Gold pieces that you may have stashed up somewhere could be worth a whole lot of cash. This precious metal, for centuries, has been a clever and popular way of storing wealth. It has always been highly valued due to its beauty and rarity. Whether in form of coins, jewellery or simple antique pieces, gold be just what you need to get through a tight money spot. In other cases, you may just want to shift your gold investment to a different form of investment.
While you can get huge amounts of money from selling your gold, a bad deal can be terribly disappointing. Rushed deals could result in losses ; the cash you get for parting with your metal may be incredibly little compared to its actual value. That is why utmost caution is essential when looking to trade your gold.
THINGS TO KNOW BEFORE SELLING GOLD
As urgently as you may need cash, keep in mind that this trade is no easy exchange. Being as valuable as it is, gold is wanted by many. As you may have guessed by now, the gold market comes with an endless number of offers and deals. Some may be relatively fair, others illogically low and others downright exaggerated. The following tips may prove helpful in securing yourself the best deal possible when you go to sell gold.
- Do Your Research
The value of gold is never constant. Fluctuation is rampant in a market as fragile as this. Therefore, the very first thing you should do is find out the current market value of gold. This ensures you are well versed with the market specifications encompassing the gold. This knowledge will come in handy when it’s finally time to make your trade.
- Start Locally
When dealing with gold, it is advisable to start with the local market. Ring local gold dealers to ask what price they are paying per gram. You should ring around the local pawnshops and also the gold dealer store in town. It is important to do this all in the same day to try avoid gold price fluctuations.
- Weigh Your Gold Yourself
After you discover what the going rate per gram is for gold. How heavy the gold weighs is a direct determinant of its ultimate cost. With that, get a pair of scales and weigh the gold items yourself. Make sure you separate them into carats, IE 9k, 18K. This can be used to calculate approximately what you will get paid.
- Look Into The Dealer’s Credibility
The legitimacy of the dealer of your choice should be evident. Google the dealer online and see if it has any reviews. Any reputable dealer will have good reviews online in Google. Try avoid those with bad reviews. Also check for hidden fees or commissions on the gold dealers website.
WHEN TO BEST SELL GOLD
Gold is and has always been valuable. However, the period you decide to part with this stone determines how much you get out of it. Some of the most ideal times to sell gold include;
- When the gold price appears to be appreciating. These is usually when times are bad in the global economy. This could be what you need to get that extra cash
- When you are in need of a fast cash in. This may not fetch you the best returns. Even
so, gold is a guaranteed way to get you money that you may need urgently.
VERDICT
When selling gold, caution should be your top most priority. Make sure you shop around the gram rate and sell only when the price is high or you need cash.