In this segment, How to Sell your Precious Metals, you will learn more about what must be completed to ensure you get fair market value and the sale goes smoothly.
To begin, you must take inventory of the metals you plan to sell. Get an idea of what the metals market price is for the metals you plan to sell. Make sure your expectations are in line with what the true value of your metals is in the marketplace. Also, a good idea to look at the original paperwork you received when you bought the metals, and make sure what you’re selling corresponds with your initial paperwork.
Next, you must decide who you are going to sell your precious metals. There are many options to consider beginning with a brick & mortar (B&M) dealer in your area, or an online dealer. Typically the online dealer can pay you much more than a local B&M dealer. The reason for this is the B&M dealer has considerably higher overhead than the online dealer. For this reason, the B&M dealer will generally offer a much lower bid for your metals. Another important factor to consider is privacy. Your safety and security are paramount at all times and not a great idea if people in your community think you own precious metals.
Sell Online Important Details:
We suggest you make a “packing slip” that details what you are shipping, quantity, serial numbers, and any other information that will help our shipping and receiving personnel when your package arrives. Remember to put the packing slip in the box with the metals before you seal the box for shipping.
You will want to insure your metals for the value of the contents of your package. The United States Postal Service – Registered Mail (USPS) service is the only way to go if you want your metals fully insured. USPS will insure your package up to $50,000.00. They provide a tracking code that allows you to track your package to our delivery dock, which is then signed for by our dedicated receiver and checked in. Other major courier services do not insure precious metals, coins, and bullion.
Double Box!
When shipping precious metals we always recommend the metals are sent with two boxes – one inside the other. The inner box should be very tightly packed and taped. It must fit as snuggly as possible in the outer box. The outer box must then be well taped and secured.
The package will require brown paper tape to be applied to any seam on the box. This is necessary because USPS will stamp the box several times, and the stamp will not stick to plastic tape. Make sure your metals are packed in the box tightly, and they do not move around and make noise if you shake the box. If you have a tube half full of coins be sure to put some paper or styrofoam popcorn in the tube to ensure the coins cannot be jostled about. One more thing, the USPS will often provide at the counter brown paper tape and a sponge to apply to your package,
Lock it In!
You are now ready to lock in the sale and ship the package. It is time to call your representative and set the price for the sale. Once you agree on the bid price offered, the order gets locked in. This means a sale has been executed and the ounces are hedged to protect you from any possible market deterioration. Once a verbal commitment has been made by the seller, the seller then has the obligation to get the package to the post office within 2 business days. You will receive a purchase order for the sale of your metals that details product, quantity, and the price of the sale.
Note: We would also appreciate it if you could send us the tracking code (customercare@privatebullion.com) once the shipment is made. This helps us identify the package easier and get into processing quicker.
Things to Consider:
- The value of a gold Kg bar is higher than the USPS will allow. Please keep in mind you could have exposure to loss for any value above $50.000.00
- Silver is heavy. We do not advise you to ship 1000 oz silver bars because of the weight,m and possibility the packaging can break.
- It is as easy to sell metals held in your Precious Metals IRA. After the sale is made and the proceeds are available, the funds are transferred to your account.
- If you have metals held in a reputable storage facility we can assist you with the liquidation process.
- It is highly advisable that you retain the records of the transaction for you and your families records.
Read more about this process in other segments we have posted. How to Sell Gold and Silver Bullion, and How to Sell Gold Bullion.
Call Us at 888-928-3390
If you`ve made it this far you are serious about selling your metals. We would advise you to call us during our business hours, or email us at customercare@privatebullion.com and let us know of your intent. A representative will reply by the next business day.
