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Some Facts About Buying Selling Gold

Buying Selling Gold

When it comes to buying and selling gold, people have really taken an interest due to the recent record gpld prices and the downfall of the economy. However, many people often make the mistake of just buying the first jewelry piece or gold coin they see and never really do their research beforehand. Without research, that coin you thought was going to be worth a lot of money may be worth a lot less than what you paid for it.

And sadly, there are a lot of scammers out in the world, willing to take advantage of someone’s lack of knowledge, so before you invest in that really good deal, stop and question that item’s real worth, and arm yourself with the following guidelines before you make that final decision.

It’s always important that the business you choose to deal with be not only reputable, but an expert in the items they’re offering to sell you.

You as a consumer must know the actual  market cost of gold to sell. Prices for the precious metal fluctuate all day long, so you’ll need to check the price that very same day you’re planning to sell gold. And if you’re planning to buy gold, you should expect to pay a higher premium for pieces that are 1/10th, 1/4th and ½ ounce verses those that are a full ounce.

You’ll also need to understand that when you’re selling gold, there will always be fees or commissions included in the total price. Every business in the buy sell gold industry will get their cut, some higher than others.

Keep in mind that anytime you’re selling gold for cash, there’s always risk. Not every business is reputable and even if you’ve done your research, there’s always that chance that something will go wrong. And when your interest lies in purchasing the precious metal, keep in mind that there’s always a chance that the price to sell your gold later on may drop. The price of gold can go up and down.

And finally, a few terms you may want to remember when you’re learning how to sell gold:

Bullion is a term used to describe an item that is valued by its weight in the precious metal.

Spot price is a term meaning the open market price for a rare metal or commodity.

Troy is the term used to measure the price of the precious metal. A troy ounce is 480 grains or 31.1034768 grams.

With the above knowledge, buying and selling gold can be learned over time, just as long as you have the understanding and do the research that’s required. And with a little patience, you can be well on your way to a profitable business no matter how little or much you have invested in the valuable metal.

Selling Gold for Cash

Selling Gold for Cash

When all else fails, gold is always worth money. It’s worth more than diamonds or silver. Selling gold for cash is one way people have made money for years. And when times get hard, most people start thinking of things they can sell. Since most people have gold jewelry sitting around, that’s one of the first things they think about selling.

Unfortunately, selling unwanted gold is can be more difficult than you’d expect. There’s always someone wanting to take advantage of the situation. They’ll take advantage of your need to make a quick buck. Avoid falling for scams. Thoroughly research any company you want to deal with.

Be wary of companies that offer to buy gold through the mail. Sure, mailing in your gold and waiting for a check is easy. It’s almost too easy. You can’t believe everything you see in an online advertisement or in a television advertisement. If you do want to deal with one of these companies, research them first. Make sure they’re a legitimate gold buying business.

Another potential problem with selling gold through the mail is the waiting period. You have to send your gold, and wait for the company to verify that it’s real. After they verify your gold, they’ll send you a check for the amount they’re willing to pay. Do you have time to wait? And what happens if you don’t want to accept their offer? They will return your gold, but who knows how long that will take.

Perhaps you’ll be better off dealing with a local gold buyer in your area. A search in the phone book should reveal some local dealers who buy gold. Dealing with a local person would also put you more at ease. But don’t assume they’re legit just because they’re local. Research them just as you would any other business.

It should be relatively easy to get a response from a local dealer. Just give them a call and ask if they’ll look at what you have. Make an appointment for them to appraise your gold. This may or may not cost you anything. If you only have one or two items, the appraiser might do it for free.

There’s a chance your gold jewelry is not worth that much. Unless it’s an antique or a rare object, it probably won’t get you a lot of money. It would also have to be in good condition. You might just have to try selling scrap gold to get anything for it.

sell gold coinsOn the other hand, gold coins have the potential to bring in a lot of money. Coins are normally valued higher than gold jewelry. A rare coin can bring in hundreds of thousands of dollars.

When you’re selling your gold for cash, don’t feel like you have to accept the first offer you receive. It’s in your best interest to shop around. Some dealers will try to make it sound like you absolutely have to buy from them. They’ll try to convince you that you won’t find a better deal anywhere. Ignore them, and move on to another offer.