How to Sell Your Gold Without Getting Ripped Off

Gold is up near record highs once again.

It’s a trend destined to continue… to the point that gold touches $5,000 this year. Maybe even $6,000. And, as I’ve started saying since my Future of Wealth event in Dublin, Ireland last October, gold will ultimately see $10,000 before it ever sees $1k again.

The dollar is simply too burdened by America’s much-too weighty debt, and the country’s much-too stupid band of politicians.

Which neatly brings me ‘round to a question from a reader named Ginger M. (My absolute favorite name since I was kid watching Gilligan’s Island).

Ginger asks a very fine question:

I keep hearing to buy gold in hard asset form… coins, etc. What happens in the future when you need to use the gold? Let’s say to buy property, a car or something and you need to convert some to cash. How does one convert gold to cash in the future if needed?

Thanks for the questions, Ginger.

The answer is probably simpler than you might imagine.

You just sell your gold.

Really—it’s that simple.

Lots of places will buy gold. I bet you’ve seen the signs while driving around town: “We buy gold!”

Most of those are pawn shops, pay-day lenders, and some independent jewelry stores. You just walk in, plop your gold onto the counter and say, “Momma needs cash!” And within a few minutes—literally—your gold transforms into a stack of greenbacks, or more likely a check.

Now granted, I would never sell my gold to any of those buyers. They’re going to rip you off by offering a horrible conversion rate. But the point is that selling gold is legitimately that easy.

For me, the best place to sell gold is online, though the process will be a bit slower—days or a couple of weeks rather than minutes.

Sites such as apmex.com, kitco.com, jmbullion.com, bostonbullion.com and others will buy your gold sight unseen. You log in, click the “sell” button, input how much gold you want to sell and in what form you hold that gold, and the website will give you an up-to-the-minute price.

Better yet, it will be a very fair price—much fairer than you’re likely to find locally.

When you click to accept the price, the transaction is locked in. You then will have to FedEx your gold to the address the online site provides (be sure to insure the package), and the gold will generally need to arrive within a prescribed number of days, typically 10 business days.

Once it has arrived and the site confirms that it matches the gold you agreed to sell, the proceeds you’re owed will either arrive days later by way of a check in the mail, or they will flow into your bank account directly, if you’ve opted for that.

And just like that, you will have converted gold into dollars you can spend on a house, a car, groceries, or for tipping your favorite Field Notes scribe.

I’ve used apmex.com in the past when I sold a bunch of silver. The process is really quite simple and intuitive. Or there are help-desk folks to walk you through it all, if you need that, or just want the assurance of talking to a live person when arranging to sell a bunch of precious metals online.

I’ll wrap this up by saying, “Buy gold, Ginger”… and anyone else not named Ginger.

The dollar is in trouble.

US debt passed the point of no return many a moon back, and the world is growing increasingly fearful of a dollar crisis or that a financial reset is now a question of when, not if.

That’s the primary reason gold keeps setting new all-time highs, and it’s why global central banks are actively selling dollars to buy gold. In fact, central-bank gold buying is now at record levels last seen in the 1960s, just before Nixon reset the US financial system by yanking the dollar off the gold standard.

There’s a meaty message in that fact: Gold is the financial/lifestyle insurance you need at this moment in history.

If it’s good enough for the world’s central banks, it’s definitely good enough for you and me.