Facts About Selling Gold To Get The Best Price
Gold is widely considered as one of the safest investment options among various asset classes. This is the reason that the price of gold has been on a constant upswing ever since the global economic downturn. The rising price of gold has offered many people, who had earlier invested in gold, a chance to get good return on their investment.
This has also given rise to a number of gold buying companies but some of them are not honest when it comes to giving the right price to the seller. Therefore, if you are looking to sell gold, you should be aware of various facts about selling gold to ensure that you get the right price for the gold. Here are a few facts about selling gold to help you get a good price for jewellery and scrap gold.
Facts about Selling Gold
There are a number of places where you can go to sell your gold. These places include a pawn shop, a jewellery store, a gold buying party, online gold buying companies as well as mailing your gold to a gold buying company. An important thing that you need to keep in mind is that when you are selling your jewellery, you will get money only on the basis of gold content in the jewellery and not on the basis of brand name of the jewellery.
One of the best places to start is a jewellery store. It is important that you check the reputation of various jewellery stores in your location before visiting them. If you are not aware of the purity of gold, check for the stamp on the jewellery. The purity of gold jewellery is mentioned in karats. 24 karat gold means that it is 100% pure and there is no impurity. On the other hand, 18 carat gold means that there are 18 parts of gold and six parts of other metals.
You should take everything you have into a reputable jewellery store and ask them to take a look. They can test the gold on the spot with a gold tester or an acid test. They will tell you the weight of the gold and how much they are willing to pay for it. In case, you have a diamond centre stone, you should also take all the diamond certificates with you.
It important that you do not sell your jewellery to the first store you visit. You should visit multiple stores to get the best deal for your gold items. However, even if you find a jewellery store that is offering you a better deal than the rest, it is important that you do not sell gold on the spot.
You should now check the rate of gold online and search for various companies that offer cash for gold. Give them a call and ask them to give you a rate. Since these companies have low overheads as they operate online, it is possible that they will give you a better deal as compared to the jewellery stores. However, all of these companies are not what they say they are and you need to be careful by checking their reviews and reputation before you decide to proceed.
In case you are not getting a better deal online, you should try to sell your gold to a jewellery store. Keep in mind that some jewellery stores may try to charge you a handling fee or a fee for testing your gold. You are not required to pay such fees. Also, when they are weighing your goal, you should see the scale and make sure that the weight is right.
Some of the jewellers also offer a higher rate in case the seller decides to buy something from them. Do not fall for this as you are there to sell your jewellery and not buy something that you do not need or want.
Due to the rising price of gold, gold buying parties are also becoming popular. Usually, people bring a company to their home and asked their friends and others to come over to sell their gold. The host usually gets a percentage of the value of the gold that the company buys there.
Before going to a gold buying party, it is important that you weigh the gold and separate it by karats. It is important that they do not mix different gold karats. Also, check the scale they are using to weigh the jewellery. After weighing the jewellery, ask them to give you a rate. Only sell the gold if you are getting a good deal.
Another option to sell your gold is to mail out your gold to a gold buying company. These companies usually advertise a number where you can call and get a pre paid envelop for sending gold. Once your gold reaches them, they will weigh the gold and give you an offer. In case you are not happy with the offer, dale they will send back the gold but you may be responsible for paying shipping as well as insurance.
Before mailing out your gold, you should take several images of your jewellery from various angles and weigh it before sending it. This is to ensure that you get back the jewellery that you send them. It is also recommended to get a price from a reputed jewellery store before you mail out your goal.
Pawn shops are another option. However, they are not in the business of buying gold. You may pawn your jewellery to get some money. The pawn shop is going to sell your jewellery in case you do not return the money with interest. You are likely to get the lowest price for your jewellery at a pawn shop.
Overall, if you have some scrap gold or gold jewellery that you want to sell, keep the above-mentioned facts about selling gold in mind to ensure that you get the best price for your goal.