
This requires some forward thinking. Buying the most recognisable gold coins prove to be the easiest to sell. Let’s draw that comparison to property again. When you select which gold to buy, try to emulate buying that 2 bedrooms flat close to a train station. The more desirable your asset, the more buyers you have and the better price you’ll receive. Desperation to sell obscure gold can lead to accepting reduced prices.
Buying a variety of gold coins can also help squeeze extra profit out of your investment. Older and commemorative coins, for example, can command a higher price than newer coins due to scarcity and desirability.
What many investors don’t realise is that coin premiums are not fixed. Infact, they can vary by up to 20% depending on supply and market dynamics. So selling the same coin when supply is tight can yield a far higher price than selling at other times. How do we know which premiums will spike? We don’t. So owning a variety of coins increases the chances that you can sell the right coins at the right time to increases your sale price.
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Planning your sale can boost your profits in 2 ways.
Firstly, it enables you to watch underlying gold prices to strategically sell items on days when the price spikes. The gold price can easily move 2-3% in a day so pulling the trigger on those days rather than waiting until you need the money can enhance your sale price.
Secondly, providing your gold dealer with notice of your intentions can enable them to find a specific buyer for your items, which can boost the price achieved by another couple of percent. Calling a dealer on the day you wish to sell will achieve a standard rate where your gold is likely sold into the wholesale market. By telling the dealer you wish to sell certain gold items over the ensuing month, gives them an opportunity to squeeze out more profit for you.
And don’t forget, that investing in gold is a medium to long term strategy. So the longer term you plan, the higher your sale price is likely to be. That’s because the gold price can be volatile, so short term sales can be at risk of reduced profits. Over the long term, market dips have more chance of being overcome.
If you’re only selling a small amount of gold, tax won’t impact you. But for those making profits of more than £12k from where they bought the gold, tax considerations can really impact the final cash you receive.
That’s because Capital Gains Tax of up to 28% is applied to gains made over the £12k threshold. But this can be avoided altogether, boosting your profits massively. By focussing your gold investment on UK legal tender gold coins, any profits when you do come to sell, are free from CGT. That’s because the Government aren’t able to tax profits made on legal tender.
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Using a reputable gold dealer usually means you get a buyback guarantee for the gold they sell you. This provides a quick and easy exit strategy when you wish to sell. But it’s always worth making a few calls to other gold brokers. Depending on their stocks, some dealers may pay slightly more on any given day for a certain coin, bar or jewellery than others. Generally, cash for gold business will try to exploit your lack of expertise and offer vastly reduced prices. Read our article on How to find out the tax free gold price.
In fact, if you have time and patience, it’s also worth testing the private market if you have coins with more of collectable value. While large gold dealers will provide a fair price for the gold content, private buyers may be willing to pay higher premiums based more on their desire to complete a collection or to own a unique piece of gold.
So there you have it. 5 simple strategies about how to sell gold at the highest price. If you liked this video, download our more detailed 10 commandments when selling your gold coins from our website www.physicalgold.com
If you’d like to sell your gold coins, bars or jewellery, then call a member of our team on 020 7060 9992. They’ll provide an indicative live price and email over a step-by-step process to complete your sale.