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Determining The Current Price Of Gold Coins

There are many different types of gold available for you to purchase. Some of these are very common while others are actually quite rare. For instance, numismatic coins are considered to be quite rare. This is why they are considered to be for collectors who buy them for their own personal gratification. On the other hand, gold bullion coins are great for investing in.

The Selling Price Of Gold Coins

You will find that the current price of gold coins is somewhat higher than the market value of gold. Some of the most popular bullion coins that you should be on the lookout for include:

  • American Eagle gold coins
  • Canadian Gold Maple Leafs

There are different factors that will influence the selling price of gold bullion coins. These factors include:

  • How rare the coin is
  • How much the coin weighs
  • What the current spot price of gold is
  • What the current market value of the coins is
  • What the grade of the coin is
  • How popular the coin is
  • What quality the coin is

Nevertheless, you can rest assured that the rate will be dependent upon how much each coin weighs. For older coins you will have to weigh them on a gram scale. On the other hand, if you have newer coins you can simply look at their side to determine their weight.

Finding The Spot Price

In order to determine the spot price of gold per ounce you will need to look at the web site of a reliable dealer. This price will be continuously changing, which is why you’ll only want to get the information from an exchange-traded fund (an investment firm that tracks gold’s price so that they can provide you with the latest rates). Once you know what the spot price is, it’s easy to determine how much gold will sell for on any given day – simply multiply the coin’s weight by the spot price per ounce.

Things To Consider

You also need to take into consideration additional expenses whenever you’re determining the price of gold at any given time. These additional expenses include manufacturing costs, distribution costs, transportation costs, dealer commissions and any expenses that were incurred whenever you were acquiring the gold coins. Whenever you add these costs to the spot price of gold, you will know how much gold coins are currently selling for.