The price of gold has reached an all-time high, and you may want to join in the action. Doing so may be daunting, but only if you don’t know what you are getting into. Here are some tips and tricks to help you decide the best things you can do to sell old gold.
Tips and Tricks to Selling Old Gold
Know your product. The best tip in selling old gold is to know your product well. This means getting your gold appraised for its weight, gold percentage, and market value, as well as doing a thorough background check on your gold merchandise. This may entail looking into the history of your product, its age, and aesthetics which may all contribute to its value. Apart from this, know exactly what type of gold item you are selling. Is it scrap, gold bullion, jewelry, or gold coins?
In cases where you sell gold for scrap remember to remove other items of value, such as gems, in order to make the gold easier to appraise as well as allowing you to make separate sales for these. Selling old gold is also different from selling gold bullion. Whereas the latter is pure gold with a corresponding 24 karat, the market value of old gold still has to be determined by the gold percentage it has.
If you sell old gold jewelry on the other hand, most of the time it is better to sell these to collectors, jewelers, and refineries than to gold buying companies and websites. Collectors and jewelers will appreciate a product’s history and aesthetics and are more likely to consider these when determining the price. Coin shops on the other hand are still the best places to sell gold coins since these may also appraise a coin’s minting age than just the metal content.
After appraising remember to itemize your items correctly, get quoted prices in print, and photograph these before joining the foray of gold selling.
Shop around for reputable dealers and decide which options are best for you. There are a lot of places in which to sell your old gold. Consider these carefully considering your needs, your gold’s market value, and the amount of gold merchandise you have on hand. Selling gold locally is still the best option to maximize profit and minimize risk, but other alternatives are available. When selling jewelry in pristine condition consider selling to collectors.
When selling broken jewelry and old gold try jewelry shops and refineries that are willing to recycle and repair these. If you have a lot of valuable gold to sell go for local or online auctions which can help you find the best and most willing buyers for your merchandise. And when you are in a pinch and are trying to sell scrap gold there is always the option of contacting gold selling sites and companies.
Know the things to watch out for when you’re selling old gold. Gold trade is a lucrative business with the price of an ounce of gold reaching $1200. Hence it is in your interest to know the things to be wary of.
Never reply to spam and unsolicited emails for your gold, and do not deal with companies who do not register with the Better Business Bureau or who do not forward you insured shipping and merchandise orders. Lastly always ask for and bring valid I.D’s during buying and selling in order to avoid trafficking in stolen gold with fraudulent companies.
Old gold means cold hard cash, but only when you are smart about selling it.