Sell gold

Summary

• Selling gold is easy.

• Before selling gold, you should find out how much the gold is worth.

• In any case, you should compare offers, reputable buyers publish their purchase prices.

• Depending on what is to be sold, there are various possible trading partners.

• Trading with other private individuals directly on premesec.ch is a good option.

Introduction

Gold is a popular gift in Switzerland and other countries and is also bought as for savings or as an iron reserve. What we buy must also be sold again, so this article deals with this part of the trade.

Why should you sell gold?

There are many reasons why one wants to sell gold, for example, to finance an education, to buy a vehicle or to pay for a renovation of one's home. What is important is not so much the reason why you sell gold, but that you sell it at a good price. To do this, you first have to know the value and then know where you can get as much as possible for your gold.

Selling gold , what you should know

When selling gold, you should distinguish between old gold and gold bars, coins as well as medals. Old gold includes dental gold, broken jewellery or old unfashionable jewellery. These pieces are usually melted down because they cannot be resold. For scrap gold, scrap gold buyers charge the gold price, but also deduct a melting surcharge and a handling fee.

Coins, medals and gold bars are not normally melted down. Furthermore, they are not subject to fashion trends, which is why they can be easily resold. For this reason, coins, medals and gold bars should never be sold below the gold price.

Selling gold bars

Gold bars are the product par excellence when you want to buy physical gold . In order to keep the costs for the production as low as possible, elaborate ornaments are not used in the production process, which means that the surcharge on the gold price is often lower than for coins. Gold bars can easily be sold at banks, trustworthy scrap gold dealers or on premesec.ch.

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Selling gold coins

Unlike bars, gold coins are more elaborately designed and are therefore sometimes collected. Since the production is more labour-intensive, the price premium is also somewhat higher than for bars of the same weight.

It is not advisable to sell older gold coins to the bank. If the coins are particularly rare or valuable, the average bank employee lacks the competence to determine their value, and specialised dealers or sales platforms such as premesec.ch are better suited.

Selling old gold coins

If you are in possession of one or more old gold coins that are not listed in the PreMeSec product list, you may be dealing with a coin with collector's value. In this case, you should definitely contact a reputable dealer or an auction house specialising in numismatics (the technical term for coin studies). There you have the best chance of getting a fair price for these collector coins. Under no circumstances should you sell them at a scrap gold dealer or on a non-specialised trading platform.

How do you determine the price of gold?

Before you sell gold, whether it is a coin or a bar, you should first realise how much you can ask for.

Gold is an important commodity and bank gold is standardised, it is very easy to determine the value. The current gold price can be found in the daily newspaper as well as on the internet on various sites. If you have found the price per kilogram of gold on the internet, you have to divide it by 1000 and multiply it by the number of grams of the bar. With coins that do not always have an imprinted fine weight, it is a little more difficult.

Various bullion coins such as the Krugerrand, the Maple Leaf and the Vienna Philharmonic have the fine weight stamped on them. © Zlatáky - Pixabay

Simple weighing does not work because a coin does not only have to be made of gold, but can also have other metals alloyed with it. A gold Vreneli is only 90% gold. So first you have to determine the so-called fine weight, which is the weight of the pure gold in the coin. On our products page you will find links to the respective product pages of the most common precious metal coins, where you will also find the fineness or the fine weight listed. To calculate the value of a coin, you only have to divide the price per kilogram of gold by 1000 and multiply it by the fineness of the coin.

Alternatively, it can also be helpful to compare the buying and selling prices of dealers and banks to get an idea of the value of gold.

Should one sell gold to the house bank or to a scrap gold dealer?

For gold trading, the house bank is often the first contact and of course an option. But specialised, renowned precious metal dealers also buy gold. When selling larger holdings, these can offer the advantage of being able to sell the gold quickly. However, the convenience of dealing with a trusted institution and being able to sell one's gold quickly can come at a high price, one should definitely check if the offer is close to the gold price.

Be very careful with scrap gold buyers who from time to time distribute mailings in the mailboxes, even if they entice you with alleged "top prices" on the mailings, there are many black sheep who pay far too little.

Banks and dealers sometimes charge very high mark-ups for small quantities of gold, so if you sell your gold to another private individual instead of selling it to the banks or dealers, you can demand part of these high mark-ups yourself. This way you sell the yellow precious metal for a much higher price and the buyer also saves money, a win-win situation. The best way to find precious metal buyers is on premese.ch

Frequently asked questions about selling gold

How do I sell a gold vreneli?

• The gold vreneli is very common and well-known in Switzerland, which makes it easy to find a buyer for it. The 10 franc Vreneli has a fine weight of 2.903 g and the 20 franc gold Vreneli has a fine weight of 5.807 g. The weight of the gold Vreneli can be compared with the current weight. Based on the weight, the gold value can be determined with the current gold rate (kilogram price/1000* fine weight).
  Since there are also vintages of the 20 franc gold vreneli that are extremely rare and therefore very valuable (e.g. 1904, 1905, 1906, 1926), they should only be sold at a corresponding premium.
  Once the value has been determined, there is still a buyer to be found. The best way to sell gold Vreneli is on premesec.ch.

How to sell a Krugerrand / Maple Leaf / Vienna Philharmonic?

• Since all bullion coins are now offered in different weights, the fine weight must first be determined. The coins are stamped with the fine weight, the most common weight is 1 ounce (1 oz) which corresponds to 31.1034 grams. The gold value of the coin can be determined on the basis of the fine weight; the current gold rate for an ounce of gold can be found in the daily newspaper or on the Internet. With the help of the correct value, it is also easy to find a buyer, we recommend our platform premesec.ch for trading gold coins.

How can I sell a coin collection?

• If you inherit a coin collection and do not want to continue collecting, you can sell the collection. Since such coins can be of great value, care should be taken here not to get too little money for them. You can sell a coin collection to a numismatist or have the coins auctioned off at an auction house. Selling on premesec.ch is also an option, provided the coins are listed.

What is the melting price of gold?

• The gold price on the stock exchange is paid for fine gold, i.e. gold of a purity of 999/1000. Gold jewellery is made of a gold alloy (usually 333/1000 to 750/1000), and to make fine gold from it, it has to be melted down. If you subtract the cost of melting down and producing fine gold from the gold exchange price, you get the melting price.

Why do scrap gold buyers only pay the melting price for old gold coins and bars and jewellery?

• The gold exchange price is paid for fine gold and gold jewellery, however, consists of a gold alloy. To make fine gold out of it, it has to be melted down. If you subtract the effort for melting down and producing fine gold from the gold exchange price, you get the melting price. Some buyers of scrap gold only pay the melting price for bars or coins although they could be sold directly without being melted down. Therefore it is worthwhile to find an private buyer for it, so that melting down is not necessary and higher prices can be achieved.

How can I sell gold on premesec.ch?

• To sell gold on premesec.ch you need to create an account. After that you can create offers to sell gold.

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