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Where to sell your gold coins?

Thursday, May 5, 2011

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The Gold price has been breached USD $1500 an ounce for the first time last month and it will continue to goes up. It will not be hard to sell your coins when the price is going up since many people willing to buy them if you know where to put them for sale. Where to sell your gold coins? Not everyone knew where can you sell your precious metal. Here are some tips from me on where can you sell your gold coins in Malaysia.



1. Among other collectors.
Networking among other collector is an important thing if you want to sell your items in the future. Without any friends, people will be afraid to deal with you since nobody know you. Most people afraid that they will get scam with a fake golds or scammer who just want to offer cheap gold price. Try joining a group in Facebook, register with Malaysia Numismatic Society or any other numismatic group you can find. Collectors will give you the highest price from other type of buyers.


2. Sell them online
You can try to sell them online yourself in Mudah.my or eBay Malaysia. Its not hard to start. What you need is just register your ID and post your item for sale. make sure you give the best pictures for your coins; obverse and reverse pictures. You also need to give as much details as you can. If your item is proof coin, it will be easy to find the details since you have the card with you. If you don't have the details, try search them in Google. If you're newbies, try to avoid buyer from oversea. Most of the time, a scammer will try to contact you if you sell any gold online. If the buyer want to do meet up to collect its item, make sure you bring along a friends.


3.Jewelry/coin shops
Most shop will buy your gold 70% from the gold value. Try to asked around on the same day for best price before you decide to sell them to the shops. Most of the time, they offer you a low value first. Make sure you knew your gold coin carat. Most gold coins is in 21K or .917 fineness but they're some coin with 24K gold. Also check if your coin a rare. A rare coin have a high value if you're selling them in a coin shop but jewelry shop will just offering you a scrap value.


4. Gold Investment Company
Most people don't know that Gold Investment company like Publicgold and Nubex buy your gold coins. Sometimes their prices are higher then Jewelry/coin shops. If you want to sell, make sure you check PublicGold PublicDinar website, they will buy 70% from the gold value according to their PublicDinar buy price and check Nubex website under sell your gold tab.


5. Pawnshops
You can find any pawnshop near your area but not all pawnshop will buy gold coins. They'll test your gold for authenticity and then offer a price. This is not the best place to sell your coins but when nobody want to buy, they always have no problem buying it from you. You also have an option to pawn your gold coins before you sell it to them.


Any of you knew other places that we can sell our gold coins in Malaysia?

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