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When most people buy platinum, it’s because they can make a profit. There are those who seek a store of value, but most folks would agree that other precious metals serve that purpose better. If you’re in it to make a profit, though, you must know a few tips on how to sell platinum bullion.
This might not sound like a difficult endeavor. After all, the liquidity of precious metals is higher than most other investments. When people buy platinum coins or other bullion, they typically expect it will be easy to sell. While this is true, there are a few tricks to getting the best price.
At Silver Gold Bull, selling precious metals is just part of what we do. We also strive to educate our clients on how to make the most of their investments. This guide will provide all the information you need on how to sell platinum bullion and maximize your profit.
When to Sell Platinum Bullion
Selling precious metals isn’t a science, but there are several truths to the process. One of those truths is that selling for profit is always a good move. For many people, though, buying bullion is not about quick profit. Most folks prefer to keep bullion on hand to hedge against poor economies.
Of course, this doesn’t mean you should avoid selling during booming economies. If you invest in precious metals, holding over the long term is certainly beneficial. You might come across several situations, however, where selling platinum bullion now is the right move.
Consider these scenarios in which a quick sale might benefit you:
You’re Considering Taking Out an Emergency Loan
In a perfect world, no one would experience an emergency need for cash. Unfortunately, this isn’t a perfect world. If you have an unexpected need for cash and are considering taking out a loan, it might be in your best interest to sell platinum bullion instead.
Consider the following loan rates to understand why:
- Personal loan rates are usually over 10%.
- Credit card rates typically start around 16%.
- You could pay interest rates exceeding 200% at pawn shops.
- A payday loan may come with rates between 300% and 500%.
Between May and August 2020, platinum offered investors an over 30% return on investment. This is a stellar return, and you can’t expect the price of platinum to always grow that quick. Unfortunately, high loan interest rates can eat away even at those amazing profits.
If you’re experiencing an emergency, don’t be afraid to sell platinum bullion. You don’t have to liquidate your entire portfolio, but it could give you a bit of breathing room.
Your Financial Plans Require Cash
Many people invest in precious metals because they want financial stability. Why do they want financial stability? It’s often because they want to make significant purchases one day. Wouldn’t it be nice to turn your stash of platinum bullion bars into a new home?
If you have such a dream — or other financial plans that require cash — liquidating some of your precious metals may be ideal. Of course, you don’t have to sell everything. Even if you’re buying something as big as a house, you’ll often only need enough cash to cover a down payment.
Storage Needs Demand Selling Platinum Bullion
Unlike stocks and bonds, you need room to store precious metals. If you’re running short on storage capacity, it may be time to sell platinum bullion to free up some space. Even though platinum is a dense metal, it can still take up more room than you have.
Of course, you could opt to use a precious metals storage facility instead. The decision to either sell or store your precious metal in a secured vault will depend on many factors. Each of these factors, however, is personal to you. Decide what you feel is best.
Sell Platinum Bullion When It Feels Right
In each of these scenarios, liquidating precious metal assets can help your financial situation. After all, many of these situations can eat away at the profits you’re aiming for. The most important thing to remember, though, is that no one can say when it’s the right time for you to sell.
Investing is always a personal decision. If you feel like it’s time to unload your platinum bullion, then it’s probably the right time. If you’re not in quick need of space or a cash influx, though, make sure you consider your options before changing your portfolio substantially.
Sell Platinum Bullion for a Fair Price
There are many reasons a person would want to share their precious metals. Some of those reasons may not even fall into the categories we’ve discussed. Regardless of why you’re selling, though, your primary focus should be getting a fair price.
Fortunately, there are a few easy tips that can help in this endeavor. If you stick to the following rules, you’ll likely see far more profit when selling your platinum reserves.
Don’t Sell Platinum Bullion to Pawn Shops
If you sell a precious metal to pawn shops, you’ll often get less than half its value. Of course, many people go with pawn shops because they can take temporary loans with their precious metal as collateral. In nearly all cases, though, bullion loans from reputable dealers offer better prices.
Realize eBay Might Not Be Right for Precious Metals
If you’ve ever tried to buy platinum or other bullion on eBay, you’ve likely seen prices go through the roof. Even in auction formats, buyers will usually pay well over spot. This may motivate you to sell your items on the platform. Unfortunately, what you see isn’t what you’ll get.
When an auction or “Buy It Now” offering concludes on eBay, the seller has to pay a variety of fees. These include at least a final value fee and additional costs for payment processing. If you choose to sell platinum bullion on eBay, just remember you won’t get its full value.
In fact, you could lose money if the auction doesn’t get the attention it deserves. Even when precious metal demand is high, some items just fall through the cracks on eCommerce sites.
Take Safety Precautions
This tip is more about your personal safety than getting a fair price. Many people don’t like the idea of selling their precious metals for less than spot value. Unless you’re a major dealer, though, that’s typically what’s required. Some folks try to avoid this by selling their bullion locally.
After all, with platforms like Facebook Marketplace and Nextdoor, selling just about anything is a simplified process. Unfortunately, criminals often peruse these pages in order to target victims. If you choose to sell platinum bullion via online marketplaces, meet buyers at a police station to stay safe.
Consider the Full Value of Your Items
When people buy platinum coins, it’s typically only for their bullion value. When governments release these coins, there’s no intent for them to hold rarity or high numismatic value. In some instances, though, that’s exactly what happens.
In 2011, platinum hovered around $1,800 per ounce. This means you could buy a single 1-ounce coin for about that price. As the following $100 platinum American Eagle coins show, though, some folks are getting way more bang for their buck:
- 1997 $100 coin graded MS70, sold for $14,000
- 1998 $100 coin graded MS70, sold for $14,000
- 2002 $100 coin graded MS70, sold for $17,500
- 2003 $100 coin graded MS70, sold for $7,750
If these prices don’t get you excited to sell platinum bullion, nothing will. Before you get too thrilled, though, remember that these coins stood out in some way. They were certified, in amazing condition, graded, and had other value-adding factors.
While your platinum bullion will probably sell based on spot price, it never hurts to do a little extra research. Who knows? You might get a few thousand dollars extra just by being a bit more vigilant.
Sell Platinum Bullion Directly From Storage
If you store your platinum with a precious metals dealer, there’s a chance they’ll handle selling the bullion for you. This is a service we offer at Silver Gold Bull, so if you use a similar allocated storage company, they may offer it as well.
Going this route can get you paid more because you’ll often have a larger pool of buyers. Additionally, bullion products typically hold more value if they never leave the possession of a dealer. This lets buyers know that they’re purchasing authentic precious metals.
How to Sell Platinum Bullion Quickly
You could certainly drive into town and quickly sell your precious metals at a pawn shop. In fact, doing so might be the quickest option available. Unfortunately, you’ve already learned that this can cost you big. If you can wait even a short time longer, you can get a much better return on investment.
Whereas your options to sell platinum bullion may have once been limited, the internet has changed this. You can find reputable precious metal dealers who will offer fast payment for your platinum. In fact, we offer next-day payment at Silver Gold Bull.
The lesson here is this: if you need fast money for your platinum, you’ve got options.
Get Money Fast by Selling Platinum Bullion Today
There are a variety of different ways you can sell platinum bullion. Unfortunately, not all these strategies will net you the same profit. Far too many people end up losing money due to simple oversights. Even if you need cash fast, these types of mistakes are wholly avoidable.
At Silver Gold Bull, we want to ensure platinum investors have a safe and fair way to sell their precious metals. This is particularly the case since many of our clients both buy and sell with us. Even if you’ve never worked with us before, we’ll gladly appraise your bullion at a fair cost.
Visit our Sell Precious Metals page today to get a fast quote, locked-in price, and next-day payment. Learning how to sell platinum bullion doesn’t have to be rocket science when you go through Silver Gold Bull.
