The option of how to sell gold, either as jewelry, coin or precious metal, has increased in recent times. There are cash-for-gold companies, pawnshops, jewelry stores, to mention a few. In spite of the available gold sales options, the major challenge remains on how to maximize returns.
The good news is selling your gold at its true market price is easier when certain factors are considered. The following factors will ensure you get the right value for your gold, irrespective of it form.
Get an idea of the price your gold is worth: Some conditions serve as a determinant of the price of gold. For instance, gold either minted by a private establishment, or by the government. At the point of sale, this factor plays a role in the determination of its price. The form of the gold and the market demand for it also serves as a price determinant.
Aside from these conditions, the price of gold is often determined through calculation. The weight, purity, and price per gram of gold are the indexes used in the course of calculating its price. The weight of gold is commonly measured in ounce troy and grams, while Karat is used to measure the purity of gold. Next is the price per gram.
There are many “spot gold price” sites. These sites help in arriving at the current per gram price of gold. The measure of gold on spot gold price sites could be in gram, ounce or kilo. Also, you can get a good idea of the price your gold is worth by getting quotes from different stores.
Decide on where to sell your gold: There are only a few reputable gold dealers in physical and online stores. Thus, it is necessary to verify how authentic a store is before trading with them.
The physical stores:
Jewelry stores: An option that remains safe and fast for the sale of gold is jewelry stores. You can ascertain the genuineness of a jewelry store through its rating. American Gem Society is an organization that can help in ascertaining the rating of a jewelry store.
Pawn Shops: Another gold sale option is pawn shops. However, pawnshops have a reputation for being manipulating. Additionally, they buy gold at prices way lesser than the current market price. This makes it impossible for you to maximize returns on your gold investment.
Gold dealers: Many companies deal in gold. The truth is most of these gold dealing companies are swindlers. Meanwhile, you can save yourself from falling prey to them by checking their reputation using the Better Business Bureau. There are equivalents of the Better Business Bureau in other countries. It is advisable to search for an equivalent in your country.
Online stores: Online gold dealers bear the less operating cost in the course of running their businesses. This is, however, not the case with dealers in physical stores. The lesser cost borne by online gold dealers enables them to offer reasonable prices to gold sellers.
But there is the huge responsibility of determining the authenticity of the store. A trusted way to verify the authenticity of companies is through the” Companies House Website”. With just a pound, the Companies House Website can help to determine the genuineness of the online store you intend trading with.
Buying gold will always be a worthy investment. Nevertheless, it is best to recognize how to sell gold. Knowing how to sell gold is a great way to reap the returns on the investment.