Gold investors are always looking for the best prices on bullion. They try to cut down on the premiums they pay as much as possible, and when it comes time to rebalance their portfolios and sell some of their gold, they expect the best price possible.The healthy bullion market in Toronto makes the city a great place to do so.
Gold Dealers in Toronto
For the most reliable pricing, a gold dealer is usually the best place to sell gold. Other options include pawnbrokers and cash-for-gold businesses, but these are more suitable for those selling gold jewellery than investment-grade coins.
One thing to look for is a dealer that makes their prices per ounce public. Some even post them online, allowing you to quickly see what you’re going to get.
The number of gold dealers in Toronto has created a competitive marketplace that may produce better prices for sellers than smaller markets can offer.
Selling Gold in Toronto
If you have the opportunity to sell gold in Toronto, there’s no need to go online. Selling your gold online can be convenient if you live far from any gold dealers, as local pawnbrokers may not give you the price bullion coins or bars should command. But living in a city with a robust bullion market, you can speed up the process.
Usually, when you sell online to a dealer, you first want to get a live quote for an estimate of what your gold is worth. Next, the bullion dealer will want to do a mail-in evaluation. They will send you a prepaid package, tracked and fully insured. You then mail in your gold, and on receipt, they will give you a quote to purchase.
It can be much easier to go directly to the storefront, and you can save on shipping and insurance costs.
Get a Live Quote
Even if you plan on selling in person, you may be able to get a live quote over the phone. Gold coins and bars are fairly standardized, and the condition usually is not a significant factor in investment-grade coins (although collectibles are a very different story).
Toronto’s Gold Market
Canada is the world’s fifth-largest gold producer, and roughly 47% of gold demand comes from investors. The Royal Canadian Mint is also one of the largest producers of investment-grade gold bullion coins, producing 483,000 ounces of gold in 2019 and 22.8 million ounces of silver.
All of this means Toronto benefits from easy access to both Canadian and internationally-made gold coins and bars.
The strong marketplace for silver and gold is great for investors. If you’re looking to maximize your return, the number one rule is to take your time. Trying to sell gold in a rush can wind up with you selling at a discount. Plan your gold transactions in advance and give yourself time to research the best options for selling.