Selling Your Gold For Cash
The price of gold is on the rise for some time now. You may have seen many TV ads that yell “Cash for gold!” But a majority of sellers receive only a fraction of the promised sums. This is why it is important that you have an idea of the best places to get maximum cash for gold. This article provides a comprehensive overview of the best places to get the maximum cash for your gold.
In times of an economic crisis, gold is seen as one of the safest investments out there. The gold price rocketed even during the recession in the recent past. This has encouraged companies offering cash for your gold to flourish on the market. It has enticed the average consumer to flog old jewellery and make good money in the process. Even scrap gold is worth its value in gold when melted down and turned into bullion. But you need to remember that gold prices fluctuate similar to other commodities out there. If you cash in right now, you may gain more or lose out in the future. But know one can predict it 100% accurately. This is why you need to keep a close eye on the market trends when you plan to sell your gold for cash.
The gold buying companies buy old gold jewellery, scrap gold or any other form of gold and melt it down and flog it on for more money in the long run. It means that you can get good money for broken and unloved old jewellery by selling them to such a company. But you need to be careful when choosing a company to sell your gold. It is a Wild West out there where the gold buying companies are concerned.
Make sure you get several quotations from reputable gold sellers before selecting the best company to deal with. Jewellers are a good place to start receiving the quotations in this regard. You can get a rough idea of what price you should expect when selling your gold. Competition is quite fierce in some places. You can get a good deal if you do your homework before choosing the best company to sell your gold.
You may find so many websites that offer cash for your gold. You will first be given a quote online. Then, you need to post your gold for verification before getting an offer. You need to exert utmost care when dealing with such companies since most gold sites are quite unreliable. Look for customer reviews and testimonials on these websites before you select the best company to cash in your gold.
The Better Business Bureau (BBB) of America states that the consumers should be extremely cautious when selling their gold for cash. Most service providers will not offer you the best deal unless you know what a good deal is. Here are some important tips provided by the BBB to get the best deal when selling your gold. The weight of gold often helps determine its value. In fact, most jewellers use a measurement unit known as a Troy ounce to weigh gold. The U.S. scales will measure 28 grammes per ounce.
Gold is measured at 31.1 grammes per Troy ounce. There are some dealers who use a system of weight known as pennyweight (dwt) to measure the Troy ounce whereas other dealers use grammes. In fact, a pennyweight is equivalent to 1.555 grammes. You need to be alert about all these weight measurements when selling your gold as most dealers use sneaky tricks to pay you less for more weight of gold.
Knowing your carats is also very important when you decide to sell your gold for cash. In fact, pure gold is too soft to make jewellery. Hence, gold is mixed with other alloys when making jewellery. It creates color and durability in the jewellery. The Federal Trade Commission (FTC) requires that all jewellery sold in the United States describe a carat fineness of the alloy. One carat equals 1/24 of pure gold by weight. If you have a 14 carat piece of jewellery, it means there are 14 parts of gold and ten parts of another metal in it. Any piece of jewellery that contains less than ten carats cannot be labeled as “gold jewellery” in the United States. This is why you need to know the carat value of your jewellery before selling it for money.
Never let the dealer weigh different carat values together. Most dealers weight different carat values together and pay you for the lowest carat value. Make sure you separate the jewellery by carat value before you decide to sell it for cash. Know the current value of gold before you decide to get cash for gold. Call a local jewellery store or check online for the latest prices of gold before selling your jewellery. Most dealers prey on uneducated buyers and offer a lower value than the current market rate. Shop around before selecting the best company to sell your gold for money. Do not sell to the first dealer you come across. Do your homework and be prepared before selling the jewellery.
In conclusion, gold fetches an attractive price on the market these days. Many people sell their old gold jewellery and scrap gold for good money. This article highlights important tips to consider when selling your gold for cash.