One of the most precious valuables to own is gold. Thus, selling it can fetch you a fortune. There are several willing buyers, but the goal is to sell it to the highest bidder. It’s the only way you’ll guarantee that you make the most from selling your gold.
However, gold isn’t sold like any random commodity. Finding a buyer can be challenging. If you’re wondering how to do it, you are in the right place. Here are key strategies for getting the most money by selling your gold.
- Find A Reputable Buyer
It’s in your best interest to find the right buyer for your gold. You must confirm their authenticity before engaging with them. Otherwise, you’ll sell your gold piece at a lower price or fall into fraudsters’ hands.
An excellent approach is to look for gold buyers in your locality. For instance, if you are residing in the Los Angeles metropolitan area in Southern California, looking for Orange County gold buyer would be best.
Getting buyers that are closer to you is ideal because you can meet with them and discuss vital details about your sale. Remember, gold is valuable and should be treated as such. Given the circumstances, you wouldn’t want to discuss the sale details online. It’d be better to have an in-person meeting where you settle on the price.
Watch out for gold buyers who want to give you a quote online and complete the transaction remotely and anonymously. They can easily trick you into surrendering your gold bars without receiving payment.
You can check some reviews and ratings on their website. It will shed light on their credibility in the market. If you notice their website has no reviews, it would be better to look for other buyers. Additionally, you need to ascertain that they’re certified to conduct gold trading. Otherwise, you risk losing your gold to unscrupulous dealers.
- Research Market Prices
One rule of thumb when carrying out any trading activities is that you should have adequate knowledge of the market prices. It helps you to negotiate fair deals. Failure to know the prevailing market prices may lead you to sell your gold bars at a relatively low price. Remember, gold prices fluctuate dynamically depending on demand, supply, and other financial market forces. At the time of writing this article, an ounce of gold was going for an average of USD$1,764. But this price may not hold a few months down the road. It may spike to USD$2,000 or even decrease to below USD$1,500. So, it helps to keep up with the latest developments on gold price fluctuations.
It is also best to note that timing is everything. It may not be profitable to sell your gold assets when the market prices are lower. With a little patience, you can wait for the prices to go up, so you make a decent profit from selling your gold.
In addition, it would be in your best interest to compare offers for your gold. Regardless of the prevailing market price, potential buyers will offer different amounts depending on their financial endowment. So, weigh offers from different prospects and choose the best deal. Try other shops and buyers within your location. Alternatively, you can mail your gold to reputable online buyers.
While selling your gold, do not rush it. A buyer who knows you’re in urgent need of cash may take advantage and offer an unreasonable deal. So, put on a confident face as you advertise your gold to create authority over the transaction.
- Determine Its Value
Gold is an alloy, which is a mixture of other metals. Once you know the value of your gold, you have the upper hand with every buyer you’ll encounter. It helps you guarantee you’ll earn your gold’s worth. Some characteristics that help you determine the value of your gold include:
- Weight: A buyer can use a Troy ounce to measure your gold. Understand your buyer’s measurements so they won’t trick you and pay you less than your gold’s value.
- Floating ability: Real gold doesn’t float on water, so you can conduct an experiment to tell whether your gold is real. Your buyer can buy or reject it from such an observation.
- Absence of rust: Gold typically doesn’t rust. Any rust is an indication of fake gold.
These are common indicators buyers consider when purchasing gold. You can also use these methods to test your gold before selling it.
- Find Purity Marks
Note that your buyer will also look for purity marks. The purity marks are used to tell the percentage of gold present in the jewelry. For instance, pure gold is 24 Karat and will be marked 24K. If the metal is an alloy marked 18K or 750, it indicates 75% pure gold in that piece. Therefore, it’s essential to understand the purity attributed to your gold as it influences the overall price.
Your buyer will also look for a hallmark, a stamp used to tell the gold’s Karat weight. Note that different locations use varying measurements. For instance, in the United States, the hallmark number is a fraction of 24. If you see 12⁄24, it means that half the jewelry is gold. Remember, the purity of your gold helps tell its value.
- Clean Your Gold
Another great selling point is cleaning your gold before putting it up for sale. Clean gold can attract more buyers than dusty ones. In most cases, buyers want to find out if the gold jewelry is in good condition before engaging in a transaction. Therefore, cleaning your gold pieces is essential. You can use home cleaning solutions for your gold bars, coins, or jewelry. Use a cloth or a soft brush to clean it thoroughly. Avoid using a brush with stiff bristles. It will scratch your gold and can cause unwanted marks.
Alternatively, you can take your gold to a professional cleaner. It works best for gold jewelry containing other unique stones. Getting a professional cleaner to clean it for you ensures they polish it safely.
- Know Your Gold Color
Gold can be in different colors. The colors come as a result of mixing other metals. Here’s a list of gold alloys and their colors:
- Yellow Gold: Comprises copper and zinc.
- White Gold: Contains nickel, zinc, manganese, or palladium. It’s often covered in rhodium to prevent scratches and make it shiny. The mixture gives it an attractive luster making it popular for wedding rings.
- Blue Gold: They have aluminum, gallium, and indium. You should handle this type of gold carefully since it can easily shatter if it lands on a hard surface.
It’s essential to know the type of gold you are selling. Some people are allergic to certain metals. Your buyer might not be willing to spend a hefty amount on jewelry that can negatively affect them. In that case, it would be best to test and find out the metal components of your gold to find a suitable buyer for it. This part might not be challenging because most jewelers can tell any gold apart and can use a test to determine what type of gold they handle.
- Attend A Gold Party
You can sell your gold at a party. These are events held by friends or neighbors to appraise gold and sell it in cash. It can be a quick way to make money from your gold. However, you must benchmark your gold’s worth from more than one buyer. So, as you attend the party, know the value and purity of your gold. Also, consider factors like weight and color, as they influence the overall cost. This way, you only sell your gold at the right deal.
Selling your gold can be lucrative, albeit selling it to a reputable buyer. But, like every financial transaction, knowing your commodity is essential. You can also have professional appraisers look into your gold for more information. In addition, when selling your gold, you’d want to try to get different offers and weigh the options. After all, it’s all about making the most money from selling your gold.