Get ready to sell your gold and silver
Short answer: Work out the melt value first, collect your purchase records and original packaging, then compare buyback prices from more than one buyer before you sell.
Know the melt value first
Weigh each piece, note its purity and multiply the pure metal weight by the spot price. That figure is the starting point for every offer you receive.
- Weight in grams or troy ounces
- Purity or fineness from the stamp
- Today's spot price per troy ounce
Gather the paperwork
Original invoices, assay cards and packaging help a buyer trust the piece and can support a better price. Records of what you paid also give you your gain or loss.
Compare buyback prices
Ask at least two or three buyers for their price on the exact pieces, and ask what fees or deductions apply. A higher headline price with deductions can be worse than a lower clean one.
Keep a record of the sale
Note the date, buyer and amount received against each piece, so your realized gain and remaining holdings stay accurate.
Questions
Will I get spot price when I sell?+
Usually not. Buyers typically pay close to spot for popular bullion and less for jewelry or scrap, because they refine or resell the metal and need a margin.
Does it matter if the packaging is opened?+
For sealed bars and graded coins, original packaging can help resale. For plain coins it matters less.
Are there taxes on selling?+
Tax rules on precious metals differ by country, so check local rules or ask a qualified adviser.