Cash For Gold: Tips For Getting The Ideal Price When Selling Your Gold

This article originally appeared on disquantified.org

Do you ever consider taking your old gold items and selling them for money? In view of the rising gold prices, perhaps it is time to offload your gold. Whether they are looking to sell old jewels, coins, or any other gold articles, the current market is suitable for them.

The first action requires an evaluation of what is present; in other words, you have to identify the valuables. This requires finding out the quality and the fineness of the gold you are selling since this will enable you to set the amount of money you want for the gold.

Below are some ways that you can prepare your gold for sale and market to potential buyers.

Get an Overview of the Current State of the Gold Market

To help you identify what to look for before you sell your gold, it is crucial to understand why gold prices are high. Gold prices often rise during economic turmoil or when the demand rises from countries or industries. Understanding these factors may guide an individual in determining if it is time to sell. You can get the latest gold price from financial news websites, but note that the price you get at the point of sale will be slightly lower than the market price, as there is always the need for the buyer to make a profit.

Preparing Your Gold for Sale

The first thing most people need to know when it comes to selling gold is what they actually have in their possession. You should look for a stamp on each piece that indicates its purity which can be 10k, 14k, 18k or 24k. The higher the number, the purer and hence the more valuable the gold will be. You should also consider your gold weight. It is recommended that you use a jewelry scale if available or seek the services of a jeweler to assist you with the weighing and appraisal. If you are keen on selling it, identifying the purity and weight assists you with approximating the value of your gold.

Timing the Right Moment: Some Tips

Actually, when to sell your gold may also be as significant as where you sell it. Gold prices can fluctuate widely, even within a single day, depending on the news of the economy around the world. If possible, track the prices for a while and identify moments when the prices reach their highest. This could mean comparing prices for a few weeks or even months if you are able to do so.

Selling Gold Without Middlemen

Selling your gold directly to a buyer is easier and can lead to more profit for you. This is because you are able to escape fees that may be charged by the pawn shop or the jewelry store. Try to locate reliable gold purchasing firms or local jewelers.

Ensure that any buyer you select has received certification from the National Association of Jewelry Appraisers or a similar organization to avoid a scam or a bad deal.

Ensure Transparency in Transactions

Here is what you need to remember when you decide to part ways with your gold: the buyer should test the gold in your presence.

They should also inform you of the price of gold per gram and how they arrived at the offer price. Once you sell your gold, always request for a receipt containing the weight, purity and the price per gram of the gold.

Conclusion

Getting rid of your gold is always a good idea, especially when the prices in the market are high. With a little bit of knowledge about the gold market coupled with the timing of the sale, as well as identifying a direct buyer, then you can be assured of getting the best price for your gold. Follow these tips, you’ll be sure to get good results from your sale(s)!