How to Sell Gold IRA Coins

Many people today are creating gold-backed individual retirement accounts or adding gold to their present IRAs. Only certain gold bullion and gold coins are allowed with individual retirement accounts. The gold you purchase for an IRA needs to be stored in an approved depository. If it’s not, the gold will be considered a distribution, and you’ll have to pay taxes and a penalty. Most gold-backed individual retirement accounts, however, allow you to have control of your account, including the buying and selling of gold. In most cases, with self-direct gold-backed individual retirement accounts, selling your gold is amazingly simple. You just direct your IRA custodian and advise him of your decision. He then releases the gold coins on the market. When it sells, the money from the sale of your gold is then deposited in a cash account that’s part of your individual retirement account. Once the cash is available, you’ll have several options as to how to use the funds. You can purchase mutual funds, money market accounts, stocks, or bonds with the money received from the sale of your gold.

Selling your gold bullion coins is relatively simple, even without your IRA custodian. If your gold coins are held in a depository by your gold IRA trustee, you can request that the coins be mailed to you. Note, however, that this counts as a distribution of funds. If, however, you place the funds in a new IRA within 60 days, it would be considered a rollover and would not be subject to taxes and penalties. Once you have your coins in hand, you can sell them on your own as a private party.

There are numerous gold exchanges and gold brokers that can handle the entire transaction. This includes certifying the authenticity of the gold to processing the payments to delivering the gold coins. Some of the gold coins traded actively include gold American Eagles, gold South African krugerrands, gold Canadian maple leafs, gold Chinese pandas, and gold Austrian Philharmonic coins. You can physically visit a gold broker, or you can conduct business online.

Another place to sell your gold coins is on Ebay. If you don’t already have an Ebay account, you can open one for free. You’ll also need a Paypal account as an easy way for you to get paid from the sale of your gold coins. Your gold coins will be auctioned online and will go to the highest bidder. Paypal will charge you 3% of the winning bid.

You can set a reserve price on anything you place for sale on Ebay. For example, if you want to sell something for at least $1,000 and do not receive any bids that high, you don’t have to sell the item.

To get the most and highest bids for gold coins on Ebay, include clear photographs and detailed descriptions of the coins. Sound knowledgeable about the coins you’re selling, and be honest in describing them. Answer any questions potential buyers might have, and do so quickly. When the coins sell, have them delivered in a timely manner.

When Ebay customers feel that they’ve been deceived or treated unfairly by a seller, they can open a dispute and leave negative feedback. Sellers with low scores find it difficult to regain the trust of Ebay customers.