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The Buy Sell Gold Business

Buy Sell Gold

Gold EaglePeople 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 Unwanted Gold

Sell Unwanted Gold

Why sell unwanted gold? That’s a question you may be asking yourself right about now if you’ve been a little worried about cashing in on the popular metal. And if you were keeping track of the going rate of gold, you’d know why you should be selling to gold buers right now.

At around $1,100 per an ounce presently, gold is making a lot of consumers happy to cash in on everything from gold coins, bars, bullions, gold jewelry and even dental pieces. As long as it contains gold, it can be sold for fast cash.

Yet not too long ago it used to be that people just weren’t really interested in really selling their old gold items. And even if they knew their gold items were worth something, they would just drive to the nearest gold buyer or pawn shop and get as much as they were offered for it. Or they’d throw it in their yard sale for a specific price and be done with it.

So now that consumers have gotten wind of the decent amount of money you can make when you sell gold, they’re cashing in, but not always at the right places.

One of the biggest businesses that’s profiting from the current gold rush are pawnshops. They know that desperate people want to sell quickly without any hassle and pawnbrokers have no problem stepping in to buy your valuable pieces.

But, if you really want to sell your gold for the best price possible, you may need to avoid the pawnshops and do your research. Don’t just try to get rid of your items to the first business who has a sign posted, offering to buy and sell used gold. Instead, know what your items are really worth first, then shop around for the best offer.

The easiest way to know if you have enough of the precious metal that’s worth selling is by checking it’s purity. Most pieces, especially jewelry will be engraved with a number and the letter “K” (karat) (like 10K, 14K, or 18K) and a higher number will mean a higher gold content and value.

Once you know the value of your gold piece, make sure you know exactly how much the going rate is for your items. The market fluctuates daily, so while that old wedding band may be worth a couple of hundred in the morning, it may only be worth ¾ of that by mid-day.

Don’t pass up a coin dealer or jewelry store when you have coins or jewelry. Even if the pieces are not in perfect shape, these businesses may still take an interest in what you have since the precious metal is very valuable.

Think outside of the box when it comes to selling scrap gold. While there’s nothing wrong with considering an online dealer, refiners will allow you to skip the middle man if you know how to talk to them.

Most refiners however, are often leery of purchasing from individuals since there’s generally not enough items to be worth their time. They want a large quantity of the precious metal, so if you have enough friends and family who are willing to  sell unwanted gold, then you might just be able to grab a refiner’s attention.