Without a doubt, selling gold for cash is an excellent opportunity to make money. In 2001 was only worth $260, an ounce of gold have gone above $2,000! Before selling gold for some cash there are some insider secrets that will be helpful for you to know.
- Identify the purity of gold
Most countries require that any gold sold show the fineness or the karat value of the gold. So before you approach a gold dealer, make sure you know what the karat value of your gold is, especially when you sell gold jewellery. Keep in mind that the purest gold is made of 24K, 10/24 would be 10 karats of pure gold whilst the rest is made of other metal alloys.
- Know the current price of gold
Before selling your gold, verify what is the current market price of gold is. Once you know the price, look for a reputable gold jewellery buyer to evaluate your jewellery. Try to find the best, most reputable gold buyer and avoid the likes of temporary kiosk gold buying settings up that spring up in malls or pawnshops as these can undercut you just to make more profit.
- Understand the gold you are trying to sell
Some gold jewellery is worth more than their karat value and their karat value. For instance, if your jewellery is made by a famous gold designer or carries the name of a luxury brand like Cartier, then the jewellery might be worth more to a specific gold jewellery buyer.
- Understand the measurements
Gold dealers and Jewellers use a distinct unit of measurement known as a troy ounce. So, when buying gold a buyer will use a scale that measures the gold using unit to determine what your gold is worth. They may use a sensitive scale that measures the gold in grams or an ounce.. So when you sell gold jewellery for cash, its weight is important and knowing how to convert they will use this scale to determine its value. Usually, an ounce is 28 grams, but a troy ounce is 31.1 grams.
- Know who you are selling to
Gold dealers have become quite a common site. There are many places where you can find a gold dealer who will buy the jewellery you have to sell. You just need to be sure that the person you are dealing with is reputable. Do thorough research. Ask people you know, go online and see what other people have said about them.
- Visit Different Stores
Before selling your gold for cash to the first bidder, it’s best to check with other gold buyers. This will guarantee you get the most bang for your buck.
- Don’t Be Scared to Negotiate a good deal
It’s good to ask for what you believe your gold to be worth. Do not accept the first offer you get and negotiate. Gold dealers almost always expect you to haggle. It shows how much you value your gold. Be reasonable though, keep in mind that when you sell gold jewellery to a buyer he is also looking at the profit he can expect to make.
Learn as much as you can about the process of buying and selling gold. A buyer will be able to tell whether you know your story or not and will not be able to low-ball you too easily.