Thinking about selling your gold but not sure what is the right way to go about? If the answer is yes, you have come to the right place because we will talk about the right way to sell your gold with our gold selling guide. Let’s get started:
Know Your Options
Go to a Jewelry Store
When you are selling gold, the first thing that you need to find out is the actual value. Take your jewelry to one of the bigger stores because there are fewer chances of them ripping you off because their main source of income is coming from somewhere else, and they don’t want to affect their reputation.
Pawnshops will pay you the least amount of money, so avoid going to them. They generally are very manipulative and won’t give you the amount you deserve.
Avoid Gold Buyers
A lot of gold buyers have popped in the recent years and they are more likely to rip you off, so it is a good idea to avoid them.
Do Your Research
Don’t settle for the first offer that you get because more often than not it is not a true representation of the value of your piece. Different stores offer different prices, depending on the cut they take for themselves.
Learn about the Factors that Affects the Price
Don’t be swayed away by the prices that you see on the news because only 24-carat gold gets the full price. Also, remember that the weight of the stones doesn’t count towards the weight of the gold.
See the Things You Own
Your gold will be melted down, so don’t assume that you will get more money just because you are selling your wedding ring.
Selling to a Dealer Gold Selling Guide
Here are some of the things that you need to know if you are dealing with a dealer:
Organize Your Gold Before the Visit
If you will go after organizing your gold, you will save a lot of time. Remove all the imitation items from the collection and only take solid gold.
Sort Out the Goal
Use a magnifier and look for labels like “10k,” 14k,” etcetera. A good practice is to measure the gold as well. If you don’t have a scale, use the one at your local post office.
Get Quotes from Other Buyers
After your items have been sorted and weighed, make sure that you get a quote from at least three different buyers. This will give you a good idea of what you should be expecting.
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Tips for Selling Your Gold for Cash
Here are some tips that will help you out:
- Make sure that you understand the scales as well as the karats.
- Know the value.
- Know the buyer.
- Know what you are selling.
- Do your research.
- Be realistic
- Take your I.D. along.
If you have any questions about the gold selling guide, please leave a comment below!