Where to Sell Gold & Make a Profit?
Selling gold never has been easier or better. The price of the valuable yellow metal hitting record highs almost daily is something to cheer about if you are a gold seller. This in turn makes gold buyers an eager lot ready to pay top dollar for any gold item, coins or bars.
Assurance of 'cash for gold' is in abundance now. Nevertheless, it pays to be careful and intelligent. Do not be too hasty in selling your gold. Though the times have changed and most look for a good bargain. Be wise and tread cautiously. You will find many interested in buying the gold you are offering but to get maximum returns and a good margin always head with some planning. Start off with gaining some knowledge before you proceed to sell gold. As a word of advice, be clear about what you are setting out to sell. Evaluate what its actual worth is and how much you should expect to gain from it.
When gold jewellery is being appraised, often the craftsmanship, beauty, value of precious gems or metal content and the sentimental value attached to it are not taken into account. So, before you actually sell it, determine the price of the item accurately. Trusted buyers and those stores who have a reputation in your city should be on your radar. There are buyers who can offer you a price when you sell online. Always check whether the buyer is offering you a fair price by visiting and getting offers from different gold buyers.
When selling gold coins then you need to be bit intelligent. First, determine whether it is a bullion coin (gold minted coin) or a numismatic coin (rare coins with a collector's value). In case it is a numismatic coin, then the value of the coin won't depend on just the gold content of the coin but also on the rarity, year of mintage, condition and demand for the coin. Hence, determining the type of the coin is an important aspect. You must get in touch with an experienced evaluator or a collector to know the true value of the coin.
It's a fairly straight forward affair to sell bars or coins issued by government. They bear standard purity and weight so it's easy to find their current price. The bars are mostly stamped with numbers indicating the purity and often a certificate of authenticity accompanies these during the time of purchase. While selling the bullion, the certificate can be presented to prove the genuineness of the bar.
If you want to sell scrap gold in the form of electronic components, nuggets or dental fillings and crowns then it is really difficult to find out the actual weight and purity. Here, the jewellery shop you approach might help you by weighing your possession on a scale. They may also check the purity with an element called aqua regia. Try to find a trusted store in this case and make sure your pieces are being weighed in front of you. If possible then try to test the scale yourself.
You should also do extensive research online and check the "spot price" of gold per troy ounce. This will enable you to find the price on the day you have decided to sell your precious item. 'Spot Price' signifies the price for delivering physical gold. This price prevails in the market for two days from the day of trading. A troy ounce stands for the standard weight to quote gold in the international market. 1 troy ounce equals 31.1035 grams.
Now that you have done your due diligence in determining the type and value of your gold, the most important aspect of finding the perfect gold buyer still remains. A background check to find whether the buyers possess a clean reputation is a must. If you come across a 'mail it in' service, which tells you to ship your gold in an envelope provided by them, be sure it's a reputable buyer. No matter how lucrative the offer might seem to you, tread cautiously. In some cases, such a service could be fraudulent. Never go for a "cash for gold" buyer who has set up a temporary shop in a hotel or flea market. Many of them are fly-by-night operators who will never offer an accurate value. Call around different dealers to know what they would be paying you per gram of your gold. Grab the offer that provides you the maximum percentage of the melt value.
Always go forward and check the intelligence reports provided by the World Gold Council. This will enable you to understand the current trends and price prevailing in the market.