How to Maximize your Cash when Selling Gold

How to Maximize your Cash when Selling Gold

For many years, selling gold has been a way to make cash instantly as long as you are aware of the basics and the things to look out for. As gold prices rise, people will rush to the market to sell their gold. But, this does not always mean they will get the best deal. This is the reason you should get expert advice before you make a decision. You must do your research to get the most out of your gold sale. Consider the following tips:

Take Time to Understand the Scales

While gold’s weight helps in determining its value, some jewellers may use different measurement standards such as grams, pennyweights, and troy ounce. Make sure your gold dealer that weights your gold pays you based on the unit. For instance, if the dealer weights the gold in pennyweights, ensure they pay based on this instead of by gram.

Be Aware of your Karats

Gold karat differs based on the amount of gold used to make gold items. This is because pure gold is combined with other metals to establish color and durability. Every piece of jewellery is stamped with their karats which show the gold content. Make sure you know the karats of your jewelry to know your piece’s scrap value. The higher the karat means the more gold content and thus higher cash value. When getting your gold items appraised, separate them by karats. You don’t want to the buyer to pay you for the lowest karat value when you get your jewellery weighed together.

Know your Gold Buyer

Find a gold dealer or appraiser. Avoid negotiating with buyers that tend to appear within a limited time only and disappear quickly. Also, beware of cold-call solicitations and mobile offices established in temporary locations. Ensure you sell your gold to licensed gold buyers. Reputable gold buyers and sellers have garnered licenses and certifications from their licensing boards.

Determine which Items to Sell

In terms of selling gold jewelry, keep in mind that the brand name of the items you have probably paid an extra for will not be used by gold companies as a basis to determine the value of your items. Often, they will pay for the mere karat weight your gold items have. But, an antique piece of jewelry or a collector’s item may have more value to a number of buyers than the gold they are made of, so make sure you do your homework.