Gold and Silver Are Easy to Buy and Sell

Mar 07, 2019

When a person decides to buy precious metals such as silver and gold, they are participating in a market that dates back to ancient civilizations. Around 3000 B.C., the Egyptians were using gold as capstones on the Giza pyramids. In later years, the Greeks used both silver and gold as a form of currency.

In 1792, the United States Congress passed the Mint and Coinage Act. This established a fixed price for gold, which was tied to the United States dollar. At the same time, both gold and silver coins were established as precious metals that could be used as legal tender in the U.S.

Today, many different countries are minting gold and silver and allowing it to be used as legal tender. You can purchase gold and silver bars as well as gold and silver coins from a variety of different mints, dealers and sellers.

What is the Best Place to Trade Silver?

Buying and selling silver can be done in a number of places. However, before a person goes, it's important to know what kind of items can be purchased or sold. It's also important to know the current spot price of silver so that it can be traded for a fair price. This can quickly be found online by searching for it. As for the types of silver, here are five popular options:

  • Bullion coins
  • Rounds and bars
  • Junk silver
  • Sterling or flatware
  • Rare or numismatic coins

To sell or purchase one of the options, it can be done in a variety of ways that are available both locally and online. These include the following:

  • Local coin dealers
  • Pawn shops
  • Coin shows
  • Online dealers: Reputable dealers include Apmex, Kitco, Provident Metals and JM Bullion.
  • eBay
  • Smelters and refiners
  • Forums
  • Mints throughout the world: You can buy numismatics from mints like the U.S. Mint, Royal Canadian Mint, Royal Australian Mint and the Perth Mint.

How Do You Sell Gold?

When a person has gold that they want to sell, there are both online and local options. When a person is located in a big city and wants to get quick cash, the best option is probably going to be a local coin shop or pawn shop. When choosing this option, a person should have a firm understanding of the average price for the gold products that they are selling. It's also a good idea to go to more than one shop to see which one is willing to pay the most for the gold being sold.

Another option for selling gold is to use an online dealer. This is a safe method that can be done online or by using a phone. They will likely require some type of deposit via a debit or credit card to ensure that a person is serious about making the transaction.

An individual can also try to sell their gold out of an online auction site such as eBay. However, for gold sales on the site, they will have to pay a 10 percent fee that is based on the final sales figure. Not to mention, there are also fees for PayPal if that is used as a payment gateway. This method isn't as safe as using a local shop or an online dealer. It is probably best if a person makes the transaction with a reputable online dealer or local coin shop if they are selling gold that has a high value as eBay's fees can really take a chunk out of a person's profits.

Can You Buy Gold Bars?

Like silver, gold bars can be purchased online or locally. The safest place to purchase gold bars is by using a reputable online dealer or local coin shop. Online dealers such as Provident Metals and Apmex have gold bars available in different weights and from different mints. Gold bars can be bought that are as small as 1 gram and as large as 1 kilo.

When shopping for gold bars by mint, a person may want to buy PAMP Suisse Gold bars as they are both popular and beautiful. Gold bars are also available that have been minted by Argor-Heraeus, Engelhard, Valcambi and IGR.

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