Selling gold at a time when the price is really high is usually considered an attractive option by people to make a quick buck. Many individuals, who have bought gold as investment or simply as a form of jewelry, know that the value of their precious item has increased drastically since the time they made the purchase. Selling gold can provide an instant boost in your savings. However, selling your gold is not an easy task as there are many gold dealers who will cheat you and buy your gold at a price which is considerably less than its actual value. This article will help you in selling your gold in the most effective manner so that you get your item’s worth.
Where to Sell Your Gold
The most common question asked by individuals looking to sell their gold is where should they go to sell it? There are several viableplaces to sell gold; here are a few:
This is one of the best places to sell your gold. You will manage to sell gold in full or almost full market value at the refining companies. However, there is one problem – majority of the refiners buy gold in bulk. If you have a few pieces to sell, it is better that you first call in and confirm. After confirmation, call the refiners and sell your gold.
2. Pawn Shops or Local Jewelers
These places are also a great ways to sell gold. You must first do a little research regarding your gold. Ask around a little and determine the cost of your gold and its weight. Don’t sell to the very first jeweler or pawn shop you find. Local jewelers are best places to sell your precious asset.
3. Gold Parties
Believe it or not, gold parties are actually held in different places. Here you can socialize with people, drink wine and sell your gold. However, remember these places will probably get you a relatively lower price for your item.
Tips To Sell Your Gold
Here are a few tips you must remember when selling gold:
Determine Your Gold’s Value
- Go to the place you purchased your gold from if possible, or visit any local jewelry store to determine the value of your gold.
- Check the weight of your gold and determine the price of gold items,with the same weight as your item, in the market.
- If you don’t know the actual value of your gold, you will end up with an amount much lowerthan the actual value.
- As said before, it is important that you browse around and not end up selling gold to the first gold dealers you find.
- Get more offers from different dealers and sell to the one with the highest offer.
- In case of gold parties, always remember that they are mostly meant for fun. You won’t get good value there.
- Gold dealers will give you an offer which will be 70 – 80 % less than the actual value of the gold.
Don’t Forget Your ID
- It is vital that you take along your ID when you go to sell your gold.
It is a law to check the IDs of the sellers as this helps in protecting consumers and preventing money laundering.