All Entries Tagged With: "gold items"
The Buy Sell Gold Business
Buy Sell Gold
People buy and sell gold for various reasons. Some do it for a living, but not everyone wants to become a professional at it. Still, it doesn’t mean we don’t want to sell gold at all, so how does the average Joe get started?
First and foremost, in order to sell your gold you actually need take into consideration how your buyer deals. Most buyers who deal with the public will give you 10 to 20% below the spot price. They will want to make a profit and will need to resale your items in order to make it.
If you don’t mind selling your gold to a private individual, you may be able to get the spot price or even more if that person has a considerable interest in your gold items. And in most cases you won’t even need to worry about commissioning fees if you take advantage of free resources.
Next, know what you’ve got. Generally gold coins are desired more than gold bars. Most buyers would rather not have to pay a large sum of money for a bar when they can invest in a smaller amount of gold like coins, and will often be willing to pay a little more than their spot price.
Then, consider who you’re selling your gold to. While not every business is going to take your goods and run, if you’re thinking about going online to sell used gold, some individuals and even some legitimate businesses will tell you, it can be a risky business to send your items to a buyer by mail. The same thing applies when you’re buying gold pieces by mail from a business or even individual through popular websites like eBay.
Just make sure that you’re dealing with a reputable business, one that is a member in good standing with the BBB is a good idea. (Just remember that not all legitimate businesses are members of the BBB.)
But even if you choose to stay away from the online world and offer your gold to sell to a local dealer, you still need to use caution when even dealing with businesses face to face. If the dealer offers to purchase your gold pieces for a specific amount of money without seeing them first or even quotes you a price for them, you should find another buyer. If a dealer badmouths other buyers in the area and says he or she is the best, chances are they’re not looking out for your best interest.
If you’re planning to invest in the precious metal yourself, don’t make a deal with anyone before you’ve seen the pieces you have an interested in. Ask the seller if you can bring an appraiser along to be sure the items are real, if he or she seems leery of having a professional look at the items, chances are they may not be real.
And always know what the pieces are worth. Whether it’s coins, bullion, jewelry or even a simple trinket, your investment should be a fair deal and not so ridiculously priced that even Donald Trump wouldn’t touch it.
Whether you choose to buy or sell gold, remember, your investment should always earn you the best price possible both now and in the future.
How to Sell Your Gold
How to Sell Your Gold
If you need to sell your gold for cash, there are numerous ways to do so. For example, if you want to sell gold jewelry, you can take it to a jeweler who may be willing to give you as much as 80% of its market value if the piece is in excellent shape.
But if the piece is antique, you may want to think about taking it to an antique dealer instead. Or you could offer it up for auction locally or to an auction site like eBay if you really want a good price for it.
If you want to sell gold coins, a coin dealer is a good option if the value of your coins are worth enough. This was the option my father-in-law chose after he decided to cash in his 36 years worth of coin collection.
If the coins are extremely rare, you might consider offering them to a private collector who may be willing to pay their full worth. Or you can put them up for auction or see if an antique dealer would be interested in them if they’re old.
If you have broken pieces of gold jewelry or other items that can be melted down, you can sell broken gold as scrap and make a decent profit through a refiner either online or offline. If you choose to go with an online refiner, just beware that not every website you see claiming to buy gold is going to be legitimate. There are plenty of scammers willing to steal your valuables, so if the site looks fishy, chances are it’s probably a scam.
A good reference for an online gold buyer would be if they’re listed with the BBB. The same goes for offline refiners that advertise on television or in magazines. So always know the risks and protect yourself before you deal with these types of businesses.
Generally, when people want to sell gold for cash, local businesses are the best way to go. And if you think you’ve run out of options, the yellow pages in your local telephone directory is always a great place to start.
If you have coins, jewelry or pieces that may be of interest to individual collectors, flea markets and consignment shops are a great place when you have gold to sell. Just remember, both of these options will mostly likely have a commission fee you’ll need to pay, so you will want to include those fees into the price of your gold item. And try to find a shop that deals specifically in what you’re selling.
And keep in mind, no matter who you decide to make a deal with, before you do, go online and check the going rate for gold the day of your transaction. That way you’ll know whether or not the business is making a legitimate offer for your items.
Finally, don’t sell your gold items to any business that offers you cash without seeing the pieces first. Any business that is legitimate will always want to see what you have for sale so that they can examine it to know what it’s worth.
