Selling gold is an excellent way to obtain extra funds for personal use. Gold is highly liquid, meaning it can easily be bought and sold on the open market.
If you have gold bullion in the form of bars, ingots, or coins, you can sell it to get money to start a new business, fund a home remodel, or reinvest in another precious metal like silver or platinum to diversify your portfolio.
Getting top dollar for your gold means finding a gold buyer with industry experience and knowledge of your gold pieces’ value. Learn everything you need to know about selling gold in Michigan and why choosing AU Precious Metals can get you the right price for your precious metal.
What Gold Can I Sell in Michigan?
The highest-earning gold pieces you can sell in Michigan include coins, bars, and ingots, called bullion. These types of gold sell for close to the asset’s daily spot price. Numismatic coins, which are commemorative and rare, can sell for much higher than the market value of gold, depending on their condition and rarity.
- Ingots. Ingots are gold bars formed by pressing melted, cooled gold into an oblong-shaped mold. Ingots are more uniformly shaped than bars and are sometimes stamped with the year of manufacture or a serial number; however, ingots will always features the maunfacturer’s refining hallmark.
- Bars. Gold bars refer to melted gold poured into a mold and allowed to cool naturally. It is then weighted and stamped with purity level, origin, characteristic, serial number, and weight. Bars often have softer edges and are less shiny than ingots.
- Coins. Gold coins refer to numismatic coins, rare or collector’s pieces worth more than the spot price of gold, or gold coins used as legal tender. Examples of bullion coins include U.S. Gold Eagles, South African Krugerrands, and Canadian Gold Maples. Numismatic coins include pre-1933 Eagle coins and Swiss 20 Francs.
Where Should I Sell My Gold Items?
You can sell your gold items at a pawn shop or jewelry store, but for the fairest price, you’ll want to visit a reputable local gold dealer.
Pawn shops are a quick and easy way to get cash for your gold, but they may offer to buy your gold for below the spot price. Jewelry stores may give you a slightly higher price, but they’ll likely still be below the spot price.
Precious metals dealers are usually the best option, offering the highest prices. AU Precious Metals uses XRF assaying equipment, which allows us to check up to 22 elements of your gold’s composition in one reading. We can quickly and accurately assess your gold pieces’ value and offer top-dollar.
How to Sell Gold in Michigan
If you own gold bars or coins, you may wonder how to sell them and get the best value for money. There are several important factors to consider and steps to follow to ensure you sell your gold safely.
- Assess the value. Although you will want to check with a knowledgeable gold dealer for the exact value of your gold pieces, you can research your pieces’ worth to get an idea of what to expect. Gold bullion value should closely mirror the per-ounce value on the world market. You can multiply the number of gold ounces you have by this value to estimate what a buyer might pay.
For numismatic coins, it’s best to speak with an industry professional. The coins’ age, purity, condition, and other factors influence their worth. A professional at AU Precious Metals can examine your coins and offer you a fair price.
- Evaluate gold market prices. Gold prices fluctuate daily, and keeping track of these changes is essential to get the best price for your gold. To evaluate gold prices, check the spot price, which is the current price per ounce of gold on the open market.
Tradingeconomics.com is an excellent resource for monitoring the spot price of gold. You can easily monitor the commodity’s intraday, weekly, monthly, or year-to-year price changes by looking at the site’s real-time price tracker or viewing their chart, which shows long-term changes.
- Find a dealer. Before you sell your gold in Michigan, it is essential to find a reputable dealer. Ask about the dealer’s buying procedures, such as whether or not they require an assay or how they determine the price they’re willing to pay for gold. Ensure you get a receipt explaining the type of metal, number of ounces, price per ounce, and the final value.
At AU Precious Metals, we have streamlined the gold selling process to ensure all transactions go safely and smoothly. You can contact us online to discuss your gold bullion or call to schedule an in-person visit at our Novi or Rochester facilities. We may offer you an immediate quote for your gold bars, ingots, and coins based on gold’s current fair market value.
We also offer a convenient and secure mail-in service so that we can assay and assess your gold’s worth. Once you contact us, we’ll send you a mailing label for your items. All you have to do is put the label on your shipping container and mail it to us.
To assess your gold, we use state-of-the-art X-ray fluorescence to provide the most accurate results regarding your gold’s purity. Once we have assayed and weighed your gold, we can give you a fair quote.
If you agree with the price, we can immediately process your payment. We offer numerous payment options, including wire transfer, cash, check, and bullion.
Choose AU Precious Metals to Sell Your Gold
If you’re looking to sell your gold in Michigan, AU Precious Metals is a leading precious metals dealer in the Wolverine state. We buy and sell gold and silver bullion, platinum, palladium, and rhodium.
We use leading X-Ray technology equipment, decades of knowledge, and industry experience to ensure that you always get the maximum price for your precious metals. Our precious metals experts can help you through the gold-selling process to help you grow your wealth by selling your gold or buying gold, silver, or platinum for future investments.
Contact us today to learn more about how to sell your gold with AU Precious Metals or get a quote on your gold pieces.