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How To Sell Platinum

Before selling a holding of platinum, an investor should make certain that he knows exactly what he holds. Before approaching a dealer, he should make certain that the weight of the bullion or rounds to be sold is known. It’s not unknown for unscrupulous dealers to fix their scales against a seller.

If selling scrap platinum jewelry, the seller should first conduct research to ascertain that the value of the piece to be sold has no other value than its ‘melt’ value (the value of the weight of the metal). A good tip here is to remove stones before selling for scrap.

Selling platinum coins presents other challenges. As the value of coins is more dependent upon factors such as rarity and condition, rather than melt value, a seller should take great care to conduct proper research, establishing recent sale prices of similar products. Also, a seller of platinum coins should search out specialist dealers who may have buyers for the coin to be sold.

Jewelry, and coins, can be sold at general or specialist auctions, or to high street dealers. Increasingly popular are internet auction sites such as eBay, and this opens the seller to a far larger pool of potential buyers.

Platinum bars and rounds can also be sold to precious metal dealers, or via the internet to registered metals dealers or brokers.

Platinum ETF holdings, or shares of publicly quoted platinum mining companies can be sold on a stock exchange at readily available prices.

Know the price, and leave a little for the next man

An investor that knows the current platinum price and the value of what he wishes to sell, is likely to achieve the best price possible on sale. It shouldn’t be forgotten, however, that the buyer is also looking to make a profit. This is particularly true when considering platinum bullion and second hand jewelry. It is not often that a seller of platinum bullion investments will see a premium to the cash platinum price, but he should be looking to suffer as small a discount to this value as possible.

Selling Platinum Costs an Investor

Just as with most investments, there will always be a cost when selling platinum. The sale of shares or ETF’s will incur a commission or fees payable to the stockbroker used. Taking platinum to a dealer on the high street will involve transportation costs, and selling at auction, whether at an auction house or on line, will suffer commissions and fees, and possibly even postage costs.

If selling to a dealer, an investor should never be too nervous to request he be allowed to check the scales used to weigh his platinum.

Finally, a good investor will always know the tax implications of a sale of his platinum.

Getting the most for your platinum isn’t just a question of the highest price paid on the day. Knowing the right price, keeping costs down to a minimum, and paying as little tax as possible is all part of the deal.

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How To Sell Platinum

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