Given that some experts believe that a gold shortage could be impacting much of the world soon and so many people have various forms of unused or unwanted gold in their jewelry box, selling that gold is a popular choice. However, if you have decided to sell gold, it only makes sense that you should get the most money you can for it. Therefore, it can benefit you enormously to be aware of the tips shared below when you are determining with whom you would like to complete that business transaction.
Know Who You Are Selling To...And Choose Your Buyer Carefully
It is often surprising to learn that from one day to the next, the price of gold can fluctuate dramatically. Therefore, you should know the minimum price that you can expect to sell your gold for, before ever stepping foot into the store.However, it is easy to forget that the minimum price is not necessarily what you might be offered.
For instance, pawn shops and gold buyers will often offer you the lowest price they can for your gold and they will typically use the day's price of gold to determine what that will be. In comparison, a jewelry store might be able to offer you more for your gold, due to the nature of their business. If you can, it's a good idea to consult with a new or used jewelry store about your unwanted gold before visiting a gold buyer or pawn shop.
Be Familiar With What You Are Selling
It is important to note that the price of gold directly relates to its purity and perceived quality. For example, when you hear someone referring to something made of 24 karat gold, what he or she is actually saying is that the item in question is made of pure gold. While pure gold is quite valuable, it is often quite soft, so it's not as common as you might think to have anything made of 24 karat gold.
Unfortunately, some customers have been fooled when selling their gold to less than honest buyers because they were not aware of the type of gold their items were made of. It has been known to happen when multiple pieces of items made from gold were being sold in a single transaction to one buyer. The buyer would make an immediate offer to buy the items, paying for the entire lot at one time and paying for higher quality gold pieces at the price of the lowest quality piece in the group.
If you don't know what you're selling or the buyer can tell that you need the money rather badly, it's easy to get swindled. Instead, have it assessed by a trusted, qualified third-party before selling it so that you are informed about its value. Alternatively, if the gold has been previously insured, it probably needed to be assessed prior to that and the paperwork from that transaction will similarly help you to negotiate a fair price for your items.
In conclusion, selling the unused, unwanted, or broken gold pieces you have around your home can be a financially rewarding endeavor. However, before doing so, it's best to be aware of and apply the advice shared above.