If you buy gold as an investment, you eventually need to think about how and when to sell your gold. The simple fact of the matter is that selling is the second half of buying gold. There is really no profit or loss created until the physical item is sold. Of course, there are also a number of different reasons that may prompt a sale, such as the need to pay a bill, financial emergency, thinking the market has reached a top, or even finding another investment opportunity. Even if you don't have any immediate plans to sell your gold, knowing how to do so is wise.
Calling The CGE Buyback Desk:
After making the decision to sell some or all of your gold to the Certified Gold Exchange, the next step is to call the buyback desk. This is where you will need to let us know all the details about what you are looking to sell, so either have your gold in front of you, or make sure everything is written down. Consider everything including:
● Name of the physical coin, item, or other product
● Quantity of the item you wish to sell
● Weight of the item
● Anything else that might be a distinguishing or important factor
If you are considering selling certified coins, then we will also need to know the grade of the coin(s) along with the year and which company provided the grading services (either PCGS or NGC). If you purchased your gold directly from the Certified Gold Exchange, we can pull up your portfolio when you provide us with your given CGE account number.
Placing Your Sell Order:
Once we have all of the pertinent information, we will provide you with an immediate buyback quote. There will be some situations which may demand extra research, for example, in the case of an extremely rare or unusual coin, but this is the exception rather than the rule.
After the buyback price has been discussed and agreed upon, you and your broker will finalize the trade on a recorded confirmation line. This is for the protection of both parties. This process takes about 60 seconds, and after verbal confirmation of the details your price is also now locked in and guaranteed.
Compliance Department Email:
Once your price has been locked in, you’ll receive an email from our compliance department, usually within 15 minutes of completing the recorded confirmation. This email contains the details of your transaction, instructions on packaging the gold so it doesn't rattle or draw unwanted attention, and a request for you to reply with your bank account details if you elected to receive a bank wire.
Incidentally, you also want to pay close attention to the emailed directions regarding insurance. The maximum insurance allowed by the US Postal Service is $25,000, so our packaging instructions prevent you from placing more than this amount of gold in a single package.
Confirmation & Shipping:
We work on a checklist system, so please confirm that you've received and understand our shipping instructions email.
The next step is to take your package(s) to the local post office. Once your insured gold is in the hands of the United States Postal Service, please provide us with your tracking information so that we can be on the lookout for its arrival at one of our receiving depositories in Dallas, Texas or Salt Lake City, Utah.
Your Gold Received:
Bearing in mind that we do receive up to 500 packages per day, we ask for one business day after receiving your metals to confirm the contents. Everything we receive is opened and processed under full video surveillance by multiple staffers to ensure there is no confusion and that both parties are protected.
Once we have confirmed the contents of the package you sent to us, we will pay you for your precious metals. We can send you a bank wire from the Certified Gold Exchange's Capital One account directly into your bank account and you’ll have the money almost immediately. Alternatively, we can use USPS Express mail to send you a company check, which will arrive a day or two after we send it. In the case of a company check, some banks may require a few days to pass before all of the money is available to you.
The IRA Process:
If you are selling gold or silver which is physically held in an IRA account, the process is slightly different. The email you receive to confirm exactly what is being sold will also contain an invoice. You will need to print, sign, and then either fax or scan and email this form back to us. Please do this within one hour of the recorded confirmation to guard against changing prices.
From this point there are several possibilities. The metals may be shipped from the Delaware Depository Servicing Corporation directly to a Certified Gold Exchange depository. In other cases, the metals will stay at DDSC and simply shift into another investor's name. At this time, cash will then be transferred into your IRA account as payment for the gold and/or other metals being sold.
Selling gold to the Certified Gold Exchange is a very simple and straightforward process. You may not be planning to sell your gold soon, or at all, but knowing how the process works will give you peace of mind and remind you that you are dealing with “America’s Trusted Source For Gold.”
Also read: 7 Secrets to Saving $$$ on a Gold IRA
Also read: 7 Secrets to Saving $$$ on a Gold IRA