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There were limited choices for selling gold quickly in the past. In fact, most folks had few options other than pawn shops for fast money. Luckily, this is no longer the case. Selling gold online is an easier option than we’ve ever had throughout history.
Unfortunately, many people go into these transactions blindly. They think that a simple process immediately equates to a beneficial process. This simply isn’t the case. Before you sell any gold items online, there are several things you should know to protect yourself.
1. eBay Isn’t the Mecca of Selling Gold Online
When someone decides that the internet is the right place to sell gold, they typically research their options. In many cases, they find their way to online marketplaces like eBay. They see thousands of items with multiple bidders often selling above spot value. Who wouldn’t get excited?
Unfortunately, this visage isn’t indicative of reality. Even if you see a gold coin go for $50 above spot price, the person selling gold online is not getting all that money. eBay charges a final value fee for everything sold on the site, and a recent increase in these fees hit sellers hard.
While eBay might seem like the bad guy in this story, it’s actually indicative of all online marketplaces. They need their pound of flesh. Unfortunately, that pound always comes at the detriment of those selling gold online.
2. You Won’t Get the Same Price Everywhere
Gold has universal value. No matter where you go in the world, its worth remains stable. Because of this, you might expect to get the same price regardless of who’s buying your bullion. In reality, this isn’t typically how it plays out.
Even if you spend hours researching the best precious metal dealers online, no two companies are the same. They each have different pricing models, and the value you get for your gold bullion can vary dramatically. This is why it’s best to shop around.
If you’re having trouble making a selection, consider selling your items to Silver Gold Bull. We guarantee the best price for items we sell, and we carry this over into our purchasing practices as well. You’ll get top dollar for your bullion every time — we guarantee it.
3. Online Pawn Shops Are Still Pawn Shops
People have long viewed pawn shops as a quick way to get money. As the first purveyors of consumer loans, pawnbrokers certainly played a big role in getting people paid throughout history. This is why many folks instinctively flock to pawn shops they find online.
The important thing to remember, though, is that online pawn shops are still pawn shops. What does this mean? Well, it means you’re unlikely to get a fair price when selling gold online. Folks who leave precious metals at these shops as collateral often only get 25% to 50% of the item’s value.
Of course, you’ll get more if you plan on selling your item. Unfortunately, this will only increase your payout by about 10% on average. That means you may get as little as one-third the value of your gold when selling to online pawn shops. No matter how you slice it, that’s a ripoff.
4. You Don’t Need to Have Possession of Your Gold
When selling gold online, there’s an entire process involved. With auction sites, you have to take detailed pictures of your items, upload them with descriptions, and then ship everything out safely. Even when you work with reputable dealers, you still have to deal with shipping and handling.
Fortunately, this isn’t always necessary. Many bullion companies offer precious metal storage services. This is great since you can safely store your gold from the moment you buy it. There are some dealers, however, who will also handle the selling process when you’re ready.
This is a service we offer at Silver Gold Bull. If you purchase your bullion from us, you have the option of having it shipped free to one of our secure storage facilities. And if you decide selling gold online is your next best move, we can handle that for you as well.
5. Tracking Numbers and Insurance Are Essential
When you deal with a reputable online dealer, they typically handle shipment for you. This means you’ll receive a shipping label via email and only need to box up your items. You can fully expect that shipping label to include tracking numbers and insurance.
If you opt for other methods of selling gold online, though, this burden falls to you. You’ll need to choose a shipping partner and pay for the right services to safeguard your investment. If you drop the ball in this endeavor, it could cost you big.
The fact is that we’ve seen major disruptions in domestic shipping lately. In fact, the U.S. Postal Service deliberately slowed down shipments. If your package ends up delayed or lost without a tracking number or insurance, you may have to reimburse the buyer and receive zero compensation.
6. Differences in Service Are Immense!
We pointed out that not all dealers are the same in the area of pricing. You’ll also find significant variations in service quality, though, when you’re selling gold online. Take the time to research the services offered by any online dealer. This can make a vast difference in your experience.
7. Scammers Target People Selling Gold Online
As gold prices increase, scammers have found new ways to con bullion owners. While this often involves selling fake or overpriced items, they have also targeted individuals selling gold bullion and items online. This means you must always remain vigilant with digital commerce.
This could be a major issue if you’re selling gold on eCommerce platforms. Imagine you do everything right after selling bullion to someone on eBay, but then they claim you sent an empty box. Even with a tracking number, you can’t really disprove the buyer’s assertion.
Unfortunately, this has become a significant issue online. Some scammers do actually send empty boxes, but many buyers also falsely claim they received them. eBay is all about buyer satisfaction, so you might face an uphill battle trying to win any dispute like this.
8. Prices Change Quickly When Selling Gold Online
The price of precious metals changes throughout the day. If you put an item up for auction on eBay, the price you get one week from now could be much lower than the price you’d get today. And when working with certain dealers, you may get a lowered offer if the price suddenly changes.
This is a reality of any investment. Even as we’ve watched gold grow in value over the long run, there are short-term fluctuations in the price. Fortunately, some companies take this into account when dealing with folks selling gold online.
For instance, Silver Gold Bull gives you an immediate quote and locks it in. Even before you ship in your precious metal for inspection, you’ll receive a locked-in quote and shipping label. If the price of gold drops by half the next day — which is incredibly unlikely — your profit remains the same.
9. Payment Processing Times Vary
At Silver Gold Bull, we offer next-day payment after verifying your shipment. This makes us one of the fastest methods for selling gold online. If you opt to sell to a different dealer, though, payment processing times can vary immensely.
There are certainly dealers out there who offer quick payment as well. Since there’s no industry standard, though, this should be one of your top considerations. And while some places will provide speedy payment for reduced prices — just like pawn shops — this isn’t something you have to accept.
Selling gold online has become a faster and more efficient process. There’s no need to compromise on your payout. Reputable online dealers can get you paid just as fast — and even faster — than pawnbrokers and other lowball vendors.
Start Selling Gold Online Today!
Knowledge is power in the world of precious metals. When selling bullion of any kind, you should always know exactly what you have. Of course, having some insight into the digital process helps as well. If you follow the tips in this guide, that insight will pay off in spades.
At Silver Gold Bull, we want everyone who invests in precious metals to have a positive experience. That’s why we do more than offer these informative guides. We also provide easy options for selling gold online.
When you’re ready to get an appraisal and receive top dollar for your bullion, visit our Sell Precious Metals Online page today.
