Bullion and Bars
A bullion pertains to any precious metal in a form whose primary value comes from the worth of the metal and not from an artificial currency value. Bullion often comes in coins such as gold bullion coins, or bars such as gold bullion bars. These are minted and produced by national governments.
The value of a bullion is determined by three factors:
- Metal – Gold is worth more than silver while platinum is worth more than gold.
- Weight – Usually measured in troy ounces, where 1 troy ounce = 31g.
- Purity – Bullion coins are usually made with 99.99% purity.
Examples of bullion coins
- U.S. Eagles: These coins are embossed with the image of a bald eagle. Gold Eagles are 91.67% pure.
- Canadian Maple Leafs: The coins come with the Canadian maple leaf embossed. Gold Maple Leafs were the first 99.99% pure gold coins to be released.
- Chinese Pandas: The coins depict a panda bear, the image of which changes each year.
- South African Krugerrands: The first bullion coins ever released by a nation, and are made of gold.
Where to sell gold bullion and bars
In selling gold bullions or gold bars, you need to locate the nearest gold or coin dealer in your area and see if the offer is good. It goes without saying that you want to get a respectful price for the gold.
First and foremost, you need to be aware of the current price of gold in the open market. Finding a reputable dealer who gives you close to the full value of gold is the next challenge.
If you are unhappy with the local dealers’ offers, time to use the power of the Internet and sell your gold bullion and gold bars at auction sites such as eBay. The risks of lesser bids and lower price value are always present so be prepared for the outcome.
Then, there are also online gold dealers who will give you cash for your gold. Be sure to check the company’s background before sending your gold using gold kits or envelopes.
