Like any good investment, selling gold is an inevitable part of the investment cycle. Even if you didn’t buy gold coins or other gold items as part of a long term investment strategy and simply want to earn some cash for gold jewellery, there are some things to be aware of first.
Before embarking on the gold selling process, do a little bit of homework on what you can realistically expect to earn from your items. Gold jewellery will never be made of pure gold simply because it’s not a durable material, so it’s alloyed with other metals instead.
If you are hoping to tell jewellery, make sure that you know the karats of your jewellery, as this will affect the price. If you’re selling gold bullion bars or coins, this is a moot point, and simply knowing the price of gold at the time you’re hoping to sell it should be due diligence enough.
Bear in mind that you won’t receive as much cash for gold as the market value. This is because there are costs associated with acquiring precious metals like gold and silver, particularly if they come in the form of jewellery. Understanding the spot price should give you a general idea of what to expect, though.
Be aware that, although an ounce is generally considered to have 28 grams, gold buyers measure in something called a troy ounce instead, which contains 31.1 grams. This is an industry standard, just be careful that your buyer isn’t measuring your gold’s weight in pennyweight (by 1.55 grams), but offering to pay you by the ounce.
The most important part of selling your gold is choosing the right buyer. From pawn shops to jewellery stores and more, there are no shortage of options for selling your gold, but they’re not all created equal.
When embarking on the selling process, you might stumble across something called gold parties. These are a fast and convenient pop-up style venue wherein you can sell gold, but the better business bureau has warned against selling your gold in this fashion as unethical practices tend to run rampant.
Likewise, local jewellery stores and pawn shops will probably engage in the same sorts of behavior—like weighing all of your jewellery together and offering you money based on the lowest karat value of the bunch.
This means you need to be especially vigilant of who you sell to, which is why it’s also a bit unwise to sell your gold online. Basically, you don’t want to sell to just anyone who buys gold.
Seek out reputable gold dealers, like Gold Buyers Melbourne, who have a reputation for fairness and transparency. There’s plenty of wealth to go around in the gold market, so you can rest assured that we won’t cheat you out of your profits when you work with us.
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