5 Easy Ways to Buy and Sell Gold Near Me
The process of buying gold for the first time can be incredibly overwhelming. We often have gold and silver collectors report to us that the first purchase is equal parts exciting and daunting. If you want to “buy and sell gold near me,” working with a company like Hero Bullion is a wise choice. Our Hero Bullion Academy was created specifically to provide new gold investors with all the tools they need to make this first purchase with the confidence they deserve to have.
In this guide, we’ll introduce four major tips to help you buy and sell gold near me. We offer four distinct options to easily purchase and liquidate your gold collection, as well as a list of simple tips to make sure your purchase or sale goes off without a hitch. Some of the suggestions in this guide might be old news, especially if you’re an experienced buyer or seller of bullion. If this is you, feel free to skip ahead to the sections that are more applicable to you! After all, a guide is not worth anything if it doesn’t help you improve your purchasing experience.
If you’re here, you likely already either have some gold or know something you want to buy in the sector. Be sure to check out our guide on the best gold coins and gold bars here if you aren’t quite sure what gold product you want. After deciding either what gold you’re selling or what gold product you’re buying, the next step in your dream bullion process is to figure out who you want to buy from. This is no small task; there are thousands of bullion distributors all over the world who are working hard to earn your business..
Why Buy and Sell Gold Near Me
Buying and selling gold near me is all about convenience. In this guide, we will discuss both online and in-person options for buying and selling gold near me. Online distributors are not technically near you, but the convenience of modern shipping means that these dealers are just as accessible as local gold and bullion merchants. Hero Bullion is an online distributor, although we also have a physical salesroom in Texas where potential buyers can come and survey our gold products.
This is the story with many so-called online distributors. In the age of same-day shipping, it can sometimes be more convenient to buy gold online from the comfort of your home than from a brick-and-mortar store. We also discuss in-person gold shops in this guide. Whether you’re buying gold from an online distributor or from an in-person shop, many dealers offer both sales and buyback programs. This means that you can buy and sell gold from the same distributor in some cases. This is also often true with in-person distribution centers, such as pawn shops or local exchanges.
Chances are you already know some of the main reasons to purchase gold. As an investment and a gift, gold really cannot be matched. But you want to guarantee the most bang for your buck, and this guide is one way to help you get it.
Buy and Sell Gold Near Me from Online Dealers
We’ve covered a few of the advantages to buying gold near me from online dealers in our other Hero Bullion Academy guides. Most notably, we tend to like the extremely wide variety of different gold products available from online distributors. Dropshipping methods allow distributors like Hero Bullion the opportunity to secure deals for consumers with gold products from all around the world. For example, we can sell you gold bars from the USA, Mexico, Switzerland, the United Kingdom, and even some island countries with small, isolated mints!
But selling to online dealers also offers its own list of advantages and disadvantages for people who want to buy and sell gold near me. As you might already suspect, the big upside to this strategy of liquidating your gold supply is convenience. With most online dealers, the process for selling your gold products is simple. It’s just a matter of following the mailing instructions provided by the dealer in order to ship your gold safely. Payment can either be sent to you via bank wire or check, depending on the distributor.
Mileage can vary with this strategy. You should research the value of your gold piece carefully before selling to an online distributor. Because prices to buy on major distributor sites are determined by combining the value of a piece with a set gold premium over spot, you’ll never really receive more when selling gold than you’d spend buying it. Your goal is to receive as close to the base value of your piece as possible.
Buy and Sell Gold Directly from Mints
Did you know that you can buy gold directly from your country’s mint? Government mint purchases offer a long list of advantages, particularly when it comes to security. You don’t need to worry about getting shipped a fake or imperfect coin if you’re buying straight from the United States Mint. Mints make it relatively easy to buy gold bars and coins; the U.S. Mint now allows gold and silver collectors to order coins, bars, and other commemorative pieces directly from the official Mint website, usmint.gov.
On the flip side, mints usually only really offer the latest of their designs each year. It is not possible to buy older coins, such as the 2010 American Double Eagle, directly from the U.S. Mint website at the moment. If your interest is in buying older editions of popular gold products, we suggest staying away from government Mints.
Selling to mints directly is often a struggle. We aren’t aware of any major government mint that offers a buyback program, except perhaps in extreme circumstances. There was a point in United States history when the treasury and the U.S. Mint bought silver products from consumers in order to back their own minting projects. This is not currently the case. While buying directly from the U.S. Mint is a great way to secure the latest gold coins at the lowest prices possible, it is not a good option for people looking to buy and sell gold near me.
Buy and Sell Gold Near Me from Pawn Shops
Selling to a pawn shop is likely the quickest and easiest way to buy and sell gold near me. The reputation of pawn shops, however, should give you a clean glimpse at how we feel about this option. Put simply, we generally discourage people from using pawn shops to buy and sell gold near me. The convenience of pawn shops is impressive; if you need cash right now for your gold, they really are unbeatable. Another upside of pawn shops is in the very name. By using pawn shops, you can ‘pawn’ your gold necklaces, bullion, bars, or coins.
Pawning items allows you to keep possession of your gold products, so long as you pay back the amount of money you ‘borrow’ from the pawn shop. This is a double-edged sword. It can be a great way to use your gold as collateral and get it back when you need it, but it can also result in you losing the item. Most pawn shops will also buy your gold pieces outright. Again, mileage will vary. Pawn shops are out to maximize profit; so the value of your coins, bars or novelty gold products might not be fairly appraised.
Buying gold near me from pawn shops can be a good way to find hidden gems. But because some pawn shops might market a gold product as having a higher purity than it actually contains, assessing your pawn shop purchases for legitimacy is an absolute must.
Buy and Sell Gold Near Me from Online Marketplaces
How are online marketplaces different from online distributors? When we refer to online marketplaces, we mean massive user-led eCommerce platforms like eBay and Amazon. These platforms have gained significant traction in the past decade, and Amazon in particular is now synonymous with online commerce in the United States and around the world.
As another option, eBay gives you the opportunity to buy used and new gold coins, bars and novelty products from lesser known merchants or even individual sellers. Both established mints and random individuals from all over the world sell gold products on eBay, and the platform’s bidding structure means that you can score some amazing deals if you’re lucky (and smart!)
The main drawback to this strategy to buy and sell gold near me using online marketplaces is that you don’t have the guarantee of a given mint or established bullion dealer backing your purchase. Selling on platforms like eBay and Amazon is also difficult because it involves a lot of startup work but the payoff can be great. With these sites, the sale of your product is entirely in your hands, and it offers the unique opportunity for some big collectors to pivot their collection into a long-term business.
Tips to Buy and Sell Gold Near Me
Once you’ve chosen a strategy to buy and sell gold near me, you’ll need to keep a few things in mind. The best way to protect yourself from getting scammed is to work hard to know the precise value of your gold coins or bullion. Understanding the latest spot price for gold is a good starting point. Whether you’re selling gold to a massive online distributor or a local pawn shop, knowing how much your gold jewelry or coins are really worth can potentially save you thousands of dollars.
Another number to consider is the premium over spot. Wherever you buy and sell gold near me, you’ll need to know how much you’re paying in premiums. To keep profitable, all sellers of gold add a certain cost onto the price of a piece called the “premium over spot.” Premiums can vary based on a number of factors. The type of product you’re buying is one important consideration. Gold coins backed by governments have a higher premium over spot than gold bars. Some types of gold and silver distributors require higher fees over spot than others, too. For example, buying from the U.S. Mint offers the lowest cost over spot of all the options on our list above.
If you’re buying from online distributors or government-backed mints, the legitimacy of your purchases are generally beyond question. Major mints tend to include serial numbers of even Assay cards to guarantee that your coins are immune to counterfeiting. This is not always the case with online eCommerce sites, and it is certainly not the case with pawn shops. If you plan to buy from a smaller distributor, it’s necessary to protect yourself against counterfeits.
Final Thoughts: Buy and Sell Gold Near Me
Whether you’re looking to expand your collection or liquidate an existing investment portfolio, your search might include “where to buy and sell gold near me.” The right purchaser can guarantee you maximize returns from your gold transactions, while the wrong buyer can rob you of hundreds, or even thousands, of your hard-earned dollars. The same is true when it comes to owning gold. Dealing with sketchy pawn shops can lead to extreme overspending. The right dealer can provide you with significant discounts on beautiful pieces of gold.
There are four main options for you to buy and sell gold near your location:
- Online distributors
- Directly from mints
- Pawn shops
- Online eCommerce platforms
But regardless of how you choose to buy or sell gold near you, remembering the key facets of how the market functions is non-negotiable. By knowing how much your gold is worth and avoiding fakes and counterfeits, you can get the most out of your gold sale or purchase, sometimes without even leaving your home!
About The Author
Jake HaugenFollow @herobullion
Hero Bullion provides an environment that is informative and safe for those looking to own physical gold and silver bullion as an investment. We love helping folks at all stages throughout their bullion journey making progress towards acheiving their financial goals. Whether you are a seasoned bullion investor or brand new to the game of gold and silver bullion ownership, we're here to help and serve you in any way we can.