Bullion is any precious metal in physical form—usually of a high purity and often in the form of gold or silver. If this is the type of precious metal you have on hand, you may be wondering what you can get for if you opt to sell it. While it’s possible to sell bullion on online auction sites or through private transactions, the professionals from First National Bullion and Coin, Scottsdale gold and bullion dealers with years of experience collectors can trust, focus here on factors that determine how much bullion dealers will pay.
Expect to Get the “Spot” Price for Your Bullion
Precious metals or bullion dealers are well aware of how this market can fluctuate over time. For this reason, dealers typically don’t speculate about what future prices will be when quoting a price. Instead, they usually offer to pay the spot price for gold or silver bullion. Spot price refers to the going exchange price for a particular precious metal—or what you see when you look up the current gold or silver price.
Bullion Demand Also Determines What Dealers Will Pay
Even reputable bullion dealers want to know they’ll likely be able to sell what they purchase to other investors or collectors. This is why it can be helpful to do some homework before you contact a dealer. Get a good feel for the current demand for the type of bullion you have. According to the World Gold Council, even gold demand can vary from one year to the next.
For 2020, the Silver Institute reports silver demand is up 10 percent so far over the prior year. Gold.org reports an 8 percent boost in gold demand for 2020 over previous quarters. Ultimately, these stats bode well for your ability to get a fair price for your silver or gold bullion.
Be Mindful of the Quality of Your Bullion
Not all bullion is created or valued equally. You’ll be more likely to get a fair price if you have bullion with a verifiable spot price. For example, expect to get a better price for gold or silver coins struck by a sovereign government mint than you would for collectable coins that may or may not be pure. Bars tend to fetch a decent price as well, since purity is clearly marked on them.
While most dealers are willing to make an offer for any type of bullion, be aware that physical gold or silver with a clear, certifiable value is more likely to get a higher price when sold. Bullion most dealers generally prefer includes:
• Gold bars or coins
• Silver coins or bars
• Gold/silver collectables with well-documented value and purity
Other Types of Bullion Can Pay Off, Too
You’re not out of luck if you have other types of bullion to sell besides gold or silver. For instance, platinum is also available as bars or coins. It’s also 15 times rarer than gold. This means bullion dealers could highly value top-condition platinum bullion. You may also be able to fetch a decent price for other precious metals, such as ruthenium, rhodium, or iridium.
Call on the industry-leading professionals at First National Bullion when you’re ready to buy or sell precious metals, including gold, silver, platinum, and palladium. If you’re looking to work with only the most reputable precious metals experts and Scottsdale gold coin dealers, give us a call today at 480-546-8928.
The statements made in this blog are opinions, and past performance is not indicative of future returns. Precious metals, like all investments, carry risk. Precious metals and coins may appreciate, depreciate, or stay the same in cash value depending on a variety of factors. First National Bullion does not guarantee, and its website and employees make no representation, that any metals for sale will appreciate sufficiently to earn the customers a profit. The decision to buy, sell, or borrow precious metals and which precious metals to purchase, borrow, or sell are made at the customer’s sole discretion.