RSSAll Entries Tagged With: "selling gold for cash"

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.

What Is the Best Place to Sell Gold?

Best Place to Sell Gold

Sell Gold GuideThe best place to sell gold will usually depend on what type of pieces you have that you are wanting to part with. If you are wanting to sell gold coins, you certainly won’t be able to get a great price from a pawn shop for them. And if you’re trying to sell gold jewelry, you’ll have better luck selling them to a jewelry store if they’re in repairable condition.

If you want to sell gold that is scrap, but still worth selling for its gold content, you may want to consider an online buyer who purchases broken jewelry, dental pieces, wire, bullion, nuggets, damaged coins and practically anything made from the valuable metal.

How it works is the online buyer offers a free kit that includes a postage paid envelope and information on how to sell gold to them. They may even include some information about their company. Once you receive the kit, all that is required is to fill out all of the necessary paperwork, place your gold items in the envelope and send it back to them.

Once they receive the package, they’ll weigh your items and send you a check for the weighed items’ value. Some of the more reputable mail order gold buyers will even send you an email with the amount they are offering for your gold for your confirmation.

If you’re concerned about getting a really great deal for selling gold, you definitely want to do your research first. Generally most people already know that pawn shops usually don’t give you very much of the market value for your pieces. It’s a good idea to call around before you sell your gold to just anyone.

Newspapers, online forums, classified ads both on and offline, private clubs, online groups and auctions are all an excellent source for selling gold coins, old jewelry pieces and other collectibles made from goldwhen the face value is worth more than its melted down market value.

Don’t rule out places like swap meets, trade shows, flea markets or antique malls either when it comes to selling gold for cash. And you’d be surprised at how many other places and events you can take advantage of to make some extra cash from your gold items.

And if you’re trying to find the highest price offered for your items, most often jewelry shops have been known to give up to 80% of the market value. However, it’s unlikely you’ll get anymore than that since most businesses need to make a profit for themselves as well.

But, if you still not sure where to sell gold, try asking your friends and family if they know of any good places to sell unwanted gold to. You may find that they know of a few places you didn’t.

And finally, no matter how desperate you are to raise some extra money, don’t consider getting rid of precious heirlooms or any items that you’ll regret selling later. Even if you know the best place to sell gold, personally, there’s no guarantee that once you’ve sold your item to them, you will get it back later. Gold items that you sell are usually on the way to a refiner to be melted down shortly after you sell them.