How to buy gold and precious metals with eyes open
Gold is priced from the spot market, but you never buy or sell at spot. Dealers charge a premium when you buy and pay a discount when you sell, and scrap buyers deduct for assay and refining. Know the full spread — and who will buy it back, at what written terms — before you pay.
Step by step
1. Define what you are buying
Coin, bar, round or scrap jewelry; stated weight; stated purity (karat or fineness); mint or refiner.
2. Verify weight and purity
Use a calibrated scale and an appropriate test (XRF, acid, or assay for larger amounts). Unverified purity is UNKNOWN, not assumed.
3. Price the premium
Compare the asking price to the current spot price from a reputable source at the moment you buy, and express the difference as a premium per ounce.
4. Get a buyback quote
Ask a dealer or refiner for their current written buy price and deductions for the same item. That spread is your real cost of ownership.
5. Decide
Buy only when the premium and spread are acceptable for your purpose — holding, gifting or resale.
Checklist
- Weight on a calibrated scale
- Purity tested, not just stamped
- Spot price checked at time of purchase
- Premium per ounce calculated
- Written buyback terms from at least one buyer
- Shipping, insurance and storage counted
- Counterfeit risk considered for popular coins/bars
Common mistakes
- Trusting hallmarks alone
- Comparing to stale spot quotes
- Ignoring the dealer's buy-side discount
- Uninsured shipping
Where Have It Sold helps
- Store written buyback quotes with expiry dates
- Calculate all-in cost including shipping and insurance
- For resale, keep purity UNKNOWN until tested
What Have It Sold does today
- ✓ Organize buyer evidence (written offers, standing orders, buyback quotes) in a Buyer Book
- ✓ Total every cost and calculate a Max Safe Buy before you commit
- ✓ Grade deals NEON GREEN / GREEN / YELLOW / RED and show what is UNKNOWN
- ✓ Track sourcing candidates, deals, payouts and actual results versus projections
- ✕ Host listings or a marketplace — you buy and sell through your own channels
- ✕ Execute purchases, place bids, or contact buyers or sellers on your behalf
- ✕ Guarantee a buyer, a price, or a profit
A direct marketplace for buying and selling is not available today. If one is ever offered, it will be announced on this site; nothing here should be read as a current listing service.
Questions
- Does Have It Sold provide gold prices?
- No. Have It Sold does not publish live spot prices. Check a reputable source at the time of each transaction.
- Is gold a guaranteed investment?
- No. Gold prices fluctuate and dealer spreads mean an immediate resale is usually below what you paid.
- What is a premium over spot?
- The amount above the spot price a seller charges, covering fabrication, distribution and dealer margin.