Cash Out Gold?

Question

If I have some gold investments (coins, bars, ect.) how do I cash these out? Will a bank buy them?

Answer 1

Get bids from several coin shops (not pawn shops, mind you). They will try to impress you with their knowledge by telling you features, weights, values, etc. Listen carefully and make meticulous notes after you leave the store. Look up things they discussed afterwards and compare notes. Some of what you will be told will be valuable truth, some baloney, and some straight out lies.

As for banks, most banks deal with face value. If you have gold coins, there could be value in the coin itself. Your banker, however, may have some suggestions on who to see for the bars. Sometimes, but not always, if they give you a list of choices saying that they can't steer you to just any one, take special note of the first one that they name, or the last one, or one they emphasize or speak with a little emphasis.

Again, and this is important, not the pawn shops, a regular jeweler (probably not big chain stores) will likely give you far more value than the pawn shops. Far more.

Answer 2

That's the trouble with physical gold.
Unless it is a recognized bar like Johson & Mathey it could be difficult.
But start at your bank or the place you bought it at.

Next time, stick to shares of gold producing companies for your Gold investments.

Answer 3

Jewelry stores, coin shops...heck, even I might. I'm a broker for people in 4 states depending on the form it comes in. I might have a client interested in acquiring yours. Contact me off forum for details. A bank won't touch them as the currency we use no longer is backed by metals.