Where can I sell my gold

Selling gold: what do I have to consider?

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Anyone who invests their money in gold must sooner or later grapple with the question of how best to sell it again. gold to to sell is just as much a part of a solid investment strategy as buying precious metals. Whether because of a financial bottleneck or because gold was purchased as part of your own retirement provision - the reasons for sales can be varied.

On the other hand, there are people who want to sell inherited gold because, for example, they want to sell gold. B. the personal reference to the piece of jewelry or the coin collection is missing. Dental gold or broken gold can also be converted into money at any time; in many cases it is worth selling smaller quantities.

Selling gold: what do I have to consider?

There are many good reasons gold to to sell. There are a few things to keep in mind, especially with regard to the different types or forms of gold. Most specialist dealers and sales outlets accept coins and bars, gold jewelry, broken gold (e.g. broken chains), dental gold and, in some cases, electronic scrap.

However, not all traders buy all types of gold. There are, for example, precious metal and coin dealers who only buy the coins and bars that they themselves have in their range. More specific gold-containing objects such as electronic scrap (cell phones, computer hardware) and other gold waste usually have to be brought directly to a refinery. It may be the case that the seller has to reach a minimum purchase amount (e.g. 100 kilograms of electronic waste).

The following factors play a role in selling gold:

  • Fineness of the piece

  • Weight of the piece minus base parts (foreign metals, impurities, stones)

  • Current gold price (stock exchange price)

  • Dealer's discount on the exchange price (trading range)

Generally applies to sale of gold: Compare prices and conditions! Each point of contact determines its own purchase price. These are usually based on the current gold price and based on the pure gold content. Of course, the private seller does not receive the full gold price or metal value. The buyer takes a discount on the current gold price, including for recycling and further processing of the precious metal.

There is currently no “precious metal or gold tax” for private sellers. However, investors should be careful if they want to sell their gold again within one year (speculation period) and make a profit in the process (see: private sales transactions within the meaning of Section 23 EStG). If this is the case, the profit made is subject to the marginal tax rate.

Important technical terms when selling gold

The fine weight and the fineness of the respective object are the most important determinants for the value of gold. Buyers only rate pieces based on how many grams of gold they contain. Other components such as copper or precious stones are not taken into account and may even be removed immediately (e.g. a diamond in a ring).

Fine weight

The pure precious metal weight of an object is called its fine weight. This always refers to the dominant precious metal - e.g. B. Gold. If a coin or piece of jewelry contains gold as well as silver, this is not added to the weight of the gold. The total mass of the object, including all residual components such as copper, is called the rough weight.

On the stock exchange and in over-the-counter trading (OTC trading), the gold price is set for one troy ounce (31.1034768 g). The purchase prices are also based on this weight - starting from one troy ounce of gold, they are scaled down to the corresponding number of grams (e.g. one gram of fine gold).

Fineness and carat

To find out how much gold a piece of jewelery or a coin contains, the so-called fineness is crucial. The fineness is the mass fraction of the dominant precious metal in a metallic object. In the case of coins and bars, the fineness is also called fineness.

The fineness is given as standard in per mille, i.e. in thousandths of the total weight. The highest fineness customary in normal trade is 999.9 / 1000. Even higher degrees of purity are theoretically possible, but require enormous effort.

Another unit of measure for the purity of gold is the carat. (Abbreviation kt or C). The carat divides the purity of gold into 24 parts. Thus, one-carat gold contains 1/24 part by weight of gold (= 4.167 percent). Pure gold, also called fine gold, contains 24/24 parts by weight of gold. However, it is technically impossible to completely remove all impurities. Therefore, 24-carat gold usually corresponds to a purity of 99.9 percent.

caratFineness in thousandFineness in percent
24999/100099,90 %
22916,6/100091,66 %
21,6900/100090,00 %
20833/100083,30 %
18750/100075,00 %
14,04585/100058,50 %
8333/100033,30 %

Sale of coins, bars and jewelry

If you want to sell gold in the form of coins, bars or jewelry, you can usually find out relatively easily how much precious metal the respective piece contains. For gold coins and bars, the fine weight and fineness are i. d. R. imprinted.

In the case of gold coins in particular, however, factors such as their preservation (condition of the coin), the year of issue and the number of copies issued increase the value of the coin - keyword collector's value. A real rarity in a normal coin collection is extremely rare, but you should invest a little time, especially with heirlooms. Sometimes it pays to find out more about the coin (s). You may even get a little more than the pure metal value at the right point of contact. In the classic gold purchase this is usually not the case, as the coins are melted down later.

In the case of gold jewelery, you can read off the fine gold content in the stamp. The gold stamp consists of a three-digit number that indicates the fineness in per mille. The specification in carats is not permitted in Germany. In addition, manufacturers can also add a so-called master's mark, a kind of signature.

In other countries it is quite common to indicate the fineness in carats. However, this is abbreviated almost exclusively with the letter "K" worldwide. The abbreviation "CT", on the other hand, is unusual, it can only be seen on real gold watch cases. Equally unusual are fineness specifications with a comma, e.g. B. 0.750 instead of 750. This type of marking is only found in watch marks. If, on the other hand, pieces of jewelery carry such a stamp, it could be counterfeit.

Where can I sell my gold?

Sell ​​gold you can contact precious metal and coin dealers, banks, jewelers and goldsmiths, refineries, pawn shops and auction houses as well as private individuals. When the price of gold is high, many suddenly have an interest in buying gold. Therefore it is imperative to compare prices. Always get several offers and don't sell your gold at the first dealer.

On the Internet and on TV, some gold buyers advertise who promise a lot, but often can only keep a few of them. Often you will find a gold buyer whose website is no longer active. The fact is: not all gold buyers are serious and often they don't even get half the price of gold. A healthy skepticism and a comparison with other contact points are always recommended.

Precious metal dealer:

Most of them offer bars and coins as well as buying them. Competent contacts can often determine the value on site, even for special coins that promise a certain collector's value. Alternatively, the gold is withheld against a receipt or collection by post is offered. When you visit the specialist dealer on site, do not forget your ID, so that the buyer secures himself with regard to his source.

Separator:

Here you really can gold in any formto sell: Coins and bars, dental gold, old and broken gold. The precious metal is pragmatically valued according to its gold content and then melted down.

Banks:

An account at the bank is often necessary here, and fewer and fewer banks are offering this service and the request takes at least a week to process. Banks also only buy common gold bars (Umicore, Degussa, Heraeus) and gold coins (e.g. Krugerrand, Maple Leaf, American Eagle)

Jewelers:

You are of course in the right place with pieces of jewelery, but many jewelers also offer the purchase of dental gold, gold coins or gold bars.

Gold purchase:

This is offered by individuals or small businesses, locally or via the internet. Caution is advised here and the offer should be carefully examined. On site, it is helpful to get the current gold price from the buyer, which of course you know. So you already know if you have someone in front of you who is currently on the topic.

What role does the current gold price play?

If you want to sell gold, you should know the current gold price. What sounds like a truism is actually an important aspect of selling gold. This is the only way to correctly assess the value of your own precious metal before going to dealers and buyers. Of course, you won't get the full price of gold for your coins or jewelry; However, if the offer deviates significantly from the current metal value, skepticism is required. In this case, as already mentioned, a price comparison will help.

Feel free to ask on what basis the buyer calculates the value of the gold. Serious contact points can tell you the price for different fineness (333 to 999 gold) and weigh the gold in your presence.

You can find the current gold price on the Internet on the websites of banks, specialist dealers and financial and price comparison portals such as GoldPreis.de. Our portal even shows you the gold rate in different currencies, e.g. B. in Swiss Francs or British Pounds. In addition, GoldPreis.de shows the current price for 1 gram and 1 kilogram of gold.