Selling gold and precious metals can be a very lucrative endeavor if done right. Why can't you get more? There are several reasons. For one thing, companies that buy gold are often required by state law to keep items for a certain number of days before selling them, Smith said. This can be a gamble due to the volatility of gold prices.
The purchaser of their gold is likely to also sell to a refinery or to an intermediary who sells to refineries. Gold will go through two or three sets of hands before it is finally sold for its value. Acquiring gold coins to buy and sell can be a fun pastime and a way to earn some extra money. Gold is almost always a good investment, as long as it is invested wisely.
As the value of the currency weakens, the price of gold tends to rise. Research the current price of gold before buying and selling any gold coin. On the contrary, the owners of a company, such as a gold mining company, can benefit not only from the increase in the price of gold, but also from the increase in the company's profits. Gold futures are a good way to speculate on the rise (or fall) of the price of gold, and you could even accept the physical delivery of gold, if you so wish, although physical delivery is not what motivates speculators.
But if you have gold jewelry or coins or other types of gold that you prefer to redeem, there are ways to sell it safely and at the best price. According to Gary Smith, former international president of the American Society of Appraisers (ASA), more and more consumers are looking to sell gold items, even if gold prices aren't particularly high right now. This is in contrast to the owners of a company (such as a gold mining company), where the company can produce more gold and, therefore, more profits, which drives investment in that company higher.