How do I go about selling gold or silver once I’ve bought it - it seems complicated?

How do I go about selling gold or silver once I’ve bought it - it seems complicated?

It’s actually a pretty simple process. An advantage of using our services is that all the suppliers we deal with will buy back the gold and silver they sell. The suppliers we use will buy it back from you. It will however always be for less than the spot price of silver or gold. The rate varies depending on, how badly they need the supply, the type of product, and between suppliers. For example, for gold between say 1.5% and 4% below spot. For silver, between 3.5% and 8.5% below spot.

It helps to keep the receipt/sales invoice from when you bought. Take that and some ID, not for any big brother government tracking reasons (well not yet at least!), but due to 2nd hand dealer regulations, they are required to confirm the identity of whoever they buy back from. You can also have it shipped back to them if you live out of the Auckland area. Ensure that if sending by post:

  • You need to have insurance in transit.
  • Provide photocopy of ID in form of passport or drivers licence, etc.
  • Provide the bank account number you want the proceeds to be paid into.
  • Provide contact a phone number.
  • Provide Address details, as mentioned above due to 2nd hand dealer regulations.

That is the simplest method – there is also a ready market on the likes of Trademe but that is more hassle of course. But the reward for the extra effort is that you may get more for the sale via Trademe depending on the buyer.

You could also sell it to a pawnshop or one of the new kiosks popping up. But, you’ll likely get way under spot price doing this. Maybe as Maybe as low as only 50% of spot price. Not a great idea we think.

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