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5 Tips Before You Sell Your Gold
As the gold price continues its ascent people across the US have been trying to work out ways to cash in on this increase by selling their old gold jewelry. Every magazine you open and every street corner you pass there are signs telling you how much money you could have sitting at home in unused gold jewelry. However, before you book a holiday or quit your job it is worth taking a step back and being realistic about how much your old gold could really be worth, and if it is worth something where should you look for independent advice on how to sell gold?
- Ask the Right Question
If you are wondering how to sell gold there is an honest answer which is without great difficulty. However, the question you should really be asking is not how to sell gold; the better question is how to get the true value of your gold when you are selling it. It is useful to do some research about the various options for how to sell gold and find the one that is best for you.
- Know the Value of Your Gold
It is important to know exactly what you are selling and what the market price is. That way you can try to get a price as close as possible to the melting price of the weight of gold you are selling. The melt value is the value that the gold would reach when it is melted down. Knowing this gives you a figure to work towards. However, you must realize that you will be unlikely to reach 100% of this figure.
- Know the Proper Market to Sell In
There are very different markets for gold coins, gold bars and scrap gold. Each market has different characteristics. For example even within the gold coins market there are very big differences. Some gold coins are basically what are known as gold bullion coins. This essentially means it is gold minted into a coin. Others are collectibles and their price is affected by other characteristics such as their rarity and their condition. On the other hand buying gold jewelry for its gold is an entirely different niche market
- Know Who to Sell To
As the markets are different so are the buyers within those markets who know the ins and outs of how to sell gold. If you are selling scrap gold it may make sense to cut out the dealer and go straight to the gold refinery itself as the middlemen will often eat up some of the value of your gold. Also, if you want to know how to sell gold coins it is important to research collectors within your area who may be interested in that particular piece. It may also be the case that selling a number of gold coins through a specialist auction could bring in the greatest value.
- Be Realistic
It is important in knowing how to sell gold to be realistic about how much of its real intrinsic value you can actually achieve. Broken scrap jewelry does not have any value beyond the actual gold itself. A scrap gold buyer knows how to sell gold and therefore they will not be prepared to offer the exact market value as they know your options are limited in that you can only really sell to other scrap gold buyers. Also, the longer you spend trying to find the best quote you risk the gold price dropping and then being left with having to settle for an even lower quote.
When knowing how to sell gold, it is also important to bear in mind that if you are selling jewelry it may possibly reach a higher value on a site such as eBay. Cash for gold essentially means you will only be paid for the gold content and everything else such as workmanship is irrelevant.
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