Do you need tips for selling your gold for cash? We have the best ones for you. On the other hand, people are always looking at gold as an investment. Check out why is gold considered a good investment.
In most cases, people are trying to sell the gold jewelry they don’t like, or they want to buy a new one, or simply they need cash at that moment. But rushing to the first jewelry store that pops to your head or attending the closest so-called “gold party” might not be the best idea. This way you might not get the best deal you can.
Reasons to own gold
But before we dip into tips for selling gold, let’s see what are the reasons to own gold. You should understand why people want to buy gold in the first place.
People’s love for gold didn’t occur recently. For thousands of years, people appreciated gold and are fascinated with it. We used it for various purposes, from the form of currency to favorite jewelry.
When compared to paper money, gold will always be more favored, especially in times of inflation. Paper holds no value within. Gold does. Paper just represents value, and gold is valuable.
The price of gold can go up and down, but gold will always have value in the long term. For that reason, people often have part of their savings in gold and silver. They do that just in case stocks, bonds, and fiat currencies fail.
Tips for selling your gold for cash
Even if you are selling a small amount of gold, you should do your research well. Gold is a very valuable metal and you don’t want to be scammed when you sell it.
The buyers are aware of the fact that most people don’t do their research. They know people are just looking for a place to quickly get their cash. And they use those facts in their favor. Meaning they will offer you less money and you will undersell your gold.
For that reason, read the following tips to sell your gold at the best possible price.
1. Get to know your karats and keep them separately
The first thing you should know about gold is that it is mixed with other metals. The reason for it is that pure gold is really soft and to shape it, it needs to be mixed with other metals. The percentage is expressed in karats. 1/24 of pure gold equals one karat. In order to be sold as gold, the mixture has to have at least 10 karats.
When you sell gold, you should know how many karats each piece has. And therefore, you should not allow different karat value pieces to be weighed together. The buyers will weigh them together and offer you the price for the lowest karat. So, in order to avoid that, keep your karats separately.
2. Learn about the scales
In the jewelry business, an ounce is not the same as a regular ounce. The reason for it is that jewelers use different scales. To weigh gold, they use the Troy ounce which is 31.10 grams. But some use the pennyweight system to measure the Troy ounce. A pennyweight is 1.555 grams.
As you can see, all these measurements can be confusing. But only if you encounter them for the first time when you meet the buyer. Do your research before you go to sell your gold. That way, no one can cross you over.
3. Get to know your buyer
You can always check out the Better Business Bureau to see the list of registered jewelry buyers. On their page, you can get the basic info about the buyer and if there were any complaints.
4. Find out the value of gold
You shouldn’t go selling gold without checking what is the price of gold. There are some great web pages that provide this information, such as Gold Price. You should do this, regardless of how much and how fast you need the cash. In the era of the internet, it is very easy to check this info.
5. Shop around and be realistic about the price
You don’t have to accept the first bid you get. Invest some effort and visit multiple buyers to get more than one bid. Maybe the best thing would be to get the appraisal before you start looking for bids. When you get the appraisal, you can set up a realistic price. Don’t set the price too high because you might chase away the buyers.