If you are short on cash and in dire need of help during your financial strains, consider selling your unwanted gold. Rather than keeping your unwanted jewelry cluttering around your safe box for years, selling it to earn cash can be the right thing to do. Many people have inherited gold coins, necklaces, earrings, or other valuable jewelry from their grandparents or even their great-grandparents. Although they are usually priceless items, selling some of them can sometimes become the only way to save yourself from bankruptcy.
Here are some tips that will help you become an expert in selling gold.
1.Understand the Market
Just like other commodities, the price of gold is constantly changing. In order to get the best value for your gold, you should know the current gold spot price and the market state. Ask yourself: Am I going to get the most value if I sell my gold today? Or should I wait? Several factors affect the price of gold, such as the rules of supply and demand, a foreseeable economic recession, or inflation and deflation. As a rule, the demand, and therefore the price, of gold tends to rise during a global economic turmoil.
2.Sell to a Reputable Buyer
Whether you decide to sell your gold to “Cash-for-Gold” companies or online, look for reputable places. If you are living in Southern California, look for trusted gold exchange companies that can buy your jewelry. Make sure to avoid selling your gold to transient gold dealers, or small unknown stores. For further reassurance, contact the Better Business Bureau in order to see if there are any complaints against the company/buyer, before you decide to sell your items.
3.Know Your Weight
Make sure you know the weight of your jewelry (in grams) before you decide to sell them. You should always watch how your gold is being weighed and understand the units of measurement. Ensure that you are being paid by the gram, as some buyers trick you by using other measurements, thus buying your item cheaper than its real value.
Actually, this is one of the easiest ways to ensure that you are getting the best value for your gold. If you have a gold necklace or earrings that you would like to sell, make sure to visit 3-4 gold experts or high-street jewelers in order to obtain an estimate of the value of your jewelry, based on the current gold prices. This way, you won’t be tricked or fooled by anyone who wants to rip you off.
5.Don’t Mix Karats
Make sure that you don’t let your gold buyer weigh your jewelry, of different karat value, together. Sometimes, buyers can combine all the different jewelry while weighing, and pay you for the lowest karat value; therefore, ensure they are weighed separately.
Whether you decide to sell your gold to your local jeweler or even online, caution must be exercised. Unfortunately, fraud in the gold business is very common and sometimes even hard to detect. Yet, the aforementioned tips will ensure you take a well-informed decision before you decide to hand in your valuable items to the buyer.