A good place to buy and sell gold is at the shop of a reputable gold dealer or jeweler, according to Bankrate. This method of purchasing and selling gold tends to give the average person the best price for items.
Customers should always know the approximate value of their gold item before taking it to a gold dealer or jeweler, states About.com. Otherwise, the customer has no way of being sure if the quoted price is fair. For example, gold bullion coins follow the market price for gold, according to the U.S. Mint. So, if a gold investor has a common bullion coin, such as the American Gold Eagle, the approximate value can be determined once it is known how much gold the coin contains and the current market price of the metal.
Another crucial point for gold purchasers and sellers to keep in mind is that the gold dealer must always make a profit on every transaction. For this reason, when a buyer purchases gold, such as a gold coin, he pays a small premium over the market price, according to The Street. Conversely, when a dealer buys gold from a seller, the seller receives a little less than the current market price, advices Townhall Finance.