How to Sell Gold
With the economy showing nothing but uncertainty, the urge to sell unwanted gold for cash is on the rise. Selling gold has turned out to be a very profitable venture with the recent surges in gold value. Before you step out in the market, it’s wise to have a considerable knowledge about how gold is evaluated and how to sell your gold for maximum dollar.
Expert Tips to Sell Gold
- Know your gold’s value – If you’re planning to sell your gold jewelry, make sure you know the value of your gold. Remember, gold jewelry is never pure gold, but a mixture and a blend of other metals to produce the jewelry you see today. Hence, knowing the worth of your gold is very important before you decide to sell it in the market. Karat weight plays an important role and is often considered to be a determining factor for the final price that a gold buyer pays to the seller.
- Never let your items out of your sight – When selling your gold, never let your valuables out of your sight. This is a common thing that happens in places where the gold buying business is carried out in the back rooms. We advise you to avoid such gold buyers at all cost.
- Watch out for those gold traps – There are several gold buyers out there in the market who promise the best price in the market. The question is–Who can you trust? The answer is nobody. You can only trust your intelligence and don’t fall into gold traps that will end up getting you less money for your valuables. The gold buying industry is one of the most unregulated industries; there are a lot of companies which promises to buy gold through attractive TV commercials where they will ask you to mail your gold for estimation. They also promise safe and insured shipping, but there are only a handful of buyers who live up to their promises.
- Scarp is what sells gold – Yes. That’s right. Scrap gold is what sells in the market. Before you make up your mind, it’s wise to do some homework. The first thing to do is to find out the carat that accounts for the purity and weight. The most common approach is to take it to a jeweler or pawn shop where they can also offer you a price to buy your jewelry. Always avoid trading gold items which also contain precious gems or stones because the buyer will pay you only for the gold and rarely account for the stones.
- Quoted price is always far less than the actual price – Always remember the quoted price is not the final price and many customers often fall prey to it when the gold buyer assures on the phone that the actual price can be a few dollars less than what’s been quoted. This is an industry lie and we recommend you to verify and get a close figure estimate of what you will get for your valuables sold.