Selling Your Gold Bar: A Guide to Getting the Best Price

Question
Hi Peter,

Back in early 2006, I bought a gold investment bar of .9999 pure gold for around $450.  

I just checked and the spot price right now is $800 and many say it will continue go up...If I don't wait any longer and want to sell my bar NOW, could I get something like $8000?  Where should I go?

Answer
HI VINCE,

I THINK YOU NEED TO CHECK YOUR MATH. HOW MANY OUNCES IS THE BAR? DID YOU PAY $450 FOR ONE OUNCE OR FOR THE WHOLE BAR? THERE ARE MANY GOLD BUYERS IN THIS COUNTRY. THE BEST DEALS ARE IN NEW YORK USUALLY BUT DEPENDING ON WHERE YOU LIVE THERE ARE BUYERS WHO MAY PAY MORE. WHAT YOU NEED TO DO IS SHOP AROUND AND SEE WHAT IS OFFERED AND WHAT THE NET $'S TO YOU WOULD BE. GET IT IN WRITING AND THEN MAKE YOUR DECISION. YOU COULD AUCTION IT ON EBAY OR FIND A REFINER IN YOUR AREA IN THE YELLOW PAGES OR ONLINE. GOOD LUCK.

THANKS

PETER