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I have some gold ounce bars that I'd like to sell while the price is high, but I don't know where to sell the gold. I've Google'd around, but there seems to be a lot of shady places out there.

So my question is, where can I sell the gold and know that I'm not going to get screwed?

I've never sold gold before, so I'm making an assumption that it would involve haggling. If I were to sell right now, with the current price being $1794.50 an ounce, what could I expect to get for it?

Update

I went to a family jeweler and was quoted a price that was essentially 97% of the market value of the gold, like Shawaron said. I continued searching (I wanted to get a couple of quotes to compare) and found a Numismatic Exchange in the city I live near and they were willing to pay the market price for the gold.

Advice: Find the nearest Numismatic Exchange because they should offer you market price for the gold. If the nearest exchange is too far away, try a local family owned jeweler (but be prepared to get 3-4% less).

Ryan
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If you know any reputable 'family' jewellers in the area, they may be willing to buy the gold, or ideally point you in the direction of a reputable purchaser in your area. Jewellers usually pay far below market. Avoid large chain jewellers.

Large banks often have precious metals divisions: HSBC and JP Morgan Chase are two good examples. Otherwise, get in touch with a stock broker or financial advisor - they may know someone looking to purchase and possess gold.

Alex Miller
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Depending on your definition of 'screwed' the answer may be 'nowhere', since just about anybody other than another individual seeking to buy gold, is likely to want a 'cut' of some sort. and finding another individual who you could trust (lets just say I wouldn't post this on craigslist) in a large cash transaction is always a little dicey.

Your best bet is likely to call around town to local jewelers, coin sellers. Either use an online yellow-pages and look under "precious metals" or just bingle "precious metals" plus your city name (or city and state if it's a common city name) and you should find a bunch of them.

Ask them how they determine the price, and what kind of fee or commission they charge.

This is BTW a good reason to use GLD instead of owning physical gold. (not that this advice helps you at the moment, but perhaps for others reading this..)

Chuck van der Linden
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My brother-in-law works at one of those buy-your-gold places. While they'll give you about 70% of spot for jewelry and similar scrap gold, they'll give you 97% of spot for gold coins and bars. Call around and you can probably find a similar deal.

Shawaron
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